Digital transformation—the big buzzword of the past few years—can be boiled down to this: how can technology reduce the cost of people in an organization? Learn how to be a part of the transformation, and not a victim of it.
- For as long as there's been industry,…there's been managers looking to reduce…the cost of their workforce.…The industrial age brought machines to replace workers.…The technology age brought computers and algorithms,…and the latest threat to workers…is automation and artificial intelligence.…When companies talk about improving…their customer experience through digital transformation,…the flip side of the coin that they're not talking about…is the transformation of their workforce to reduce costs.…For context, one of the biggest line items…on many companies' profit and loss sheets…is compensation costs.…
Salaries, insurance benefits, and real estate costs…all scale up and down with every new hiring or firing.…You need to know the value you bring to your company…so you don't become a victim of the digital age.…I'm not talking just about doing…your job and checking boxes.…I mean, how are you contributing…to your company's overall success?…It's easy to equate sales with success,…but sometimes it's people without P and L responsibility…
- Explain how understanding your company’s finances will help you as an employee.
- Identify how you can help drive revenue if you do not work in sales.
- List the key things to look for when setting terms with suppliers.
- State why it is important to understand key accounting concepts and success measures.
- Explain what an income statement can tell you.