We’ve seen remarkable change in the last two years. For example, 2015 was a record year for mergers and acquisitions. Altogether M&A volume hit an all-time high of over $5 trillion, surpassing 2007’s record of $4.6 trillion.
Since 2008, the U.S. economic position has somewhat stabilized. Many companies pared costs in the years following the financial crisis, but still seek solutions for producing organic growth.
We are all either growing, stabilizing or merging. Global IT spend will slightly throttle down till 2019, with a current year plan of $3.5 trillion. With that in mind, we can ask ourselves what can we move, build, develop or investigate today to help guide our EPM and technology strategies into 2020 and beyond.
Consider doing this now
Our Fortune 500 clients have customers, and each of those customers define success differently. The most disruptive but healthy change an organization can make today for the future is to fully embrace the power of their own data assets and analytics capabilities. The CIO and CFO can work cohesively to leverage their IT and Finance departments as true business partners, these are not just service departments. Actively extracting data assets and analytics allows our clients to evolve with their customers ever changing demands.
More ideas for the C level leader
Whether your organization has merged with another or perhaps you are growing exponentially, there are measures to consider today that will help ensure success in the years to come.
- CIO's need to embrace the Cloud revolution or build a best in class on premise data and analytics center. Hybrid approaches will bring too many integration issues.
- Every existing system needs an objective, acute audit. An audit of your current environment, particularly your applications, can find options to help safeguard your Oracle EPM infrastructure. If you are in the merger scenario, maybe you need a clean review of both environments to assess optimization.
Over the years I witnessed clients handle transformation due to growth or mergers particularly well. In regards to major technology or application changes, the clients who took these obvious steps to prepare and execute the changes were uniquely successful:
- A cadence of communications were delivered to the user base to keep everyone informed as the technology and process changes were rolling and how the implementations were progressing.
- Openly articulated the technology change that was coming, highlighting the benefits to be derived and also conveying what was not to be expected from the change.
- Allotted the appropriate internal resources to work on the new system projects and adequately backfilling their current roles. This allowed the internal resources to become champions of the new technology change and also alleviate dependencies on external consultants who may be assisting the implementation of the change.
- Conducted proper testing and training on the new technology environments, raising user confidence.
With the M&A record year of 2015 now closed, and market conditions that have become decidedly turbulent, the evolution of Fortune 500 companies in 2016 remains to be seen. This could very well be the year that we see organizations return their focus to growth, digital business, IoT and IT cost optimization. Now is the time for any company looking to withstand major change or growth to understand the benefits of Cloud solutions, audits of existing systems and applications and fortifying security measures that will last.
Data Point Sources: Harvard Business Review, Gartner IT Webinars and Oracle Corp.