Today: November 29, 2023

Integrating Digital Literacy In The Finance Team Without Apprehension

2 mins read

Fatihah Ramzi, DigitalCFO Asia | 15 September 2022

Dedicated efforts to improve digital literacy will give the workforce the skills necessary to evaluate digital solutions, prevent cyberthreats and utilise tools.

The importance of digital financial literacy in the digital age is anticipated to rise. According to a collaborative study by Microsoft and IDC Asia Pacific, in order to thrive through COVID-19, almost 75% of Singaporean enterprises will need to speed up the digitalization of their processes.

Due in large part to forced closures and lower operating capacity brought on by lockdowns, many businesses suffered considerable revenue losses, hastening the migration of procedures and services to online platforms to guarantee operational and business continuity.

The results demonstrate how adopting a digital strategy will help firms optimize digital tools and platforms to boost the quality, reliability, and productivity of operations. This underlines the necessity for companies and their staff to be digitally literate in order for them to better recognize the digital gaps in their processes, choose the appropriate digital solutions, and develop the necessary skills to properly utilize such tools.

Integrating Workplace Digital Literacy Seamlessly

1. Offer Training

Employees who receive regular training are better able to keep up with the constantly changing technological advancements that take place in the digital age. Employees are encouraged to incorporate their own personal online security habits into the company’s digital footprint in order to increase their own knowledge of cyberthreats.

Regular employee training can be augmented by periodic performance audits, which would show how effectively businesses are currently handling their digital environments. These audits can be incorporated into cyclical evaluations, which would highlight specific areas that needed development in order to guarantee a greater rate of continuity towards workplace digital literacy.

2. Engaging Service Providers

Through services like cloud consulting (outside parties) such specialized digital transformation organizations, can solve the intellectual and technical gaps between a business and the technology they want to adopt.

For instance, a business moving to the cloud could need outside assistance to automate the transfer process. The service providers were able to quickly migrate the organization’s data to the online platform by making it easier for them to do so, while also enabling other departments to autonomously cooperate digitally on the platform. This solution enabled the business to successfully complete a migration cutover with no errors and little downtime.

3. Foster A Positive Digital Workplace Culture

The workplace needs to foster a culture that supports ongoing digital learning because the technology environment is constantly evolving. The degree of digital education will increase for all working professions as the trend of digital migration continues to permeate organizational infrastructures.

The effectiveness of online cooperation and problem-solving efforts will be enhanced by digital literacy. Such expansion only strengthens the core effectiveness of data governance, improving a company’s capacity to not only survive but also thrive in the current and future digital era.

Businesses must be able to maximize the value of the digital tools at their disposal given the growing significance of digital transformation in today’s environment. Dedicated efforts to improve digital literacy will give the workforce the skills necessary to evaluate these products’ features critically and determine whether they are using the most recent versions. By minimizing their own cognitive burden associated with comprehending the technical aspects of these tools, businesses may determine whether the current tools need to be upgraded, maximizing the productivity of their processes.

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