Wednesday, March 13, 2019

Digital disruption has become the sexy term that’s been going around nowadays. But it’s more than an abstract concept considering that its impacts are now being felt by industries (some more so than others) in Singapore even if some are not aware or are ignoring the massive changes caused by technology. Along with the obvious need to catch up with the new technology, security is also an issue now which is why it’s good that some companies are sponsoring their employees to cybersecurity training in Singapore to enhance their skills.

The 2016 Digital Business Global Executive Study and Research Project commissioned by the MIT Sloan Review revealed nearly 9 in 10 of the executives believe that technology will disrupt the way they do business. However, knowledge doesn’t always precipitate action. And there lies the problem. Only about 44% of the executives in the survey said that their company is preparing for the coming onslaught.

There’s a massive gap between what they think will happen and whether or not they are doing something about it.

In Singapore, there are so many project management tools that can be utilized to boost performance. But you don’t stop at the technology because you have a crucial asset that needs your attention as well—your employees.

Sending them for cybersecurity certification Singapore is an investment into their talents but also your organization, as well. They are likely going to adopt what they learn in these courses for the betterment of your company.

Automating Your Workflow

These software platforms help automate processes and workflow to minimize losses and human error. The good news is that more and more companies recognize the value of improving their processes through the help of software tools.

For instance, the Business Process Management Market 2017 Forecast to 2022 study estimated that by 2022, the business process management (BPM) industry will be worth $14 billion. BPM tools help automate the business process workflow to unburden the staff of everyday administrative tasks so they can focus on more important aspects of the business.

The utilization of a BPM or a project management software will yield the following benefits:

  • Contain, if not eliminate, human error
  • Helps project managers meet deadlines more efficiently
  • Documents the workflow for future review and assessment
  • Cuts losses by doing away with all the unnecessary processes and redundancies
  • Track the performance of each member of your team
  • Instills a sense of accountability among your employees

Certainly, everybody knows the importance of utilizing project management tools to improve their workflow.

The question remains, however: is knowledge translating to action? If you go by the same BPM forecast survey, the companies are not doing enough to document their processes to determine their strengths and weaknesses in project implementation. For instance, 9 in 10 of the companies surveyed claimed that they implemented some type of documentation for their business. However, you can bet that only a few of them have the proper metrics to actually measure the impact of their current systems.

It’s also a good bet that you are not doing that in your organization, as well.

How to Measure Value of Project Management Software

Admittedly, it’s a huge challenge to come up with a metric to determine if you are maximizing the value of the project management tool you implemented. What happens then is they launch a new technology and just blindly trust that it’s doing its job.

The good news is that most project management tools now are equipped with their own metric tools to project value. You can actually make comparisons and weigh the pros and cons of the new software to your company.

There are also third-party apps that can help measure the value of the project management tool in the following areas:

  • Margin of profits
  • Productivity
  • Employee performance
  • Return on investment
  • Customer and employee satisfaction
  • Cost-value margin
  • Cost performance

You can benchmark the performance with the targets and you should do this periodically. The results of the metrics are often generated in real time, which gives you a lot of leeway for adjustment if something is not working.

Staggering losses Due to Poor Performance

Without the proper metrics, you really can’t measure the impact of poor project management. Fortunately, there’s data available. For instance, the 2017 Pulse of the Profession Survey by PMI revealed that for every $1 billion spent, around $97 million are lost because of poor project management.

The survey also compared the best practices with the underperformers. You can see the mindset of what the research calls as “champions” and you have the blueprint for success. For instance, successful teams complete their project within the deadline 88% of the time. Compare that to just 24% of the underperformers. Meanwhile, only 25% of the underperformers managed to finish their projects within the budget while 9 in 10 of the champions took better care of their resources.

Meanwhile, successful teams also made sure to prioritize skills enhancement of their personnel. Going by the numbers, 7 in 10 of companies are sponsoring cybersecurity training, security analyst courses, or ethical hacking courses for their workers.

Any organization always faces the challenge of succession, especially with the high turnover rate of jobs right now.

But why do employees stay?

It’s not just money as one would think.

There are many ways where you can make an employee stay considering that it’s more expensive to replace them than making sure they hang around longer. For one, they need to know that their efforts and talents are recognized; and second, they need to be assured that they will have career growth in your company.

It’s important that companies recognize the potential of the worker. Going back to the PMI survey, more than 7 in 10 successful teams recognize and enhance the leadership skills of their employees. Compare that to just 16% of the underperformers.

That’s why if you recognize talent, encourage them to take IT security courses Singapore with the express purpose of utilizing their new knowledge for the good of the organization.

Measuring Employee Engagement

A study by CultureNext showed that more than 7 in 10 companies have some form of employee engagement documentation. It doesn’t say the rate of success for the 1,000 companies surveyed, however.

Clearly, just telling your employees what to do is not going to cut it. They need to be actively involved with the company so they can feel engaged. One way to do this is to give them more responsibility in connection to their tasks. When a problem is encountered, provide them with a platform to come up with creative solutions.

Automating your workflows through project management software will go a long way to make this happen. Administrative tasks can be repetitive and boring. They are also a waste of time. If they are spending 40% of their time at work everyday just doing administrative tasks, you are actually just paying 60% of their time to be productive.

Automating the process will ensure that a good chunk of their time will be spent contributing something really significant to the business.

Another way to engage them is further education.

For instance, if the company shoulders the cost of employees taking cybersecurity courses Singapore, what is the likelihood that these newfound skills can be exploited to improve internal and external security?

Cybersecurity is a Threat, Along With Digital Disruption

As more and more companies are migrating their operations and marketing online, the threat of cybersecurity has never been greater. For instance, 7 in 10 of companies now have a website, and even a higher number has been found to be active in mobile.

This is important since mobile e-commerce is a huge industry. People now are turning to their smartphones and tablets to purchase a product or engage with a company. In Singapore, there are 4.41 million smartphone users by 2018 and this is expected to expand to 4.82 in 2022.

You might scoff at the idea of a cyber threat because you don’t know anybody that has fallen prey to hacking. However, a study by Maryland University revealed that hacking occurs every 39 seconds. That means the odds are not in your favor.

The 2017 Cost of Cybercrime Study showed that there are 130 data breaches reported every year. Take note that the number only involves the reported cases.

If you have a digital presence, it makes business sense to bolster your security. You can either hire a third-party security expert, which will accrue your costs, or send your employees to take security analyst courses or cybersecurity courses Singapore. In this way, you harness their talents and save money at the same time.

With advanced security training, your cybersecurity system will be rooted on a strong foundation. Your IT department can also test your systems through extreme pressure checks to spot the weaknesses. Meanwhile, you should also realize that the only way to boost your productivity and also secure your systems is to always invest on innovations.