In times of economic crisis, all that matters for organizations is to bring costs down and survive. While cutting budgets is a fast and easy response to current circumstances, it does not set you up for sustainable success. Only saving costs sustainably will get you ready to tackle future challenges.
Workpath helps Enterprise businesses meet their efficiency goals with less risk and resources - now and for the years to come.
Many organizations have set high targets for their business, yet reaching them seems to be impossible in the current economic downturn. While the goals might have changed, the way they are executed has not. Business units still work in silos, managers still lack front-line insights and progress towards goals is still not transparent. So naturally, managers everywhere lose sleep over cost saving goals not being executed effectively. So what can you do now that this matters more than ever?
The easiest and admittedly fastest way known to bring costs down is to cut them off - employees, providers, tools. But is the easiest way also the right one? Efficiency is not just about short-term survival, organizations need to emerge from this crisis ready to tackle whatever the future brings next. However, leaders typically do not dare to re-evaluate their long-standing methods of becoming more efficient. When stakes are high and time to react is limited, all that counts is making it through the current crisis - and not much thought can be put into what is sustainable for the years to come.
Short-term efficiency and long-term success are not as contradictory as you might think. If you empower your teams to work on the same priorities and execute them with speed, you will actually achieve more lasting impact than cutting tools for instance could ever achieve: The peace of mind that cost saving goals will actually be reached.
As the Enterprise Outcome Management platform, Workpath helps businesses define and achieve their most important goals, especially in tough economic times when resources are scarce. We specifically support you in reaching your efficiency goals faster and with less risk. Organizations that use Workpath, typically report:
20 - 30% increase in goal achievement rates within the first year
Up to 15% reduction of financial resources invested into projects that do not drive strategy
15% - 23% speed increase in goal achievement
To achieve your cost saving targets, you can take six steps in Workpath. They are designed specifically for this purpose and decrease the risk of not achieving top level targets by up to 12%.
- Define and share Goals and KPIs
Use the Strategy Dashboard, KPI Overview and Goal Labels to communicate cost saving target metrics in a transparent and actionable way. Getting the entire organization on the same page and inviting business units to contribute with bottom-up goal setting improves the clarity regarding goals among employees by 25%.
- Define and cascade OKRs
Benefit from a complete driver tree with better bottom-up ideas. By using our drafting and alignment functionality as well as our Goal Graph, vertical alignment improves by 35%.
- Plan capacities, align and integrate
Plan capacities for strategic work and contributions towards OKRs as well as extend and integrate these with portfolio and project management. With our Capacity Manager and the native Jira and Azure DevOps integrations, horizontal alignment increases by 150%.
Teams work on Initiatives, update Key Results and regularly discuss goal progress. The latter is easiest done with the Conversation feature, which allows teams to add different talking points like blockers or risks. Checking in like that during the execution phase increases the time teams spend on critical goals by 20%.
With the help of the Cycle Steering and Strategy Execution Report, process compliance and executional progress can be monitored respectively. If Program Leads and Executives check in regularly, bottlenecks can be resolved 3x earlier.
- Course-correct and learn
If any blockers or risks have been identified with the help of Conversations or the different reports, teams can either resolve them or escalate to other teams or senior management. By using these functionalities, course corrections happen 2x faster and continuous learning becomes a habit.
In times of great unpredictability, nothing is as important as having the right insights at hand. Accurately evaluating the status quo and making timely course corrections is key to reducing the risk of not reaching your goals. At Workpath, we constantly evolve our Analytics Suite in order to give you the full range of insights to emerge from a crisis successfully.
- Cycle Steering Report: Key metrics to eliminate systemic weaknesses of the OKR process and ensure its successful execution
- Strategy Execution Report: Key metrics to ensure a successful progress and performance of OKRs on top- and team-level
- Capacity Manager Report: Executive summary of how resources are spent in individual teams and across the entire organization
- OKR Maturity Report : Insights to mature and improve the OKR process and strategy execution from cycle to cycle
It’s impossible to predict which crisis you need to navigate next, but you can be better prepared to face it. No matter what future challenges will look like, tackling them successfully will be easier with an outcome-oriented mindset. So continuously growing your outcome orientation beyond simply using the Workpath platform features is the best way to get ready.
To support you with that, we have developed the Outcome Management Framework which complements the platform itself. It breaks down the areas of planning, alignment, execution and course correcting into smaller, easier to tackle process capabilities. That way you can purposefully address an overarching problem like missing alignment or focus on a certain business use case such as optimizing your project portfolio - step by step. Keep growing your outcome orientation with us and see the risk of not achieving your goals drop further.
The key to meeting your efficiency goals is to put the right corporate performance infrastructure in place that allows for predictable execution with minimal risk and resources. The Workpath platform and Outcome Management Framework are the best way to cut costs now, but also set organizations up for long-term success. Adding a tool in times of cutting costs and changing how things have always been handled might be uncomfortable at first, but will prepare you for whatever the future brings next.
If you are interested in executing your cost saving goals with Workpath, we are here to talk.