IN today’s digital era, staying ahead is not just an edge but a necessity that is crucial for enterprises to thrive in this ever-evolving business landscape.
“It really is to be open minded on growth. [The year] 2024 is really for everybody to really grasp for us to grow together,” TechSupport CEO Kernan Motoomull said during the Transformation Accelerator Summit: Fast-Track Your Business in a Digital Age held at the Sheraton Manila Bay last January 25.
Accepting new business ideas like finding ways and tools to become more efficient in taking care of customers or clients better will then lead to running the entire organization in a productive and competent manner.
“That’s the No. 1 rule of any business. And then, of course, because that’s in your mind, all the rest will follow,” he noted.
IT integration
INTEGRATING advanced information technology (IT) like artificial intelligence (AI) and automation to the business is pivotal to its digital transformation.
Doing so, entrepreneurs, business owners, and decision-makers need to fully know how highly required it is to consolidate to their entity.
“The challenge really is understanding. If you don’t see that there’s a need, that’s a big problem. You need to be in an open state. Absorb new things and, then, try to be an observer before trying to be the owner of your company. Sometimes you need to step back and understand what’s the problem,” Motoomull said.
Realizing its necessity, he suggested finding and tapping somebody who really knows stuff in IT and is trustworthy and competent enough to apply it to the business.
“That perhaps gives you a different perspective on how you can grow your business, scale it to the point that you want your business to be. That’s the main area of IT that you need to address,” he explained.
Since an IT person is not just about a technician fixing the software and hardware technologies behind the operation of a certain business or organization, he or she has a lot of potentials to contribute to business growth.
“IT can lead to like regeneration of services, create a lot of prospects for your business, or awareness of things for your specific target market,” said the CEO of TechSupport.
Enhancing transport, storage capabilities
HAVING a reliable logistics and warehousing capacity is a very important aspect in the operations of a company, especially if there are goods that need to be delivered.
Logistics refers to the detailed planning, organization, management, and implementation of an efficient flow and storage of goods from the point of origin to the point of consumption. Warehousing involves the storage of goods, inventory management, and handling of freight.
Inefficient movement and stocking of goods could create problems not only to the business itself, but also to the customers. Hence, it’s a no-brainer to outsource it. Outsourcing is one of the trends nowadays that offers many gains to the business. It saves a lot of resources that should have been used in building a warehouse, manpower, a fleet of vehicles, and an administrative team to set it up just to facilitate all the cargoes, etc.
“Also, you offload the headaches of a logistics to a provider,” Impextic Inc. President Louraine Motoomull added.
The future of logistics and warehousing is being shaped by the rise of one-stop-shop providers. The integration of advanced technologies such as AI and automation offering capabilities like real-time tracking system and a data-driven decision-making, and the growing focus on sustainability that involves practices like using Efficient Resources Management (ERP) for “green” packaging are the three trends essential for any business looking to stay ahead in this rapidly-evolving business field.
“So as we look to the future, let’s embrace the rise of outsourcing in the logistics and warehousing. Let’s seize the opportunities it presents to streamline our operations, optimize our costs and, ultimately, enhance our service to our customers,” she emphasized.
Safeguarding financial assets
FINANCIAL optimization is among the important aspects that entrepreneurs, business owners, and decision-makers need to understand and apply in running their organizations amid digitalization.
UHY M.L. Aguirre & Co. Senior Partner Michael L. Aguirre cited, for instance, a successful food business unknowingly bleeding millions in revenue due to unaccounted return inventories.
While the company was busy in some complex parts of the business, it neglected basic things like reviewing or having control of its financials. This is where Entrepreneurs Risk Health Assessment (ERHA) could help identify and mitigate organizational risks across various domains.
“It is an AI-powered tool for you to be reminded about your financial affairs,” he said of ERHA that can be utilized on a regular basis. “This is a tool for you to detect unscrupulous things happening [on the company’s financials].”
For enterprises or organizations to successfully align their business transformation with their unique needs and thrive in the digital age, Aguirre advised them to either “adopt or evolve” because “the only way for us to perpetuate the game is to let us evolve and let us to be agile.”
Revisiting an old saying, PVL Ventures Consultant Paul Angelo Lazo said: “The jack of all trades is a master of learning. If you cannot learn what needs to be learned, you will be left behind.”