- May 19, 2020
- Posted by: Bala Kishore Pasumarthi
Few weeks back, I chanced upon this interesting graphic that has been doing the rounds for quite some time on social media circuits. Ironically, this is true despite the fact that the vast majority of organizations are already aware of the remarkable role digitization plays in augmenting business revenue.
In the wake of the deadly pandemic, even the top companies are now looking for ways to protect their people, processes and most importantly their customers. Unprecedented ‘stay home’ orders are forcing companies to urge their employees to work from home and continue to drive productivity and profits amidst the chaos.
We are now moving towards a major transformation – an era of digitization. An era that will not only force acceleration across departments and verticals but also replace slow-moving trends with those that will shape the future and allow organizations to correct their economic posture for the long haul.
Having a strong digital presence is not only critical for business growth, but for its survival too, what we call ‘digitization for resilience’. From using mobility solutions, cloud-based applications to all kinds of productivity boosting software, companies are now pulling up their socks to up their digital game and enhance customer experience along the way.
Becoming digitally enabled
‘Where to start’ is one question that may hound those who are still sceptical about what digitization can do for their business. Across the globe, digitization is changing the way companies are using information to communicate and create value. The best part is that it works well for traditional sectors as well.
Be it for banking and insurance or manufacturing and retail, digitization is helping enterprises drive growth, results and innovation while enhancing customer experiences for diverse customer demographics.
Whether digitization is important or not is no longer a question. What is important is how well you set the pace to compete in this digital race.
A digital way of thinking
A digital redesign is an immediate requirement and needs to be addressed to achieve long-term business goals. It’s a bit tricky out here because what you are actually trying to achieve is offer customers really simple but fast digital interactions while delivering complex coverage details. The challenge is bigger in the case of legacy products with diverse coverage details.
The ability to provide the right information at any given time puts customers at ease instantly giving them a sense of control they often desire while working their way through digital channels.
The digital edge
Irrespective of the nature of your business, it is imperative that you constantly update, adapt and innovate. As Charles Darwin puts it, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.” In a time and era where nothing and no one is indispensable, it is agility not size, which will keep you ahead of your competitors.
Mobility, artificial intelligence, cloud computing, augmented reality, machine learning, analytics etc. are the many avenues which can take you to a new level of leadership. All you need is a shift in thinking, strategy and approach. When executed correctly, your digital efforts will have some really impressive benefits.
In a nutshell, this is what a well-designed digitization plan does for you:
Let me throw some more details on each of these.
Fosters growth – Data-driven insights always help you understand your customer better. They ensure absolute personalization and relevancy and provide the opportunity to work in real time to address customers’ concerns with agility.
Increases customer base – By being able to collect and analyze huge amounts of data, you are actually able to pick up on the digital traces your potential customers leave behind. By way of newsletters, downloads, quote requests, and other relevant online activities, they talk to you, only if you are willing to listen. And if you do, this data-driven approach can help you identify your real audience and secure new customers in no time.
Builds trust – As per a Gartner study, 80% of future profits will come from 20% of your existing customer base, which means no matter how many new customers you get, you can never afford to ignore the ones you already have.
Explore a new world of opportunities
Gartner had predicted in its report that 90% of organizations will employ ‘Cloud’ services by 2022. With a modern IT architecture at its helm along with more advanced analytical tools and strategies, digitization coupled with cloud computing now provides the means to not just survive but also succeed despite trying circumstances. And this is just the beginning.
2020 is definitely going to challenge us to navigate, but if we are able to do so in the right digital direction, things should not be so difficult. It’s time to step forward, offer the best and most relevant products and services, address the gaps in reach and communication, and reinforce trust.
Me and my ever-enthusiastic team at TransformHub work relentlessly to help our customers provide seamless digital experience to their customers. After all, nothing stays longer with you than the experience.
If you think you are ready for digitization, we are just a call away.
Founder | Group CEO
TransformHub – Banking | Finance | Insurance | Retail | Technology