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The Transformation Issue | Idealog.co.nz
real-time feedback into the fundamentals of their business
such as cashflow and key cost centres like payroll.
But that’s just the start of what AI will be able to
achieve for business, which despite some of the common
misapprehensions, could make businesses ‘more human’.
When you look at the algorithms of machine learning
and AI together, what you are going to see is AI playing
a massive role in the customer experience. From how
you target your customers and build an understanding
of what they need – even how they are feeling at any
particular point in time – to how you communicate with
your customers, using chatbots or virtual assistants, your
business will be more responsive, more
efficient and more directly connected
to individual customers’ preferences.
That doesn’t mean humans are
ripe for replacement. In fact, based on
current trends, the opposite is likely to
be the case.
Take the accounting industry
for example. MYOB has spent the
last two decades streamlining and
automating tasks routinely performed
by accountants and bookkeepers.
But while many tasks have been
automated, demands for creative,
advisory and decision-making skills
have grown.
In fact, jobs have never been
more secure. According to research
conducted by AlphaBeta, the rate of
involuntary job loss 20 years ago sat at
about 4.2 percent. Now it’s 2.6 percent.
What it shows is that
transformative technology is not
only creating new jobs, it’s also
fundamentally changing the nature of
existing roles. So, we need to ensure
that we train our people to make an impact in those areas.
Whilst there’s fear and uncertainty for many people, it’s
really about re-flavouring the current roles to be focused
on the things that make people happier and removing the
drudgery from what they do.
Managing the change and ensuring everyone has the
opportunity to flourish in the new environment will take
real leadership, and an awareness of the impact technology
can have on the way people work.
As anyone with a smartphone knows, more
technology doesn’t necessarily lead to better wellbeing.
The complexity that’s going on in the workplace is
going far beyond anything experienced before – and that’s
stretching our abilities, particularly for business leaders.We need to invest in the training of our leaders – how they
manage flexible work forces, how they adapt to technology
and still get the best out of their people.
That complexity is only increased by growing diversity- particularly generational – in the workforce.
We currently have four generations working
together, with different styles, expectations and familiarity
with technology.
At MYOB, we’re strong champions of diversity. Having
differing voices in the room means better, more inclusive
decision-making, and it means you are more likely to be
able to recognise the needs of a diverse range of customers.
But more viewpoints can make it harder
to make the right decision for your
business – and providing the tools to
make that decision may be something
technology helps with as well.
As the MYOB Business Monitor
survey highlighted, understanding
which technologies may affect your
business, and in particular where your
industry may be ripe for disruption, can
be a confusing, even daunting task for
business operators.
MYOB’s own approach is to use
trajectory-based planning – to look
at where trends are likely to go and
ensure the business invests in resources
and competencies to meet the stages
on those paths. However, for smaller
businesses, trying to stay across every
trend is impossible.
My advice is to pick the one or
two technologies that will help your
business the most. There’s so much
choice, but not every technology
offering is suitable for your business.
It will also pay to remain focused
on the fundamentals, such as keeping the customer at
the heart of all that you do, which will continue to drive
businesses in the decades to come.
We are social beings, so we will still want to interact
with each other – we’ll want to have experiences, enjoy
great service, share and interact, probably still face-to-
face. So many of the things that are the hallmarks of
great businesses today will not change, they’ll just be
underpinned, made easier or better by transformative
technology.” ■
For further research insights or to find out how MYOB
can help your business succeed visit http://www.myob.com/nz.In ten to twenty
years’ time, the
basics of business
will be the same.
A business will
still be designed to
serve a customer,
you’ll need to
balance the books
to ensure you have
enough cashflow
to cover expenses,
and keep records
of what you do.idealog/MYOB