To remain competitive in the 21st century, companies must adapt (or undergo a digital transformation as many have called it) to create an efficient, optimized, and transparent digital ecosystem. Do I need to mention that benefits of digitization are huge? Obviously, No!
“By digitizing information-intensive processes, costs can be cut by up to 90 percent and turnaround times improved by several orders of magnitude,” according to McKinsey & Company.“ The examples span multiple industries: one bank digitized its mortgage application and decision process, cutting the cost per new mortgage by 70 percent and slashing time to preliminary approval from several days to just one minute.”
Whether you are an existing company getting a digital overhaul or an entrepreneur planning to launch a brand new tech startup. There are multiple strategies to go digital but for each company, its own. Let’s highlight a few digitalization strategies that companies or startups can follow to get a better direction in the future. Pick one, or all – it’s your choice.
Go Digital to Unleash the Data
Launching a digital brand doesn’t just mean having a website. Companies today, from freelancers to billion dollar corporations, must live and breathe a brand that embraces its digital presence with as much attention to detail as the physical presence of the company. Of course, that means your outward marketing materials, but also includes operations, such as the speed and process to onboard clients and how you handle accounting and other related matters.
Every industry, from retail to financial services to the energy sector, is aiming to digitize their operations so that they can reap the rewards of efficiency and data capture. Gone are the days of 6-month onboardings that take an excessive amount of energy and financial investment, or launching different brands that tackle different customer segments in the industry. To become a successful digital company, brands need to have a digital structure woven throughout their model that is both agile and intuitive.
“Enterprises have invested millions in implementing systems that capture, analyze and store data securely, but the opportunity lies in tying them all together for a cohesive business intelligence strategy,” says Shiva Rajagopalan, CEO of Seven Lakes Technologies, a software solution leveraged by oil and gas companies looking to digitize their workflow. “To reach full potential, every new technology investment toward a digital transformation must make data readily accessible for every employee to then take immediate action.”
Go digital to Modernize the Experience
There is no doubt that the workforce of the future will be digital nomads. How do you attract this talent if your company is using fragmented software systems that leave users frustrated because their information is so siloed? Companies must integrate with mobile, IoT, leverage A.I. and machine learning.
A large part of modernizing digital experiences has become possible with mobile capabilities. A recent IDC study explained the need: “Key drivers behind the growth in the U.S. mobile worker population include the increasing affordability of smartphones and tablets combined with the growing acceptance of corporate bring your own device (BYOD) programs. In addition, innovations in mobile technology such as biometric readers, wearables, voice control, near-field communications (NFC), and augmented reality are enabling workers in completely new ways, increasing productivity by enhancing communications and business workflows.”
Mobile capabilities are especially valuable in industries with disparate teams and disparate data. These advances in the consumerization of enterprise apps make the user experience that much more appealing and usable.
Go Digital to reform the processes
Capturing data in real time is not a luxury, it is a demand of today’s digital companies. Putting digital processes in place that align with digital interactions, such as going paperless, validating data on the spot, generating data your company can trust throughout all departments, is key to a competitive edge in every sector.
Traditional IT programs only deliver return at the end of a project or campaign, which in many enterprises can be years. However, when companies digitize end-to-end processes, they are able to deliver improved performance in months, not years. Additionally, the improved access to data allows leadership to make changes quickly and dissect patterns to better predict future productivity.
Your customers are spoiled. If you want to delight them, you have to leave no stone unturned in shaking traditional methods and adapting digitalization. Thanks to companies like Amazon, eBay, and Apple, the bar is higher than what we expected it to be.
This post is part of our contributor series. It is written and published independently of TNW.