Compensation Management Software

Compensation‐related digital tools can help companies manage salaries. All payrolls can be seen on a dashboard and adjustments made based on an employee's achievements. The company can adopt policies that optimize the existing budget and are fair to its people.¹

Capterra, an online marketplace vendor, uses Paycom to manage its workforce. Its approach enables it to onboard new workers, handle time‐off requests, and keep on top of HR tasks. These solutions accommodate flexible scheduling, which boosts productivity.²

Cloud Computing

This technology enables employees to connect via the cloud to a centralized server to view files, data, and other functions. Thus, people can do their work remotely.³ Cloud computing also increases transparency and, at the same time, strengthens collaboration between divisions in a company.⁴

In a survey, 55% of respondents agreed that cloud computing data could provide collaboration breakthroughs. In addition, 64% said that cloud computing collaboration tools help them execute business tasks faster. Moreover, 58% of respondents, of which 90% are leaders, agreed that cloud computing could improve the business process.⁵

Collaboration Platforms

Collaboration platforms facilitate communication between people virtually as they carry out their work. They can easily share documents and exchange information. With more workers logging in remotely, collaboration tools have become more critical than ever.

Data Analytics

Data analytics enable us to process data based on specific algorithms to answer what is happening (descriptive) and why (diagnostic). They can make predictions based on historical data. For instance, Amazon uses data gathered from customers while browsing to provide targeted recommendations. The more the customers search, the better Amazon can predict what they want to buy and provide recommendations. The analytics also build a profile based on user information compared with other similar profiles. Amazon will then offer the same products that similar users have purchased.⁶

Augmented Reality and Virtual Reality

Augmented reality (AR) and virtual reality (VR)―collectively called mixed reality (MR)―are emerging technologies used to make it easier for people to do their work.⁷ AR can be used directly on tablets or smartphones and does not require additional headsets or consoles like VR does. The technology can be used in teaching sessions. For instance, CAE Healthcare uses compatible devices such as Microsoft HoloLens to train its physicians and practice complex medical procedures in a three‐dimensional setting.⁸

3D Printing

This technology―also known as additive manufacturing―can make three‐dimensional solid objects through a layer‐by‐layer process. It is used in a variety of industries, including construction, automotive, fashion, and medical science. It can make bone replacement, joints, and skull plates—often customized. More than 100 types of implants and clinical devices are 3D printed and have the Food and Drug Administration's endorsement in the US.⁹

With conventional methods, a company developing a product would make a basic mock‐up to send to another professional prototype developer. This process of sending the design and prototype back and forth takes time. When using 3D printing, the process is more efficient. ABB robotics, for instance, uses 3D printing to reduce prototype time from five weeks to just one hour.¹⁰

Robotics/Automation

Certain industries, such as manufacturing, have leveraged the use of robotics in their processes for a long time. Many believe that it can help people carry out their duties ergonomically and provide higher safety and productivity. Tedious work can be left to the robot to be completed automatically.¹¹

This technology is the answer to the challenge of achieving high productivity growth rates along with superior and consistent product quality. However, we cannot rule out the potential for excesses that lead to poor conditions. In Amazon's warehouses, an automated management system monitors workers to see how fast they work and gives them a rate based on the number of items they process in an hour. Employees have reported being pushed to work nonstop or risk getting fired for not being fast enough. The situation became so bad that almost 10% of full‐time workers sustained severe injuries in 2018.¹²

Industrial Internet of Things

Industrial internet of things (IoT) is the essence of the industrial revolution that we know as Industry 4.0. Its application enables machine‐to‐machine (M2M) communication, automation, and wireless control. Sectors using this technology include automotive, health care, manufacturing, transportation, logistics, and retail, all of whom can benefit from IoT.¹³

From these, staff in a company will experience these advantages:

