Print and Media Industry leaders are quickly moving from their legacy business models toward a digital customer experience model. Although the design of the resulting operating model for digital delivery of their products and services will look different for every business, there are five key components that will always remain the same:
- Processes: How does the organization design their processes to effectively adapt to changing times, and render best-of-breed products and services?
- Workforce: How does the organization design an ecosystem that builds new skill-set, optimizes the incumbents, and sets clear roles and responsibilities for every individual?
- Technology: How does the organization welcome new innovations in technology to enhance its overall business strategy?
- Raw material: How does the organization source material, personnel, and other services from suppliers and how is that relationship managed?
- Compliance: How does the organization ensure quality adherence consistently? And how does it sponsor it across the organization?
These five elements can help organizations to shape and redesign a new operating model which is flexible and fluid. The weightage for each element might differ from organization to organization, wherein some focus on technology as the key driver for change and the others focus on process optimization to enhance productivity and revenue.
The recent driver for redesigning business structure has been digital transformation. Almost 3 out of 5 organizations have felt that post the pandemic, digital transformation has been the key to better customer acquisition, engagement, and retention.
Here are the five steps for the print industry to redesign their business model:
The first step to redesign is knowing where to start. Start by creating a high-level design of the overall operations. Then, deep-dive into each process to understand how they work and identify redesigning opportunities. Find leaks and loop-holes in the system that can be either repaired or eliminated completely. Detailed understanding of each process will contribute to the broader organizational objectives. This process will be purely feedback and insight driven and depends on the data collected.
The next step is to identify whether the capabilities are in place today – i.e., whether the people, processes and tools exist within the organization. For instance, in the supply chain process, organizations need to identify whether they have the capabilities in place to optimize the process and reduce costs.
Organizations need to design their strategy with a forward-thinking approach. The shift of thought from ‘as-is’ to ‘to-be’ is crucial for the redesign, and it works well if it receives an organization-wide sponsorship. This will not limit the organization to the existing state of operations. Rather, it will make them future-ready.
Most of the organizations spend too much time analysing and dissecting existing business models and defer the actual time-to-execute. Organizations need to maintain a balance between insights v/s actions. They need to study the existing data, calculate the time taken for each effort, and move forward. Analysis is key to the overall design, but it should be kept to a minimum.
The key aspect of process optimization is to understand process users and consumers. Engage with process users to understand their pain areas. Organizations can also offer to recognize and reward such initiatives where the workforce is motivated to brainstorm and contribute ideas that can enhance process, productivity, work-life, and revenue. These findings and ideas can give an external perspective to your existing findings, and help you fill the gaps.
With the collected data, organizations can partner with IT experts and consultants, to fast-track the transformation, identify right technologies, and initiate execution. Managed IT Services Providers can bring in industry-specific knowledge and key lessons learned from other engagements. Organizations can also learn about latest concepts and models and receive guidance on identifying which of these will work best for their individual case and accelerate the design of the target operating model.
It’s time for the print industry to accelerate its digital journey. Clover Infotech’s five-step approach can help them realign their business objectives and redesign their operating model. The digital team at Clover Infotech helps organizations to design a robust business strategy to enhance their customer experience, and make their business resilient, future-proof and scalable.