scorecardresearch
How digital transformation is shaping the future of work

How digital transformation is shaping the future of work

Instead of employees following a fixed schedule, it has transitioned to employees being on-demand as per their choice of time and place.

For companies to build a suitable model for their business, they need to develop a digital operating model to meet their future needs. For companies to build a suitable model for their business, they need to develop a digital operating model to meet their future needs.

The pandemic ushered us all into this experience together, and now that we have "graduated" into a post-pandemic world, we can reflect on the lessons it has taught us. 

The lessons include living and working together to create a world and organisation unified by a purpose. It also helped shake the mindset of the global economy as we strived to make the impossible possible.  

The pandemic revolutionised the structure of work, developing into an on-demand mindset. Instead of employees following a fixed schedule, it has transitioned to employees being on-demand as per their choice of time and place.

As a result, employees are now free from the office walls - it is limitless, and they can meet the needs of their companies and consumers. 

Also Read: Digital opportunities should spread to Tier 2 cities: Rajeev Chandrasekhar

Keeping pace with evolving needs 

As we know, Netflix disrupted the entertainment industry, emerging over blockbuster with the on-demand market. Companies must be agile and fast enough to meet their market demands before they are disrupted. 

Netflix's exponential growth comes from the delivery of on-demand entertainment to worldwide users instead of regional. In addition, consumers' behaviours are changing faster than in the past, and as a result, companies strive to meet and exceed their expectations and retain their business.  

The market trends are analysed by the frontline workers of the companies, unlike the old days where corporate offices made decisions. 

In the post-pandemic world, decisions are driven by frontline workers. So having the right platforms with the right users will help deliver the constantly evolving needs of the market. 

With the right platform and essential workers, they will be faster and more adaptable to the changing needs of today's consumers and remain relevant. First, however, employers must provide the right platform and culture to succeed in the on-demand model of the future of work.

Also Read: Auto sector to go into top hiring gear on digitisation & EV push

Adapting to new-world demands 

In the world of health and fitness, Peloton, an exercise equipment and media company, and MirrorTech became a disruptive force, riding the wave of an on-demand model. 

With these technological advancements, customers can choose the time and place to exercise, join live and recorded sessions, and still achieve (or exceed) their goals. Traditionally, consumers would need to visit a fixed location at a set time to connect with a trainer or join classes. 

Now, Peloton and Mirror Tech users can set up their equipment in the comfort of their homes and work out at their liberty. Consumers have the freedom to use their Peloton bikes to exercise at any time, whether it is to connect to the internet to join classes or set up live sessions with friends. In addition, MirrorTech customers can set up their mirrors to join live sessions and schedule an appointment with a trainer, and with its camera features, users can receive live feedback and motivation. 

Peloton and Mirror Tech's disruption in the market was due to their ability to adapt to the new demands in the market and be aware of emerging trends. 

The younger generations, Millennials, Gen Z, and Gen Alpha prefer living in the model of flexibility, experience, and a shareable economy. Companies are restructuring their business models, products, and values to satisfy the new market. 

Designing an economy that utilises both intelligence and experience will help companies continue their trajectory to the top. Changes are developing quickly and measuring the business outcome through KPI and data is crucial in our economy. For companies to build a suitable model for their business, they need to develop a digital operating model to meet their future needs.    

Not just about strategy 

Pre-pandemic, the business model was shaped with the strategy being the primary focus, then structure, people, and culture. 

In the post-pandemic world, businesses have changed their model to reflect the market with culture as the main focus, following strategy, structure, people, and data. Companies that adopt this new business model will be on the path of exponential growth.   

Businesses need to be on the right platforms and people to run successfully in the future, ideally, with a democratic approach. 

Companies once followed the autocratic system, but now, the future of work will be democratic, and therefore, more successful. Similarly, to how the political systems are structured in India and the United States, businesses will follow this model by developing the three branches in each company by giving them checks and balances. 

Like in most companies, we have business unit leaders representing units of the Legislative council, while CEOs, CFOs, and other senior management falls in the Executive, and for Judicial, HR, compliance, Law, security, and advisors. 

In the future, will senior management continue to appoint leaders of an organisation, or will employees have the power to choose their own leaders and bosses? 

(Rajesh Sinha is the Founder & Chairman of Fulcrum Digital a leading business platform and digital engineering company.)