August 2018 | Page 2 of 3 | People Strong

If you are an HR tech startup in the initial stage in India, you are well versed with the challenges that come along while selling in a competitive space. With so many vendors targeting the same community of HR professionals, HR tech startups face immense competition in landing customers and building a continuous stream of revenue.

Change is the only constant. And it is technology that is at the forefront of driving change at the modern day workplace.

Although machine learning seems like a recent buzzword in technology, did you know it was first coined in 1959 at IBM? At that time, machine learning was defined as a way to give “computers the ability to learn without being explicitly programmed.” Nowadays its potential is understood by “watching the performance of a computer program.

Companies operating in the era of ‘Business 4.0’ cater to a multi-generational workforce that is spread across geographies – with employees working virtually at a time that is convenient to them. In this context, communication no longer moves through a chain of hierarchy, if companies need to make the most of digital opportunity, they need to break through information silos.

Did you know that 70 percent of complex, large-scale transformation programs don’t reach their stated goals? 

There are a number of factors that determine whether technology is implemented successfully – right from the leadership mindset, to change management programs, from identifying the scope of transformation efforts to creating a solution for with the user in mind. 

“The HR tech market is valued at $34 billion globally by 2021, out of which $20 billion will be commanded by existing solutions in the human capital management space,” says Pankaj Bansal, CEO, and Co-founder of PeopleStrong.