What are the 4 main areas of digital transformation? (2023)
Are you looking to accelerate digital transformation in your business during 2023? If so, the following areas are essential to focus on:
Data and analytics
Business model transformation
We’ll go into these in more detail further below, but no matter what industry you’re in, digital innovation should be a high priority. Accelerating digital transformation will help you to keep up with your competitors, boost efficiency and provide a better service to your customers. While digital transformation comes in many forms, there are four key areas that you should focus on. This blog examines what they are and how they can benefit your business. Let's get started.
1. Customer Experience
Customer expectations are constantly evolving. Investing in digital transformation is an impactful method to keep up the pace and continually improve the customer experience.
A well-designed, easy-to-navigate website (whether on a desktop, tablet or phone)is a must. This is an important part of your brand image, but it also plays a role in converting visitors to paying customers. Most people spend time browsing and researching before committing to a purchase and a difficult-to-use website is a quick way to a high bounce rate.
Live chat and chatbots are increasingly popular ways to communicate with customers.Providing this service means customers get their problems and answers resolved quickly. Removing the need to spend ages listening to hold music, or waiting for an email response, means swift communication and happier customers.
Improved wait times
Another way to reduce the workload for your employees is to automate processes where possible. In the retail sector, for example, returns and exchanges can often be processed online without a customer having to get in contact. The entire process is automated, speeding up the procedure and avoiding unnecessary delays.
In the banking sector, for example, new customer information needs to be verified under a Customer IdentificationProgram (CIP) and Customer Due Diligence (CDD) record. This can be slow when done manually, but automating this procedure saves time and reduces the risk of error.
2. Data and Analytics
Using digital technologies to collect and analyse data will help support your organisation in numerous ways.
Improved data quality
Many organisations are still dealing with bad data that is poorly recorded and unreliable. The implementation of a digital model is the first step to fixing this. The result will be more reliable data sets and improved analytics that can be of real benefit to your business.
Leave legacy systems in the past
If your business still uses an ancient legacy system, you’re not alone. You may also be familiar with how expensive they can be to maintain and the difficulties of integrating them with the rest of your systems. Upgrading to an end-to-end solution will save you money in the long run, plus it will greatly improve your data procedures and security.
Solve data silos
When one part of your organisation has access to a data set, but it’s isolated from the rest, it restricts information sharing and collaboration across departments. This gives different teams and departments an inhibited view of the wider business and obscures the bigger picture. Centralising your data allows for easier access and better analysis.
3. Business Model Transformation
Organisations which are quick to adapt to the developing digital landscape have a significant advantage over their competitors. With technical innovation, the reimagining of your business model must follow. There are two aspects of this to consider.
Redefining your business operating model
The world is constantly changing and you must plan how your company will respond.Revisit the fundamentals, such as the exact purpose of your business, what your goals are, the way you will operate to achieve these goals and the leadership that will steer you there.
Prioritise customer insight
Businesses are increasingly looking to achieve a greater understanding of their customers.This knowledge is particularly valuable when understood in direct correlation to their business operating model capability. Customer segmentation, journey mapping and value engineering are all essential components of this.
4. Digital Operations
Efficiency starts with the ability to view, manage and track all work using one end-to-end system. This is where Enate can empower you to achieve your targets. Here are some of the key areas in which our platform can transform your digital operations.
One simple platform. With Enate you can manage and organise all work on one intuitive system. This enables you to streamline processes and improve interdepartmental communication.
Automation. Enate allows you to integrate with technology partners at UI Path and Blueprism, so you can automate repetitive tasks. While robots can speed up task efficiency, keeping humans in the loop will ensure you can troubleshoot any problems that arise.
Increased efficiency. Never drop the ball again.Assign the right task to the right human (or digital worker) and get work done on time. Clear timeframes, responsibilities and workflows assist with productivity across the board.
Why is digital transformation important?
Digital transformation benefits businesses in multiple ways. It’s an investment that will save you money in the long term and leave you better positioned to make profitable business decisions. Here are just a few of the improvements it can deliver.
Increased efficiency. Innovations such as adopting a centralised system allow for improved communication and streamlined workflows.
Reduced operational expenses. Greater transparency through digital monitoring and analytics enables you to identify issues, such as bottlenecks and unnecessary delays.
Added value to customers. Your customers get a more efficient and tailored service that is great for your reputation and their experience.
Better use of staff time. Automating tasks frees your employees up to spend their time on more meaningful and challenging work.
More useful data. The use of new technologies gives you better insight and empowers you to make data-driven business decisions.
Digital transformation in 2023
A lot can happen in a year and global spending on digital transformation is growing exponentially. Focus on the four main areas we’ve explored to achieve your business goals, improve customer satisfaction and keep ahead of the curve.
Enate can help you to accelerate your digital transformation journey. Our workflow automation software wraps around your current tech stack and legacy systems and everyone in the business can be trained to use it. Automate repetitive tasks, organise operations, assign the right work to the right resource and get the job done on time.