“Digital design, not strategy, is what separates winners from losers in the digital economy.” -MIT Press.
In an era where major personal and business life changes are occurring rapidly, companies are discovering that they must either adapt or fall behind and eventually disappear. Driving that change is the tsunami of digital transformation (DT), which is quickly approaching every business, in every industry.
But change is hard. Few companies are early adopters to changes in technology and innovative processes. DT requires a strategic, organization-wide effort to change or replace entire systems or processes. Myriad benefits include enhanced data collection, greater resource management, data-driven customer insights, better customer experience, improved collaboration, increased profits, increased agility, improved productivity, and more efficient management of resources.
Different Industries Adapt at Different Paces
Because there are differences between industry cultures, systems and processes, each organization will accept this inevitable change at their own pace. For example, health and pharma have traditionally been slow to adapt to trends. With the internet, however, their customers and patients are behaving differently than a decade ago with increased expectations for accessing services, from setting appointments and ordering prescriptions to self-analysis with data from wearable devices and remote appointments with telemedicine. To keep up with consumer demand, these organizations must adapt by putting in place a digital transformation strategy that more efficiently maps their resources with the demands of their patients/customers.
Banking and finance companies are adapting to DT by actively adding mobile apps to capture deposits, provide funds transfer, and exchange documents and signatures through secure channels. Everything is more efficient. Customers don’t need to visit a branch. They can do everything from their computers and phones. Fewer and fewer customers want paper statements and notices.
Insurance companies could be out of business if they didn’t provide online purchasing and updating of policies. Similarly, mortgage companies have realized that people want to refinance as soon as possible and can process “paperwork” much faster online. All of these scenarios mean working with digital documents and processes.
Manufacturers have been quick to adopt new technologies to improve productivity and maximize output but they have been slow to collect, analyze, and utilize all of the associated data. As manufacturers buy into digital transformation, their organizations operate more efficiently and develop more complex and customizable products and services that have better margins. DT replaces manual, error-prone processes with faster, more automated workflows that offer better analysis of the customer needs, easier implementation of custom product/services, and simpler management of suppliers and distributors.
The construction industry has also been slow to adopt DT. Respondents to a recent survey indicate their organizations have not done nearly enough to tap technology to transform the way they work. Without a data/technology strategy or roadmap, there is no vision to how to implement and benefit from what DT can provide.
DT is More than Worth the Effort
If you are unsure how to approach digital transformation in your organization, you should work with a professional who has experience with moving from legacy resources, such as physical documents and manual processes, to the digital world. When planned and implemented as defined, a digital transformation can revolutionize your company to enable higher productivity through managed connectivity, automation and fluid information flow.
NEdocs has always been front and center of the digital transformation revolution here in New England. Document scanning, data capture and digital document management have comprised the core of our business for over 30 years as we continually help advance these technologies. Our goal is to help you embrace the paperless concept and digital world with improved visibility and engagement of mobile workforces, faster client transactions, improved customer service, improved data security and regulatory compliance as well as many other benefits.
If you would like to discuss your company’s digital transformation strategy, feel free to call us at (603) 625-1171 and speak with experienced specialists.