We bet you have heard the term “digitalization” a billion times. It’s true that “digitalization” has been overused in the last 30 years but now we are witnessing an urgency for even more digitalization of the full business spectrum. What does it mean?
Do you know what Digital Europe is? Here is a quick insight into this initiative and where we are positioned in terms of digitalization. So, what does a Digital Europe mean and more importantly - are we ready?
About Digital Europe
“A Europe where digital technologies, innovation, and artificial intelligence can provide Europe’s people with competitive jobs, better health, and better public services. A strong unfragmented DIGITAL EUROPE that takes leadership in creating digital Inclusion, Green growth, Innovation, Trust, Agile mission-based policy making that drives prosperity and creates benefits for the European society and Leads globally in an open economy.
DIGITALEUROPE represents the digital technology industry as well as digitally transforming industries in Europe. We stand for a regulatory environment that enables businesses to grow and citizens to prosper from the use of digital technologies. We wish Europe to develop, attract, and sustain the world’s best digital talents and technology companies.”
Source
This might sound complicated but simply said “Going digital” is not only a vague slogan or some marketing buzz word anymore. It will play an inevitable role in the upcoming five years. Companies will have to adapt and evolve or will otherwise be pushed to do so.
What is meant by going digital for a business?
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Going digital has many meanings, but let’s divide it into 3 main areas:
Assets
- Digital spending
- Digital asset stock
Usage
- Digital transactions
- Digital interactions
- Digital business processes
Labour
- Digital spent per worker
- Digital capital deepening
- Digitalization of work
It looks like a lot of change. That would be bad news. But the good news is – you don’t have to invest in different tools or drastically change your communication infrastructure. Why? Because of cloud ERP systems. Our clients use Vault-ERP for the above listed areas daily. They can integrate every solution and software they need to work with an ERP solution.
The court ruled in favor of time tracking
Last year, in a lawsuit by the Comisiones Obreras (CCOO), a Spanish trade union, went against the Spanish subsidiary of Deutsche Bank, the court ruled in favor of tracking time. What was the lawsuit about? Overtime. The Spanish subsidiary of Deutsche Bank didn’t track the working time of employees, so there were no means for the union to check if the bank was complying with labor laws.
What businesses should realize is that lawsuits or even laws like this are going to affect them sooner or later. Therefore they have to be prepared for the request to track time, use digital means to process data, or inform authorities about the actual state of employment, financial records, and so on. Businesses should go digital, no matter what.
Time tracking is a core function of Vault-ERP and it also goes hand in hand with different modules like Projects, Financials, or HR. Data are used effectively, and in most cases also automatically. Using an all-in-one digital platform can save you a lot of time and money, while following the current laws and regulations. If this is not a win-win situation, nothing is.
Prognosis for the future
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What are the implications of digitalization along with a large push from governments and official authorities? What could it mean for your business? Let’s take a quick look and make a mental note of what to consider in the near future:
- Prepare yourself for tougher 360-degree competition – that means no geographical or sector boundaries.
- Explore and Utilize new forms of assets and revenue streams – going digital means new digital business models with new interactions with customers and suppliers.
- Redefine customer engagement – yes, by going digital you are closer to your clients, which is logical but you can measure and utilize data gathered from interaction to change your direction or further apply the point above.
- Rethink forecasting and planning - As technology-driven change continues to accelerate, long-term forecasting exercises are less relevant and reliable. Agility and learning is the key to overcoming rapid technological change.
- Think differently about your workforce – to be more agile in this constantly changing environment we need to be up to date with the latest technologies and more important skills. Investing and assessing learning programs that allow proven employees to grow may make more sense than perpetually recruiting. Online hiring platforms made it super easy to hunt for top talent, therefore companies must create internal growth factors to retain and draw in top talent.
Read on: Transform your business to the digital age
Are you ready to take your company into the digital age? We are ready to help.
