{"id":4461,"date":"2024-08-16T16:20:30","date_gmt":"2024-08-16T16:20:30","guid":{"rendered":"https:\/\/solutionsreview.com\/business-process-management\/?p=4461"},"modified":"2024-08-16T16:20:58","modified_gmt":"2024-08-16T16:20:58","slug":"defining-success-in-reprioritization-a-blend-of-metrics-and-industry-insights","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/business-process-management\/defining-success-in-reprioritization-a-blend-of-metrics-and-industry-insights\/","title":{"rendered":"Defining Success in Reprioritization: A Blend of Metrics and Industry Insights"},"content":{"rendered":"<div class=\"detail-layout-description mighty-wysiwyg-content mighty-max-content-width fr-view\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium_large wp-image-4462\" src=\"https:\/\/solutionsreview.com\/business-process-management\/files\/2024\/08\/Defining-Success-in-Reprioritization-768x384.jpg\" alt=\"Defining Success in Reprioritization\" width=\"768\" height=\"384\" srcset=\"https:\/\/solutionsreview.com\/business-process-management\/files\/2024\/08\/Defining-Success-in-Reprioritization-768x384.jpg 768w, https:\/\/solutionsreview.com\/business-process-management\/files\/2024\/08\/Defining-Success-in-Reprioritization-300x150.jpg 300w, https:\/\/solutionsreview.com\/business-process-management\/files\/2024\/08\/Defining-Success-in-Reprioritization.jpg 800w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/p>\n<p style=\"text-align: justify;\"><em><strong>Shiraz Ritwik, the Head of BFSI and CPG Growth at\u00a0<a href=\"https:\/\/www.latentview.com\/\" target=\"_blank\" rel=\"noopener\">LatentView Analytics<\/a>, explains why companies should use a mixture of metrics and industry insights to define the success of their reprioritization initiatives.\u00a0<span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">This article originally appeared in\u00a0<a class=\"external\" href=\"https:\/\/insightjam.com\/share\/W9PNIZN-ugApeSN3?utm_source=manual\" target=\"_blank\" rel=\"noopener nofollow\">Insight Jam<\/a>, an enterprise IT community that enables human conversation on AI.<\/span><\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/insightjam.com\/share\/W9PNIZN-ugApeSN3?utm_source=manual\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3998 alignleft\" src=\"https:\/\/solutionsreview.com\/business-process-management\/files\/2023\/10\/insightjam_logo.jpg\" alt=\"\" width=\"100\" height=\"100\" srcset=\"https:\/\/solutionsreview.com\/business-process-management\/files\/2023\/10\/insightjam_logo.jpg 100w, https:\/\/solutionsreview.com\/business-process-management\/files\/2023\/10\/insightjam_logo-60x60.jpg 60w\" sizes=\"(max-width: 100px) 100vw, 100px\" \/><\/a>In Jim Collins&#8217; classic business management book, &#8220;Good to Great,&#8221; the concept of &#8220;confronting the brutal facts&#8221; is a key principle that successful companies apply to drive their transformation from good to great\u2014one that is rooted in data and analytics. One such company is Netflix. Started in 1997 as a mail-order DVD rental business, Netflix quickly disrupted traditional brick-and-mortar chains like Blockbuster. But starting in the mid-2000s, Netflix looked at the data on consumer preferences and noticed a clear shift: more and more were streaming programs online.<\/p>\n<p style=\"text-align: justify;\">Even though Netflix&#8217;s entire business model was predicated on physical DVDs, they confronted the brutal facts of changing consumer behavior, and they adapted, becoming the first legitimate streaming service online. Their bet turned out to be a pretty good one. Since 2013, their global subscriber base <a href=\"https:\/\/www.statista.com\/statistics\/250934\/quarterly-number-of-netflix-streaming-subscribers-worldwide\/#:~:text=Netflix%20had%20around%20238.39%20million,compared%20with%20the%20previous%20quarter.\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.statista.com\/statistics\/250934\/quarterly-number-of-netflix-streaming-subscribers-worldwide\/%23:~:text%3DNetflix%2520had%2520around%2520238.39%2520million,compared%2520with%2520the%2520previous%2520quarter.&amp;source=gmail&amp;ust=1723812951236000&amp;usg=AOvVaw3exAcqMyg46rwAYYl8Zfvz\">has increased from 34 million to nearly 240 million<\/a>.