Accelerating Digital Transformation as the Key Business Driver for Effective Change

Accelerating Digital Transformation as the Key Business Driver for Effective Change

Accelerating Digital Transformation as the Key Business Driver
for Effective Change
 

Fortuitous events often ignite reactions that force businesses to suddenly jumpstart projects that have been sitting in the backroom for the longest time for one reason or the other. It is through these events that often a realization comes in that what was good yesterday is not good enough today, where the definition of being great before will not work in a world wherein a fundamental shift on how business is done suddenly materialized brought by an expected event like COVID-19. 

In the span of the past several months, the largest banks in the country have seen a huge uptake in digital banking services from customers that demanded contactless services. The way that these banks had rapidly responded to the demands of their market clearly shows that their brands have successfully navigated the seas of digital transformation. But what is digital transformation? 

Digital Transformation is about Change 

Digital transformation is change efforts made by organizations that aim to improve their competencies, skills, and business models through technology, changing how the people within the organization work, and changing the business process of the organization. Applied well, digital transformation programs can significantly impact the business performance of the organization and, in turn, impacting how their customers engage with the business. 

However, digital transformation is not just about adopting technology, it also entails significantly changing how an organization thinks, how organizations move as whole, and how the organizations include their customers in the change 

Digital transformation requires organizations to think differently, experiment with new business models, effectively utilize technology to further build the brand, and get comfortable with the change that comes together with all of these. 

Why Digital Transformation Matters 

Today, we are in the Age of the Customer. Long gone are the days when corporations define what customers will want. Businesses need the ability to cater to the current and emerging ways customers want to do business, to do banking, and to engage with their bank. Digital technologies, applied properly, can reach new customer segments for businesses. 

Digital transformation is how business is being done now and for those who had embraced digital transformation early, the rewards have been high. There are multitudes of reasons why businesses should embrace digital transformation, but the main reason is ensuring the business gets furthered by providing that the customer needs and predicting where their market will shift in the future. All of these can only be done, and the change can be effectively managed through a tight digital transformation plan. 

While some traditional companies may view digital transformation as expensive, it is an expense that businesses cannot afford not to take in so that it can outlast the companies that failed to evolve. Customer demands shift the direction of the business, and technology drives that shift. Companies need to merge technology and strategy to not only stay abreast of their industries but to stay ahead.  Customer experience can make or break a business, and digital technologies play a vital role in ensuring a positive relationship between businesses and their customers. 

COVID-19 accelerates digital transformation 

Up until recently, digital transformation has been more of a reaction for businesses than a purposeful strategy. As millions of customers across the globe withdrew to the relative safety of their homes, they had to pivot to digital solutions that will let them have a resemblance to their old, normal lives. As a result, businesses, like banks and other financial institutions, had to pivot quickly to cope. This has pushed digital transformation from just “good to have” to be critical for both businesses and their customers. Before this pandemic, banking, financial services, and insurance companies took their time with digital transformation despite fully understanding its importance. The pandemic has forced BFSIs to shift their thinking and, in turn, their strategies. While before, BSFIs can afford a slow, small-efforted approach to digital transformation, current realities are forcing them to make very critical decisions with no more room to shelve those decisions for later. 

Reaping the Benefits 

Digital transformation, when applied correctly throughout the business, can bring about positive change not only for the company but especially for their customers. By equipping employees with the skills and tools to deliver a consistent and positive brand experience, the customer journey will be greatly improved as there will be fewer friction points during the customer journey.  

At its core, digital transformation is about making processes and workflows faster, easier, and more efficientFor example, digitization and automation of manual tasks that involve paperwork free up employees to focus on other, more important activities thus improving overall employee efficiency. The higher the organizational efficiency and better customer experience inevitably lead to improvements on the bottom line. According to the MIT Center for Digital Business, companies that have embraced digital transformation are 26% more profitable than their average industry competitors and enjoy a 12% higher market valuation. 

For executives and decisionmakers of the business, they will have access to greater volumes of data than ever before. With the right analytics tools, decisionmakers can crunch this data into valuable, real-time business insights that can be used to make more informed, quicker decisions about strategies. Improved decision-making results in actionable items that align and educate their internal teams about what their brand stands for. As a result, employees now understand how to communicate externally in a consistent voice, thereby building a great brand experience for their customers and prospects on and off-line. 

Digital transformation will push businesses to stay on their toes. The rapid evolution of digital innovation leaves companies no time to rest on past achievements. Even those in the lead must stay adaptive and keep improving their business innovation to stay ahead. There are always new industry competitors, new tech tools, and innovation trends popping up on the horizon. Embracing technology and using it to improve business processes creates a company culture that encourages creativity and innovation. 

Starting the Digital Transformation Journey Right 

Digital transformation need not be scary. Digital transformation is like an elephant, where taking it in one go can choke the life out of the digital transformation project and burn a hole in the company pockets. The trick is to chop it down into small, manageable sizes and Geniusto starts that by providing a workshop about digital transformation. At Geniusto, we cover the digital journey of the organization and its employees through a digital transformation accelerator program or DTAP. Through this program, Geniusto provides not only the best practices for digital transformation but helps company companies understand the change process that goes with digital transformation. The workshop delivers relevant examples and uses cases that attendees can use back at their places of business to start their digital transformation program.  DTAP covers the digital transformation strategies, various case studies from respective verticals (including success and failure examples), show how to organize for innovation, and the implementation of digital innovations in their existing systems and structures. They conclude their DTAP by providing all the attendings a clear understanding of how digital transformation and innovation will positively affect work at all levels of the organization. 

Geniusto will run an online DTAP from November 24 to 26, 2020. The workshop will be run by Geniusto’s Chief Technology Architect, Aleksander Wyka. As Geniusto would like to provide quality workshop time to all attendees, seats will be limited to 50. Interested parties can send their inquiries to register through our website 

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