Technology Is Critical To Driving Business Purpose
The Purpose Of The Technique
Business Purpose – Bringing a goal to life can be extremely difficult as companies navigate a complex ecosystem of fragmented operations, sailed departments, and disconnected stakeholders. And constant pressure on operating margins and value creation.
This is where technology creates an opportunity. Leveraging the plethora of digital technologies, businesses can achieve their purpose and deliver on that promise. whether engaging employees and stakeholders in a company’s ecosystem or fulfilling commitments to improve the environment and empower local communities.
In many industries, technology provides a purpose, from IoT devices that enable sustainable operations to blockchains that provide proof of ethical sourcing. From data sharing that provides information and insights, to the infrastructure that enables collaboration. To the automation that drives efficiency and innovation. The purpose of technology is much higher than the initial perception of empowering people.
Undoubtedly, the purpose of technology is far more critical in today’s business ecosystem than the traditional benefits of scale, efficiency, cost reduction, and operational optimization.
The Purpose Of Technology Is To Advance, Enable And Influence:
growth and innovation
Collaboration and commitment between stakeholders
empowerment and inclusion
Health, Safety and Wellness
Sustainability and positive environmental impact
Drive Innovation And Growth In Business Purpose
A McKinsey survey of 600 executives in North America and Europe found that the fastest growing companies use digital technologies to gain competitive advantage by creating meaningful and positive customer experiences through digital interactions. Real-time product pricing and continuous product improvement through customer feedback.
But They Also Use These Technologies To Achieve Their Goal In Business Purpose
In financial services, for example, artificial intelligence is a substantial value. Machine learning improves the accuracy of risk assessments. Helps make insurance coverage within reach of the less wealthy, and ensures the smart don’t subsidize the foolhardy.
Allianz Global Investors’ goal is to be a preeminent competitor in its chosen markets. By using neuro-linguistic programming and machine learning, Allianz can make better investment decisions for its clients and empower its employees to explore new markets and opportunities.
Fostering Collaboration And Engagement Across Ecosystems
The purpose is also key to driving engagement from everyone involved, from employees to industry influencers, customers to partners and the communities in which businesses operate.
According to Harvard Business School professor Rebecca Henderson, companies with an articulated purpose are more successful at engagement. “The feeling of being part of something bigger than yourself can lead to a high level of commitment. A high level of creativity and a willingness to collaborate across functional and product boundaries within an organization. which is extremely powerful he explains.
Henderson believes that many people are just as motivated by purpose and a sense of doing something worthwhile as they are by money.
Digital collaboration tools such as file sharing, wikis and, open project management software; data exchange platforms supported by cloud infrastructure; IoT-enabled connectivity creates ecosystems that encourage collaboration and alignment of efforts towards a common goal.
When Satya Nadella took charge of the company, he defined the company’s purpose: “Empower every person and every organization on the planet to achieve more.” True to its purpose, Microsoft works with industry leaders, organizations and partners to break down the roadblocks to dismantling data innovations. The goal of the technology is to enable the efficient exchange of data to address some of society’s biggest challenges and help people and organizations be more innovative, efficient and productive.
Improve Health, Safety And Well-Being Business Purpose
From improving working conditions to ensure safer workplaces to policies, products and processes for better health to plans and programs to promote well-being, companies are harnessing the power of digital technologies to transform the way people live and work, play and produce.
GE Healthcare recognizes that its field workers may expose to hazardous conditions ranging from radiation to pathogens to electrical problems. The company uses digital tools and a cloud-based content collaboration platform to give employees access to relevant and up-to-date information. GE Healthcare is building a “culture of disruption” based on the think-before-you-work philosophy. Armed with the right information and connected to the right experts. Workers can stop work if they suspect problems or safety risks.
Mastercard’s overarching goal is to use technology to make payments safe, easy and smart, which has led the company to innovate for parents and children. A constant concern of parents was to send their children to school with money to buy lunch or to pay for activities such as educational trips.
Mastercard’s Qkr smartphone app designed to enable digital orders and payments. It allows parents to make school payments on the go and ensure their children are eating healthily. Technological innovations have also proven beneficial for the company. Which has seen its sales soar by 20% over the past year.
Enable Empowerment And Inclusion Of Business Purpose
Positive social outcomes are fast becoming a critical underlying factor in business strategies. Because organizations embark on aggressive growth paths. They recognize that community partners, employees, and stakeholders must be involved in these plans. And the outcomes must empower them to succeed.
ING brings its sustainability goal to life to drive social change through financial empowerment. But from improving financial literacy in Turkey by using a dedicated video channel to using technology to help deaf customers with their banking needs who previously needed an interpreter. Because in the case of ING. It is undeniable that the purpose of the technology is to provide better connectivity, and greater access and therefore. Greater inclusion and empowerment.
Promote Sustainability And Positive Environmental Impact
The most innovative companies recognize that their focus must go beyond profits and shareholder value to include positive environmental outcomes. And the impact of technology on improving life and achieving better environmental outcomes is no longer a question.
An example of this is JanSport, a company that has elevated the humble backpack into a fashion item. JanSport places ethical sourcing at the heart of its business purpose and is committed to not sourcing any part of its products from suppliers that exploit workers or harm the environment.
To honour this commitment. So the company implemented blockchain-based supply chain mapping software SourceMap. But which tracks the components used to manufacture its bags. But from thread to zippers. And this shows where they come from and how they ship between processors worldwide.
Global retailer Costco explains its commitment to positively impacting society with the message, “For Costco to thrive. Because the world must thrive.” Fulfilling this commitment means protecting the environment. And the company uses global technology to help support this goal.
One of its most recent initiatives is IoT-enabled water monitoring technology. But has reduced the company’s water use by 10% at its locations around the world. Because the purpose of the technology is not only to save energy but also to help Costco reduce its carbon emissions.
Defining, articulating, and achieving a clear business objective beyond purely financial considerations was once a luxury afforded to small businesses and startups. But today, it’s the hallmark of successful companies of all sizes. And technology is critical to delivering on its promise.