Why Global Companies are Increasingly Adopting Virtual Team?
A Virtual team works across the time, space and organizational boundaries with the help of internet technology, in fact, it is one of its layman’s explanation. It sure sounds like some sci-fi club. Although its definition is subjective, its characteristics aren’t. The characteristics of a solid virtual team comprise a cooperative unit of passionate technology-mediated individuals who have the problem-solving ability and hold the accountability.
Organizations today, have pooled knowledge workers from various domains and locations, and leveraging these global virtual teams to have a competitive advantage.
So, what are the trends, scenarios that resulted in the increase in adoption of virtual teams? Here are top 3 reasons why:
1. Expedition in Digital Adoption
The greatest achievement of humankind during the modernization of the society is a debatable topic, yet maximum people or the millennials at least would cite the advent of the internet to be the most influential one. And why not? It single-handedly disrupted the global economy. The power shifted away from a few individuals to the hands of many. This initiated a technology-oriented knowledge growth throughout the globe.
The expedition in digital adoption throughout the globe has been possible with the expansion and reach of the internet in the physical world through various embedded technologies. The shift from outmoded outsourcing to virtual engineering team is one of the results of this digital expedition.
The information and communication technology (ICT) market in 2015 alone had reached a staggering $3.8 trillion. Furthermore, most of the investments were focused on third platform technologies that intertwined with mobile, analytics, cloud and social. This would not have been possible without the digital disruption back in the 90s.
According to recent research from the McKinsey Global Institute, it has been stated that the U.S. economy operates at only 18% of its digital potential. There are many who are still to gain benefits from the digital revolution. Nevertheless, it has been speculated that in coming years the top companies would be tech oriented.
2. Growing Needs for Transparency
According to a recent study by Accenture, it has been speculated that by 2020, 43% of the U.S. workforce is expected to consist of freelance workers, and within 10 years, there will be a new Global 2000 company with no full-time employees outside the C- suite.
Work autonomy is growing with the advent of flexibility in work methods. Also, micro-managing is no longer believed to be a professional approach to manage the workforce. Plus, the growth of collaborative software has been one of the main reasons for this shift. Cloud tools like Dropbox, Google drive have made the accessibility of the project’s requirement easier. Project management tools like Basecamp, Trello, Smartsheet can successfully outline the roles and responsibilities of the employees.
Work-Autonomy is especially necessary for intrinsic motivation. And for that, your employees need to agree with your goals and sync in with the work environment. As Simon Sinek, author of ‘Start with Why’ says, “Customers will never love a company until the employees love it first”. And, as per the Future of Leadership Initiative, organizations in which employees perceive meaning at work are 21% more profitable.
There’s a gloomy side to it too. It has been reported by Gallup that only 13% of employees worldwide are engaged, stating the obvious that the other 87% is not involved in, enthusiastic about, and committed to their work and company.
All these statistics confirm that your virtual collaborative partner is more likely to have a better understanding of your goals.
3. Growth of Start-Up Culture
Generation Y, otherwise known as the group of individuals between 18–35 have championed the startup culture around the globe. These wunderkinds have exercised the management positions appropriately and are determined to leverage the best of available tech and tools.
With the onset of new mediums of collaboration and presentation of ideas, we witnessed a paradigm shift in the business funding methods. Although there has been an ongoing debate on the socioeconomic impact of the start-up cultures around the world. One thing remains exact — when certain ideas are fostered to conceptualize, the best global talents become accessible, innovators join to harvest those talents, and more capital flow in through angel investors, venture capitalists and what not.
The maturity in the global technology is not confined to any location, but noticeable everywhere in the world. And as more startups are globalized now, they have agreed to schedule the work timings according to the availability and presence of their employees. This work-flexibility is known to have a better opportunity for their development.
Partnering up with a virtual engineering team provider helps you expedite your digital adoption, increase work transparency and control budget by scaling up (or down) the work according to your requirement.
One of the leading providers of virtual engineering teams, SA Technologies Inc based in the USA is committed to improving people and businesses’ experiences with significant Team Consulting Services, Enterprise Consulting Services & Solutions, Outsourced Services, and Mobile Solutions. We help you with IT project collaborations, facilitating the remote collaboration in a diverse technical environment. We help you keep your project on par with the modern deployment and engagement methods, through the intellectual repository of our global talents.
Discover how our Virtual Assistant based in USA can help you in manifold facets of your business.