Transformation of workforce in post-pandemic era

Transformation

The use of technology in the workplace had grown significantly even before the pandemic. As a game changing technology , a useful way to add value to the significance of the workplace, SaaS came as the emerging technology for the businesses. Software-as-a- Service (SaaS) licencing model provides a consumer or client with access to an application on a subscription basis. A third-party vendor manages access and is in charge of security, maintenance, and feature updates. The programme is hosted on external servers rather than internal servers and is often accessed via a web browser over the `internet. Srajan Agarwal of Elets News Network (ENN) brings you transformation of workforce in post-pandemic.

The use of virtualisation and cloud technology with servers, networks, and so on, must enable organisations to dynamically scale their IT resources as needed. While centralising management and control, virtualisation can also allow for more efficient use of existing IT resources, resulting in a higher return on investment.

While the IT services industry has been changing for several years, the increasing widespread adoption of cloud computing continues to produce positive results. Migrating data to cloud providers provides them with the scale, flexibility, and redundancy needed to keep IT systems operational during disruptive events. It also helps to reduce the cost of hardware, power, firmware upgrades, and on-site support because it becomes the cloud provider’s responsibility.

Many cloud services replace the need to buy expensive hardware, Software as a Service (SaaS) therefore eliminates the requirement to physically buy, install, and distribute application software throughout an enterprise. In principle, SaaS offloads the expenses of initial purchase, ongoing maintenance, and security monitoring to a third-party provider, allowing the customer to focus resources on other, potentially more productive, undertakings.

Bala Chendil PBala Chendil P, Business Head, Digital Acquisition and Head – Digital Transformation, Ambit Finvest Pvt Ltd from a tech point of view, the two important technologies, one is cloud and another one is SaaS based tech solutions are the core lending solutions and also ERP is being made available anywhere and everywhere. But post-pandemic these technologies have forced the internal users as well as the customers to be adoptive of these.”

They are looking at what is happened as part of the transformation and what has been its impact on the continuity of the transformations that took place.

The largest problem for any BFSI or Fintech functioning in this sector is data security since it is significant for major organisations that are in regulation, and sensitive industries when the transition to the cloud or a SaaS model because there is always a threat to their security.

With Salesforce as our CRM-end tool, the second difficulty is managing the change. The most considerable challenge for management and leadership is influencing frontline Salesforce users and the rest of the internal customers to adopt technology.

Also Read | Transformation will remain as our key focus in 2022: HP Singh, Chairman & MD, Satin Creditcare Network

Tech will continue to be a facilitator for the field staff, and if you go some years back, largely the interaction between the customer and the field sales staff is through brochures and the available literature. Today we have tech solutions to run them on an instant basis like WhatsApp, etc.

The Ambit Finvest Pvt Ltd, had a revenue of around 100 crores, with net worth of 64.01 per cent, EBITDA of about 222.74 per cent, assets of about 92.61 per cent and liabilities of 61.65 per cent as per the financial year ending on 31 March, 202.

The company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Ind AS 108 dealing with Operating Segment.

The market linked debentures issued by the company are secured by way of first and exclusive continuing charge through the hypothecation of the identified receivables in favour of the Debenture Trustee for the benefit of the Debenture Holders. The hypothecated identified receivables shall be at all times till the maturity/payment of Debentures be at least 1.20 times the outstanding principal and redemption premium accrued and payable on the Debentures. The company has maintained the required asset cover at all time.

Shishir AgarwalShishir Agarwal, Chief Human Resource Officer, PNB MetLife said “I think when the pandemic journey started way back in March 2020, there were questions in front of us about how will we operate from home. And typically, not for employers but those employees also who are at the front office and who are taking care of our customers. And moreover, after bringing business they are always in touch for any of the cross sales”.

As the cloud ecosystem matures and scales up, businesses of every size and sector are embarking on numerous ad-hoc cloud initiatives. CIOs face increasingly complex demands in becoming the strategic technology partner their businesses require.

Determining the right cloud solutions and services for your business is based on your organisation’s unique criteria and needs – often involving more than one strategic cloud provider and type of deployment.

The adoption of SaaS products or the adoption of some engaging models on a high scale are not considering employee engagement, and now a lot of platforms are currently working on the same module.

One of the fears is how they could enhance employee productivity as there is a lack of efficiency and this area needs to be addressed. The second is change management, and they use Salesforce as our CRM. According to the leadership, the biggest problem is getting frontline salesforce staff and the rest of the internal customers to adopt the technology. But apart from this, there is no fear, at least on the organisational level, and we know how to mitigate the fears.

During FY 2020-21, they have delivered a new business premium of Rs. 1,996 Crore led by our multi-channel distribution architecture. The growth was broad-based across channels, especially key Bancassurance and proprietary channels which delivered a strong performance.

Customers are at center-stage of everything we do at PNB MetLife and through our circle of life philosophy, we offer products and solutions that address the needs of long-term savings, family protection, and retirement.

The total premium of the organisation increased by 10 per cent and total NBP increased by 12 per cent in FY 2020-21 compared to FY 2019-20. The admin expense ratio has been stable at 17.0 per cent in FY 2020-21 from 17.1 per cent in FY 2019-20. In FY 2020-21, embedded value growth was 19 per cent and the operating return on embedded value was 14.4 per cent.

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