What is meant when people talk about digital transformation? Is it only about automating your processes and deploying Artificial Intelligence (AI) and Machine Learning (ML)?
It is now established that for businesses across the spectrum from Multi-National Companies (MNCs) to Micro, Small, and Medium Enterprises (MSMEs) need to adopt digital to increase efficiency, productivity, and profitability.
A new PWC Study, titled, ‘Rebalancing skills for the digital age’, states, “The workforce transformation demanded in the digital economy is about much more than simply automating routine processes; it’s about the collaboration between technology and talent to unleash an organisation’s full potential.”
The study adds that this means “finding people with the right skills and capabilities, or instilling the workforce with needed skills while protecting the employee experience and building a trusting relationship with employees, and wider society.”
So the task before business owners and CEOs is how best “to access that potential through the right mix of humans and machines.” It’s a balancing act between business opportunities and the inevitable impact on jobs and trust.
According to the study, “Many CEOs are struggling to identify those business opportunities at the necessary speed: only 47% say they know how automation will improve customer experience. As more individual tasks become automatable, jobs are being redefined. Success in an automated world will mean people and machines working together, rather than one replacing the other.”
Thus workforce transformation on this scale demands an HR function that’s fit for the digital age. 60% of CEOs agree and are looking to transform their HR.
(See the full report here.)