This article is a contribution by Ong Kai Kiat.
PwC conducted a survey in May 2020 to review the main concerns of coronavirus companies.
Enterprise productivity turned out to be the top priority after government support for a record $ 7.1 billion loan for 7,600 businesses eliminated cash flow as a major concern for SMEs in Singapore.
As a busy entrepreneur, you have many technologies, but you may only have time for the proven solutions. In other words, for a profitable business with cash in your pocket, your primary concern would be to improve your productivity to make up for lost time.
Singapore may have entered phase 2 of the lifting of the restriction, but jobs still need to follow safe distance measures. This means that in the foreseeable future, only half of the workforce may appear for work.
In order for companies to remain profitable in the long term, they have to integrate new technologies into their workflow in order to be able to generate output within the predetermined limits of their sales.
Double robotics as a physical communication aid
When you are in the service business, communication is the key element for success. Examples of communication-intensive service business are lawyers, accounting and medical advice.
The reality of the coronavirus outbreak is that most companies can no longer meet their customers in person.
One of the key productivity breakthroughs would be Double Robotics, which allows you to adjust height and angle while speaking to your customers or colleagues.
As most experienced communicators would know, body language makes up 80% of the message. This explained the willingness of companies to spend thousands on airfare and travel days to meet key overseas customers before the corona virus appeared.
Video credit: 3E accounting
This medium-sized accounting firm with 45 employees has saved 20,000 working hours in the past four years and increased its turnover by a remarkable 175%.
Their productivity gains not only helped accountants, but also enabled their customers' executives to pay a 33% premium for their accounting services.
The implementation took less than an hour and cost $ 5,000. As a bonus, the double robotics helped enforce security measures.
New data analysis tool: Qlik
Foxconn is the famous Taiwanese company that made for Apple. They were migrated from the traditional Excel and SQL database to Qlik Sense.
For a large company like Foxconn, such transitions are not easy to do, and productivity plays an important role for manufacturing companies.
Photo credit: Emarksanalytics
Qlik Sense is the extended version of Excel. While Excel has the limit of over 1 million entries per table, Qlik Sense does not set such limits. Even better, you can use the data analysis tools to view different dimensions of your data.
For Foxconn, this meant that they had the opportunity to create a new dashboard for their products, shifts, teams and suppliers. The work used to take six hours in just 15 minutes. The best part is that it is easy to use and you don’t need to contact your IT department.
For your business, this means you can work smarter to identify the products that sell the most or have the lowest production costs. You don't have to hire an expensive data analyst that was previously reserved for multinational companies, and you can easily do it yourself with your SkillsFuture credit after a free WSQ Qlik Sense course.
We all know the benefits of the cloud solution from the moment we use Gmail on our phone.
Such a public cloud infrastructure for confidential information may not be feasible for companies. As a result, the more established companies would set up their own servers and force employees to work from the office.
In fact, the Singapore National Employers Federation found that such a restriction represents an important productivity barrier for its members. Nowadays, private clouds exist as a service to replace physical servers.
Private clouds are becoming more important because they offer reliability, security and data sovereignty at a fraction of the cost of commissioning and maintaining private servers.
Photo credit: Dell
Photo credit: Dell
By saving on physical servers alone, businesses saved an average of $ 310,175 in the first year and $ 1.29 million in the first three years.
On the other hand, productivity gains were $ 6.28 million in the first three years. The typical investment for such savings over a period of three years would be USD 2.72 million, which would be reserved for a medium-sized SME.
Take your business to the next level
We live in a world where the cost of money is low, but the opportunity cost of losing productivity is high.
If the new labor standard becomes more important worldwide, business models will continue to develop as outdated business models are replaced by agile new business.
For those who survive, they are well positioned to engage in new productivity increases, to take their business to the next level.
Selected image source: Getty Images / iStockPhoto