50% of the world’s population is under the age of 30: these millennials are digital savvy, socially liberal, educated and excited about future. Organizations are leveraging digital technologies, such as cloud, AI, analytics, and blockchain to radically change the way they connect & innovate for millennials.
Every element of business, from the supply chain to customer experience, business processes to finance, is getting disrupted. However, there is no aspect of organizational change that is more profound than the effect felt by the employees.
It’s not just technology that is acting as a disruptive force in today’s business environment. The workplace itself has also changed with the arrival of millennials into the workforce. PwC’s research states that by 2020, millennials will form 50% of the global workforce. Millennial workers are entering the workplace and this generation is redefining and reshaping the workplace of the future.
What’s new & quickly available in shelf to consume?
These ‘Digital Natives’ were born into a world where technology played a vital role in all aspects of life – at home, school, work, and personal interactions. They have an admirably tech-savvy view of everything. However, as the number of millennials in the workforce grows, organizations are faced with a need to re-evaluate everything from organizational structure to business processes to fit with their inherently ‘digital first’ view.
Millennials simply aren’t willing to adapt out-of-date technology. Whether it is hardware, software or services. They are shunning the enterprise traditions of PCs or laptops and bringing their own devices to work (BYOD) – and expecting the same levels of access to the network as ‘enterprise hardware.’ They are demanding access to social media tools – not only to keep in touch with friends during work hours but also to make them more productive and collaborative.
And they will not stand for clunky software, unintuitive or confusing interfaces, or anything less than a smooth, fast, seamless experience. As part of the on-demand generation, they aren’t prepared to wait weeks – let alone months for anything. If their application doesn’t deliver immediate results, they head back to the app store to find one that does. Five minutes later they are downloading the next application that helps them do their job.
This millennial instinct translates to enterprise apps as well, creating significant tension with IT procedures. Following well-outlined security procedures, IT departments spend years selecting, implementing and testing complex business systems. It is understandable that they are then concerned about holes being blown in their carefully devised governance, compliance and security procedures by this new generation.
How millennials can get business advantages across industries when companies migrate to the cloud
- Better scalability and Infra with the cloud: Cloud has been a key driver helping lenders achieve scalability quickly while also helping lower the costs. More importantly, it provided the flexibility to innovate, launch products and structure deals quickly. Cloud infrastructure and modern lending services are thus interlinked to each other, supporting each other with the pace of innovation required by rapidly changing customer behavior in the consumer lending industry.
- Seamless integration with clouds: Mortgage and Lending cloud solution with a design-thinking led approach using business process automation, robotics, analytics and cognitive capabilities ensure seamless integration.
- Create a consistent omnichannel experience with cloud – Get the information you need, when you need it. It allows your users to search visually through your product catalog and enhance search and discovery, and subsequently, convert more customers using semantic and visual understanding. This involves a complete transformation of the core processing platforms, replacing legacy core processing engine with a cloud-based core processing engine. Create an omnichannel experience to innovate new product offerings in a meaningful way by leveraging highly accessible and versatile cloud models to get to market quickly that ensure innovative digital experiences for tech-savvy customers.
- A 360-degree view of all of their customers’ activities offers clear benefits. – Consumer lending companies can keep a watch on their users existing lending products, spending and income patterns, their savings profiles and by leveraging this information they receive across various channels, including social media and marketing campaigns, they can create a detailed customer profile with actionable intelligence.
- Making personalization easier with the cloud: Cloud and analytics provide meaningful and deep insights into customer preferences that can help in taking merchandising decisions. Personalization in retail banking entails a wide spectrum of offerings, as they say, ‘different strokes for different folks’. It extends beyond products and offers and is about providing a frictionless, seamless, and pleasurable experience to customers, while knowing who they are, what they like/dislike, predicting their behaviors, and optimizing their next best action.
- Management and operations. With the cloud, consumer lending companies can shift from highly manual to highly automated services. Self-provisioning allows business units request resources and build environments on demand, eliminating the need for IT to step in. Cloud platforms also enhance continuous application development and delivery.
- Workload management. Here, the shift is from a static approach to one that’s elastic. Cloud-based workloads can be moved from one computing environment to another based on the policies or conditions detected when the workload runs. This enables systems to strike the right balance, providing needed computing resources without any overcommitting.
In conclusion
Needless to say, millennials are a particularly important demographic for enterprises to pay attention. In all aspects, they are undeniably the first ‘digital native’ generation, and interestingly, the US Bureau of Labor Statistics has predicted that by 2030 millennials will make up 75 percent of the workforce. Moreover, as millennials grow into managerial roles, their priorities — i.e., working for their passion and more than just a paycheck — and leadership styles will have a significant impact on all organizations in the coming years.
It means organizations need to innovate and be agile at the same time to meet millennials’ expectations when thinking about ROI on Cloud. Want to learn more about balancing various needs of your organization when using cloud?
