Positive Impacts to Functionality, benefits to the enterprise and awareness of potential risks
What are the outcomes of Disruptive Technology and the Digital Revolution? Clearly there will be wide ranging and hitherto unimagined benefits to industry, enterprises and individuals. Existing industries will be transformed and new industries created as we have already seen with autonomous vehicles and the ‘sharing economy’ respectively. As individuals we also stand to benefit from an enhanced experience both personally and professionally as we are propelled along this trajectory of change, but will all experiences result in positive outcomes? As with previous industrial revolutions there are potential downside risks alongside the obvious benefits.
Positive impacts as improvements to functionality:
For the Enterprise:
- Automation
- Collaboration
- Insight
- Client communication
- Orchestration
- Transparency
- Decision making
For Employees:
- Improved job satisfaction; less mundane tasks associated with work and freeing up employee time to concentrate on high value / high knowledge work.
- Automated quantitative performance measurement.
Leading to benefits within the enterprise through:
- Improved accuracy
- Increased speed
- Reduced costs
- Improved efficiency
- Greater productivity
- Locking in knowledge
- Improved data collection
- Improved real time analytics
- Improved performance measurement of workers and teams
- Greater gender equality
- Improved client interaction
- Improved testing
- Better decision making
- Reducing risk
- Predictive technology
- Improved fulfilment of regulatory requirements
Awareness of the potential downside risks:
Where enterprises do not embrace this technology and embed these benefits into their operating models they leave themselves open to the following risks:
- Becoming too expensive compared to their competitors.
- Being too slow to adapt to changing situations to fully engage in new opportunities.
- Creating client dissatisfaction by neglecting to fulfil new and existing customers’ evolving expectations of what a good service looks like.
- Losing their best employees to rival companies.
- Ultimately these risks combined with customers’ ability to change providers more easily, will lead to customers migrating to a better service at a cheaper cost and competitors taking market share.