Why Looking Back is Just as Important as Looking Forward (Factum’s New-Year Review)

Why Looking Back is Just as Important as Looking Forward (Factum’s New-Year Review)

It’s January. Which means it’s that time of year when people and businesses review their successes from the past 12 months and look ahead to what they want to achieve in the next 12.

This period of reflection and planning is important. Pausing, clearing the agenda, and taking time to assess the things we did well. Acknowledging what we could improve on. Setting new goals and objectives. These are all fundamental parts of a constructive review, whether considering personal targets or the operations of a billion-dollar-turnover multinational.

Understanding this importance is why the review process is a key tenet of Factum’s ethos and client delivery methodology. Because at Factum, we practice what we preach. (No, really.)

Factum’s Year-End Review

Looking back on 2016, Factum can claim a number of notable successes:

  • System implementation projects were completed on time and on budget, enabling progress and growth
  • Training programs were formulated and delivered, empowering and informing workforces
  • Documentation was authored to more clearly and accurately describe products and their characteristics to consumers and end users
  • Strategies were developed to give direction to businesses that were not focused on their markets
  • Business processes were analysed and amended to improve efficiency and assist businesses in realizing their potential by working smarter, not harder
  • Client teams were augmented with Factum consultants, bringing our knowledge to the heart of those organisations and helping them succeed from the inside

But what did we learn this year?

  • That we needed to be clearer in explaining to current and potential clients just what capabilities we offer
  • That we had unrealised expertise we weren’t taking full advantage of (meaning we could do more for our clients)
  • That we needed to scale internally to ensure we did not compromise the quality of our offering

All these aspects were learned through internal review and feedback sessions with our business partners and clients.

And how did we respond?

  • We reviewed our service offering and simplified how we explain our capabilities to our clients
  • We added resources to our delivery operations (and internal operations) to improve our client communications and business development process, but also to provide a new lens of analysis on what we do and how we do it
  • We proactively reached out to our client base to more deeply understand the challenges they face, their opinions of the industries they work in, and the environments in which they operate

Factum’s Outlook for the New Year

So, what does that mean for 2017?

It means we are better placed to help our existing and potential clients. In 2016, we added to our client base: From new organizations in global oil and commodities to regional software producers. They shared their objectives and aspirations, and we have formulated solutions to help attain them in the new year.

Our favorite events also occurred: Previous clients returned to Factum for assistance with their needs. In addition, existing clients extended their involvement with us.

It’s clear that in 2017, we will continue delivering value to the clients who trusted us with their business and look to establish long-term partnerships. And we are also well prepared to welcome more organizations to Factum’s client community.

As well, there are the strategic initiatives we are pursuing. In addition to established offices in London and Houston, new locations in North America and Europe are under evaluation—to put us closer to our clients. A joint venture with an offshore software consultancy and development center will be announced shortly, meaning we can bring new perspectives, knowledge, skills, and lessons learned to software systems and industries outside of our traditional areas of expertise.

Market (and Life) Forces are Shifting Across the Globe

Beyond our internal workings, we are keenly aware of the global landscape—both in business and in life.

Iconic musicians Prince and David Bowie left us. The American teen graduation rate was higher than ever at 83.2%. Volunteers in India planted an astounding 49.3 million trees in a single day, setting a new world record.

Meanwhile, the business environment is constantly changing, creating opportunities as fast as it takes them away. A new Republican four-year term commences January 20th. The UK government wrangles with Article 50 and its place outside of the EU—at the same time as the rest of Europe also wrangles over Article 50 and the UK’s place outside of the EU.

China’s economy continues to slow as Indian Ocean economies continue to accelerate. Oil prices are on the rise, as demand finally surpasses supply, and gold has reversed a three-year losing streak. Consumer electronics continue to dominate, with Apple declaring the largest-ever corporate profit in history and AT&T and Time Warner creating an $80 billion media and telecoms behemoth.

With this level of change, companies need a partner who is equally committed and aligned to their planned goals, objectives, and successes.

We at Factum truly believe we are that partner, based not only on our opinion, but on the demonstrable achievements we can share.

We also know there is no reason to only reflect once a year; after all, nothing special is gained by waiting until December or January. Continuous review and improvement should be common within us and the organizations we serve. And it should be performed with resolve and without arbitrary prompting.

So, if you need a push to get your business review underway, contact Factum and find out how we can work with you in 2017.

From the desk of Andrew DeBray, managing director of Factum.

Have thoughts you want to share about this post? Or want to see how we can help your organization with reviewing and assessing internal processes?

Reach out here.

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