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SAP 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. Key findings include:
- 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.
- An integrated approach pays off, with organizations realizing an array of benefits as a result of business function integration:
- 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.
“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. “Taking that step toward complete interconnectivity will go a long way toward helping businesses respond quickly to evolving challenges and position for future growth.”