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Many organizations are investing serious money and scarce resources to become digitally mature. While technology is at the heart of this maturation, unlessleaders are aware of and act upon everything that makes technology work—people, processes, culture, and mindset—this could be an instance of arrested development.
Cultivate a Digital Mindset
There is deep-seated—and quite natural—resistance to change. If resistance is acknowledged and addressed, there’s a good likelihood it can be minimized. HR leaders can bring employees on board with digital transformation by recognizing and openly discussing—changes to the culture. Much may be gained, but some things may be lost. A compelling digital vision—actively shared and discussed with employees from the most senior levels of the organization—will generate support for the objective, make the change tangible, and mobilize all functions, including HR.
Digitalizing Human Resources
HCM and emerging technologies such as Cloud and AI have transformed the HR and employee experience and brought cost savings.
According to some organizations, HCM returns an average of $9.13 for each $1.00 spent. An initial implementation of cloud-based solutions can cost up to 79 percent less than on-premise solutions. And, savings can reach up to 90 percent on ongoing maintenance.
"HR leaders involved in critical decision-making processes appreciate the technology that reduces administrative tasks"
HR leaders involved in critical decision-making processes appreciate the technology that reduces administrative tasks. A SaaS-based solution provides collaborative dashboards, accessible analytics, and substantiated insights. It offers HR the ability to give educated recommendations that improve organizations’ performance. Automated reporting and analytics tools save time. Decentralized HCM technology offers self-service options and gives more power to employees. A cloud-based solution accessed on traditional and handheld devices provides portability and access to real-time information, which enhances employee experience. Swift communication processes have helped employees maintain a strong relationship with their supervisors, feel connected with the company’s culture, and build trust. Digital tools have enhanced employee learning experiences and have added fun at work through real-time online workplace games. A robust SaaS product can identify committed candidates, which can decrease the number of regretted hiring decisions by 75 percent, according to a recent study. Internal chat platforms such as Jabber, Yammer, and Chatter are a goldmine to scan employee pulse, identify frustrations, and come up with effective employee satisfaction and retention plans.
A Digital Approach to Business Continuity
BCP is a process that outlines and mitigates potential impacts of black swan events, unforeseen disasters, and creates policies to respond to them.
SaaS solutions complement BCP by offering real-time connectivity to ensure uninterrupted communication across all stakeholders. Companies that have invested in cloud-based platform approaches and modern architectures to support them take less time scaling their applications to meet challenges posed by any crisis, particularly those that operate in multiple geographies. Sensing and predictive modeling applied with AI technologies increase the value technology brings to the business and drive real-time results. For example, applying geo-risk modeling to determine the impacts of storms, political unrest, and health concerns on supply chains can fortify them and empower executives to make better decisions on workforce and financial forecasts.
By using past data and leveraging AI and Machine Learning, cyber security teams can identify threat patterns and plan better protective responses.
Digitalization in Biopharma
Online marketing campaigns, smartphone apps, and advanced analytics have increased pipeline and commercial value of biopharma products. Pharmaceutical sales reps, medical-science liaisons, and patient-service teams can inform and influence patients, physicians, and caregivers in person or via mobile phones, apps, or social media. Organizations are benefiting from big data through value-based pricing (VBP), accurate staffing, and predicting future demand for products. Machine learning may replace certain lab experiments, thus reducing lead time resources required to bring a medicine to market. Real world data can point to digital biomarkers to determine the most responsive subpopulation in a clinical trial, improving execution and possibly trial outcomes. Digitally enabled “beyond the pill” solutions could include sensors to collect and analyze data to monitor patient’s condition between visits to the healthcare providers, resulting in personalized medication targeting the needs of patients with greater precision than before. Deploying advanced analytics like “patient finder” enhances understanding of prescribing behavior and potential patient profiles, enabling more precise targeting of providers and increasing the number of prescriptions filled.
Technology is a crucial enabler of success in the commercial, operational, and scientific sides of the business. Winners in the digital arena will be companies that take an agile approach to strategy, digitize the core business, create disruptive products and services, capture value from data, and build capabilities and a differentiated ecosystem while all the time understanding that digitalization can only succeed fully when leaders have accounted for the natural human resistance to change.