July 11, 2020 Last updated July 11th, 2020 92 Reads share

Grow Your Business Productivity by Embracing Technology

Image Credit: DepositPhotos

Exponential technologies such as artificial intelligence, robotics, blockchain, and the Internet of Things (IoT) are rapidly being implemented across industries all over the world. The mass acceptance of exponential technology not only transforms the way businesses are running, but also generates new revenue streams and business models.

Although digital technology is a must if you want to stay unbeaten in today’s business world, it is useless if it doesn’t produce the business results you need to achieve as your goals. That’s why a journey through digital transformation shouldn’t entail running out to buy the new technology. Indeed, if your goal is to improve profitability, enhance customer service, and gain insights. You need to innovate and develop your business; you need to change your focus away from technology and turn your attention to digitalization at some point so that it can benefit you in many ways. Let’s talk about the various ways where digitization can be accepted and can face our productivity war.

#1: Transformation by Education and Training

In today’s technological era, there is talk of taking all of our work from robots. It is, however, proven not to be the case. Digitization and transformation will affect high-skill and low-skill employment, but in the long run, it will build opportunities for all of us. To improve our competitiveness at the ground level, we need to start growing our existing workforce and train implementation.

First of all, you need to analyze the skill sets of employees so that you can decide which technology is most successful in driving your business strategy. You have to consider employee skill sets before contemplating any technical solutions. Each employee has unique skills that can be used to carry out tasks in conjunction with other employees. And by this, you can start getting success in your aim.

While promoting digitization and digital transformation, the company needs to develop a plan for cybersecurity, artificial intelligence, and more stuff too. How do you manage those technologies? You need to have an existing talent base that can implement those tools once they hit the front door. Upskilling and training can change the game entirely.

#2: Embrace Digitization by Diffusion

It is crucial that all companies, not just a small few, embrace digitization and technology to improve productivity. McKinsey also calls digital diffusion, “Action is needed both in overcoming the barriers to the adoption of large incumbent businesses and in extending the adoption of digital tools by all companies and citizens.

The digital transformation will impact businesses that do not choose the up-to-date technology. Those companies may suffer the consequences and be left behind. True digitization to improve our competitiveness would involve the participation of all industries and businesses to make a difference. It means that major companies will have to confront their technological challenges and head-on to conquer them.

#3: Strategy to Embrace Digitization 

A digital transformation is not about introducing technology. It’s about adopting technology to achieve the results you need. You have also made it easier for workers to know how to use it when you have done your due diligence by aligning people’s tasks for your solutions.

Let’s take an example of the information management approaches. These types of solutions offer a variety of advantages, including:

  1. Enables workers to quickly and easily view and share the data
  2. System optimization and optimization of workflows with automation
  3. Helping workers receive more accurate information by centralizing content and reducing redundancies in data

By changing their strategy, companies that invest in digital transformation are boosting their productivity through revenue growth and digital investment returns. McKinsey found in further research that 49 percent of the leading firms invest more in digital than their counterparts do in revenue growth, EBIT growth, and digital investment.

Whether you’re evaluating how your employees use data management tools, collaboration solutions, mobile technologies, or other digital solutions, there’s often a chance your team can find more ways to use the technology — adding more value to your business. Remember, a digital transformation is a circular process. Technology is always changing, so revisiting the alignment-assignment-technique process on a continuing process is vital if you want to remain competitive.

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Kapil RANA

Kapil RANA

An entrepreneur, Kapil is a qualified CPA and Fellow Chartered Accountant, a first class management and law graduate, advance qualification in information systems. He is a kind of personality who keep on kindling and challenging the fire of knowledge, so that it does never vanish. Pursuing the same trait, Mr. Rana is all set for his new venture, ‘Doctorate in Business Administration. He is the founder of HostBooks, along with experience on strategic management, corporate development & structuring of multinational organizations. He resides in California (Bay Area) and spends his time off playing squash and debating service innovation, politics, sports and of course, corporate.

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