SAP has announced a new research study, in partnership with Oxford Economics, designed to discover how businesses are incorporating a holistic management approach into everyday business strategy and operations.
This approach, known as systems thinking, requires that every part of an organization, including its external partners and customers, uses real-time insights from high-quality data.
The survey was conducted with 3,000 global business executives across 10 industries during the start of the coronavirus pandemic. Among respondents, 25 percent of organizations said their communication, data-sharing, and process management were fully integrated, in contrast to 21 percent that said these functions are somewhat or completely siloed.
Integrated approach pays off, with organizations realizing an array of benefits as a result of business function integration.
“We found that a majority of respondents have taken some steps to integrate business processes in specific parts of their organizations, but they have more work to do enterprise-wide,” Oxford Economics Editorial Director Edward Cone said.
According to the study, while 47 percent of organizations that have integrated business processes in at least some functions cite reduced cost and spend as a benefit, 38 percent of organizations that have integrated talent and workforce strategies cite increased employee retention as a benefit.
53 percent of organizations that have integrated data collection and analysis tactics cite improved ability to make informed decisions as a benefit. Prioritizing the employee experience is a must, as 72 percent of executives say their corporate culture has a positive impact on their ability to provide best-in-class products or services.
“Taking that step toward complete interconnectivity will go a long way toward helping businesses respond quickly to evolving challenges and position for future growth,” adds Cone.