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How are COOs driving agility and digital innovation?
Chief operating officers (COOs) are embracing opportunities for growth, using lessons of the past few years to inform their next moves. This often means taking a long view, which isn’t easy for a role that involves managing a multitude of immediate issues. But imagine the ingenuity and operational agility that’s possible if you could fuse your current capabilities with new initiatives — from advancing digital capabilities to rethinking entire processes. This is where innovation can thrive.
In the spotlight
COOs look to tech to boost efficiency, while keeping an eye on regulations
Operations leaders know that thoughtful technology investments can not only increase efficiency in the short term but improve their company’s long-term position. But what tech has the most potential? In PwC’s October 2024 Pulse Survey, AI and IoT and connected devices topped the list of most important digital investments, with data analytics and intelligent automation not far behind. COOs are also considering potential legislative and regulatory changes following the election. Invest in forecasting, scenario planning and compliance initiatives to better anticipate potential new legislation and policies. Monitor political developments to help make transitions smoother and reduce operational disruptions.
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[55%] of COOs say AI is one of the most important digital investments for transforming their operations function
Source: PwC Pulse Survey, October 2024
What to focus on in 2025
Technology
Accelerate tech investments to fuel growth
Digital transformation is seldom easy, and a solid foundation is critical. Embedding key technologies across operations can help build an intelligent digital ecosystem. For instance, in consumer markets, connected supply chains can enable a retailer to offer customers the ability to buy items with flexible delivery and pickup. In manufacturing, smart factories combine the power of robotics and automation, providing data-driven insights and better decision-making.
Beyond improving efficiency and cost control, digital systems can unlock value and help drive long-term growth. Connected supply chains can expand delivery channels and help attain sustainability goals. A robust data ecosystem can position your organization to implement GenAI solutions that can help reinvent processes and ultimately business models.
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Supply chain
Increase visibility to improve supply chain agility
Real-time insights across purchasing, inventory and customer service are key to transforming your supply chain and creating a competitive advantage. True end-to-end visibility requires tech investment, streamlined processes and reliable data to power market-leading pricing and sourcing strategies.
Start by structuring data and building shared visibility to improve service, navigate disruptions and enhance transparency. Then, evaluate your supply chain network from a customer perspective to help optimize processes — for example, enhancing the physical design of manufacturing or supply processes — while collaborating across the business to address bottlenecks. Finally, integrate cross-functional planning to address changes in demand and supply shortages.
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Workforce strategy
Cultivate an engaged, tech-empowered workforce
Workforce challenges, particularly skills shortages and productivity, are often top of mind for operations leaders. You recognize the importance of hiring and retaining skilled workers — and you’ve likely experienced turnover in key roles. You also appreciate how a healthy workplace culture and competitive incentives can elevate employee engagement and effectiveness.
Invest in automation capabilities to streamline repetitive tasks, enhancing both accuracy and efficiency. Upskilling your teams in automation and AI can help them work smarter, and focusing more on outcomes than tasks can provide greater connectivity across the workforce. Work with your CIO and human resources leader to confirm that both remote and on-site employees have the tools they need, including collaboration solutions and real-time data access.
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Operations
Reimagine your end-to-end ecosystem
Achieving long-term viability and growth requires a multifaceted approach. This means working across internal teams and exploring business relationships with providers outside of your ecosystem — such as suppliers, vendors and even competitors — to co-create and deliver value. Better understanding your ecosystems’ capabilities can lead to more collaboration and knowledge sharing that could reconfigure your operations for the long haul.
Prioritize integrating successful processes and solutions while learning from past challenges. This can help guide where digital investments could generate innovation, including product development, customer experience, manufacturing and supply chain planning. It also enhances your ability to adapt to evolving regulations, trade shifts and geopolitical pressures and paves the way for rethinking supply chain networks and operating models.
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Customer experience
Elevate your customer experience to stand out
Winning and keeping customers is vital for growth, and COOs play a pivotal role. To deliver value to stakeholders, your company needs to meet customers where they are and in ways that set you apart from competitors. From onboarding to fulfillment to customer service, operations leaders have visibility into where customers – and increasingly so, consumers – experience satisfaction as well as frustration.
Evaluate how your supply chain supports your growth strategy by addressing diverse customer preferences and fostering loyalty. Use AI, connected products and other technologies to uncover new insights and create solutions that resonate with your customers. Data isn’t just for the finance or marketing teams. Harness its power to deliver for your customers. This can include proactively identifying tradeoffs that are necessary to make better customer-related decisions and using routing tools that enable better tracking and adapting while also providing more timely customer alerts.
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