Going the Digital Way to Transforming at Speed
He is an alumnus of Birla Institute of Technology and Science.
According to Marketsandmarkets, the digital transformation market size is projected to grow from USD 521.5 billion in 2021 to USD 1247.5 billion by 2026, at a compound annual growth rate (CAGR) of 19.1% during the forecast period.
The above data clearly indicates that digital transformation is now a top priority for business leaders across industries. Enterprises are accelerating their digital adoption to keep pace with their customers’ expectations and evolving business needs
Here’s how accelerated digital transformation can help enterprises stay current and competitive:
1.Driving Business Growth
Digital today is not just an IT initiative but a business imperative. Digital technology helps you maximize efficiency and boost the enterprise’s overall productivity by enabling your workforce to work smartly and deliver superior customer experiences.Various technologies are available to streamline your backend and front-end business processes. Investing in an ideal digital transformation platform gives you the flexibility to accommodate your business needs based on changing business dynamics
2.Enhancing Customer Experience
Per KPMG’s 2022 report on customer experience, 52 percent of a consumer's purchase decision is dependent on the experience the customer expects from the brand as opposed to the reputation of the brand.
Digital is a sure-shot way of elevating the customer experience by enabling customers at every step of their journeys. Digital technologies enable modern businesses to automate processes, digitize and streamline paperwork, and help deliver excellent customer services. Robust technologies like artificial intelligence (AI) and machine learning (ML) help you map the customer journey on various touchpoints, and understand and predict their requirements, thereby supporting executives to reach customers with personalized offers. This enhances customer experiences with competitive differentiation
Per a McKinsey survey of 2,190 global respondents in 2021, highly successful agile transformations typically delivered around 30 percent gains in efficiency, customer satisfaction, employee engagement, and operational performance, making the organization five to ten times faster and turbocharged innovation.
Given the fast-paced market changes, hybrid work environments, and regulatory oversight, agility has become the key ingredient for business growth. Processes should be agile enough to meet evolving needs of your organization. With the right technology in place, you can efficiently operate your business with flexibility, adaptability, and openness and swiftly react to increasingly complex scenarios, giving you more time to focus on making strategic decisions
4.Improving Conversion Rate
Whether modernizing an existing tech landscape or building from scratch, measuring the conversion rate is essential. Conversion rate is a new parameter to understand the success and failure of your business strategy. It can be a new account opening, cross-selling retail assets in banking, or an underwriting and claim engine to improve insurance’s much-vaunted claim settlement ratio. A robust digital transformation platform allows users to manage end-to-end business activities smoothly. It helps close more deals based on the information received from the customers’ profile, interactions, past responses, and closure, thereby improving the conversion rates. It gives you a clear picture and enables you to analyze the business scenario before and after the implementation of digital technology.
Hyperautomation, a top strategic trend identified by Gartner Research for 2020, deals with the application of advanced technologies to accelerate efforts to automate processes and augment humans.
A low code-based hyperautomation platform allows you to design, develop, deploy, and measure in a modular fashion with speed. It drives digital transformation by simultaneously implementing multiple initiatives. The in-built analytics and AI tools help augment the resources and ensure stakeholder collaboration to improve customer experience, enhance operational excellence, and enable continuous innovation.
In a Nutshell
Digital goes beyond business outcomes and customer experience. According to Gartner, digital infrastructure can be an engine of sustainability if positioned effectively and at the center of your strategy.
So, accelerating digital will not just help you stay competitive but will also help your organization in meeting its corporate social responsibility goals.