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Have you optimised and implemented the right systems for the future?
Digital transformation is the driving force behind business innovation and advancements in emerging technology are accelerating organisations at an exceptional rate. Never before has it been more critical to modernise and adapt existing business models to meet the demands of changing economic, regulatory, political and digitally-oriented landscapes.
In an increasingly digital world, new and transformative technologies are rapidly entering the workplace to help businesses adapt to virtual team communication, enabling them to innovate and thrive. What’s more, customers and clients are also looking for new and improved digital experiences and services. This means that when it comes to delivering a customer-centric digital experience, more and more organisations need to leverage technology solutions to optimise their current processes and systems.
How emerging technologies are transforming businesses
Emerging technology presents organisations with immediate opportunities to generate new business and revenue. However, they present their own challenges and triumphs when it comes to deployment. Some that have achieved the most critical acclaim include:
1. Artificial Intelligence (AI)
According to Accenture, 84% of C-suite executives believe they must leverage AI to achieve their growth objectives. AI technology’s advanced processes and automation capabilities has revolutionised several industries by allowing organisations to prioritise scaling their business and:
- Reduce overhead expenses
- Improve customer experience
- Improve risk management
- Reduce human error
- Increase productivity and efficiency
- Create more time for employees to spend on higher-value tasks
On a business level, AI can take large amounts of complex data and determine patterns and insights which can be turned into models to create and predict customer behaviour. For insurance and finance particularly, AI can be applied to reduce the risk of fraud by better understanding the patterns of previous customers.
2. Blockchain
Ecommerce and online transactions now dominate the economy as the preferred method of consumerism for a wide range of products and services. This means there is a critical need to secure and manage transactions on the internet. Blockchain can support this need by allowing big companies to monitor and move any number of assets around the world as easily as sending an email.
According to PwC, in a survey of 302 representatives from banks, insurance companies and asset managers:
- 100% have at least a basic knowledge of blockchain technology
- 75% see potential in blockchain technology
3. Virtual communication channels
There has been a rise in virtual communication tools such as Zoom, Skype, Microsoft Teams and Slack for instant messaging, as organisations move to more hybrid models of working. File sharing tools and time management apps have also increased and have been adopted by many businesses to ensure they evolve in keeping with the ever-changing working landscape.
As the remote workforce continues to grow, online conferencing software has become one of the most important virtual team communication tools. With remote work here to stay, statistics from Hubspot highlight the benefits of giving employees more flexibility to work from anywhere as:
- 77% of remote workers report higher productivity levels when working from home
- 23% of remote workers work longer hours from home than in the office
- 53% of remote workers take less time off than in-office employees
- 74% of employees say they’re less likely to leave a company that offers remote work
- 83% of the workforce says that being able to work from home would increase job satisfaction
4. Quantum computing and Big Data analytics
Quantum computing can solve complex problems by analysing huge amounts of data and exploring an enormous set of possibilities, helping business to identify an optimal answer that could drive business value. Quantum computing has the potential to fundamentally change the world of computing as we know it by building more intuitive, smarter machines and is increasingly on the rise.
According to AI Multiple’s market size focus:
- The Global Quantum Computing Market was valued at USD 89 million in 2016 and is projected to reach USD 949 million by 2025, growing at a CAGR of 30% from 2017 to 2025 (MarketWatch)
- McKinsey claims that automotive will be one of the primary value pools for quantum computing with a high impact noticeable by about 2025. They also estimate $2 billion to $3 billion economic impacts of related technologies for the automotive industry by 2030. (McKinsey)
- There could be between 2,000 and 5,000 quantum computers worldwide by 2030. (McKinsey)
5. Increasingly intuitive programme management software
With a shift to remote working, almost every successful business will require a project management tool to handle tasks, track time and manage workload. There have been significant advancements in technologies designed to improve project management and virtual collaboration amongst remote teams that streamline processes such as:
- Decision making
- Virtual communication
- Budget management
- Job delegation
This ensures the completion of projects to budget and within timeframes, helping remote teams coordinate effectively. Examples of effective project management tools are Trello, Waterfall, Asana and Agile.
According to Sasslist, only 21% of companies have standardised project management systems like these in place. Additional statistics show the value of these tools lies in addressing:
- Budget challenges: one in six IT projects have a cost overrun of 200% and IT projects with a budget of at least $1 million are 50% more likely to fail to meet business objectives
- Leadership challenges: 41% of businesses with a high project failure rate blame a lack of involvement from higher-ups in project management
- Senior leadership endorsement: 41% of organisations reporting poor project performance say they don’t get enough support from project management and project sponsors
(sources: Gallup, Wellingtone, PMP Gartner, PMI, UM Saint Louis)
How can JSS help you optimise your technology systems?
Whilst the value of implementing and optimising technology systems is clear, the challenges many organisations also face may seem monumental. However, some clear takeaways for a smooth digital transformation or organisational change programme include:
- Strong leadership and project management
- Cost-effective solutions that don’t compromise quality
Whether you require the skills and expertise for an urgent technological transformation, or have a need to drive a culture change, or to face a new challenge like growth into a new market, interims are a highly valuable, knowledgeable and cost-effective resource that can help implement change throughout your organisation.
JSS are experienced at supporting clients as they navigate change and digital transformation. Our Interim Solutions services ensure the rapid provision of senior executives and functional experts, deployed to help manage change, work instinctively in a crisis and support business critical projects through to delivery.
Whether you’re hiring your next executive, building a fit-for-purpose finance function or delivering a project to transform your business, we will find the people that will help you deliver value and deliver results. That’s our commitment.