{"id":10173,"date":"2020-10-12T08:52:37","date_gmt":"2020-10-12T08:52:37","guid":{"rendered":"https:\/\/www.experfy.com\/blog\/?p=10173"},"modified":"2023-10-24T15:06:06","modified_gmt":"2023-10-24T15:06:06","slug":"future-of-work-how-should-leaders-drive-innovation","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/future-of-work\/future-of-work-how-should-leaders-drive-innovation\/","title":{"rendered":"The Future Of Work Is Now, So How Should Leaders Drive Innovation?"},"content":{"rendered":"\t\t
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Business risks, innovation, customer engagement and the need to become truly \u201comnichannel\u201d will be critical factors in\u00a0adapting to the new normal, says UNSW Business School.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAs business leaders try to make sense of what\u2019s in front of them \u2013 while mapping out a plan for the short-, mid-, and long-term for their organisations \u2013 one of the critical things to consider is the potential for digital transformation, says\u00a0Senior Deputy Dean of UNSW Business School Professor Leisa Sargent<\/a>.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThere are four types of digital transformation: business process, business model, domain, and cultural and organisational. While some businesses have already pivoted their organisations, the question is whether they are genuinely investing in the technologies they need for the future, says Prof. Sargent.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tThey also need to be thinking about where the risks are in their business, says Prof. Sargent, who points to recent cases of legacy issues, particularly with infrastructure and technologies, as well as threats to cybersecurity.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cWe see that pretty much every day affecting businesses, and also agencies and government agencies. So, I think there\u2019s a really important piece around how we think about our business,\u201d she says.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tDigital transformation within businesses across Australia has accelerated since the outbreak of COVID-19. Amid the chaos of the first wave, a Capterra Australia survey found 57 per cent of employees said their business had already begun operating fully remotely by mid-April, with 6 per cent saying they had plans to be by the end of the month.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFast-tracking technology adoption significantly helps innovate business processes and operations, but even with the pressures of a global lockdown, digital transformation doesn\u2019t happen overnight. A successful digital transformation will largely depend on how leaders and employees respond to technological change. And this migration will likely continue well into recovery.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAlso underscoring the importance of Prof. Sargent\u2019s comments, a recent\u00a0McKinsey report<\/a>\u00a0found the most common reasons for failed digital transformation is due to \u201coutdated models and change techniques\u201d that \u201care fundamentally misaligned with today\u2019s dynamic business environment\u201d.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Innovate to regain customers\u2019 confidence<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tJust as the transition into working from home came with certain challenges, businesses cannot expect the transition between home and face to face operation again to be seamless. One way around this is for businesses to decide for themselves just how digital they are going to be in the future.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cPeople have pivoted on their businesses, they\u2019ve gone online, and so the question is: to what extent do they want to remain online? Or do they truly become omnichannel?\u201d Prof. Sargent says.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tShe says this will be particularly important for retail. Many businesses in Victoria, for example, remain closed, and will likely remain so until at least the end of October. Without being able to communicate with customers in the same ways as pre-pandemic, they must find new ways of reaching consumers.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWith this in mind, businesses should be touching base with their clients, asking them about their preferences on how to rebuild their confidence and return to shopping in stores.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cI think that\u2019s the big challenge: people feeling confident enough to go back outside again,\u201d says Prof. Sargent.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIndeed, consumer confidence in August plunged almost to the depths seen in April when the nation entered lockdown. The Westpac-Melbourne Institute Index of Consumer Sentiment fell to 79.5 in August from 87.9 in July, not far from the extreme low of 75.6 seen in April. However, things do seem to be improving, and the index has since risen 18 per cent to 93.8 in September.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tContinued innovation<\/a>, to promote consumer confidence and trust in your business, as well as productivity, will be critical in the recovery.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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How to approach innovation<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWith a dispersed and virtual workforce, organisations may be finding it difficult to measure performance and productivity, so how should they approach innovation?\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cWe\u2019ve known a lot about what telework looks like for a long time\u2026 it\u2019s just that we need to ramp up how technology mediates that much more productively and effectively, and how to help people be successful,\u201d says Prof. Sargent.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tGood leadership is essential. \u201cThere\u2019s a big piece here around business leadership, and how we make sure that our leaders and managers know how to manage a workforce like that,\u201d she says.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\u201cHistorically, in some organisations, it\u2019s been quite typical, or it\u2019s been normative to work virtually. But for many businesses, this has been absolutely a brand-new day,\u201d she says.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Business risks, innovation, customer engagement and the need to become truly \u201comnichannel\u201d will be critical factors in adapting to the new normal.<\/p>\n","protected":false},"author":935,"featured_media":10175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182],"tags":[713,714,372,384],"ppma_author":[3753],"class_list":["post-10173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-future-of-work","tag-business-risks","tag-customer-engagement","tag-innovation","tag-new-normal"],"authors":[{"term_id":3753,"user_id":935,"is_guest":0,"slug":"leisa-sargent","display_name":"Leisa Sargent","avatar_url":"https:\/\/www.experfy.com\/blog\/wp-content\/uploads\/2020\/10\/Leisa-Sargent-150x150.jpg","author_category":"","user_url":"http:\/\/www.unsw.edu.au\/","last_name":"Sargent","first_name":"Leisa","job_title":"","description":"Professor Leisa Sargent is Senior Deputy Dean of the UNSW Business School, alongside her role as Co-Deputy Vice-Chancellor Equity, Diversity and Inclusion. She has held positions at The University of Melbourne, Cornell University, and Queensland University of Technology. Leisa has also held visiting positions at Instituto de Empressa, McGill University, and University of Iowa. Her work was published in leading international journals, including Harvard Business Review, Academy of Management Learning and Education, Personnel Psychology, Journal of Human Resources Management, Organization Science, Journal of Vocational Behaviour, Journal of Occupational and Organizational Psychology, Work and Stress, Small Group Research and British Journal of Industrial Relations, Journal of Management Education as well as edited books."}],"_links":{"self":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/10173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/users\/935"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/comments?post=10173"}],"version-history":[{"count":0,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/posts\/10173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media\/10175"}],"wp:attachment":[{"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/media?parent=10173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/categories?post=10173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/tags?post=10173"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.experfy.com\/blog\/wp-json\/wp\/v2\/ppma_author?post=10173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}