4 ways to limit the possibility of failing technology
Businesses today have more access to systems that can substantially improve operations, streamline processes, and reduce costs.
However, implementing the wrong system can be disastrous: it costs the business money and time without delivering improvements. Even implementing the right systems can critically disrupt business operations if not managed effectively.
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When considering new technology, businesses must choose a system that can be implemented easily. They must also develop a change management strategy that considers the company’s culture, values, and business goals.
“Implementing a new expense management system, for example, affects all employees,” said Matt Goss, managing director, ANZ, Concur. “In some cases, it may need a significant shift in mindset for employees who may believe that the old way of managing expenses was fine, or who may be wary of new technology.
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“If staff refuse to use the technology and don’t understand its benefits, then the investment is simply wasted. So, the business should schedule training to show employees how to lodge expenses using their mobile phones and other devices. Any training should highlight how the new technology will make life easier, rather than overwhelm them, in order to ensure organisation-wide adoption. An engagement strategy is essential to ensuring your business’s technology investment yields returns.”
According to Concur, these are four key questions to ask when creating a strategy:
Who should be involved in developing a change management strategy?
It’s important to have a change management leader who can own and drive the process. Internal corporate communications teams are often appointed to this role.
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Who is the audience for change management activities?
The target audience for change management activities is generally broken down into two main segments: the internal project team, and the external organisation. Understanding the target audience or audiences, and tailoring messaging specifically for each group, can increase the project’s chances of success.
What should be included in a change management toolkit when preparing for a global implementation?
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The larger and more geographically-dispersed the organisation, the more important it is to have a comprehensive and transparent change management plan in place. An effective change management toolkit should include:
• project overview: project drivers; timeline; and deployment schedule
• overview of project communication and training material
· release schedule
· customisation guidelines
• embedded communication documents
• frequently asked questions.
What are some key change management success metrics?
Organisations should measure the effectiveness of the change management project to ensure successes can be repeated and challenges can be overcome in future projects. Even before the project begins, it’s helpful to have some key success metrics in place.
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”