How skilled resources and appropriate technology are important for businesses to withstand a competitive market

Digitalization and the virtualization of markets and society are swiftly making their way into the future. Given this, today, businesses cannot afford to withstand a competitive market solely based on survival strategy. Today, they need innovations and thriving strategies to survive the cutthroat market.

Skilled resources and appropriate technology can aid businesses in formulating these strategies. It can be done through in-house teams, as well as outsourcing the business processes. Several business processes can be outsourced to experienced third parties to enable a company to concentrate on its core capabilities. Outsourcing saves time while lowering costs and increasing revenue helps in obtaining access to in-demand skills and results in a shortened time to market. By 2030, as per Grandview research, it is anticipated that the market for business process outsourcing would be worth $525 billion.

The tenor of skilled resources and technology in the modern-day business

Skilled resources

A thorough resource-based view approach can be used to fully utilise the employees' skills and facilitate resource allocation that is seamless to the appropriate task, thus improving project execution and performance. When done properly, it assists in the timely completion of tasks without having rushed deadlines, and overwhelming workloads. However, negligence can cost extra and run the danger of losing valuable staff to burnout and work discontent. Resource management can assist in undertaking necessary expertise related to funding, availability of resources, etc. while allowing innovation, knowledge exchange, and ongoing learning. It can fundamentally alter how long any firm can survive in a cutthroat industry. 

Skilled personnel is important to increase business ROI. They cater to the rising need for power and technical skills and contribute efficiently to the overall functioning of the business. Their specialisation makes businesses more productive and since they do not require further training, significant time and resource saving become possible. Their advanced knowledge and ability to resolve problems and identify discrepancies deliver satisfactory results. They also foster better workplace relationships because of timely management of work.

Technology

Technology is disrupting almost all business verticals across industries. Adaptable and evolving technology-based solutions like custom API development, web maintenance, mobile and web development, logistics portal and others have become the buzzwords in the market that are anticipated to provide immeasurable value and competitive advantage to businesses. Sustainability needs, large amounts of data and fast networking speed are driving the integration of technology into business operations. IT outsourcing alone is anticipated to climb by 22% from 2019 levels to $519 billion in 2023. 

The following technology solutions allow an edge for businesses:

Information technology

It can aid in deriving a competitive advantage by lowering costs, enabling product differentiation, enabling better planning, helping to expand and develop new business and unleashing the potential of a wider geographic scope. With information technology, new, innovative, cost-efficient branding strategies can also be strategized based on real-time market information. Its use makes quick updates, project tracking, predictive analytics, improved reporting, online meetings, and collaborations possible. 

Robotics and Artificial intelligence

They can help to boost productivity, reduce operational costs, enhance customer satisfaction and boost revenue and profit margins. They save time by taking over repetitive and rote jobs, increasing efficiency, and reducing the chances of errors. They help to understand customer experiences, make the personalization of customer services possible, and aid in increasing the customer base. They also provide hybrid frictionless workspaces.

API integration

Greater connectivity of data and systems is the main advantage of API integration. APIs can make business procedures simpler, improve system performance and allow businesses to access data that they otherwise wouldn't have.

Management and operations software

Several tools and automation software like time tracking tools, internal social networks, database management systems, product management platforms, etc., assist businesses in effective management. Like software for resource management enables you to organise, schedule, distribute, and rearrange resources as necessary. They also aid sustainable operations by minimising resource wastage.

Custom software

The customised solution provides benefits like cost efficiency, superior security and dependability, regular assistance and maintenance, both adaptability and scalability, complete integration, and exclusive ownership.

Building Technology

Digital twins, BIM, and wearable sensor technologies are being used by employers to make the workplace safe and healthy for their employees.

Conclusion

Technology will revolutionise businesses by giving them a low-cost advantage in the competitive market. All in all, businesses will have the best opportunity of making the future something worthwhile and gratifying if they keep an eye on the latest trends and evolve accordingly.

The article has been written by Navin Mishra- Director- Emerging Market, Corient BusinessSolutions Pvt Ltd