We all know the rise of the project economy, But no many everyone knows what it is about and what it means for the future of work. It impacts the future workforce and way for the workforce management. The world transit toward project economy, organization get dynamic teams and assign them into various projects to get things done. The team makes use of various gear including digital workspace for anywhere operations, whether remote-to-work, hybrid, or office. Just like how the world is making leverage seamless integration, automation and delivery, be it for DevSecOps for complete automate most of the hassle to get things done 100x faster, or robotic process automation (RPA), to chatbot and other emerging technologies we saw from the news headlines here and there.
Once you start get expose and familiar with all the new gear, you will notice the project economy is about quickly identity a project worth to do, mobilize team for it, get it execute and then break the team and assign them into others project that generate value and more on. For those who depend on traditional hierarchy and rank to get things done, simply not capable of producing and delivering the value that is needed, based on modern world expectation.
Project economy is the result of the world transition to the fourth industrial revolution (4IR) industry 4.0. In this new era we need to co-exist with AI, and use them to generate faster and better output from the automation, robotics and near to real-time processing capability where we humans simply can not cope with.
Different projects required different skill and competency for the team member to possess. The team member is required to possess modern knowledge worker competency, with other team members over the internet remote and meet on the web basis to get things done. Or to be met and assembled as a physical team on site or temporary in a different part of the world. That needs global citizen mentality and mobility to be part of the new universal competency.
Most of the labor intensive jobs in factories and assembly lines are replaced by the high precision robotics that can perform work 24×7 without sleep, and micro precision manufacturing that no human can perform in the speed, accuracy and scalability result in extremely high quality output resulting in less waste.
Is your company ready for the project economy? We can see from various observations. The company that runs at the speed of light, their top management, from top to down the chain, everyone really knows what the new technology can bring in the change, and use them in their daily operations. You are surprised to see some of the top management you encounter is not even knowing the essence of the digital transformation and still associate it with the business IT. While the world is moving toward seamless integration and automation for most of the business process, they still depend on humans to route the business case, tasks and report in a manual way.
Visionary leaders are busy and know what they need to do now, this is why they are kept involved in the various projects for change, because they know what needs to do, if they want to compete for the next 5 years in the future. They are most likely known and willing to adapt to the project economy and get the benefits from it before the rest follow.
Another good check is to review your staff, how many of them have acquired new competency for the past 1 year? You match their competency against what the future needed competency, are they linked? Project economy starts from each company knowing about new strategy capability needed and starting to work backward to acquire new competency (human) and capability (organization), as the company reaches the project objective, they move forward. Every team member is fully aware of the time to involve in a project and get it done. It is this kind of characteristics that define the new project economy productivity, backed with modern automation and technology, the result output is not the passive, reactive and industry of the past can be compete with. It is just like a traditional company continuing in the waterfall software development lifecycle, while the visionary has adopted agile and implemented devsecops for the productivity boost for 100x or over. The speed and the time multiple together will make a huge gap as competitive advantage in the area project economy ready company is involved in.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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