According to news reports, exponential organizations have at least a 10 times larger impact on the market than traditional organizations. Any product they launch or any service they provide is innovative and gets popular in a short amount of time. Therefore, it shouldn’t be surprising that exponential organizations grow faster than traditional and linear organizations. While many companies try to achieve the same growth and market impact as exponential organizations, they can’t create innovative products by sticking to the same techniques. Therefore, if a company wants to experience exponential growth, it has to do things the exponential way!
Exponential organizations have to integrate their systems and processes entirely. Vates is a system integration company that helps businesses start their exponential journey. The company analyzes the work environment, needs, skill sets, and current trends of an existing business and transforms its products and operations to help it grow like an exponential organization.
Here are the things that set exponential organizations apart from liner organizations. Follow these exponential organization-specific techniques and methodologies to improve as an exponential company.
Having an MTP (and sticking to it)
Most businesses have mission statements that define the short-term purpose of an organization and how it will serve its customers. It also mentions the products or services a company produces and the region of its operations. However, one of the most significant features that set exponential organizations apart from linear organizations is having an MTP. Instead of a mission statement, an exponential organization has an MTP or a Massive Transformative Purpose. This Massive Transformative Purpose is the soul of every exponential organization.
A Massive Transformative Purpose pushes exponential organizations to think outside the box and transform the reason behind their organization’s existence. It’s a deeper aspirational goal that pushes all employees to move forward. An exponential organization usually hides a deep challenge in an MTP and then works to overcome that challenge. For instance, the Massive Transformative Purpose of Google is ‘Organize the World’s Information.’ This massive goal allowed Google to achieve what no company had done before.
Having a Massive Transformative Purpose isn’t enough. Exponential organizations stick to that MTP and constantly try to improve their products and services. Therefore, if you want your company to experience exponential growth instead of linear growth, draft a highly-ambitious MTP and encourage your employees to achieve that purpose. You have to chase your Massive Transformative Purpose aggressively, no ifs and buts considered.
Using Dashboards to Track Metrics
Many business experts emphasize the importance of making data-informed decisions for exponential growth. However, exponential organizations must deal with a large amount of data regularly—and how can businesses handle such large quantities of data about operations, processes, changes, employees, market trends, etc.? Exponential organizations have a solution. They either build an application from scratch to keep track of real-time data or integrate a dashboard in an existing application.
This metrics dashboard allows exponential organizations to monitor their employees’ performance, company sales, business budgets, and much more. Vates is a custom software development company that builds applications for exponential organizations. Through Vates, businesses can get software that tracks real-time metrics and displays them on a dashboard. These dashboards make data processing, analyzing, and accessing easier for authorized employees in an exponential organization.
Experimenting with New Ideas
Are you stuck to the same strategies and methods you used a decade ago? If yes, then your organization can’t grow as an ExO! One of the things exponential organizations do differently is experimenting with new ideas. Big exponential companies like Uber, Airbnb, and Google are all known for experimenting with different ideas before launching a successful product. Moreover, exponential companies encourage employees to discuss innovative ideas and experiment with them.
These companies track the impact of the experiments and use the results to improve their operations and products. Moreover, they have a fast feedback system, where their employees closely monitor the results of every experiment to quickly determine if the experiment is worth continuing. Constant experiments and a quick feedback system allow exponential organizations to grow faster than linear start-ups.
Autonomy in the Workplace
Another differentiating feature of exponential organizations is that they promote workplace autonomy. Unlike centralized companies that expect their employees to report to a single authoritative person, exponential organizations are decentralized. In exponential organizations, teams are self-organized and can work on new ideas without reporting every minor change. Therefore, employees at exponential organizations learn better and know how to tackle difficult situations themselves.
Autonomy in exponential organizations also means giving employees the freedom to work more independently and boosting growth. Moreover, this autonomy pushes employees to think of innovative ideas without waiting for the authority’s permission, which is the key to exponential growth.
Hiring Staff On-Demand
Do you know that many business planning experts have emphasized the need for businesses to hire staff on-demand? This is exactly what exponential organizations do. Instead of building teams and expecting their in-house employees to be skilled enough to do every task, they hire temporary employees for different tasks. This strategy allows exponential organizations to focus on their Massive Transformative Purpose (MTP) while another company handles different tasks for them.
An example of an exponential organization hiring staff on-demand is Uber hiring drivers whenever they need it. Moreover, another exponential organization, Kaggle, also hires data scientists on-demand. However, if your company plans to outsource some services, Vates is the perfect option.
Vates is a nearshore software development company that provides software development, testing, big data analytics, IoT, IT maintenance, technical support, and other services to organizations that are looking for exponential growth.
Having Communities and Crowds
Exponential organizations are different because they build a community and a crowd. But what are communities and crowds, and how do they boost exponential growth? A community is a group of global individuals directly involved with your Massive Transformative Purpose. These people work with the main functions of your organization. Your community can be your employees, stakeholders, etc.
On the other hand, a crowd is an even larger group of people located anywhere, interested in the MTP of an exponential organization without directly being involved in your company. These people are other experienced professionals who benefit from your organization’s ideas through open-source platforms. Exponential organizations realize that the key to exponential growth is building loyal communities and crowds.
An example of exponential organizations building crowds and communities is discussing their technologies through platforms like Stack Overflow. These exponential organizations share resources, which make them a public favorite.
Algorithms FTW (For the Win)
It’s no secret that businesses have to use different technologies to accelerate business growth in the current era. One of these technologies is using algorithms in products and processes. Exponential organizations streamline their products and operations using machine learning, data analytics, and artificial intelligence algorithms. These algorithms improve exponential organizations’ capabilities and do tasks beyond human capabilities. Moreover, they improve the quality of different products and services at an exponential organization.
Almost all exponential organizations have benefited from using different algorithms. However, a few examples are Uber using algorithms to display a cab close to the rider’s location and Facebook using algorithms to determine what kind of content to show to different users. Different businesses can also enhance their end-products by trying the services of Vates, a system integration company.
Vates uses machine learning, artificial intelligence, virtual reality, and big data algorithms to create innovative products and applications for organizations. These applications will help your company grow faster like an exponential organization.
Building a Simple Interface
Do you know that exponential organizations invest millions of dollars in building a simple, easy-to-use interface for their users? Exponential organizations believe in making complicated things as simple as possible, and engaging and usable interfaces are the key to achieving that. The users of different applications and websites prefer engaging with platforms that don’t have any complications. Therefore, exponential organizations build a good user interface for the applications that their internal employees and external customers use.
An example of a remarkable user interface in an application is Airbnb. Their app and website display millions of available rooms and flats in an easy-to-understand interface. Moreover, Vates, a custom software development company, helps organizations build applications with user-friendly interfaces. Our experienced frontend and UI developers use interactive tools to create software that engages users. In addition, we also create easy-to-use applications that an exponential organization’s employees can use to perform daily tasks.
Hire an International Software Development Company—Vates
By outsourcing your tasks and building simple applications with easy-to-use interfaces and dashboards, your organization can start its journey toward exponential growth. At Vates, we offer agile software development services and build innovative applications with tracking dashboards, an engaging interface, and simple features. Moreover, our professional experts offer big data consulting services, where they use big data, artificial intelligence, and machine learning algorithms to stream an organization’s products and processes.
Our nearshore software development firm handles software testing and quality assurance for different businesses. Moreover, our IoT consulting services allow exponential organizations to experiment with new technologies, sensors, and other IoT devices. We also tackle system maintenance for exponential organizations so that they can focus on their MTP.
Get in touch with us and see your exponential organization grow faster and have a massive market impact!