. These three elements are: -
• People – It’s not possible to attain anything without efficient people in the company, without the loyal consumers, the suppliers, contractor, retailers, friends, government leaders, family, etc.
• Business process – The process of business is basically the process by which the company is able to manage its assets as and the workforce efficiently. Managing the employees and assets helps the company to grow and sustain.
• Technology – Advancement in technology has motivated a lot of organisations to implement new techniques in operations, manufacturing process and even for marketing & promotion. Technological inventions help the organisation to attain productivity and profit. Thus, the enterprises need to pay attention to such inventions and implement the right invention as per the requirement and its application.
Business process + Technology+ People = Successful enterprise
It’s important to have the right balance of all these three elements so that the enterprise works smoothly instead of struggling to attain success.
- When the organisation includes the business process and technology but less attention is given to the people then people (employees, consumers, suppliers) will be unsatisfied or unhappy. For instance, when a company does not pay attention to the needs of the consumer then they will not be able to develop the right product because of which the firm might face loss. On the other hand, when the firm does not consider the needs of the employees, or the employees are nor praised for their performance then this leads to dissatisfaction which impacts the performance negatively further leading to a loss in productivity and loss for the company.
- When the higher emphasis is given to technology and people but not the business process then the operational activities are mismanaged, thus, the assets and resources are not efficiently utilised. It's important that the business process is reviewed, monitored and controlled on a regular basis so that there are no risks in the future. No review of the business process means loss as the work will not be done with higher efficiency.
- When higher importance is given to the people and the business process but not much on technology then the business techniques might become outdated or obsolete. For instance, the employees are only communicating face to face but they are not using email, internet or smartphones to communicate then it will surely decrease their efficiency as they will wait for the other person so that they can communicate. Even when the organisation has a talented workforce and the right business process with regular monitoring and control but lack of technology will lead to delay in work process, the company will not be able to function at its full capacity and speed and so they will deliver fewer products leading to less profit or revenue.
Thus, it proves that the right amalgamation of people, technology and process is essential for a successful enterprise.: