In the age of big data, machines and artificial intelligence the relevance of people can be questioned. And the question may be justified when viewed with certain lenses. After all, this is a world in pursuit of ‘profits’.
However, good leaders do realise that businesses are made up of people who have a stake in them. These stakeholders include the employees, shareholders, consumers, partners, and vendors. These individual stakeholders in fact, drive the economy as a whole.
People create value
Since every enterprise is an orchestration of people, processes and technologies – purposeful value creation is based on how well people come together along with processes and technologies. Value can only be created by people for people. Digital age companies can only succeed when they ask themselves, “Do we have the right people in the right place to steer this ship in this age of uncertainties using the tools and technologies available?”.
Investing in people is the right strategy for companies. A successful company is only possible when successful teams are put together. The right talent at the right place is still going to be the critical factor for digital age success. People who have the right competencies across the value chain drive the success of enterprises.
Decision making with empathy is critical in the digital era
Data is available from every channel imaginable and machines are becoming smarter by the minute. But without the right people, who can understand and channelize all that data – progress is just not possible. Data must not only be well organized but be in the hands of the right people so that it supports managerial and executive decisions, followed by subsequent outcomes.
All business outcomes are a result of decision making. Right and well timed decisions result in good outcomes while a series of systematically bad decisions result in failure of businesses.
The culture within an organization is also set by people, and people only. Certainly, not by machines or AI! Creating a strong and adaptive culture in an enterprise is critical to succeeding in the digital age. Going digital is not about things or machines, but about “how you do things better. More importantly – for a better world!” The “how” of doing things is always up to the right people who can make the right decisions based on the tools and technologies available to them.
The right capabilities can help companies keep pace with their customer needs as digitalization changes consumer behaviour rapidly. Technical capabilities such as big-data analytics, artificial intelligence, digital content management, etc are crucial for success in the Digital Age.
But nothing to replace what a human and only a human can do best, in any process. And that is – to empathize!