Company at Risk? Technology to the Rescue!
Managing risks is part and parcel of proper company management. While it is impossible to eliminate risks completely, you can take certain measures to reduce the risks of certain unfavorable events.
Over the years, many new technologies have been developed to help businesses manage risks more effectively, and you can use them to achieve better results in various aspects of your business.
Here is a look at how the advancement of technology has reduced business risks.
Make Better Decisions
Nowadays, companies are becoming increasingly dependent on data analysis to make decisions. However, those that have generated vast amounts of data may find it difficult to gain accurate and profound insights from their data.
The advent of big data analytics has made data analysis a lot easier and more effective. This technology makes it possible for businesses to manage and analyze large quantities of varied data at unprecedented speeds, allowing them to extract previously unattainable value from their data.
By adopting big data analytics, you can make better informed decisions regarding projects, investments and operational activities to minimize risks. This can lead to improvements in many aspects of your business, as well as greater profits.
Read Related Content on Business Review USA
Minimize Loss of Productivity
According to an article entitled “5 Ways Technology Can Help Facilities Managers Reduce Risk", advances in technology have enabled businesses to create greater organizational transparency, streamline their processes and make the best use of employee energy.
Some examples of these technological advances include Cloud computing, VoIP and mobile apps.
Cloud computing and VoIP allow your employees to perform a wide range of tasks over the Internet, meaning that they can carry out their work duties from remote locations.
As such, they will not lose productivity even if they need to travel or cannot make it to work because of emergency situations.
Mobile apps can help your employees save time on many tasks, including managing emails, scheduling tasks and activities, planning projects, collaborating, composing documents and others.
Boost IT Security
As cyber criminals are becoming more advanced, new technologies are constantly been introduced to help businesses reduce their IT security risks.
According to Gartner Inc., some of the most effective technologies for IT security include adaptive access control, Cloud access security brokers, pervasive sandboxing, IOC confirmation, endpoint detection and response solutions, machine-readable threat intelligence, big data security analytics, software-defined security and interactive application security testing.
Keep Track of Expenses
As a business owner, you need to keep a close eye on your expenses in order to maximize profits. However, this can be a difficult task if you have a lot of expenses.
New technologies such as asset management software and expense tracking apps can streamline the process of monitoring expenses and give you a clearer idea of how and when your expenses are incurred.
Prevent Theft and Burglary
If you have a lot of cash, valuables, expensive equipment or important documents in your business facility, it is essential that you install an advanced anti-theft or anti-burglary system.
Presently, there are many new technologies that you can use to prevent and detect theft, intrusion and burglary, including smart home security systems, motion sensor alarms, police-connected alarm systems and biometric identification systems.
Effective risk management can contribute significantly to the success of your company.
Other than developing a comprehensive risk management plan, you should also invest in technologies that can help you reduce risks.
About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to Cloud computing.
Follow us on Twitter: @BizReviewUSA
Like us on Facebook: /BizReviewUSA
How changing your company's software code can prevent bias
Two-third of tech professionals believe organizations aren’t doing enough to address racial inequality. After all, many companies will just hire a DEI consultant, have a few training sessions and call it a day.
Wanting to take a unique yet impactful approach to DEI, Deltek, the leading global provider of software and solutions for project-based businesses, took a look at and removed all exclusive terminology in their software code. By removing terms such as ‘master’ and ‘blacklist’ from company coding, Deltek is working to ensure that diversity and inclusion are woven into every aspect of their organization.
Business Chief North America talks to Lisa Roberts, Senior Director of HR and Leader of Diversity & Inclusion at Deltek to find out more.
Why should businesses today care about removing company bias within their software code?
We know that words can have a profound impact on people and leave a lasting impression. Many of the words that have been used in a technology environment were created many years ago, and today those words can be harmful to our customers and employees. Businesses should use words that will leave a positive impact and help create a more inclusive culture in their organization
What impact can exclusive terms have on employees?
Exclusive terms can have a significant impact on employees. It starts with the words we use in our job postings to describe the responsibilities in the position and of course, we also see this in our software code and other areas of the business. Exclusive terminology can be hurtful, and even make employees feel unwelcome. That can impact a person’s desire to join the team, stay at a company, or ultimately decide to leave. All of these critical actions impact the bottom line to the organization.
Please explain how Deltek has removed bias terminology from its software code
Deltek’s engineering team has removed biased terminology from our products, as well as from our documentation. The terms we focused on first that were easy to identify include blacklist, whitelist, and master/slave relationships in data architecture. We have also made some progress in removing gendered language, such as changing he and she to they in some documentation, as well as heteronormative language. We see this most commonly in pick lists that ask to identify someone as your husband or wife. The work is not done, but we are proud of how far we’ve come with this exercise!
What steps is Deltek taking to ensure biased terminology doesn’t end up in its code in the future?
What we are doing at Deltek, and what other organizations can do, is to put accountability on employees to recognize when this is happening – if you see something, say something! We also listen to feedback our customers give us and have heard their feedback on this topic. Those are both very reactive things of course, but we are also proactive. We have created guidance that identifies words that are more inclusive and also just good practice for communicating in a way that includes and respects others.
What advice would you give to other HR leaders who are looking to enhance DEI efforts within company technology?
My simple advice is to start with what makes sense to your organization and culture. Doing nothing is worse than doing something. And one of the best places to start is by acknowledging this is not just an HR initiative. Every employee owns the success of D&I efforts, and employees want to help the organization be better. For example, removing bias terminology was an action initiated by our Engineering and Product Strategy teams at Deltek, not HR. You can solicit the voices of employees by asking for feedback in engagement surveys, focus groups, and town halls. We hear great recommendations from employees and take those opportunities to improve.