Real-time collaboration has been transformed thanks to technology.
One good thing to come out of the epidemic was the increased emphasis on technology by businesses. The entire business landscape is shifting as a result of the digital revolution, from product creation to growth and innovation.
However, the most crucial aspect of this is how it is facilitating enhanced cooperation, both within corporations and through mergers and partnerships. In the wake of a merger or acquisition (M&A), it has facilitated real-time collaboration between previously isolated staff and helped businesses combine previously distinct company cultures.
Global technology firm Altair presented a panel at the recent Fast Company Creation Festival to address how data and software are enabling businesses to be more humane and data-driven in their approaches to collaboration and innovation.
Here are three key takeaways from the event.
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1. TECHNOLOGY IS BROADENING COLLABORATION.
In fact, businesses have been able to increase efficiency and foster more collaboration among stakeholders because of the widespread adoption of technological solutions. Good videoconferencing, whiteboarding, and other tools can make collaboration more possible for a distant workforce, but in-person meetings and personal interaction are always crucial. According to IBM’s VP of corporate strategy and M&A, Tejasvi Chugh, “when you have people that are spread out across geographies, you don’t necessarily need to take a day to fly six hours just to have a half-hour meeting and then fly back.”
Stephanie Buckner, Altair’s chief operating officer, has noted that the company’s greater use of technology has made it easier to engage with people from other firms during due diligence and to hear their new ideas early on in the acquisition process. Even before we met in person, it helped us communicate and advance quickly in those kinds of encounters and technology. At Altair, we believe that innovation comes from everywhere, not just within our organization but truly from a global standpoint. Because of this, we are able to contact more people than ever before thanks to modern communications tools
Principal M&A consultant at Deloitte Consulting Stephanie Dolan has stated that virtual technology has made it simpler to involve more stakeholders in conversations around possible acquisition targets. Since then, there have been more people contributing to these high-level discussions. “You’re able to pull people from different parts of the organization, so it’s actually increasing the diversity in the room,” she explained. There are many more women and people of color participating in the target screening process and joining transaction teams, as well. And because of all those fresh perspectives, there’s a newfound spirit of the invention, and that’s incredibly wonderful.
2. Don’t get bogged down in big data.
Data is becoming increasingly important to the success of businesses, from complex algorithms used to expedite production to information gathered about employees to maximize their potential. But in the midst of this data deluge, businesses must ask themselves, “What data is really useful?”
Buckner believes the solution at Altair isn’t to collect as much information as possible, but rather to pinpoint the issue at hand and then choose and choose the information that would best help you make a judgment. She emphasized the need of having “the right data, not just big data.”
Data is becoming increasingly important to the success of businesses, from complex algorithms used to expedite production to information gathered about employees to maximize their potential. But in the midst of this data deluge, businesses must ask themselves, “What data is really useful in technology?”
Buckner believes the solution at Altair isn’t to collect as much information as possible, but rather to pinpoint the issue at hand and then choose and choose the information that would best help you make a judgment. She emphasized the need of having “the right data, not just big data.”
3. Don’t forget the human connection.
Despite the importance of implementing cutting-edge technologies and refining data processes, organizations must never lose sight of the value of their employees. That’s especially true when a merger or acquisition requires bringing together two different business cultures. Dolan said Deloitte pulls in plenty of data to assess a company’s culture and measure employee engagement. The collected information will eventually be used to map out a course of action for these workers to follow as their organizations merge.
She explained that they were using the information and technology to create a path for their staff. To determine which interventions or activities would have the greatest impact on employees, we use human-centred design to consider key points in the employee experience. The goal is to give people what they need at just the right time.”
Buckner pointed out that Altair relies on individual feedback to help draw a bead on what makes a particular company tick. Altair seeks input from people throughout the company, not just within the corporate development team, to help paint a more complete picture of that company’s culture. “The fact is that cultural insights can come from a developer or a sales individual or from anywhere within the organization,” she said. “After all, they are the boots on the ground.”