<\/p>\n<p style=\"text-align: justify;\">Today, we\u2019re confronting big, seismic changes on a yearly basis, necessitating consistent strategic reprioritization that\u00a0<a href=\"https:\/\/www.ey.com\/en_gl\/private-business\/how-to-escape-the-rollercoaster-of-constant-strategic-reprioritization\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ey.com\/en_gl\/private-business\/how-to-escape-the-rollercoaster-of-constant-strategic-reprioritization&amp;source=gmail&amp;ust=1723812951236000&amp;usg=AOvVaw2O4Ny3Fkfc8AXIqNuzCszE\">EY has likened to riding a roller coaster<\/a>. Since 2019, there have been at least four distinct phases of reprioritization:<\/p>\n<ul style=\"text-align: justify;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">2019 \u2013 Pre-Pandemic: growth acceleration<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">2020 \u2013 Pandemic: business continuity<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">2021 \u2013 The New Normal: recovery, renewed focus on growth, and digital transformation<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">2022 \u2013 Inflation and Global Uncertainty: focus on profitability<\/p>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">In the face of this rollercoaster, consistent reprioritization can just as easily pull you in the wrong direction as the right. So, when everything is necessary, what change happens first? Take the following steps to build a strategic reprioritization plan:<\/p>\n<h3 dir=\"ltr\" style=\"text-align: justify;\"><strong>1) What&#8217;s the base of the business?<\/strong><\/h3>\n<p style=\"text-align: justify;\">One of the biggest mistakes companies make in their reprioritization is that they often focus too closely on external factors. Yes, external factors might necessitate change, but businesses need to anchor initiatives, goals, and products towards things that are solid and will not change.<\/p>\n<p style=\"text-align: justify;\">To take EY&#8217;s roller-coaster metaphor a bit further, if you\u2019re too focused on the ups and downs of the ride\u2014the externalities that push you towards change\u2014you might fall off the rails. Instead, remember that roller coasters always depart from and return to the same place. They&#8217;re grounded and have a solid, stable core.<\/p>\n<p style=\"text-align: justify;\">Oftentimes, this is a simple yet powerful mantra that grounds the business and keeps it laser-focused as it encounters change. But behind a simple concept is a rigorously researched, tested, and debated reprioritization that connects who you are with who you want to be. It&#8217;s what you\u2019re passionate about, it&#8217;s what you can be the best in the world at, and it&#8217;s what drives your economic engine. Even though Netflix went through pretty seismic change, they didn\u2019t change the core of who they were. <a href=\"https:\/\/about.netflix.com\/en\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/about.netflix.com\/en&amp;source=gmail&amp;ust=1723812951236000&amp;usg=AOvVaw2BwW0hTiQYKq8xkfSkMtNi\">Their mission<\/a> is to &#8220;entertain the world.&#8221; It&#8217;s the delivery of that entertainment that changed, but not the mission itself.<\/p>\n<p style=\"text-align: justify;\">You should start with the top 3 or 4 areas you want to affect and work backward. If you can link data to what leaders care about, you will create synergy. Think of the actionable impact you can have along each of the 3 following vectors:<\/p>\n<ul style=\"text-align: justify;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">Risk reduction\/mitigation<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Cost optimization and operational efficiency<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Customer centricity<\/p>\n<\/li>\n<\/ul>\n<h3 dir=\"ltr\" style=\"text-align: justify;\"><strong>2) What does success look like?<\/strong><\/h3>\n<p style=\"text-align: justify;\">Success in reprioritization is a multifaceted concept that combines qualitative and quantitative metrics. The definition of success varies across industries and must be tailored to the organization&#8217;s specific goals and objectives.<\/p>\n<p style=\"text-align: justify;\">In some cases, attribution can be very difficult. Take, for example, Zillow, the housing marketplace. <a href=\"https:\/\/www.zillow.com\/research\/prospective-buyers-consumer-housing-trends-report-31662\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.zillow.com\/research\/prospective-buyers-consumer-housing-trends-report-31662\/&amp;source=gmail&amp;ust=1723812951236000&amp;usg=AOvVaw2M8axA2XQDU4k7Tn1o-6LJ\">In a Zillow survey<\/a>, 69 percent of people reported viewing for-sale homes on a real estate website, but far fewer reported actually purchasing a house via those same websites. These sites played a role in the home-buying journey, but one that is hard to quantify.<\/p>\n<p style=\"text-align: justify;\">In this case, success metrics can&#8217;t be defined by whether a user bought a house or got an agent through Zillow. The company has worked to break down and visualize the omnichannel customer journey\u2014they want to measure the effect of each touchpoint, then predict and recommend the NEXT action in a customer&#8217;s journey. This nuanced perspective enables organizations to break down their overarching objectives into discrete and measurable pieces, allowing for a comprehensive assessment of their achievements.