A new research from Oracle and the WHU – Otto Beisheim School of Management has shown business efficiency increases by two thirds when the right technology is implemented alongside seven key factors. According to the research, many organisations have invested in the right technologies, but are lacking the culture, skills or behaviours necessary to truly reap their benefits. The study found business efficiency only increases by a fifth when technology is implemented without the identified seven factors.
The seven key factors are: data-driven decision making, flexibility & embracing change, entrepreneurial culture, a shared digital vision, critical thinking & questioning, learning culture and open communication & collaboration.
The new research questioned 850 HR Directors as well as 5,600 employees, of which approximately 300 employees as well as 50 HR Directors in Singapore participated in the study on the ways organisations can adapt for a competitive advantage in the digital age. The study showed that achieving business efficiency is critical to becoming an agile organisation that can keep pace with change, with 42 percent of businesses reporting an overall increase in organisational performance once business efficiency was achieved.
Wilhelm Frost, from the Department for Industrial Organization and Microeconomics at WHU – Otto Beisheim School of Management said, “Pace of change has never been more important for organisations than it is in the current climate. Adaptability and agility are extremely important for organisations if they want to get ahead of the competition and offer market-leading propositions. Being adaptable means better support for customers, and needs to happen to meet their needs, but it’s also a big factor in any company attracting and retaining employees with the skills to drive them forward. Companies unprepared for the relentless pace of change will simply not be able to compete for skills in today’s digital marketplace.”
The research showed 38 percent of business leaders in Singapore do not think they are currently operating in a way to attract – or compete for – talent. This went up to almost half of business leaders in other Southeast Asia markets such as Philippines and Malaysia. Meanwhile, 33 percent of employees in Singapore said they are worried about losing their jobs to machines.
Levent Tavsanci, Head of Applications, Singapore at Oracle said, “The study highlights the opportunity for the Human Resource function to step up and lead workforce transformation by allowing the productivity benefits of technology to be realised. In line with Singapore’s Smart Nation vision and innovation programmes, our workforce needs to be ready for the digital era. Upskilling and implementing a culture that is open to such disruption will be part of the seven factors needed to realise the true benefits of technology and become an adaptable business.”
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