7 factors that enable technology to raise business efficiency

Photo by Mimi Thian

Business efficiency increases by two-thirds when the right technology is implemented alongside seven key factors, according to new research from Oracle and the WHU–Otto Beisheim School of Management.

However, the study found business efficiency only increases by a fifth when technology is implemented without the identified seven factors. 

The seven key factors are data-driven decision making, flexibility and embracing change, entrepreneurial culture, a shared digital vision, critical thinking and questioning, learning culture, and open communication and collaboration.

For this study, 850 HR Directors as well as 5,600 employees, of which approximately 300 employees as well as 50 HR Directors in Singapore shared the ways organisations can adapt for a competitive advantage in the digital age.

The study showed that achieving business efficiency is critical to becoming an agile organisation that can keep pace with change, with 42% of businesses reporting an overall increase in organisational performance once business efficiency was achieved.

Results showed that 38% of business leaders in Singapore do not think they are currently operating in a way to attract — or compete for — talent. This went up to almost half of business leaders in other Southeast Asia markets such as the Philippines and Malaysia.

Meanwhile, 33% of employees in Singapore said they are worried about losing their jobs to machines.

“The study highlights the opportunity for the Human Resource function to step up and lead workforce transformation by allowing the productivity benefits of technology to be realised,” said Levent Tavsanci, head of applications in Singapore at Oracle.

“In line with Singapore’s Smart Nation vision and innovation programmes, our workforce needs to be ready for the digital era,” Tavsanci said. “Upskilling and implementing a culture that is open to such disruption will be part of the seven factors needed to realise the true benefits of technology and become an adaptable business.”