Build an ecosystem
Embrace digital disruption to reshape the way you interact
with customers. See things from a new perspective and
transform your services with the latest technologies.
The digital era requires businesses to innovate and rise to the increasing expectations of their customers. Although many business leaders understand the need for a more modernised connected digital infrastructure, legacy technology is hindering many from taking the next steps to empower the workforce and see their business thrive. Research by Forrester has shown that the continuation of legacy applications within the workforce is limiting the innovation of technology and ultimately business growth1. Once the backbone of the business, systems are no longer sufficient, and the organisation will pay the price. The impact systems can have on an organisation and driving it forward is the main reason why business leaders should reshape their working.
The true cost of maintaining
Legacy software, while it may seem easier in the short-term compared to investing in modernisation, takes a serious toll on your business and in many instances can cost more than the investment into digital innovation.
Financial investment: According to Gartner2, 60-80% of an average company’s budget for IT is spent on the maintenance of legacy solutions. Spending such a significant portion of funds on the maintenance of outdated systems restricts organisations from investing in technology to influence business change. With legacy software, as time goes on, support costs increase, and expertise begins to dwindle as specialists leave the industry.
Losing time: When your workforce has to use legacy solutions, rather than the latest software with real-time data, the time cost can be vast. By investing in newer, more innovative technology, your workforce can spend more time focussing on value-add activities. Once you take a step back and consider the worth of your employees’ time from a new perspective, the true cost of using legacy applications can be seen.
Managing expectations: As younger generations enter the workforce, they are bringing with them a wealth of new knowledge and digital confidence. Schooley3 reports that 40 million Millennials have already entered the workforce, with another 35 million on their way. The Millennial business mindset expects access to technology and data in real-time. Millennials were born into a technological era and with that comes the expectation to see innovation within the workforce. Businesses that don’t embrace the future of digitisation risk losing out on attracting new talent. As a society, technology is readily accessible, and so there is a logical extension and expectation of this into the workplace.
Business agility: Businesses cannot afford to be risk-averse – it is not conducive to the innovative culture needed for real digital transformation. When thinking about maintaining a competitive advantage, technology holds the key to success.
Gain a new perspective
on your goals
Now is the best time to begin reshaping your organisation, application modernisation allows you to unlock future business opportunities. It’s imperative for business leaders to build the right foundation to begin looking at digital transformation. Technology trends are capable of revolutionising your organisation and propelling your business forward.
The digital era requires a business to reimagine the possibilities. Many successful companies have built their brand from opportunities realised in the digital age. Uber and Airbnb are well-known examples of companies that have thought outside of the box, taking a traditional business model and used technology to transform it. In addition to creating businesses from technology, there are many examples of technology propelling business success, Netflix, for example, began as a DVD rental service but saw the potential of technology and decided to innovate into the streaming service we know today.
Manipulating technology according to your business needs is something every organisation needs to be actively looking to implement. Not only does it save time spent dealing with manual tasks, but can speed up business processes dramatically.
"We also required slicker accounting processes to highlight inefficiencies and identify inconsistencies with suppliers. The functionality and usability of the system means that we are already seeing the benefits of more streamlined accounting and better reporting, which will help to fuel our ambitious growth plans." – Harvey Nichols
Why embrace technology?
Although perceived as too advanced for some organisations, innovations such as Artificial Intelligence (AI), Robotic Process Automation (RPA) and Predictive Analytics (PA) should be considered for every forward-thinking business. Technology can unleash business productivity while reducing long-term cost as well as improving quality and functionality by removing human error. Using resources more intelligently can reboot productivity, identify bottlenecks and free up staff for more important, value-add activities, all while maintaining compliance to changing regulation and demands.
An example of the capabilities of these innovations includes AI freeing workers from mundane tasks to enrich their roles and creating a workforce multiplier by re-energising workforces without increasing headcount.
Security should be at the forefront of any organisation’s agenda. As technology evolves so too do hackers, which is why the implementation of the latest, ahead-of-the-curve technology can protect you from any unwanted cyber attention and be a clear competitive differentiator.
Many businesses that are beginning to realise the need for technology and business innovation bind themselves to providers that aren’t giving them what they need or what’s best for them. Investing in technology for its own sake provides little benefit to an organisation. It’s important to understand what you need and the gaps you have in your productivity, where your business is now and where you want it to go – that is where technology can work for you.
AI Technology integration saves Clerks at Clerksroom over 200 hours per month "Letting the client input the details via Billy [Bot, a junior clerk robot] means greater accuracy of the data. The technology integration gives Billy access to our MLC system, so he holds over 15 years’ worth of accurate data. We have also built a barrister preference engine, which learns the preferences of our 77 barristers, so Billy knows the variables including likely fees for specific areas of law, all courts in England and Wales, legal expertise and distance to travel from home or chambers to the court centre."
Which of the following tech trends are you seeing in your daily life?
67% of people are seeing Cloud Services, and 50% are seeing Business Intelligence within their everyday lives. Respondents are also seeing Artificial Intelligence, Wearable Technology and Virtual Technology on a regular basis. This truly highlights the move of cutting edge technology into mainstream life. For businesses not considering innovation, these figures should be a red flag.
The 4th Industrial Revolution is bringing forth a host of new technology with capabilities to reshape organisations. Business leaders need to be confident enough to step back, see the their goals from a new perspective and invest into the future of the organisation. With lack of time as a significant factor, it can be hard to make time to reimagine however if you do, your workforce and customers will thank you.
When it comes to innovation, the long-term benefits by far outweigh the short-term time commitment. Rethink, recharge, reshape: reimagine the potential.
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