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How cloud applications can lead businesses to a brighter future

How cloud applications can lead businesses to a brighter future

As firms adopt new HR practices, with a focus on employee well-being, there is a marked shift towards attraction of new talent.

New HR practices are all about employee well-being New HR practices are all about employee well-being

The global pandemic has been a very humbling and personally taxing experience for the vast majority of us. But during this journey through crisis times, there is a lot of disruptions that accelerated significant new trends in business and society.

Attraction instead of resignation 

As the global pandemic lingered, a lot of conversations were done around the “Great Resignation“– the troubling exodus of workers that threatened to undermine country’s economic growth. However, in 2022 we expect to see this trend levelling up as companies have shifted to adopt new HR practices and digital technologies that focuses on employee well-being, retention and drawing in new talent by putting employees at the centre of their business.

In Oracle’s AI@Work study – which surveyed 14, 639 employees, managers, HR leaders, and C-Suite executive  across 13 countries, majority of Indians 96 per cent said the meaning of “success” has changed for them since the pandemic and explained that success is now more aligned, more than half 52 per cent are achieving work-life balance, 44 per cent are prioritising mental health, 49 per cent are having flexibility over when and where they work and 44 per cent say they are having a meaningful job contributes more to their success than a steady paycheck. Some 88 per cent of respondents said the definition of success has changed for them, with work-life balance, mental health, and flexibility becoming top priorities.

This year, we can expect more companies to utilize technology to grow and operate in tune with their labour pool and tap new sources of talent. AI and ML-driven insights will show employees how they can best evolve in their career path and what skills they should acquire to shape their future in a more productive and rewarding way. Some may be surprised to know that people trust AI/ML-driven “robots” to provide smart career advice. In fact, a remarkable 82 per cent of people in our survey said they believe robots could support their careers better than humans.
The latest human capital solutions can discover emerging trends in the labour market and help businesses to become more predictive and proactive in suggesting new career trajectories for employees. When the workers are challenged to learn something new, they are more likely to stay with you.
Make finance smarter with Data and AI 

Even before the pandemic hit us, technology has been transforming finance and this year we can expect finance departments to become more digitalized and data-driven than ever before. As per Gartner, 89 per cent of the finance function is highly repetitive and automation can help reduce this tedium, freeing people to take on more rewarding roles such as driving innovation and advising lines of business. 

We have witnessed how automating back-offices can help improve efficiency, cut operational costs, and boost employee and customer satisfaction. Emerging AI and ML-based technologies will continue to fuel this success, freeing workers from repetitive tasks and helping enhance human potential. In finance, automation is making even mundane routines like book closings practically a non-event exercise. 

Building a more resilient supply chain

The pandemic has completely changed the way we look at supply chains. At present, we’re well aware that supply chain disruptions can occur at any given moment, and it’s made us look at previous supply models in a totally different light. 
New habits that become apparent during the crisis are almost certainly here to stay. Especially consumers have become more addicted to delivery during this period. New business models like curb side pickup turned from a touchless necessity to an attractive convenience that nobody would want to give up. 

We also came across a new appreciation for supply chain flexibility as businesses learned to optimize for extremely lesser margins. In a need to have a localized supply chain, companies started demanding better visibility into stock levels, shortages, and attracting the fine talent in new locations. Basically, supply chains must be able to provide access to this information almost instantly to thrive in the new normal.

Meanwhile, companies must also balance increased demand for environmental sustainability and ethical sourcing. This means that unless you can track every link of your supply chain and account for everything that goes into your product, you may soon lose your status as a supplier of choice and risk putting your brand in trouble.
Joint collaboration across your business functions

Tackling these critical challenges and grabbing new opportunities in the year ahead will test the ability of companies to stay competitive in a rapidly evolving global marketplace. To success, new digital capabilities will be required in business planning and insight, a more resilient supply chain and workforce, and systems for enabling constant innovation. Companies that invest in digital technologies that can integrate supply chain and human resources on a single platform are primed to take the lead here and become smarter and more responsive to changing supply and demand.  

The previous year wasn’t easy for our economy, but our renewed sense of humanity bolstered by smart investments in technology helped us navigate the instability and become even stronger and more resilient than ever before.

Views are personal. The author is Vice President, HCM, Oracle Asia Pacific.