By 2025, millennials will comprise nearly 75% of the world's workforce, according to the U.S. Census Bureau. Is your organization ready for the new opportunities and management challenges this onslaught will bring? As a company whose workforce is primarily millennial, we know firsthand the virtues and vices of competing with a digital-first mindset. As such, we are well situated to help companies adopt emerging digital technologies and collaborative ways of working that optimize the talents of workers across generations and the extended enterprise.
TRAINING, LEADERSHIP CAN SPUR REDUCED COSTS
Virtual teams span geographies, hierarchies and cultures to solve specific problems using new Web-based conferencing and knowledge-sharing technologies. Millennial workers (those between 15 and 35 years of age) were raised using mobile and social technologies and demand consumer - like ease of use from their business systems and the ability to collaborate easily. And if your organization isn’t on the cutting edge -- or, at minimum, a fast follower -- it is at risk of alienating employees, business partners and customers who expect more collaborative and virtual ways of working.
Well-managed virtual workers can help companies achieve new levels of efficiency and innovation. Some life sciences companies, for example, expect to shave as much as 65% off the cost of clinical trials and reduce trial cycle time by up to 20% through the use of a virtual data monitor who collects and shares
trial information in real time.
NEW WAYS OF THINKING
CIOs can be change agents for delivering on the promise of virtual teams and the digitally-minded millennial generation. But to do so they must practice what they preach and model new technologies and behaviors for the rest of the organization to follow. Enterprises that actively engage millennials and create a digitally-minded culture report greater productivity, a better understanding of younger customers and new approaches to overcoming business challenges.
Getting there means surrounding transaction processing systems of record with systems of engagement that enable more virtual, real-time collaboration. Built around the SMAC Stack, these systems of engagement unlock creativity, adapt to the collaborative ways millennial work and convert traditional organizational hierarchies into modern “wirearchies” that democratize access to information and insights for employees, partners and customers. To get there, IT needs to provide a flexible framework that advances virtual teamwork, while guarding confidential data, providing a seamless experience across disparate systems to users inside and outside the enterprise’s four walls.