Having primarily played the role of regulator, Europe is now emerging as an innovator in the digital economy, as a consequence of COVID-19 led shifts. As the pandemic disrupted lives across the continent, industry leaders realized the need to scale digital, thereby putting them in a unique position to demonstrate globally what a safe, secure and more productive digital future could look like.
The Cognizant Center for the Future of Work (CFoW), working with Oxford Economics, recently surveyed 4,000 C-level executives globally, 1,400 of whom were in Europe, to understand how they are putting digital to use and what they hope to achieve in the coming years. The CFoW found that digital technologies are key to business success and uncovered six key steps to gear-up for the fast unfolding digital future:
Scrutinize everything because it’s going to change. From how and where employees work, to how customers are engaged, and which products and services are now viable as customer needs and behaviors evolve rapidly.
Make technology a partner in work. Innovations in AI, blockchain, natural language processing, IoT and 5G communications are ushering in decades of change ahead and will drive new levels of functionality and performance.
Build new workflows to reach new performance thresholds. The most predictable, rote and repetitive activities need to be handed off to software, while humans specialize in using judgment, creativity and language.
Make digital competency the prime competency for everyone. No matter what type of work needs to be done, it must have a digital component. Levels of digital literacy need to be built out even among non-technologists, including specialized skills.
Begin a skills renaissance. Digital skills such as big data specialists, process automation experts, security analysts, etc. aren’t easy to acquire. To overcome skills shortages, organizations will need to work harder to retain and engage workers.
Employees want jobs, but they also want meaning from jobs. How can businesses use intelligent algorithms to take increasing proportions of tasks off workers’ plates, allowing them to spend their time creating value? This search for meaning stretches beyond the individual tasks of the job to what the organization itself stands for.