This article contains general information and is not intended to provide information that is specific to American Express, or its products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.
Despite technological changes of the past few years, teams may still be tasked with a significant amount of low-value work. Leadership can be challenged to identify the innovations that would best result in a net positive outcome and high-value work, while also mitigating any potential negative effects.
This may involve analyzing data, considering the cost-benefit of each change, and using mathematical optimization techniques to pinpoint the ideal point of adjustment. Then, it’s about employing the right technology at the right time and place.
Here's a deeper look at how each of those steps – and a few others – could help businesses find the optimum value in change, optimizing their dollars for the ultimate drivers of success.
1. Harness the power of data.
There’s a reason the phrase “data is king” is so common. Data can help provide the cost-benefit analysis to new strategies, which can be critical for leaders to prove to both employees and stakeholders that spending money in certain areas can be worth the expense.
Depending on the type of business, essential data to pull might include things like:
Engagement: Clicks, likes, shares, and comments
Purchase details: Time of purchase, product or service, and amount spent
Behavioral data: Purchase history and website interaction
With this information, employees can help focus on top-level priorities to increase employee productivity, which could help bring in more revenue. This might include:
Personalizing the customer experience
Improving marketing efforts based on customer behavior
Identifying inefficiencies in internal processes to help optimize workflow and resources among employees
For example, by leveraging data and innovative technology, employees can focus their efforts across the channels where they could have the greatest impact. This can not only help allow the team to reach a broader customer base but also helps them to serve multiple channels more efficiently, which can help strengthen the company’s presence wherever customers are most active.
2. Leverage optimization techniques.
Optimization techniques are ways to use math to help solve business problems. They let leaders clearly show what decisions need to be made, what limits there are, and how everything is connected so they can reach their goals.
Employees can also be essential when deploying and evaluating any new technology. Consider accounting for their involvement regarding these changes.
Some areas that may use optimization are:
Take supply chains, for example. By finding the most cost-effective and fastest ways to deliver products, companies can help handle changes in demand, lower delivery costs, and make customers happier by cutting down on delays or lost packages.
3. Rely on your employees as indicators of success.
Data and technology are great, but without a satisfied workforce to deploy and follow up with the information received from it, business leaders may not be likely to get very far. While data might provide helpful numbers that suggest important areas where technology can be adopted for a more streamlined workflow, employees may also have suggestions that could be integral to change.
Employees can also be essential when deploying and evaluating any new technology. Consider accounting for their involvement regarding these changes, including:
Providing adequate training
Pilot testing new programs before diving right in
Fostering a culture of openness when it comes to learning and questioning new technology adaptation
Photo: Getty Images
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