When the COVID-19 pandemic hit the global landscape, it forced organizations to re-assess, re-calibrate and re-align, in order to sustain their businesses. Though this is a challenging scenario, the biggest advantage also appeared in the form of technology. Suddenly remote working was not a benefit that the company provided, but a necessity to maintain business continuity.
Posts Tagged Technology Strategies
The rapid advancements in the technology and communication have ushered in a digital age that is enabling businesses to revolutionize how they function, enhancing their product/ service to meet the needs of the customers, transform employee experiences and so on. One of the main enabling factors is the voluminous data that is allowing businesses to engage in analytics and derive deep, actionable insights.
Data in the digital era
Business and its every facet have changed in leaps and bounds over the past decade or so. Business success was earlier tied only to product/ service optimization in the context of large investments, long timeframes and higher risk associated with investments. Changes (whether to improve the product or the process) could not be made suddenly, not without heavy losses and higher risks. Data from the past history and otherwise was limited and was only used for future predictions.
HR is a field that has always generated large volumes of data. For instance, candidate profiles, recruitment data, career progression data, personal development and review data, appraisal data, employee engagement data, etc. With the rapid advent of technology, it is even possible to analyze and leverage data from social media profiles, emails and so on too (apart from the traditional means) to understand employee sentiment and gather other such insights.
Technology is advancing at an unprecedented rate today. This has led to a drastic evolution within organizations and their various functions. More companies are now expecting human resources function to contribute to revenue and profitability.
As technology makes inroads into the lives of employees more than ever, terms like Internet of Things (IoT), big data and the likes of it have become ubiquitous. The Internet of Things or as it is colloquially called – IoT, is a web of smart devices and sensors connected through the internet and connecting people, their devices and a plethora of information along with it.
Digital business transformation is a thorough shift in the functioning of an organization from the old traditional methods to new digital ones. It involves change in its processes, tools and activities with an aim to improve the overall performance of the business. This digital transformational leap is taken keeping in mind the present and future vision of an organization that wants to stay ahead of the curve with respect to changing technologies and customer aspirations.
This is a decision that almost all HR practitioners irrespective of level, geography and business segment struggle with. The reason for the struggle is the fact that while it should be a business decision, if it is not done with a well-strategized and thought out approach, it can seem like a judgment call. Avoiding the concerns that might arise if this is not a data-based or parameter-evaluated decision is absolutely critical.