Technology has advanced at a staggering pace in recent years and simply keeping up with the pace of change has been a challenge for countless businesses.
But it’s a challenge that they have to rise to if they are to stand a real chance of forging ahead and setting themselves up for a strong future.
However, a new report by Deloitte has found that just nine per cent of companies in Australia know how to future-proof their organisation and cope with digital disruption.
By contrast, 11 per cent of companies surveyed across the globe said they felt ready to deal with the future.
Yet it’s not just wider operational processes that are being transformed by technology. The needs and expectations of the workforce are also changing beyond recognition, so it’s down to employers to keep up with shifting trends in this area too. Otherwise, they might risk losing the best talent to their competitors.
David Brown, leader of the Deloitte Human Capital Consulting Practice, commented: “Digital disruption is affecting business models, work practices and staff lifestyles, and effective management of this change will be critical to business growth in the short term.
“There is a significant danger that Australian companies are not moving fast enough to adapt to the needs of the workforce of the future. Companies must embrace the speed of change, learn how to rewrite the rules or risk losing the game.”
Deloitte revealed that more than half of Australian businesses are transforming their operations to incorporate new digital processes.
For instance, artificial intelligence is becoming increasingly popular, while running a business is also being transformed by technology such as social collaboration systems and new mobile devices.
It’s this explosion in technology that has made all kinds of working approaches viable in the modern world, and cemented certain expectations among workers themselves.
For instance, many now embrace flexible working hours, choose to work from home or operate as a freelancer and take short-term interim contracts.
Deloitte therefore believes bosses must think about workforce planning and the very nature of work in a brand new way.
Employers must also design their jobs accordingly and incorporate new technology into everything from their wider operations to individual divisions such as HR.
Interestingly, one in three firms around the world were found by Deloitte to have HR solutions that incorporate some form of artificial intelligence technology. Meanwhile, 41 per cent are developing their own mobile apps to deliver HR services.
It’s therefore clear that technology looks set to play a big part in both attracting and retaining talent in the coming years.
Some 85 per cent of HR professionals in Australia say building a better experience for employees is their main priority, while 84 per cent also say future-proofing their organisation is high on their agenda.
“If employees are happy, a company will see better productivity, greater collaboration, less turnover and greater retention of corporate knowledge,” Mr Brown stated.
How they leverage the latest technology will be at the heart of all this and have a big influence over how organisations perform in the coming years.