Unlocking Productivity Opportunity Using Salesforce
While the new year may be riddled with economic uncertainties, there are still opportunities for growth among them. Keep reading to find out how to boost Salesforce productivity and achieve operational excellence using McKinsey’s three-sided productivity opportunity model.
As the new year continues, the business landscape remains as uncertain as ever. Despite initial hopes for a smoother year, companies are still grappling with uncertainties fueled by geopolitical shifts, global economic changes, and the rapid introduction of AI and new technology. While the outlook may seem daunting, amidst these challenges lie opportunities for productivity growth and operational success.
In this article, we will explore how your organization can use Salesforce to transform these uncertainties into a pathway for growth with McKinsey’s three-sided productivity opportunity model.
What is the Three-Sided Productivity Opportunity?
According to McKinsey, productivity is driven by the total value added, which includes:
- Upskilling workers and transforming organizational practices.
- Investing in capital, technology, and innovation.
- Offsetting higher prices, wages, and interest rates.
Leveraging this formula within Salesforce can unlock three significant opportunities:
- Operating with Excellence
- Optimizing Capital Leverage
- Accelerating Growth
Transform the Way You Work
By adapting your organization’s culture and work-management practices, McKinsey explains you can allocate resources towards high-value initiatives. Empowering your employees with a Salesforce-native app can enhance the efficiency of your existing operations, and lead to the three opportunities.
Invest in Innovation
When it comes to investments, keep innovation at the forefront. Enhance current operations from R&D to delivery with technology that pushes you to think outside of the box, streamline Salesforce operations, and improve customer experiences.
Offset Higher Prices
To help offset higher input prices and interest rates, McKinsey recommends prioritizing strategic initiatives, ensuring your business remains resilient in the face of economic uncertainties. Using an app to streamline data and simplify vendor management can ensure your bottom-line is in check and multiply the impact of your operations.
The 2024 Productivity Imperative
As highlighted by McKinsey, three key factors necessitate a drive towards increased productivity in 2024:
Lackluster Growth Expectations: With uncertain economic outlooks and clouds on the horizon in major economies, businesses can no longer rely solely on macroeconomic support for growth.
Intense Competition for Talent: Demographic shifts and changes in employee preferences are intensifying the competition for talent. Navigating a tight labor market and addressing skills gaps pose significant challenges for companies.
Expensive Capital and Labor: Despite a potential decrease in interest rates, financing conditions remain tight. Furthermore, the post-pandemic environment has seen an acceleration in wage growth, requiring businesses to find ways to boost profitable growth through increased productivity.
Operate with Excellence by Uniting People, Technology, and Operations
Companies leading the way in productivity growth are reimagining operational excellence. To succeed in the digital age, organizations must rewire their structures, bringing together people, technology, and Salesforce operations. In turn, unlocking the full potential of productivity will boost profitability and future growth.
Leveraging Salesforce to Drive Productivity
In the pursuit of increased productivity, technologies like Salesforce-native Work-Relay, play a pivotal role in streamlining operations. As you navigate the challenges of 2024, consider how optimizing Salesforce operations can contribute to the overall productivity and success of your organization. Embrace the future with confidence, knowing that the right tools can make a significant difference when it comes to maximizing productivity.