Most businesses in the industrialized world—and increasingly those in emerging economies—are using modern best practice enablers of analytics, mobile devices, cloud computing, social, the Internet of Things and big data to accelerate the ways they deliver value to their customers. That's vitally important because consumers measure value in terms of how quickly their needs are met and the quality of their brand interactions.
Modern Best Practices deliver superior results, evolve with your business, support growth and innovation, and exploit enabling technologies.
Simplify processes and accelerate decision-making.
Optimize resources, improve spending management, and streamline purchasing.
Align common processes, stay compliant, and always be productive.
Leverage data-driven insights, empower sales teams, and reach your sales goals.
Get social, connect with mobile, and resolve issues faster.
Increase business agility and accelerate profitable growth with a modern approach to best practice, enabled by innovative new technologies.
By Sasha Banks-Louie, Senior Director of Strategic Communications, Oracle
Most businesses in the industrialized world—and increasingly those in emerging economies—are using mobile devices, cloud computing, social media, and analytics to accelerate the ways they deliver value to their customers. That's vitally important because more of today's consumers are measuring value in terms of how quickly their needs are met and the quality of their brand interactions.
"The most influential brands will be those companies that most cleverly utilize the convergence of modern best practices, disruptive technologies, and digital channels through which continuous innovations are delivered and consumed," says Steve Cox, Vice President of Midsize at Oracle.
But in the constantly changing business world, how can companies utilize modern best practices to become highly advocated brands?
Startup companies have the advantage of speed and agility, but they generally lack the resources to consistently deliver on a promise in a way that scales—particularly when their customers are persistently connected and require new and increasingly personalized services. Conversely, large enterprises may have deep pockets and vast resources, but they can become paralyzed by unwieldy policies and processes that impede their ability to recognize and quickly respond to nascent trends.
By virtue of its size and character, the midsize company seems to have the best of both worlds.
According to Inc. Magazine, "Companies in the U.S. middle market grew revenues at a rate of 6.6 percent during the 12-month period ending June 30, 2014, outpacing the S&P 500 sales growth of 3.4 percent during the same period."
What can midsize companies do to sustain this kind of growth?
"A major factor in the growth of the midsize market is its adoption of Modern Best Practices. Not only are midsize companies readily adopting mobile, social, and cloud technologies, they are also quick to re-engineer processes that support new customer segments and the emerging channels through which they transact," says Cox.
"The socially enabled period close, for example, demonstrates the impact of a Modern Best Practice in action," Cox adds. "This particular use case allows finance departments to create a complete digital record of each transaction, ultimately resulting in the near perfect audit trail. This is truly a revolution in modern finance—simply not possible with traditional best practices."
Compelling examples of Modern Best Practice—from finance and human resources to supply chain and customer experience—are available from a growing number of innovative midsize companies. Some of Oracle's top performing midsize customers including Lyft, T H March and Fin, Feather, & Fur Outfitters have started adopting modern best practices to conduct personalized customer interactions that result in over 30% growth.