Digital Transformation Facilitates Continuous Optimization of Business Processes
About a third of the top 20 firms in industry segments will face disruption from emerging competitors in less than 5 years time. This underscores the fact that enterprises need to transform themselves or risk going into oblivion.
Avert the risk of becoming irrelevant
Sometimes organizations laden with years of legacy systems fail to view the larger aspects of things. An industry as a whole, might overlook the need to evolve as their customers evolve, resulting in severe ramifications. A case to learn from is the UK banking industry. Given the current technological disruption and heightened customer expectations, the Millennials are not getting the same level of service from their financial service providers as they are attuned to expect from other new age service providers. The result of course is decreased customer loyalty.
Enter Digital Transformation
Digital Transformation is leveraging latest digital technology and integrating it with existing systems company wide to address the gap in customer expectations by transforming existing business processes, business models and enhancing core competencies.
Digital Transformation-The strategic choice
A major folly committed by enterprises today is they are more reactive than proactive. Organizations need to evolve with the changing customer and market needs.
Changing customer needs, evolving technology and threat from competition are the primary drivers of digital transformation. Technology plays the central role in the digital transformation journey of enterprises as it takes care of customer needs as well as competitive threats. Evolving technologies like Advanced Analytics, Digital Sensing and Enterprise Mobility are the tactical weapons for organizations.
Driving process optimization with Analytics, Digital Sensing and Enterprise Mobility
In an era where products and services are increasingly becoming identical, competing on differentiated processes is set to become the norm. Given the amount of competition that every organization is facing today, it would not be an overstatement to say that digital transformation is essentially process transformation for an enterprise.
Drivers of optimized processes Advanced analytics - All enterprises today are striving towards delivering a differentiating customer experience. Rigid, hard coded processes have so long dictated outcomes that have not achieved much in terms of delivering differentiating customer experience. The advent of the era of digital disruption demands that customer satisfaction and outcome be placed before processes. In order to turn the table around, organizations need to build smarter processes that can respond intelligently to situations. Analytics can form the much needed bridge between harnessing data for building smarter processes. Organizations that can build this ability to slice and dice and prune torrents of data into information are well braced in the competitive scenario.
Analytics provides the much needed insight into customer profile, adds context to transactions, helps identify process bottlenecks and can also aid in decision optimization.
Digital Sensing- One of the primary reasons why organizations lose relevancy with their long standing customers is that they fail to keep up with them. Today when your customers are habitually used to getting everything- from grocery to loans- with a finger tap, why should they wait for 3 days to get a response from your Relationship Manager? People reach out to service providers through social channels and sentiments fly high. How well are you able to capture the feelings of your customers and initiate the necessary response?
A digital sensing platform helps you understand your customers and respond in context. From servicing front-end customer touch-points to initiating back-end processes, Digital Sensing solution converges customer interactions from across-channels, utilizes advanced analytics to discover sentiments and context from conversations, triggers appropriate back-end processes and sends timely and relevant communication to customers-all from one single platform.
6 billion connected things are forcing organizations to adopt new, disruptive business models. Customer-enterprise interactions are being redefined that will require organizations to remodel their business processes and relationships with all business stakeholders. This has a multiplier effect on data that is generated. In short digital sensing helps enterprises to leverage business moments, engage with customers with real-time predictive marketing responses and places the much needed thrust for digital transformation to take place.
Enterprise Mobility- Make your workplace infinite. That's what enterprise mobility confers to organizations. Physical boundaries of workplace are slowly giving way to an enterprise ecosystem where your employees can access businesses anytime, anywhere. Enterprise mobile applications integrated with BPM ensures a collaborative-mobile workplace environment where information flows seamlessly and helps in making decisions on the go.
Mark the digital transformation checklist
As pet an IDC report 70% of digital transformation initiatives will not be successful. The primary reason attributed to this impending failure is siloed initiatives. It is important to understand that just bringing in technological capabilities like Analytics, Digital Sensing or Enterprise Mobility will not work.
In larger perspective, enterprises need a digital transformation strategy that is aligned with business objective, is integrable with existing technical infrastructure and ensures collaboration across departments and stakeholders with long term scalability needs in place. It also demands a shift in organizational culture, one that places value in constant innovation.