Techno-phobes, there is a harsh truth here for you. Technology is not going away.
In fact, it’s just going to get faster and more innovative. The good thing is that it really will make a difference in your business. The bad thing—if you aren’t on board, your company will fall behind. Far behind.
Companies shouldn’t innovate or invest in cutting edge technology because it’s cool. The next new thinga-ma-jig you wear on your sleeve may not transform your business in a positive way. Technology, like most business decisions, should be vetted thoroughly.
But, when you take stock of your current processes as well as track productivity and workforce performance metrics, you’ll find that technology can quickly become your business ally. And even your newest sales tool.
When you take stock of your current processes, you’ll see that technology can quickly become your business ally.
Every business and business leader needs to have insights into their businesses. Small or large, if you can’t see how well (or poorly) your business is performing, your doors won’t stay open long. That’s where technology helps companies differentiate themselves, and that’s why you should embrace technological innovations.
“Wherever the new technologies have properly permeated this fragmented industry, the outlook is an almost 20 per cent reduction in total life cycle costs of a project, as well as substantial improvements in completion time, quality, and safety.” – World Economic Forum
Your data is telling a powerful story
Do you have insight and reporting into your current processes? And if you do, is it all in one place? Digging into and pulling reports that are not integrated could be telling you a misleading story. Technology today allows you to move data from one app to another though APIs, aggregating data from disparate point solutions into one dashboard helping you piece together a storyline of your business.
With powerful data aggregators, you can see your leading and lagging indicators, and act on them faster. Why is that important?
If you see that an employee has been underperforming in one area, you can immediately address the issue.
If you see that an employee has been underperforming in one area, you can immediately address the issue. You don’t need to have to look back post closeout and analyze where your project lost track.
You can also pull historical reports and overlay them, which can help you understand seasonal trends alongside employee data. This means no guesswork. The data will allow you to prepare for the future hiring and to determine more accurate labor costs. In the end, that can make your bidding more exact, versus “guesstimating” your costs. Additionally, sharing dashboards with project owners shows that you care about operational efficiencies and you are ensuring time/cost savings for all involved.
The labor squeeze means you have to do these four things…
Embrace technology, and attract, retain, and extend your worker’s careers.
It’s not an easy list, but that’s why embracing technology is key. Technology will help you get more work done, while requiring less man hours. It can also help you attract younger workers who are searching for innovative companies to work for. The Millennial generation has grown up with technology and expect advanced technology within the companies they choose to work for.
Not to say anything about the use of technology in training. With a Baby Boomer generation walking away with decades of knowledge, companies are embracing technology to allow Boomers to stay on the job (in less exhausting environments) while using technology to virtually train apprentices who are out in the field.
Since the labor shortage often requires recruiting professionals with less than adequate training or skills, technology is helping to bridge the gaps in their abilities. Plus, when you have a solid team of professionals, technology will help you retain them by streamlining their work, providing them (hopefully) with work/life balance within a very strenuous and taxing career.
With powerful data aggregators, you can see your leading and lagging indicators, and act on them faster.
What you can’t see on the surface could be corroding your profits
Just below the surface of your business are some hard truths. You’ll want to uncover them if you hope to profit or grow your business. Yes, jobs are getting done. But are they getting done well? Are your workers cutting corners (making your results less than reliable)? Or are you paying too much for labor and are tasks taking too long for different crews?
When you can dive into objective data, you uncover the true “health” of your business. While results matter, you may be paying too much for those results or even sacrificing quality to hit unrealistic deadlines. Knowing the whole story about your business will help you plan for the future and avoid big business-ending landmines that swallow up companies without an accurate pulse on their business. It’s better to know your gaps and find a solution before you take on more work or position your company for growth. Data, aggregated through different technologies, allows unique insights into your business you would not otherwise see.
While you may be hesitant to invest in new technology, the one thing you should know is that our world is becoming increasingly digital, and it’s no longer a matter of “if” technology will be a factor in winning more business. It is already the case.