Essential Benefits of Digital Transformation That Drive Success

The world is experiencing a fundamental shift in the way companies were operating. Traditional business models are being upended, customer experiences are shifting to a whole new level & most importantly, organizations are reassessing their internal processes. All this is part of Digital Transformation (DT) that many businesses are opting for.

Organizations of all sizes are taking advantage of its potential to reach new levels of growth. And, while few companies have bigger budgets and significant resources yet the leap isn’t that easy always. It is because its most advanced transformation initiative is about the relationship between people, processes and technology. When these powerful entities merge with a strong transformation strategy, a business reaps major productivity benefits that none of these elements can deliver on its own.

And, while most businesses are aware of DT, many of them are not sure or they don’t know why. What benefits does embracing this widely popular concept would bring to their business? If you’re also someone bogged down with similar questions & more, then this blog is for you.

Here’s what we’ll cover:

• Why Digital Transformation is Important?
• Benefits of Digital Transformation
• Digital Transformation Use Cases
• Examples of Successful Digital Transformation
• Why Rishabh as a Digital Transformation Partner?

While every DT initiative will have its own specific goals, the main purpose of any organization would be to improve its current processes. It changes the way they operate. Companies can work faster and in new ways to better compete in the marketplace. As the infusion of internet-based tools and technologies into a company’s processes, DT helps any organization to meet and anticipate the wants and needs of its stakeholders.

Though often enterprises mistake digital transformation for a replacement or modernization of legacy technologies. And while it is only a piece of the pie, the corporate leaders across the board are only beginning to realize that it’s a cultural shift that demands organizations to challenge the status quo and develop innovative ways to operate while achieving sustainable growth. Further, by breaking down hierarchical barriers, the communication of information across cross-functional teams enables better transition into the digital age. By taking advantage of workflow automation and advanced technologies, such as artificial intelligence (AI) and machine learning (ML), companies can connect the dots on the customer journey in a way that wasn’t possible before.

There are some key components of digital transformation which are essential for consideration as part of your modernization journey. This infographic helps showcase and offer practical insights on considerations and essentials for an effective business strategy.

• Enhance Customer Experience: With new players entering almost every day, the customers are presented with an assorted menu of different customer journeys. And communication is one of the important stepping stones in this journey. It is directly impacted by the transformation initiative. Many businesses position themselves as customer-centric, but it’s challenging to focus on customers’ needs when they are not defined. Those needs get even harder to define when it is constantly shifting—where timely insights into consumer trends and sales history come in. Interestingly, predictive forecasting and analytics can help plan operations for the future by learning from the past. This would help ensure that you deliver what your customers need and when they need it. It is often a deciding factor between competitors.
• Increase Operational Efficiencies: The switch from a legacy system or a point-to-point manual process model could be a little difficult – which is normal. DT helps enhance business’ operational efficiency and minimize the complexity & time spent for possible integration efforts. With the right tools and technologies in place, the workflows can be streamlined in a scalable and tangible manner. The key to success in this reference would be the reliability of systems to automate operations that result in less downtime, fewer system delays and even lesser technological performance issues. The digital automation of manual processes would help employee groups to focus on their role and the mission as part of the business objective. Eventually, every department reaps the benefits of digital transformation.
• Greater Collaboration Across Departments: Offers an excellent opportunity when the mechanism is defined based on digital congruence among leaders. And, when everyone’s aligned to a common purpose, you’ll find a smooth and seamless transition. The centralized & real-time data update with everyone working off the same information helps unlock the team’s collaboration potential. Most importantly, it helps decrease blind spots, break down silos, eliminate delays in information transfers and easily identify bottlenecks. Though communication speed and quality can play a determining role in your business’s longevity. The seamless connection between systems is reflected in the communication to the customer, whether it is through step-by-step order tracking, recall notifications, or customer service.
• Gain Faster ROI: The translation of strategy into metrics is the core with any DT initiative which requires real-time insights into almost every facet of business operations. Faster ROI analysis enables measuring the amount of new revenue credited with the recent digital investment. This mechanism would let you decide if the whole exercise was worth it. From experience we can surely say it does though don’t just take our word for it, you can run the numbers yourself.
• Scale Business Growth: A common misconception which we have also encountered during our interactions is that DT initiatives apply only to enterprise-size companies and are not attainable for smaller businesses. For any business, successful bundling of digital tools would help create a powerful, yet cost-effective – that would enable scaling up in tandem with business growth. Goes without saying but legacy systems need to be taken out from this mix as they would pose a challenge to scale up resulting in lost opportunities.

