Knowledge is power, and awareness is survival, especially when it comes to business challenges awaiting you. Therefore, we invite you to explore the three biggest issues Australian companies face in 2023. In addition, we will look at their impact on business. And finally, we will tell you how to alleviate all these hardships with the help of a modern solution.
The most common Australian business challenges
First, explore the issues Australian business leaders face according to KPMG reports and discover how the companies are affected. Thus, you’ll know what to prepare for and how to overcome difficulties.
1. Talent recruitment and retention
The COVID-19 epidemic and the resulting staff shortages over the past two years have highlighted the growing problem of finding, keeping, and upskilling staff.
Moreover, with 77% of participants acknowledging talent acquisition as the most significant obstacle this year, 61% have also pinpointed this as their most critical challenge in the forthcoming three to five years.
Impact on your business:
- Reduced productivity. Shortages in skilled employees can cause increased workloads on existing staff, potentially resulting in burnout and decreased productivity.
- Hindered growth. Difficulty acquiring and retaining talented individuals can impede a company’s expansion plans and limit its ability to pursue new opportunities.
- Increased costs. The recruitment process can be costly, both in terms of time and resources spent on finding suitable candidates. High employee turnover rates also trigger additional recruitment and training expenses.
2. Digital transformation and enhancement
Value extraction from digital transformation was ranked as the second-biggest challenge for 2023 and for the next three to five years at 46% and 43%, respectively.
The KPMG partner Martijn Verbree emphasized the dual nature of digital transformation. He points out that while it could speed up cloud integration, the risk of cyberattacks would also increase.
Impact on your business:
- Operational disruption. Implementing digital transformation can disrupt workflows as employees adapt to new technologies, which takes time and effort.
- Resource allocation. The resources required for digital transformation, including technology investments and training, can strain a company’s budget and resources.
- Change management. Managing the cultural shift and mindset change accompanying digital transformation can be challenging, provoking employee resistance.
3. Cybersecurity concerns
Against the backdrop of recent cyber vulnerabilities, apprehensions regarding data breaches and cybersecurity were cited by 40% of the surveyed individuals.
KPMG’s report encourages organizations to reevaluate their methods for collecting, storing, and safeguarding sensitive data, particularly in the event of a cyber assault.
Impact on your business:
- Financial Impact. Remediation efforts following a cyberattack can be costly, including expenses related to incident response, data recovery, legal fees, and potential compensation to affected parties.
- Operational disruption. Normal business operations may be disrupted by cyberattacks, leading to downtime, decreased productivity, and the possibility of financial losses.
- Reputation damage. High-profile cybersecurity incidents can result in negative media coverage, damaging the company’s reputation and market standing.
As you can see, the issues are pretty hard. Therefore, they require advanced solutions. Have you ever heard of board portals in Australia? If not, now’s the perfect time to learn about this revolution in the business world, which Archer Smith, CEO and director with experience in research and development at boardroompro.org, described as follows:
“In an era driven by complexity, the potential of virtual boardrooms is emerging as a game-changing technique for boldly overcoming business obstacles.”
Implement virtual boardrooms and triumph over all challenges
When it comes to business challenges, a virtual boardroom serves as a critical solution, ready to tackle and overcome them with ease.
A virtual boardroom is a software designed specifically for businesses. It includes ultra-secure storage, advanced data and user management tools, and multiple collaboration features. All this functionality creates value for the user, streamlining daily workflows and complex transactions.
Now you will see how this reliable board software simplifies all the hardships described above.
One of the biggest benefits of using the software in HR is streamlined recruitment. These workspaces provide an efficient platform for sharing and assessing candidate information during the recruitment process.
Additionally, collaborative features allow for efficient communication between HR teams and hiring managers, ensuring a smoother recruitment experience. These features are a Q&A module, private and group chats, and instant notifications.
Another advantage is the ability to house training materials, policy documents, and other relevant resources, which can greatly ease the onboarding process.
The solution offers a secure platform for sharing sensitive digital assets, allowing organizations to handle digital transformation while keeping critical data safe. Also, it streamlines due diligence processes during acquisitions or partnerships related to digital transformation by organizing and sharing relevant documents.
In addition, boardrooms promote collaboration between teams working on digital transformation projects, enabling real-time feedback and information exchange.
Secure board portals have advanced tools to protect businesses against cyber threats and unauthorized access. Specifically, the software offers data encryption, granular access controls, watermarking, two-step user identity verification, and security compliance. Taking all these security measures, you can reduce the risk of data leaks and ensure that only authorized users access sensitive information.
How to get the most out of the virtual boardroom?
Finally, we’d like to share our tips on using the software to get the most out of it.
- Employthe virtual boardroom’s collaborative features to centralize communication among teams and stakeholders and encourage real-time discussions, quick decision-making, and streamlined workflows.
- Ask team members to update on challenge-related progress regularly to keep everyone informed.
- Assign tasks, responsibilities, and deadlines using the platform’s task management tools to promote transparency and accountability.
- Initiate paperless meetings such as collaborative problem-solving sessions within the virtual boardroom. Use features like discussion threads and chats to brainstorm solutions.
- Explore integrations with other business tools your team uses to streamline information sharing, data synchronization, and communication.
- Schedule regular review meetings within the virtual boardroom to assess progress, address roadblocks, and adapt strategies.
Isn’t now the best time to overcome challenges? Implement virtual boardrooms, and don’t let obstacles crush you!