As the dust settles and we all adjust to the impact of a global pandemic on our personal and professional lives, we naturally ask ourselves – what will a post covid-19 world look like? Will we return to life as we knew it before? If that’s even possible, should we?
The crisis has forced us to consider what the future of work could and should look like today, those that innovate and embrace new opportunities rather than resist them are best poised to not only survive but thrive in a post Covid-19 world.
Why change is inevitable
Evolution of the workplace is certainly not a new phenomenon. Organisations have typically transitioned from small, local teams to larger, global enterprises and benefited from the diversity of expertise and lower cost base of offshoring. However, coordinating a global workforce has become even more challenging in the current climate as a result of travel restrictions and bifurcated country responses. Combined with diminishing cost arbitrage, centuries of globalisation may have reached it’s inflexion point.
As we enter a recession, organisations are preparing for the impact of declining revenues and squeezes to their cashflow. The knee-jerk reaction is to cut costs today but how do you survive in the medium and long-term? How do you prepare your organisation for a cost base that is not only lower but scales quickly alongside a recovery? And how can you improve productivity to give yourself the competitive edge in the long run?
How technology can help?
Remote work has been one of the clearest transitions as a result of the pandemic. CFOs, already under pressure to tightly manage costs, clearly sense an opportunity to realise the cost benefits of a remote workforce. This has largely been possible thanks to existing technologies like video conferencing and cloud. Both enable access and collaboration from anywhere and luckily many organisations have adopted such platforms quickly in the past months if they hadn’t done so already.
CIOs and CTOs are now in a position to think about their technology strategy in the medium to long term. For many, that means an acceleration of digital and automation.
Strategies that involve cutting short term costs by reducing headcount will need to consider how they can continue to meet customer service levels when volumes return. Rehiring and training takes time, particularly within highly skilled sectors such as financial services. Without a meaningful stopgap, there is a real risk of being left behind during a recovery.
Those that have largely maintained their workforce are likely to have seen a dip in productivity. By introducing automation, organisations and their workers can benefit from an extra resource, one that is fast, augments current workflows and can work from anywhere, anytime.
At Freyda, our cloud based application automates up to 95% of manual data collection, processing and analysis 10x faster. We are helping financial institutions to reduce operational costs by a fifth and augmenting existing workforces to increase productivity by up to 25%. This frees up time to upskill employees and gain a long-term competitive edge with a lower and more scalable cost base. For workers, increased job satisfaction and retention.
Today is a pivotal moment in history. Our advice to readers is to take advantage of new technologies that have the potential to super-charge our future.
Freyda is a cloud-based solution helping financial institutions to process, interpret and analyse data from their documents. Founded by a team of financial professionals, technologists and PhDs, the Freyda platform leverages machine learning, natural language processing and artificial intelligence to help organisations and their workers free up time and resources for high-value, high-impact work. For a demo, visit us at www.freyda.io