For finance professionals this isn’t simply about saying yes or no to proposed big ticket IT investments that profess to be a silver bullet for the company’s prospects. Digital transformation has been identified as the number one priority for CFOs in 2021*. So it’s time for finance and IT collaboration. This will ensure that digital financial management systems such as automated accounts payable and accounts receivable can be implemented in the smoothest possible way. This results in minimum disruption and maximum business benefit going forward.

See what you could save by automating your accounts payable – use our ROI calculator

Now is the right time for finance and IT collaboration

Increased remote and hybrid working has applied an accelerator to many finance technology investments. Many of these investments have long been aspired by finance departments to improve their efficiency and the financial performance of their organisations. But without the pressure of external influences these have never been realised. Increased automation in FinTech is a major trend that many of us want to embrace. Even more so as we look to move beyond paper-based workflows into a more agile digital future.

The benefit of finance and IT collaboration

Decisions on technology implementations should be taken in conjunction with the IT experts. Constructive finance and IT collaboration will reveal the existing state of systems within the enterprise, identify the best solutions and partners in the market to integrate with this infrastructure, and provide the right levels of ongoing support and training. With finance and IT in close collaboration you can plot the steps that need to be taken. For example, identifying the potential pitfalls that might arise as well as the additional opportunities that can arise with close collaboration.

Why finance and IT collaboration is so important

Latest statistics indicate that some 25 per cent of technology implementations are regarded as unsuccessful. This is a result of them failing to meet the originally defined project objectives and expectations.

If finance and IT teams apply genuine collaboration you are more likely to ensure you don’t join this lengthy list. With the right application of expertise and planning, combined with support from an expert integration partner, you can realise success and positive return on investment comparatively quickly.

The digital technology finance teams should adopting

Discover more about the technology finance departments need to adopt a hybrid working approach. Realise greater efficiency, accuracy as well as future continuity. Digital solutions such as automated accounts payable and accounts receivable are obvious first key steps. Learn more about these technologies by accessing useful reading and resources here.

Further reading and resources for finance teams

Further reading and resources for IT teams

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It doesn’t matter if you work in print, finance, or healthcare, one common theme runs across all successful businesses. The need for a multigenerational workforce. From ‘Baby Boomers’ to ‘Gen Z’, the workforce has a more diverse age range than ever before. With that can come complications, but also opportunities through innovation. For industries like commercial print that have been around for decades, they must learn how to harness the multigenerational workforce.

A team made up of individuals working in commercial print for 20-30 years will have a wealth of experience and knowledge at their disposal, used to working in a certain way. In comparison, a younger team may spot opportunities for innovation but lack the know-how to execute them. Our belief at Ricoh is that commercial print companies who bring together the combined power of a generationally mixed workforce will have the most robust foundation for a successful future. 

Innovation from both Baby Boomers to Gen Z

In most companies, the generations are made up of Baby Boomers (born 1946-1964), Generation X (born 1965-1980), Generation Y (born after 1980), also known as Millennials, and Generation Z (born after 1990).

The younger generation has grown up believing there are no limits and they could have pretty much whatever they desired. In comparison the older generation grew up through scarcity, and people were more appreciative of what they had. 

Yet it is the Millennials who are changing the face of business, and in many cases for the better. A 2015 study by Deloitte found that millennials will make up more than 50% of the workforce by 2025. They are the most educated, ambitious, and technologically savvy generation to date. The secret to success is when multiple generations work together and through combined innovation they are able to solve challenges.  

Uniting generational expertise in innovation

A  study of 300 global companies by Forbes Insights showed that a generationally diverse workforce helps drive innovation. Anecdotally, commercial print managers tend to be slightly older with a traditional printing background that includes detailed knowledge of machine capabilities, applications and colour. Those who are younger have grown up in a world where technology is seen as the answer to most challenges. Therefore, they are typically more digitally native. Bringing the experts in commercial print and digital natives together provides a fresh perspective, helping to identify and deliver new commercial print innovation and solutions to the market. 

Multigenerational skillsets working together is where the future of commercial print is heading. A cross-generational team, which promotes the seamless blending of traditional print mediums with modern processes and best practices for true innovation. 

Embracing innovation in commercial print

It is clear is how much opportunity still exists for innovation in commercial print. You only have to look at the rapid rise of 3D printing, which uses the same heads as inkjets only with a different medium. Chuck Hull, one of the inventors of 3D printing systems, took print technology and reimagined it to create a whole new sector.

In reality, creativity varies from individual to individual but there are plenty of things within the business that can be done. These include fostering innovation and creativity by providing diverse training opportunities. There is a higher chance of creating a range of ideas by offering different training options. Having a clear leadership strategy that reaches team members from different age groups will positively influence creativity and innovation. In addition, running competitions for innovation that sees teams from diverse age groups will also bring to life new ideas. 