• Quality of work life. Employees will focus their attention on issues in the value‐creation process, which technology cannot handle. An Intel survey showed that more than one‐third of respondents said IoT solutions for public safety, health care, and transportation are in place or coming in their communities.¹⁴
• Cost‐efficiency. Technology can help a company reduce operating costs and increase profits. In the manufacturing industry, IoT monitors equipment and uses predictive applications to lower maintenance costs.¹⁵ General Electric is forecasted to create around US$19 trillion in profits and cost savings by 2026 through adopting IoT.¹⁶
• More flexibility. Technology enables workers more say in how they will work while simultaneously increasing productivity. Airbus, an aerospace company, has implemented IoT in all its sites in Spain to streamline their production process. Most of their aircraft components are now fitted with sensors that can monitor the plane's behavior in real time, enabling employees to check for faults and maintenance requirements remotely and efficiently.¹⁷

Customer Data Platforms (CDPs)

An integrated database that multiple systems can access enables a company to understand customers at different touchpoints. Personalized products and services can be offered to shoppers in a relevant way. For example, Next Big Sound has sorted out ways to use the information from Spotify streams, iTunes purchases, SoundCloud plays, Facebook likes, Wikipedia online visits, YouTube hits, and Twitter mentions to anticipate the next big trend in music. The company's investigation gives insights into social media fame, the impact of television appearances, and data that is priceless to the music business.¹⁸

Online Payment Systems

Electronic payments are increasingly replacing conventional cash payment methods. Indeed, we are moving toward a cashless society, and now we are increasingly relying on electronic financial transactions based on digital technology supported by the internet network. Online payment development is also in line with the online shopping and internet banking trends.

Chatbots and Virtual Assistants

We've already discussed how AI can be used as a virtual assistant. Robots like this can help user requests to do multiple tasks, from answering questions quickly and accurately to pointing out the way to a specific place and even making reservations at a restaurant or salon.

For example, Sephora, a leading beauty retailer, uses chatbots to improve customer experience. The Sephora Reservation Assistant makes appointments with beauty specialists by sending a message to the chatbot. Sephora is also equipped with intelligent learning technology to understand customer language and have more interactive communication.¹⁹

Internet of Things

The IoT connects everyday physical objects with the internet to live life intelligently. We can control devices or appliances at home through smartphones. Alexa and Siri can respond to voice commands.

Tata Consultancy Services is a worldwide leader in IT service, counseling, and business solutions. Through IoT, it monitors swimming pools and allows owners to remotely control pool settings and change the temperature and lighting. Customers can use the system to contact a support team. If there are issues, an engineer will solve the problem remotely.²⁰

Community Platform

This tool can be a center of information for many people, especially consumers. For example, BabyCenter by Johnson & Johnson became a community platform made to accommodate new moms who wanted to discuss pregnancy and parenting. Many features and information are provided based on their needs, such as a baby names finder and a tutorial on baby diapering. BabyCenter also features websites based on customers' countries to fit in with their language.²¹

Brands can strengthen customer engagement by using online community platforms to build more open and horizontal interactions. This can include even videos and gamification. Through this engagement, the company can understand its customers and get input for improving its products and services.

Augmented Reality and Virtual Reality

The use of AR/VR will benefit customers in many segments. For example, in the fashion industry, with the help of AR, customers can see things in “the real world,” which fuels their trust in the buying process. In the hospitality and tourism industry, a hotel can provide a virtual visit through their rooms. Travel firms may offer an example of what travelers will see when they book a tour.²²

Facial Recognition

Facial recognition technology can help confirm a person's identity based on biometrics, either in real time or through photos or videos.²³ Apple uses face recognition to verify payments connected to the Apple ID. This feature helps to secure any payment made in the Apple environment. It also provides auto‐filled passwords through facial recognition to improve efficiency.²⁴

This technology is widely used for digital transactions in the banking industry. Approximately 11,000 financial institutions in the United States use face recognition to verify their customers. It is often applied to single‐use transactions such as logging in to the account. Such a user‐friendly system could increase customer loyalty.²⁵

Thanks to these technologies, customers will have more positive experiences:

