For an organisation to truly satisfy all of their stakeholders – shareholders, workforce, customers, suppliers, the environment and society as a whole – it needs to commit to adequately mastering all five aspects:
People in charge must realise they are more than just managers and lead in a way that empowers their workforce to be their best; in turn, the team members will achieve their greatest results if they progress from simply complying to committing to the desired results.
At some point, the company has to understand that its business processes can only become effective and efficient if they are designed and managed and not simply organically evolved.
The company does not need to (re)invent every single process, there are many proven methodologies they can incorporate. And yes, technology plays a key role in enabling the processes and can provide competitive advantages, as long as it’s appropriate for the whole business.
Finally, everyone in the business must understand why the organisation exists, beyond just its obvious financial justification, and what the internal and external forces are that continually drive it to evolve and stay ahead of the curve.