According to London Business School Professor Lynda Gratton, 47% of the current jobs will be automated in a decade and by 2025, 5 Billion people will have access to the Internet.

“Work is becoming more complex and it’s becoming more complex because work is now hollowing out. There is highly skilled work on one end and low skilled work on the other, but the mid-skilled work has almost completely disappeared,” she says. Gratton says this disappearance of mid-level skill jobs has occurred because more processes have become automated and everything else has been outsourced to countries with a lower labour cost.

How should business leaders get prepared for this new global reality? Here are a two important responses that can make a big difference.

  1. Digitize workflows. Digitizing is fundamentally about seeing things in terms of discrete discontinuous values. You can break down work to discrete components making it easier to identify those which are high skilled, complex and low skilled. Complex work here refers to work that has the constraint of physical availability on location – eg: care giver, cleaner or server.The power of digitization is that it allows you to lay out the workflow in the cloud for maximum cost efficiency.
  1. Deploy Virtual Talent. As we transition from an industrial era to an intelligence era and the rules of the game evolve, the biggest efficiencies are often connected with the placement of talent in the workflow. Low skilled work gets outsourced to countries with a lower labour cost and only complex work gets done on site.  Higher skilled work can be performed by deploying the right talent virtually. A key driver for this is a digitized workflow, where each component is discrete.

StylusFMS helps small and medium sized businesses and professional services firms to  digitize their end to end finance and accounting processes. This sets the context for engaging virtual talent at higher as well as lower levels on a deliverable value or output based pricing structure. We can thus ensure that you are well prepared for the future of your business and industry. Feel free to contact us today.