Business Composability: Best Uses, Implementation Tips
Disruption is the new reality for all industries.
The COVID-19 pandemic caused the largest disruption to the economy, stock market and daily life in recent history — and even today, we’re still maneuvering the affects of inflation, supply chain disruptions and the threat of a recession.
In our new reality, organizations must be able to adapt or risk falling behind.
More so than simply changing a minor piece of a business’ operating model, what is necessary is a complete shift in philosophy regarding all aspects of an organization.
What is Business Composability?
Business composability is the ability to be flexible, adaptable and responsive to ongoing changes while maintaining alignment with business values, standards and goals.
The probability of another major challenge can be daunting, but implementing composability will allow your organization to lean into this reality with preparedness, strategy and the ability to grow amid turbulence.
According to Gartner, 63 percent of CIOs at companies with high composability reported superior business performance compared with peers or competitors in the past year.
The more an organization implements business composability, the higher their comparative performance.
Read on for more insight into how your organization can apply composability to its people, processes and technology – even during uncertain times – to guide the business to profitability and opportunity.
What Does Composability Look Like?
“Business composability is an antidote to volatility,” Monika Sinha said in the report, Vice President of Research at Gartner. But realistically, how is it implemented at organizations across all industries?
Composability can be categorized into three key action areas:
- Composable thinking
- Composable business architecture
- Composable technologies
Composable thinking may seem like an effortless task, but it requires the conscious effort of all members of an organization.
The philosophy forces business leaders and employees to ponder more strategic business practices, instead of blindly following previously established systems and processes that limit company progress.
Composability is a mindset that enables companies to constantly evolve to meet the ever-changing needs of technology, customers and culture.
Graphic credit: Gartner
Businesses with high composability maximize value by connecting technology strategy to business strategy.
In an interconnected and predominately digital world, organizations are driven to success by the capacity of their technology investment to enable their business.
Artificial intelligence, cloud and cybersecurity top CIOs’ lists of planned investments for 2022 and beyond – all of which enrich business composability by helping organizations become better connected internally, more advanced and adequately prepared to mitigate the impact of a challenge.
Many industries turn difficulty into high composability by integrating technology as part of their core business offerings.
For example, after dining in at restaurants closed, some restaurants implemented a technology platform for customers to order meals and receive their food via carry out or delivery, which allowed their business to continue growing amid a global pandemic.
When in-person medical examinations and doctors’ visits weren’t possible, healthcare professionals incorporated tele-health as a method to continue their practice virtually and assist patients via messaging, video and voice calls.
The shift to a more flexible operating model and heavier emphasis on technology created new value and revenue streams for companies in the healthcare and dining industries.
Graphic credit: Gartner
Final Thoughts on Business Composability
Involving a trusted partner early on in discussions about composability within your organization can help drive the efforts towards making it a reality.
A key aspect of composability is connecting technology to business in your organization’s strategy –that’s where Bridgepoint Consulting comes in.
Need Support With Business Composability?
Bridgepoint Consulting specializes in finding experts in finance and technology to assist your business in implementing all aspects of composability. From integrating a business operating model your technology architecture to analyzing the composability of your organization’s business functions, our consultants will provide guidance on integrated methods that enable and execute change at all levels.
Contact us today or click below to learn more about our Finance & Accounting advisors.
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