'Work-from-home mode is not the same as building an intentionally decentralized operation' is the key point that the founder and managing director of Tech-Azur, Michael Richardson, brings up in his article titled ‘Decentralized Success’. Published in Strategy and Resources Mid-Year 2022 Executive Roundtable Journal, this special feature reveals the essential aspects of fostering the successful transition of existing office-centered businesses to the all-digital operation mode.
To transform a central office-anchored business into an international decentralized operation, fintech companies should take on a brand new approach. The reinvented business model demands converting legacy processes into expeditious, easily-adjustable digital workflows.
However, switching to a 'work-from-home' mode differs from running a full-fledged digital decentralization. And here's how.
How's Digital Operation Mode Different from Work-From-Home Mode?
Mr. Richardson points out significant downsides and limitations of a work-from-home mode
- A short-time shift to remote communication via online meetings due to temporary office unavailability. That's a tactical decision but not a strategy to build a new business operation model.
- Employees experience inconvenience because of deprivation from usual work mode. This leads to a reduction in customer success and strained relationships in teams.
- Digitalization mainly affects communication but doesn't reshape underlying systems or work methods.
Conversely, a decentralized digital operation mode implies new ways of staff and tech resources deployment. It is a growth and profitability-oriented model. The digital decentralizing transition aims to eliminate business process dependencies on central locations. Concurrently, decentralized workers should obtain tools and techniques targeted for sustained success.
A Six-Step Digital Transformation Formula
Michael Richardson stands for a data-driven approach to digital transformation. He suggests the following six-step strategy:
1. Diminishing Dependency on Office-Centric Operations
Mental and institutional dependencies should be left behind. Instead, your teammates can enable lightweight, versatile tools that suit their typical work objectives.
2. Letting Go of the Anchors of Landlocked Infrastructure
Revising capital and operational expenses will tip you on how you can cut the expenses. Therefore, you'll obtain spare resources to allocate to facilitating off-site workplaces' ergonomics.
3. Reassessing Core Business Processes to Devise the All-Digital Ones
Decentralized in-team communication pays off with additional productivity gains, deep engagement, and satisfaction from collaborative work. Core business processes should be transferred into remote workspace environments that are easy to navigate through.
4. Fostering Client Base Growth and Customer Retention with a Captivating Client Experience Story
Whereas businesses adopt higher mobility and time sensitivity, so do their audience. You should account for new behavior and expectations to retain loyal customers and incentivize new prospects. That's why you need a targeted and captivating Client Experience Story to reach success.
5. Retainment of Top Talents and Acquisition of New Ones Through Rewarding Teammate Success Story
Forming a work environment with high levels of employee engagement and satisfaction truly matters. So build effective professional reward tactics and encourage socialization activities.
6. Devising the Ways to Sustain an Actionable Data Culture
Gathering, processing, and presenting up-to-date industry trends is a must-do for businesses' decision-making. So work teams need to assess arrays of relevant look-ups to provide C-level executives with the most valuable insights.
Read the full article for more details on the coherent implementation of the above-mentioned practices – or contact us to discuss the details of your business case with Michael Richardson and Tech-Azur’s team of experts in Digital Transformation.