1. Reinvent by harnessing Technology
Companies need to reinvent themselves to achieve optimum results. The emergence of Covid has reinforced and highlighted this principle around the world. Even if your sales are steady or increasing, chances are you are experiencing supply chain pain, or transportation management challenges, or many other possible business disruptors.
The positive benefits of technology can be varied – from better employee retention to a better bottom line (consider both the tangible and intangible benefits). Take workplace safety as an example. From the manufacturing production line to the cash register, Covid has caused us to look at worker and customer safety in new ways and progressive companies are using technology to achieve the best safety advantages. Airlines are deploying newer technologies such as ultraviolet wands, antimicrobial coatings, and, electrostatic spraying in addition to chemical disinfectants.
Business transformations come in many sizes. For some businesses, it will mean surgically integrating tech into parts of their organization addressing targeted improvements. For other companies struggling to survive the reinvention may need to be far more comprehensive.
2. Assess Risk
Whether it’s cyber-related or safety-related you can’t operate your business if the risk is not managed and mitigated. The virus has created a new target – hundreds of hospitals in the USA are encountering cyber attackers using ransomware demanding millions of dollars of payment. We’re talking a problem serious and widespread enough that Homeland Security and the F.B.I. are involved. This is occurring intentionally as hospitals struggle to accommodate unprecedented levels of critical patient care.
Ransomware attacks are not unique to hospitals, but the recent breaches appear to include different hacking methods and protocols than seen in the past. The bad guys continue to up their tech game as many companies operate with outdated systems and/or inadequate security. This fact should be of interest to all businesses. Sometimes it takes a drastic example to emphasize a key point.
Cybersecurity should remain a top-level initiative to include in any digital transformation effort. From our research, we’ve uncovered that only about 20% of companies have strong and updated antihacking infrastructures in place. We’re also working with several clients to bolster their security infrastructures as a separate initiative – but one that takes into consideration compatibility with their ERP systems.
3. Enhance or Deploy HCM Software
HR automation has become a “must-have” as Covid-19 has splintered many traditional office environments. The challenge to build trust in the remote workplace while increasing communication as employees work from home is a whole new dynamic – and perhaps one that’s here to stay.
The capabilities of HCM software are powerful and many good software options exist. Think automated yet personalized communication, access to payroll, tax, and attendance information. It can also help with employee performance analysis, benefits enrollment, and hiring and recruitment.HCM software is being used to share rapidly changing guidelines, changes in procedures and policies, and company updates about COVID spread. Rarely has there been the need to adopt policies and communication as quickly or as often. How many companies have been through(or were prepared for) a global crisis of the proportions of the current pandemic? The good news is HCMsoftware can help!
Through a variety of applications, HCM software matches the wants and needs of employees used to instant access and online convenience. For employers, it offers streamlined automated processes, intelligent safeguards, and analytics. After implementing HCM software many companies can restructure their HR staffing to be used in other ways. For smaller businesses, without an HR department, it can add order and save time. Companies recognizing the power of HCM software and its match with the shift to effectively managing online work environments are one step ahead.
Want to learn more about HCM software options? Check out our HCM Software Comparison Playlist:
During these unprecedented times, learning to adapt your business to new revenue streams and technologies is pivotal to not only surviving but thriving in the future. Third Stage Consulting has extensive experience in helping a variety of clients achieve business transformation success. We don’t sell software because our alliance is to our clients, and providing honest independent advice and support is our pledge. Please contact us for an open and complimentary conversation.