Businesses must become increasingly tech savvy to survive

By now, most of the companies have exhausted all efforts to implement cost-cutting measures to survive this ongoing economic downturn. Various approaches such as open innovation are offering better ways for organizations to adapt to the downturn, cutting costs while also exploiting the untapped creativity and knowledge of employees, customers, and partners.

They say technology is the saving grace for most companies to survice this crisis. I say not the technology but how a company implements technology can definitely help. Atos Origin, an international IT services company in its Lookout second edition report said that companies need to make information more easily accessible and allow contribution of viewpoints via different channels including social networks and blogs. Perhaps more importantly, they need to demonstrate that they want to build genuine relationship with their customers by listening and acting on the information shared with them.

The Lookout report analyzes emerging trends, operational threats and business opportunities across all business sectors. In light of the speed at which the economic downturn spread across the globe, the report highlights that transparency and traceability of economic activity are more important than ever in all organisations. This is both to rebuild customer trust and to meet the ever-increasing regulatory measures in the most cost effective and time efficient manner.

Use of collaborative technologies such as social networks is one area where we are now seeing increased use of technology to drive innovation by aggregating, updating and sharing information on-line between global teams.

Wider and more effective use of collaborative technologies, such as Wikis, blogs and idea management platforms can help organizations to leverage existing information and expertise to innovate and build new business models. The companies that continue to thrive in the downturn through the adoption of new and innovative practices are gaining a significant competitive advantage.

Despite the economic downturn, Look Out confirms that the environment continues to remain at the forefront of the corporate and public agenda. With sustainability and carbon emissions becoming an ever more important topic, companies that employ green technology and practices will help reduce energy usage and wastage, enable collaboration and generate new potential markets

The aging Baby Boom population is also having a significant impact on the workforce. As much of the workforce retires or moves to less demanding roles, Look Out points out that companies need to ensure their tacit knowledge is captured, whilst at the same time embracing Generation Y’s expectation for digital media.

All these suggestion may work and it may not work. As they all say, there is no magic pill for the current economic problem. We just have to be patient, be innovative, and be aggressive, and still take calculated risks in order to make it through this problem.

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