Choosing a risk analysis tool for the evolving workforce

Nothing is exempt from the digitization revolution. The events that have unfolded in 2020 have noticeably expedited the adoption of technologies designed to support business efforts conducive to the new ways in which people are doing their work. In 2020, 76% of CIOs reported increased demand for new digital products and services as a result of COVID-19 and 83% to expect that to increase further in 2021. [Gartner CIO Agenda 2021]

2020 may have made pajamas the new version of business casual for corporate employees but many commodity-intensive industries have been navigating the challenges of a remote and geographically dispersed workforce for decades. For workers in agriculture, energy, metals and mining, prioritizing digital transformation is a long-overdue initiative that must now not only address established challenges for these organizations but also move toward a proactive model of employee engagement for the evolving workforce.

The right risk analysis tool for commodity management will not only be able to tie all business-critical data together — end-to-end across the value chain — to provide more valuable, accurate, and comprehensive insights but the right solution should also be remarkably well-equipped to address the needs of a modern workforce in five critical ways.

1. Remote access:

When choosing a risk analysis tool for commodity management, it is important to consider that companies expect approximately 40% of employees to utilize a remote working model in the future. [BCG] Mobile compatibility and security considerations impacting peoples’ ability to access proprietary information will continue to be at the forefront for decision-makers.

2. User experience:

Many roles — and even more so in the future — will require people to interact with technology. To meet the needs of an existing workforce, to whom technological proficiency may be a secondary or tertiary skill, it is important to consider the user experience of the risk analysis and data collection platforms being used. Two out of three employees report having to exert too much effort to use a technology provided by employers. The average employee spends more than five hours a week wrestling with tech issues. [Gartner]

3. Upskilling:

We have heard it before, the skills on the team are not where they need to be. The technology tools you utilize should help, not exacerbate this growing challenge. Work design strategies are 2.7 times more impactful than hiring and development approaches. Effective work design strategies require leaders to rethink the role designs, workflows, systems, and tools necessary to meet the supply chain’s objectives. Organizations cannot and should not wait for the overall skill set of their workforce to meet the needs of their technology solutions. An optimized risk analysis tool should instead help bridge skill gaps.

5. Data and analytics:

Perhaps this one goes without saying but, when choosing the right risk analysis tool for your organization, be sure that the data and analytics are adequate in both depth and breadth to drive strategic decision making. To make access to data truly a competitive differentiator, it needs to be consumable and support the other new ways of working.

By enabling real-time access to all data across the entire value chain, the ideal risk analysis tool will enable fast, effective analyses and reporting. Financial management, supply chain management, and trading and risk can all be linked, ensuring every decision is based on the latest, most accurate information from across the entire organization.

With agility, connection, and collaboration — all commodities and all commodity-intensive companies can move faster, make smarter decisions, and tame volatility in a way that optimizes the full potential of their workforce.

This blogpost was earlier published on the Eka1 blog

For more information, reach out to info@eka1.com