ADVERTORIAL: MC Systems Harnesses the Best Technologies for Business in 2022 | Business
ADVERTISING: MC SYSTEMS
In 2021, business was characterized by a continuous overhaul of ways of working, as the world transformed to embrace life with COVID-19.
This shift has catalyzed digital transformation across all verticals as leaders rely more on virtual space to maintain profitability while protecting work teams and contributing to the stability of national economies.
According to the Labor Market Survey published by the Statistical Institute of Jamaica, in April 2021, more than half of those who were laid off by the pandemic in July 2020, were reinstated in October 2021. Further, CARICOM Business, January 2022 edition, reported that the Jamaican economy grew by 5.8% in the third quarter of 2021 compared to the corresponding period of 2020.
Naturally, technologies of all kinds had to keep pace with organizational demands in order to support economic growth. And developments in workforce management, payments and security, in particular, were central to organizational resilience throughout the year.
With COVID-19 expected to maintain its near-term impact, it is reasonable to expect 2021’s technological advancements in key areas to continue to preserve business continuity in 2022.
Dwayne Russell, Managing Director of MC Systems, said “digital innovations in these areas will be successful as long as they meet the unique demands of each industry in these unusual times.”
Russell offers his thoughts on these three areas and the impact he foresees they will have on businesses in the months ahead.
Remote work will require integrated and automated workforce management solutions
The Economist has declared 2022 “the year of the worker”. Jamaican companies such as JN Group and JMMB Group are already implementing remote work policies (respectively 70% and more than 40% of some jobs). The country’s global services sector is expected to have permanent policies for remote work, which could impact nearly 50% of its 40,000 workforce. These are just a few indications that the new work orders will be even more employee-centric than before.
“Managing during the pandemic has made human capital and workforce management strategic imperatives in response to remote working. But as organizations struggled to contain operational costs, many automated solutions were implemented to cauterize expenses,” Russell revealed.
Illustrating, for example, the benefits of payroll solutions, he said: “Companies that redesigned payroll solutions in 2021 opted for payroll processing autonomy independent of third-party intervention or support. This also meant favoring a more user-friendly version that incorporates some basic HR functionality.
“Given the digital revolution, payroll/HR managers need workforce management solutions – tools that can manage all HR processes, be useful throughout the lifecycle employment while avoiding duplicate data entry. The key is open APIs. With this capability, users can choose an all-in-one system or integrate an existing payroll system into a complete payroll management suite. human resources if additional functionality is needed,” he explained.
If The Economist’s prediction holds and Russell’s expertise supports this position, payroll technology for 2022 will be solutions that enable seamless digital integration, prioritizing the employee experience.
Contactless Payment Solutions: The Rise of the Digital Wallet
In recent years – and no doubt spurred by the pandemic – payments have become integrated, invisible and more focused on the customer experience, facilitating peer-to-peer transactions.
CAPGemini’s 2021 Global Payments Report revealed that the payments industry is poised to thrive. In response to the pandemic, non-cash transactions are expected to increase by 18% by 2025 – next generation payments (next generation) predicting 1.8 trillion non-cash transaction volumes by end of this period.
In fact, the demand for next-generation payment solutions for SME segments, such as mobile wallets, contactless payments and cross-border funds transfers, is paving the way for the payments landscape of tomorrow.
In outlining the impending effects of this, Russell suggests that “it will likely drive the banking industry to implement strategies to adopt virtual wallets and other frictionless payment solutions as a means of banking, or risk their profitability.
“As a result, 2022 could see more banks moving towards creating virtual wallets, as well as adopting payment options and technologies for customer convenience.”
Along with this prediction, the Bank of Jamaica (BOJ) is already adapting to central bank digital currency (CBDC) in commercial and consumer transactions – such as person-to-person (C2B), peer-to-peer (P2P), as well as business to consumer (B2C) and business-to-business (B2B), which will accelerate its ability to phase out note printing.
“This will drive adoption of digital wallets and create new opportunities with programmable money,” says Russell.
Cybersecurity solutions: multi-layered security or nothing
With everything moving into the digital realm, businesses are expected to become more vulnerable as hackers gain access to more powerful tools. Last year, hackers put these tools to the test, racking up nearly 500 million cybersecurity breach attempts by September 2021 – according to SonicWall, a Silicon Valley internet security firm.
According to UNIT 42, a US threat intelligence firm, the average ransomware payout jumped to $570,000 in the first half of 2021 from $312,000 previously.
It’s no wonder, then, that PwC’s Global Digital Trust Insights 2022 survey rated 2021 as one of the most volatile years on record for cybersecurity. The results also revealed that of more than 3,000 C-suite respondents (from all major industries and governments representing all continents), 25% expect to see double-digit investments in cybersecurity solutions over the course of the new Year.
Russell predicts heightened vigilance in 2022 as the digital shift has made businesses more vulnerable to data breaches.
“The onslaught of corporate cyberattacks has given rise to the field of DevSecOps, which is a fusion between DevOps and Security. While DevOps is based on a set of practices that combine software development (Dev) and IT operations (Ops ), DevSecOps expands security practices into the DevOps approach. This merger and its planned growth in 2022 is designed to ensure that security permeates all aspects of technology development, deployment, and operations.”
Given the detrimental impact an attack can have on a business – disruption of operations, loss of sensitive data, financial payments to cyber-terrorists, among others – business leaders are expected to address this issue security with the importance it deserves. Further strengthening of data security should come from regulations, especially with regard to data protection.
Regardless of how 2022 plays out in the face of the pandemic – now in its third year – strengthening data security, optimizing automated and integrated workforce management solutions, and maximizing the benefits of wireless payments. contact will be priorities for the future-proof company. leader.
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