Sri Lanka eased restrictions on travel on August 2 restoring ‘normalcy’ although many citizens are still preferring to work remotely, from their homes. The country’s public transportation has resumed but the daily death toll remains high over 100 which begs the question if travelling to work is safe yet. According to the Presidential Secretariat, all circulars with regard to working from home and calling for a limited number of staff members on a rotation basis will be revoked first restoring normalcy in the public sector where most have been vaccinated. As per official sources, 90% of the public have received a single dose and about 20% of the population has been vaccinated fully – an impressive feat for a country with an emerging economy.
What about the private sector?
It is logical to assume that most private sector organizations will continue to work from home until the end of 2021 by when about 70% of the population is expected to be vaccinated with both doses. While this is definitely an ambitious target, judging by the progress so far it is fair to assume it is a realistic one. Until such time however, organizations will have to look for creative ways to ensure their targets are met.
Over the past two years, digitalization has grown to become very popular among corporates as it serves to ensure reliability, efficiency as well as transparency when working under current circumstances. One of the key operations that can be digitalized for greater efficiency is expense management. Digitally managing expenses is not a new concept although it gained widespread popularity following the coronavirus pandemic compelling back-to-back lockdowns. One tool that is commonly used for this purpose is DigiEx which is a Sri Lankan product designed to cater to businesses of all scales.
What are the benefits to automation?
When compared to conventional payment processing, DigiEx offers users a multitude of benefits including low processing cost, strength in controls, greater speed of processing, low margin for errors, security for transactions, convenience and traceability of payments. DigiEx can be installed via Google Play or App Store for free. The app has a pay-as-you-go model which allows users to explore the product prior to making an investment or a commitment.
DigiEx allows all transactions to be authorized and monitored centrally which serves to instill financial discipline within the organization. The service is ideal for petty cash management which is an account that is often overlooked by finance controllers in favor of ‘more important’ transactions. Due to this reason, misappropriation & fraud of petty cash is very common in organizations.
Another benefit is that the service is highly encrypted ensuring optimum security for confidential information. DigiEx is a nod to the paperless culture which is an environmentally conscious way of doing business. All receipts corresponding to transactions processed will be saved in DigiEx for later retrieval.
Investing in digitalization is a strategic and prudent decision. Even after normalcy is restored the demand for digital services is likely to persist because it is convenient, faster and better for the environment. Due to reduced travel, carbon emissions from vehicles have dropped drastically serving to remedy the planet. According to a survey on worker attitudes by Working Arrangements and Attitudes (SWAA) as many as 38.5% of the respondents said that they would return but look for a work from home job. It is apt to say that even in the aftermath of the pandemic it is likely that the work-from-home culture will continue to thrive, supported by digitalization.
Figure 1 How would you respond if your employer announced that all employees must return to the worksite 5+ days a week starting on 1 August 2021?
Sources:
https://www.presidentsoffice.gov.lk/
https://voxeu.org/article/let-me-work-home-or-i-will-find-another-job