• Higher customer touch. Individuals who receive more personal attention will feel more valued. This might include live customer service rather than an FAQ page. Every customer needs a quick solution, and we could handle this by prioritizing customer service. Automated systems such as chatbots could help with a deep analysis of FAQs from the customers.²⁶
• More relevant offerings. By understanding customers, marketers and companies can give customers what they want when they want it. If a company can maintain this, it will have a positive impact on customer lifetime value.
• Seamless customer experience. Connecting customers with information and interactions digitally and physically at different touchpoints according to their wishes could win their patronage. According to a study, 73% of customers think good experience is the key to influencing their brand loyalty.²⁷

Green Material

It is becoming increasingly common for companies to use more environmentally friendly materials, both natural and artificial. The goal is to reduce harmful waste in the ecosystem, which can be damaging for society and cause health problems. For example, Seventh Generation has provided eco‐friendly products such as personal care and baby care for more than 30 years. It values creating a healthier, sustainable, and equitable generation. Seventh Generation believes we have a responsibility to this generation and the next seven as well. For this reason, the company uses plant‐based products and packaging that can be recycled.²⁸

In addition to benefiting the community, companies can reduce costs related to handling waste that is not environmentally friendly. Hazardous waste is essentially replaced with biodegradable matter. Kalundborg, a city in Denmark, carried out industrial symbiosis to value the waste from each company. The industrial symbiosis tends to make nearly zero waste, which helps the environment and reduces waste handling costs for the companies.²⁹

Green Manufacturing

Using recycled materials in manufacturing processes is in line with the growing public concern for the environment. It can reduce waste piles and turn garbage into valuable products. A company recycling policy brings the benefits of reducing soil, water, and air pollution.

The Global Environmental and Safety (EAS) team from Estée Lauder has a record of limiting waste. Since 2003, more than 20 company‐owned manufacturing and distribution facilities claim to have sent no waste to landfills. Any waste that cannot be reused is incinerated and converted over to energy.³⁰

Apart from being beneficial for society, recycled materials can provide significant savings for the company. This policy will reduce the demand for raw materials, reducing energy use. For example, Unilever launched a “Reuse. Refill. Rethink” campaign. This campaign was started to reduce plastic waste by encouraging customers to refill their bottles instead of buying a new one. From this campaign, Unilever reduced their need to produce new plastic bottles, leading to production cost reduction for plastic bottles.³¹

Implementing the current recycling policy is no longer enough, and companies are raising the bar by implementing procedures to use renewable energy resources in running their business. This is especially the case in the manufacturing processes of products. This policy can also reduce pollutants generated from unclean energy sources.

Almost every sector of manufacturing systems uses electricity. In the US, at least 29% of the carbon footprint stems from the electricity sector with fossil fuels as the power generator. We can note the difference in emissions created between each resource. Natural gas for electricity releases approximately 0.6 to 2 pounds of carbon dioxide per kilowatt‐hour. Renewable energy such as wind and hydroelectric only emits 0.02 to 0.5 pounds of carbon dioxide per kilowatt‐hour.³²

Through the implementation of green technology, even though not everyone in a community buys products from a company that implements this policy, consumers can benefit from the company's existence. They receive the following advantages:

• Better environment quality. Technology enables the formation of a more livable community environment because cleaner air, land, and water can help prevent harmful health conditions.
• Lower social cost. An increasingly healthy society will reduce the government's burden on social costs. Coal or natural gas power plants release greenhouse gases that cause harm. The cost accumulates up to billions of tax dollars spent each year in the US to deal with the harmful effects of wildfires, floods, and insurance costs. When companies start using green technology and reducing the environmentally damaging effects, the government can allocate those funds to other priorities.³³
• Embedded CSR. CSR efforts are no longer seen separately from a company's business process. The company should deliver its CSR efforts to the community as an integrated part of its various value‐creation processes. Royal Dutch Shell, known as Shell, is an oil and gas company with embedded CSR. Shell's CSR supports youth with entrepreneurial skills to promote their business ideas into a sustainable business. Shell provides training, workshops, and mentoring for these young people.³⁴