We had no idea how and when digitization would transform the way businesses operate when we first saw home computers and the internet. And now that its impact is flowing through almost every sector – be it BFSI, logistics, manufacturing or automobile – we are witnessing all of them rapidly automating their mundane and repeatable processes and going digital to achieve greater operational efficiency.
For instance, online shopping improved logistics and delivery, digital payments added transparency and flexibility to the payment ecosystem, digital identification prevented fraud and digital learning platforms enhanced literacy. All these examples are indicative of the positive after-effects of today’s evolving digital ecosystem.
That said, organisations are increasingly investing in digital technologies when it comes to leveraging the numerous benefits they bring to the table – both for the organisation and its employees. Here’s how businesses can be more connected and improve their overall functioning in their operational journey:
One of the most-sought-after tech innovations to date, the cloud is significantly simplifying complex processes of businesses and helping them efficiently manage data. By leveraging cloud services, a business is enabled to smartly operate, be flexible and have cost-effective access to information.
What used to be a local process run by computer systems in the past, has now turned into an easy, accessible and effective mechanism that allows organisations to manage loads of data from anywhere in the world. Slowly but surely, it will turn out to be a game-changing solution for businesses to learn, innovate and expand with evolving technologies.
A study by IBM revealed that 60% of the Indian companies are expected to shift all of their data on cloud in the next 10 years. And of this 60%, 99% will use multiple hybrid clouds within the next three years.
With an ever-increasing number of smartphone users who use it as a tool to perform routine transactions, the scope of opportunity for businesses to collect customer data, and understand their search and buying behaviour, is greater than ever. However, gathering this data alone is not enough. One needs data scientists and other experts of akin nature to study such data in an in-depth manner and find out insights to accordingly act on it.
For instance, in customer service, an organisation gets to know so much about the customer, mostly through queries, which in turn, can be leveraged to craft solutions that exactly meet customer demands. Along similar lines, many companies have been, therefore, using real-time data to provide personalised services to their customers.
Nearly 82% of companies operating in Asia Pacific region are expected to implement data-driven strategies in a bid to enhance their executive-level operations within the next half-decade, highlights PwC’s Global Industry 4.0 report.
Internet Of Things (IoT)
It’s no more about just smartphones connecting with other smartphones. We are living in the times when not only smartphones but most devices can be synchronised with other devices. For instance, smartphones pair up with a car’s infotainment system and control music, calls GPS, and whatnot.
Similarly, IoT is rapidly being used by many companies to create a connected work ecosystem where employees can seamlessly stay connected with numerous devices – thus streamlining routine tasks, fine tuning operations and eventually mitigating the operational cost.
In smart workplaces, IoT can automate various routine chores while monitoring control and managing other operations as well. This creates a direct impact on a company’s overall efficiency and ramps up the productivity levels of employees.
For example, many IoT-driven workplaces have sensors installed on the premises whose data can be leveraged to seek when certain rooms have more/fewer occupations and where employees spend most of their time during work hours. This data can then be used to schedule meetings, more efficiently, and eventually create a positive impact on the overall employee productivity.
The IoT market in India at present is about $5.6 Bn, comprising more than 200 Mn connected devices on ground. And this market is further anticipated to expand by more than 2 billion devices by 2020.
To empower and motivate employees at the workplace, HRs and team leads should delegate work and responsibility fairly and clearly. Any employee with a clear understanding of his respective job role can perform better than peers. Always give your employees space, time and proper tools for undertaking tasks as it will add efficiency to their overall work performance and deliver results in time.
Most essentially, provide them with flexibility at the workplace to make them feel relaxed while working, instead of locking them with stress. This enables employees to strike the right balance between personal and professional life, and feel valued. This, in turn, motivates them further to give 100% to the work allotted to them.
Moreover, provide them with adequate learning opportunities to nurture their skills and excel in their respective domains. This makes them agile in their approach and stays updated with the latest trends. Apart from this, make them part of meetings, where they can discuss and share ideas about any topic. This leads to innovation in the workplace and eventually leads to better financial performance.
These techniques are now new. Nowadays almost every company is investing in the aforementioned initiatives to scale up their operations and achieve better results. However, the one that maintains and manages the right mix of all these trends and practices, can possess the power to rule out everyone in the game.