The Future of Work is here. Due to the rate of technological growth, there are more opportunities than ever for fast, accurate, and agile services. The global market is becoming increasingly fond of the digital landscape, requiring businesses to act with foresight and innovation to meet customer expectations. Have you prepared to embrace the world of digital transformation? It is critical to look inward at your existing operations and find ways to drive new initiatives that re-engineer the workflow and utilize the most up-to-date technology.
What is the Future of Work?
The world has seen developments like Robotic Process Automation (RPA) that are set to grow exponentially in the coming years. Notably, they are accelerating how we interact with and acquire information. As the workplace transforms, there exists an opportunity to split work between humans and virtual robots in such a way that both excel. Both types of employees (human and virtual) will be critical components of the business of the future. Adopting these technologies will require an open mindset and a willingness to undergo process transformation.
One trend of the increasingly powerful technology is the accompanied rise in expectations. Tasks in the future will need to be completed seamlessly, while also meeting each customer's bespoke requirements. To do this, processes must be simplified, standardized, and streamlined. All unnecessary complexities should be removed.
The aim is to create a robust and flexible foundation that is ‘future-proof,’ instead of building over existing poorly performing processes and systems:
The benefits of having streamlined processes and modern technology like RPA are multifaceted. Below is a quick summary of the key benefits. These will be explored in more detail later in this blog series.
- Financial Benefits – Efficiency, reduced errors and a growing customer base all contribute to considerable financial and cost benefits.
- Increased Client Satisfaction – Faster processing and service delivery, along with reduced errors and better compliance, mean that client interactions go smoothly.
- Increased Employee Satisfaction – The removal of tedious, manual tasks creates opportunities for employees to work on higher-quality, value-added tasks.
- Greener Operations – More efficient processes mean reduced power usage and reduced waste. Also, with more and more work being conducted digitally, there is reduced paper usage and reduced transportation/logistical work.
It’s All About the Timing
One company that exemplifies the benefits of technological insight and integration is the online transportation company, Uber. They have utilized existing, consumer-familiar technology to recreate the taxi experience. The use of dynamic fares and location services allows Uber fares to be much cheaper than traditional taxis - a big incentive for the customers. As such, competing taxi firms that are more antiquated are slowly getting pushed out of the market.
Evidently, the Future of Work is not just a set of technologies. It is a holistic journey to link people, processes and technology in a way that optimizes business workflow and provides the best possible service. To make the most out of it, one must be ready to challenge legacy architecture and old ways of thinking. Now more than ever, business transformation can pave the path to success and innovation.
This is part 1 of a 13-part blog series by leading experts at Symphony Ventures. We share the most important business considerations in the Future of Work and explain how to best prepare for digital transformation.
Be sure to read the next blog: Do You Know Your Business Like the Back of Your Hand?