The continuation of innovations and developments in transformative technologies such as artificial intelligence (AI), the internet of things (IoT), virtual and augmented reality (VR/AR), cloud computing, blockchain, and super-fast network protocols like 5G
New solutions for augmented working, hybrid and remote working, business decision-making, and automation of manual, routine, and creative workloads combine these technologies in ways that enable them to enhance each other. This brings us closer than ever to the point where we can create “intelligent enterprises” where systems and processes support each other to complete menial and mundane tasks in the most efficient way possible.
For years, business technology has been rapidly transforming the world. According to market research, these are not the only tech companies that have found business technology to dramatically improve their efficiency. After digital transformation, 52 per cent of organisations globally report increased worker productivity, 49 per cent improved performance, and 46 per cent improved customer experience.
However, integrating technology into an organisation is a huge undertaking. Before making any commitments, it is best to undertake an audit of a company’s efficiency and inefficiencies to determine where to prioritise implementing technology, as it may not make business sense to do so in all departments immediately. Without this, there is a possibility that the most serious issues would be disregarded subconsciously in favour of making simpler, more basic modifications. This method may only yield minor gains rather than the huge ones required to offset rising operating costs.
Systems such as cloud computing can significantly enhance efficiencies, particularly in emerging hybrid working patterns. These systems provide a low-maintenance solution for consolidating a company’s demands and can adapt as those needs change over time. Cloud computing enables employees to be as productive as possible, whether they work in an office, factory, or from home. Profit is the ultimate goal of any business. Having a productive workforce makes a major difference in achieving this goal.
Technology has transformed business, gradually disrupting the traditional “9 to 5” work model and rethinking how organisations operate. Flexible and hybrid work arrangements appear to be here to stay, so what further changes can we anticipate in the near future? Based on industry research, there are nine areas in which technology will transform organisations namely:
Hybrid work, which has become more significant since the Covid-19 pandemic compelled office workers to work from home for personal safety.
Technology, social media recruiting, software and online tools are rapidly changing the HR ecosystem and recruiting models.
Transparency – software systems can help to foster a more inclusive culture inside an organisation by increasing transparency and providing equal possibilities for employees to participate in communication and express varied ideas and cultural backgrounds.
Measuring performance accurately provides businesses with the data to evaluate growth and identify areas that need optimisation.
QR codes are an easy way to direct customers to the web page you want them to see, whether it’s a landing page, a product page, or an about us page.
In terms of legal validity, security, and ease of use, electronic contracts outperform conventional contracts. They also save time, effort, and money while lowering your environmental impact.
Additional benefits of integrating technology include streamlined operations and automation of time-consuming, error-prone manual tasks. This frees individuals from mundane repetitious tasks that are a waste of their skills and knowledge. Employees can thus remain engaged and devote their time and attention to significant, specialised work.
Cyber security solutions secure a company’s digital assets, ensuring that an organisation’s systems are not subject to threats and breaches.
Regulatory compliance safeguards an organisation’s information and fosters confidence among employees and consumers.
Although technology is only one piece of the sustainability puzzle, it is crucial. Companies that employ technology to improve efficiency and reduce waste can have a significant impact on the world as a whole. In this way, technology can be a powerful tool for promoting global sustainability. And, as more businesses and organisations adopt environmentally responsible practises, people will all benefit from a cleaner, healthier planet.
In this issue of Cyprus 4.0, we profile the businesses and organisations that are integrating the right technology into their processes and operations as part of their business strategy to ensure their future. Adapting to new tech-driven business realities will enable organisations to acquire a competitive advantage and prosper throughout a period of transformation.