A new report created by Oracle and the WHU suggests that whilst many businesses may have invested in the right technology, they may be lacking the culture, skills and behaviour to really improve business efficiency.
Research by Oracle and the Otto Beisheim School of Management have discovered that business efficiency can improve by over 60% when the correct technology is introduced alongside several vital factors. According to the report, many companies have selected the best technologies, but are showing signs of a lack of focus on culture, skills or the right behaviours to really harness the benefits. The report suggests that without these core factors business efficiency will increase when technology is implemented, but at a much lower level.
The core factors highlighted in the report include:
- Decision making driven by data
- Flexibility and willingness to change
- An entrepreneurial attitude and culture
- A shared approach towards digital technology
- Critical questioning and thinking
- A learning culture
- Open and transparent communication and collaboration
The report involved studying the opinions of 850 HR Directors and over 5,000 employees spanning 23 nations. Researchers at the WHU highlight that the potential to be adaptable and agile is essential for businesses if they intend to compete in today’s market and provide market-leading propositions. Adaptable represents better support for users and is also an essential factor for any company wanting to attract and retain their employees. Businesses that are not prepared for constant change will not be in a position to compete for the skills required in the current and future digital market.
The rate of progress is an essential driving factor for companies in this marketplace and adaptability and agility should be viewed as essential for technology companies, according to the WHU. Oracle believes that this provides an opportunity for HR teams to manage workforce transformation and really highlight the productivity benefits of technology to a company.
There is still a perception that technology will replace traditional work activities but Oracle believes that business efficiency and further development will only come from the two sides working together. Oracle highlights that with any technology introduction, there needs to be a complete culture change and training of staff to be capable of working with machines and technology. Oracle states that the digital skills from this process that contribute to the seven core factors are essential to really understand the true benefits of any new technology and for a business to become flexible.