<\/p>\n<h3 dir=\"ltr\" style=\"text-align: justify;\"><strong>3) Reprioritization across industries<\/strong><\/h3>\n<p style=\"text-align: justify;\">Different industries require distinct approaches to reprioritization based on their unique challenges and opportunities.<\/p>\n<ul style=\"text-align: justify;\">\n<li dir=\"ltr\">\n<p dir=\"ltr\">Finance: In the finance sector, particularly in risk management, the marriage of corporate strategy and risk strategy is crucial. To effectively manage risk, a holistic view that extends beyond conventional risk appetite metrics is necessary. With the possibility of a recession lingering and the pressure to continue building new solutions\u2014especially with AI\u2014<a href=\"https:\/\/solutionsreview.com\/business-process-management\/how-to-address-increasing-demands-on-finance-teams-in-the-age-of-doing-more-with-less\/\" target=\"_blank\" rel=\"noopener\">CFOs<\/a> must manage measured risk without stifling innovation. This entails considering external data points to make informed decisions that balance risk and reward.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Real Estate:\u00a0In the real estate industry, a focus on digital transformation and customer experience is paramount. Businesses must constantly question the &#8220;why&#8221; behind their decisions, study outliers in data, and drive outcomes that align with their business objectives. This requires a thorough understanding of customer behavior and preferences to ensure that initiatives lead to tangible business growth.<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\">Marketplaces: For marketplaces, the key to strategic reprioritization lies in predictive analytics rather than reactive ones. A dynamic understanding of shifts in customer behavior empowers organizations to anticipate purchasing trends\u2014product preferences, customer journey friction, and fraud patterns\u2014enabling them to make proactive strategic decisions that drive success.<\/p>\n<\/li>\n<\/ul>\n<h3 dir=\"ltr\" style=\"text-align: justify;\"><strong>From Good to Great<\/strong><\/h3>\n<p style=\"text-align: justify;\">Netflix\u2019s initial reprioritization was the first of many\u2014they pioneered personalized recommendations, in-house programming such as <em>Stranger Things<\/em>, and a host of other data-driven pivots and bets. But today, they are under pressure from a growing host of rivals such as Prime, Disney+, and Peacock. This pressure has forced them to\u00a0<a href=\"https:\/\/www.tomsguide.com\/news\/netflix-pricing\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.tomsguide.com\/news\/netflix-pricing&amp;source=gmail&amp;ust=1723812951237000&amp;usg=AOvVaw0eGIzts5Q20tcM9maRwuBG\">crack down on password sharing and raise prices<\/a>. If they are to weather these challenges, they must again innovate and reprioritize.<\/p>\n<p style=\"text-align: justify;\">Similarly, as advancements in AI disrupt the world of business, we might be in the midst of another key transformational moment. How companies confront the brutal truth will delineate who can take advantage of this and who will be left behind. But organizations that successfully navigate these shifts do so by anchoring their initiatives in foundational principles, aligning their efforts with leaders&#8217; priorities, measuring success both qualitatively and quantitatively, and avoiding a &#8220;one size fits all&#8221; approach.<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><div class=\"widget\"><div class=\"aside-card\">\t\t\t<div class=\"textwidget\"><p><a class=\"bpm-footer-cta\" href=\"https:\/\/solutionsreview.com\/business-process-management\/bpm-vendor-map-a-guide-to-the-best-bpm-solutions\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1682\" src=\"https:\/\/solutionsreview.com\/business-process-management\/files\/2019\/02\/bpm-vm-speedbump.png\" alt=\"Download Link to BPM Vendor Map\" width=\"800\" height=\"225\" \/><\/a><\/p>\n<\/div>\n\t\t<\/div><\/div><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shiraz Ritwik, the Head of BFSI and CPG Growth at\u00a0LatentView Analytics, explains why companies should use a mixture of metrics and industry insights to define the success of their reprioritization initiatives.\u00a0This article originally appeared in\u00a0Insight Jam, an enterprise IT community that enables human conversation on AI. In Jim Collins&#8217; classic business management book, &#8220;Good to [&hellip;]<\/p>\n","protected":false},"author":1113,"featured_media":4462,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[2357,2395,2393,2394],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Defining Success in Reprioritization: A Blend of Metrics and Industry Insights<\/title>\n<meta name=\"description\" content=\"Shiraz Ritwik at\u00a0LatentView explains why companies should use metrics and industry insights to define the success of their reprioritization.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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