The power of generational differences in commercial print

As creativity and idea generation revolves around solving novel problems, having employees with diverse backgrounds creates a broader pool of ideas. These in turn can open opportunities to new revenue streams, better commercial print processes and technological advances. 

Commercial print is one of the longest-serving industries globally and has seen many changes. Embracing generational differences is the next iteration of this evolution. It will enable the print industry to continue making strides in innovation and profitability.

Listen to our podcast series and discover more about the opportunities and business benefits of a multigenerational workforce.

Alternatively, feel free to contact me if you would like to learn more.

The post How a multigenerational workforce enables innovation in the commercial print industry appeared first on Insights - Empowering Digital Workplaces.

The same research report, The Conscious Workplace, identified that “Before the pandemic, only 30% of UK employees had ever experienced working from home”. It went on to say, “Despite this fact, it is not a new concept. For years psychologists, behavioural economists, and forward-thinking business leaders have championed the practice. Touting the numerous mental and physical health benefits it can bring.”

The report confirms that our past approach to remote working has served us sufficiently well for 6-8 months. However, as we look ahead to the future, when we again return to the office, will this current approach sustain us? So we face the challenge of ensuring our office communication and collaboration infrastructure is fit for purpose and responsive for the future. To achieve this, redefining the workplace and its new purpose is critical.

Read the Conscious Workplace:

Click to read The Conscious Workplace

Returning from mass remote working

Looking to the future people will most likely be splitting their days between both the office and home. Therefore it’s imperative for both employees and management that meetings, informal catch-ups and communication, are quick, easy and seamless.

The Conscious Workplace Report says, “The events of late have rapidly accelerated the need for shared workspaces in the cloud, face-to-face video calls and a raft of other work from home tools that could have enabled this style of work sooner. Despite historical concerns, office workers have transitioned to working from home, and for the most part, the system didn’t break. However, remote working through lockdown has resulted in a wide spectrum of experience in technology, covering both remote work and those who have been able to transition back into the office.”

During this sustained period of remote working people have become accustomed to working in a very immediate, hands-on way. They could manage their time more freely, collaborate, establish and set up meetings quickly and efficiently, flex how and when they worked and even relaxed how they dressed. As such, as offices become more available, its the responsibility of organisations to reconsider and begin the process of redefining the workplace, both the office and home.

Redefining the workplace, its purpose and relationship with remote working

The workplace undoubtedly now includes the home, as well as the office. Human behaviour and our daily interactions have changed – many of the positive aspects of that change will need to be considered as people work more flexibly in the future.

The report recommends, “Empathy must be offered to managers who are walking a tightrope whilst managing expectation versus reality. Suddenly, managers are responsible for more than staff productivity. They have to take charge of adapting and maintaining their work environments, whilst remotely managing staff who are no longer within direct reach.”

The top challenges when redefining the workplace and overcoming them

Some solutions can ease the process of redefining the workplace, such as quick and easy collaboration tools, digital processes and productivity cloud applications. Here are just a few to share some ideas;

Finding meeting spaces

With the aid of remote digital collaboration tools, we can start or join a meeting with just a click of a button when at home. But in an office environment organising a physical meeting has historically required a far more involved process. Firstly checking meeting space availability then securing the right meeting resources. However, smart workplace management solutions provide a real-time view of which meeting desks, rooms and spaces are available. This includes spaces that are currently in use, pre-booked (but currently not being used) or if they are under-utilised. Solutions such as these provide an equivalent ‘one-click’ experience for the office.

Ensuring critical messages are communicated clearly and immediately

There are an array of solutions that can assist in effective communications across single or multiple office locations. For instance;

• ‘Multiview’ on multiple locations across the office, laptops, desktops and mobile – sharing news, health and safety reminders, travel. Helps visitors, employees and customers access the latest information. A single management dashboard can update these messages from one remote location across a range of multiple communication channels.

• Managing visitors and employees with digital print and integrated digital signage and IPTV

Wayfinding and integrated intelligent building management systems

Whilst redefining the workplace there are cloud solutions available that can be integrated with what you already have in place. These can provide the ability to manage and control the office to ensure comfort and maintain an optimal working environment. Solutions to regulate heat, light and humidity in the building. Or to help meet compliance standards such as safety notices, regulations and logistics.

HR and Management tools

There are also management tools to ensure the right employees, both remote or in the office, have seen the correct training video. These can also incorporate additional features such as hands-free/contactless updates and controls options, reporting and tracking functionality.

Conclusion

Whether your challenge is communication, wellbeing, space or productivity there are solutions to help make your workplace fit for purpose. That includes redefining a workplace to improve efficiency, addresses people’s needs and create a smart and safe environment.

To learn more about this subject why not watch our recent webinar – ‘How digital signage should support your smart and safe workplace‘.

Work Together, Anywhere – Helping business succeed in a changed world

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