Article provided by TransUnion
Admit it. Despite the endless articles on how new technology is going to revolutionise the way we do business, the think pieces on disruption, those glowing commentaries on virtual reality, 3D printing and more, you’re feeling some trepidation about the digital future.
You are not alone, as this year’s World Economic Forum(WEF) in Davos deftly illustrated. One year on from the introduction of the concept of the Fourth Industrial Revolution, optimism is muted. There is a sense of uncertainty about the future, particularly around the implications of automation on the global workforce.
And even as world leaders are grappling with these enormous challenges, your executive is looking to you to futureproof the business. But how do you prepare for an uncertain digital future, when even the experts cannot agree?
The answer will not be found in Switzerland but within your own organisation. If no-one quite knows where the Fourth Industrial Revolution will take us, it is up to us to prepare for anything, by embedding adaptability and digital capability within our people, processes and systems.
Practically doing so requires you to recognise and respond to several key ideas:
Don’t do everything yourself
You are not just imagining it – the demands placed on IT (and the organisation as a whole) by the digital age really are too much. It is impossible to meet the different needs of the digital customer and maintain a high level of quality. So why are you trying to do everything yourself, especially when starting from scratch and building whole new sets of capabilities? Why not just stick to what you are good at and let other people handle the rest?
One of the biggest enablers of digital thinking is knowing when you should partner, to deliver the value your customers and end users are looking for. That means hammering down what your core capabilities are, and what would be better served by outsourcing to the right partners.
Those partnerships do not only have to take place solely within a corporate space either. South Africa has an ever growing number of innovation hubs and incubators, from Johannesburg’s Tshimologong to Pretoria’s Technology Innovation Agency. Ultimately, it does not matter how you meet your organisational and customer needs, only that you get it done.
Speed up how you do things
The second big realisation you need to make is that you cannot do everything at the same pace you did a decade or even five years ago. Customers are not going to wait for ground-breaking innovations if there is another product out there that does what they need.
To survive as an organisation, you are going to have to learn to speed up the product release cycle. Start with what your customers or users need, and what you can do to meet this. Ask yourself whether your product development models allow for agile, iterative product and service creation. Once you have created a viable solution, it is time to release it to market (even if it is on a small scale to minimise risk) and see how it fares.
Yes, there will be flaws that need ironing out, but done is always better than perfect. If your product shows value, then your customers will stick with it as you get it right. Just look at Discovery, which is constantly taking new solutions to market and rolling out new features.
Empower your people
According to the WEF, we could see the net loss of over 5 million jobs over the next few years. It does not matter what processes and systems you put in place if your people are worried about what it means for their own relevance. To futureproof your organisation, you need to address these concerns.
So why not create an environment where your employees can continuously raise their own value proposition? Invest in platforms that allow them to keep their skills up-to-date. Many large companies, such as General Electric, have put in place their own digital learning platforms and virtual schools. Here at home, initiatives like WeThinkCode offer organisations new paths for sourcing and training digital talent. The long-term benefit of investing in these platforms is that you will have skilled employees able to work with automation and other disruptive technologies.
At the same time, you need to empower the way your employees work. This is done by creating more flexible work environments, running internal wellness and innovation programmes, and incentivising exceptional performance. Both Vodacom and FNB, for example, offer their staff a R1-million prize to come up with and execute innovative ideas.
Ultimately, staying relevant starts within your own pocket of the organisation. You will need to encourage the individuals and teams you work with, as well as giving them the capabilities they need to do so.
So forget the big guns at Davos. It all starts with you. What are you doing to keep you and your teams relevant?