Executives Are Out Of Touch With The Human Effect Of Digital Disruption

from tech.revolution

I’m sure you’ve heard it before:  Happy employees mean happy customers. But what happens when customers and employees evolve to a point where executives lose sight of who they are, what they value and what they want?

That’s exactly what’s happening in this era of digital Darwinism. Technology and society are evolving.

Customer and employee behaviors, norms and values too are evolving. What’s not advancing in parallel are organizational investments, whether they be in operational, product and service innovation to get in front of, or keep up with, modern employee and customer experiences. As a result, companies are increasingly exposed to disruption as progressive customers and employees seek engagement and experiences that align with their expectations, preferences and standards.

Digital transformation is one of the biggest trends in business modernization today. Organizations all around the world are actively investing in advanced technologies to overhaul and update how companies work. But, the promise of digital transformation is more than being digital. It’s also about understanding how technology is affecting employees and customers. And, in my research, I find time and time again, that many executives are simply out of touch with how people are changing. You can’t reap the benefits of employee or customer happiness if you don’t know them.

In a research effort that studied employee engagement, I discovered a significant gap in how executives perceive the role of employee engagement and how employees wish to be engaged.

For example, 99% of executives believe that their employees have a major impact on the company’s success and that employee engagement is instrumental in that success. In fact, executives rank employee engagement as a priority at 8.3 on a scale of 10.  At the same time however, data from my research suggests that while executives value employee engagement, they aren’t doing a great job of actually engaging employees. On average, employees rated their own engagement at an abysmal 5.5 out of 10.

More here.

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2 Responses to Executives Are Out Of Touch With The Human Effect Of Digital Disruption

  1. Alan Josefsek March 30, 2018 at 9:29 pm #

    There are many ways in which technology will affect the world economy in the next few decades. So, we must ask ourselves: what are the effects of these changes, and who should we look to implement them and create guidelines for them? Well, the answer to that are executives of the companies that will be using these types of technologies. Ultimately, it is their decision on implementation and policies. One technology that is going to begin disrupting the United States and global economies dramatically is artificial intelligence. Artificial intelligence already impacts many aspects of our daily lives at work, at home and as we move about. Over the next decade, analyst firm Tractica predicts that annual Global AI enterprise software revenue will grow from $644 million in 2016 to nearly $39 billion by 2025. Services-related revenue should reach almost $150 billion. They report that there are 6 artificial intelligence segments which will account for a significant percentage of these revenues: machine learning, natural language processing and understanding, computer vision, machine reasoning, strong ai, and deep learning. All of these combined technologies will have an extreme impact of the way business is done. And the scary thing is, everything is business. From the local hair salon to the largest tech giant everything is a business. Therefore, the true extent of how this ai technology is unknown at this time. It may put millions of people out of jobs and with no where for them to go, the unemployment rate worldwide will skyrocket. Even data input jobs will be at risk. There next excerpt is directly from IBM Watson’s website: Cognitive capture leverages AI and Machine Learning to expedite the process of “training” their systems to recognize key metadata (like employee numbers, invoice numbers, or loan numbers) and digitize records more effectively. It also liberates companies from scanning application and service vendor lock-ins. Cognitive capture leverages innovative cloud, machine learning, and open source architecture to convert unstructured data into powerful insights through analytics. It also helps companies meet regulatory requirements without the burden of storing paper records and increases the speed and accuracy of information discovery. Instead of just extracting the text, images and signatures from documents, cognitive capture learns the context of documents. It can then trigger workflows accordingly, to either file documents away in a repository, or send it to a case management system, accounts receivable or other application for immediate attention. If this isn’t cause for concern, I’m not sure what is. At the end of the theoretical day, executives of large firms must set specific and safe policies and guidelines regarding these new technologies in order to maintain a proper economic balance.

  2. Zachary Corby April 24, 2018 at 12:46 am #

    The digital transformation is something that is overtaking how everything is done in the world today. This is very essential to businesses in today’s world, and it could essentially decided if a business fails or succeeds. The problem is that a lot of huge companies are run by older people who prefer to do things the old fashion way, or simply do not understand how a lot of technology works. This hurts a lot of aspects of the business from the ways they communicate with employees, other businesses, and how it could impact the customer experience. Technology is ever evolving but becoming a mainstay in the lives of everyone, and it only continues to grow. The article talks a lot about digital agents and how important they are and I completely agree. People need to realize how to best utilize technology that is available today to run their businesses and communicate with employees. I recently read an article on how the Arizona State football team is better using technology and understanding how its football players learn so that it could get the most out of them. It was really interesting because now that the younger generations are growing up with so much technology they tend to learn differently and have shorter attention spans so they have to change a lot of the ways they teach things. I think a lot of company’s need to do something similar. Employees for one are not going to be able to learn effectively how to work here if it is the same way as it has always been. Customers will not have the same experience because their expectations will be different. The stat showing that only 34 percent of companies completely mapped out the customer experience, and 54 percent that said they had were only in the process of doing so. This just proves how behind companies are on understanding the full extent of the digital revolution.
    More importantly technology needs to be learned about to see how it affecting the employees. Maybe the use of some of the newest technology is frustrating some of the older employees because they can’t understand how to use it. Companies should also try to key in on how its employees are using technology in the work place to see if they are distracted while working, and how they can possibly reduce that. There was another stat in the article that said on a scale of 10 employees only felt that they engaged at a 5.5. Employers thought that they engaged at an 8.3. This is big and could very well possibly be because they simply do not know to communicate well with employees in this day and age because of technology. It could also be because of the employees do not feel like their bosses understand them or their consumer base anymore.
    Regardless there is a need for more digital agents in the work environment. There are plenty of companies that will go down if they do not have people trying to improve the digital standards in their work environments, and trying to take along all the company’s employees with them. The digital age will only continue to grow as time passes.

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