Over the years, we have seen customers of fast-moving industries expecting more from businesses.

Retail: It is prompting retailers to rethink their approach and tweak their customer journeys to respond effectively in these challenging times. Even the ongoing health crisis made one thing clear – plunge before you perish. As a result, retailers are weaving in adaptability and adopting new business models in the current retail climate. This read would you provide specifics on how retail companies can deepen their foundations and expand their digital footprint.

Insurance: The industry is embracing DT to address complex challenges from consumers, regulatory and digital ecosystem. Further to create agile workflows, better data access & processing, and advanced data analytics to improve risk assessment and informed decision-making. Discover what lies ahead for the insurance leaders to prepare for and develop sustainable business models.

Financial Services: With a notable impact on business operations, this industry was an early adopter of technological tools. With DT, the companies can make operations faster and cost-effective. It relies on high-level IT for business process optimization and customer interaction. Further, this is helping meet regulatory deadlines, improve employee and customer experience for a competitive edge. Here are a few insights that will help you as a financial service enterprise to learn what to expect while creating an optimal digital landscape?

Healthcare: DT offers a better focus on care delivery for rural and other isolated patients. Goes without saying enabling an on-demand format creates flexibility for all patients.  Further, the healthcare sector is migrating to electronic data management across levels, from patient sign-in on electronic devices to record keeping. Data management and data mining are rapidly gaining traction in healthcare.

This helps create a centralized data repository for patients to pool data from disparate sources. The use of data analytics on a large number of anonymized patient records enables lowering the rate of medication problems. If you also wish to harness the power of data with a dedicated data warehouse to deliver value-based care, this post will serve as your one-stop reference.

While it’s true that every enterprise would look at the change initiative differently, reviewing cases of how businesses have experienced growth would help you understand how you can develop a strategy that is aligned with your organizational goals.

Over the last two decades, Rishabh Software has been working with companies of all sizes. With a unique blend of technology expertise and multi-domain experience, we have been helping organizations drive digital success by developing strategies that are tailored to specific business requirements.

Here are a few examples of how we’ve helped various companies adopt modern technologies to drive digitalization across the board.

Case Study 1:

A North-American client wanted to build a cloud-based veterinary management software that would simplify business processes for veterinary doctors and clinics. The SaaS-based healthcare portal included the following:

• Automatic work processes
• Combined management tools
• Back-office management system
• MVC structure

The innovative solution helped the client;

• Up their operational efficiency by 46%
• 4X faster turnaround of report generation & billing,

Along with it a centralized repository to manage veterinary medical records.

Case Study 2:

A US-based hospitality giant wanted to integrate data from business apps like RMS, Cognito forms, Opera and more into a single platform. As their preferred technology partner, Rishabh helped create a cloud data warehouse solution with on-demand BI reporting. The data-driven system features the following:

• Single & powerful repository
• Easy data integration
• Customer management
• Opportunity assessment & planning

Just like our client, businesses like you can benefit from;

• 50% increase in workflow efficiency
• 99% business insights on the go

It is along with better report generation to get a deeper understanding of your company’s performance!

Case Study 3:

A US-based company serving courts and justice agencies wanted to modernize its legacy software to optimize court processes. As their preferred Microsoft technology partner, we helped with performance optimization to meet the evolving needs of customers, management & stakeholders. Here’s what the modernized solution addressed:

• Migration & modernization of front-end experience
• Automated configuration for case management

This single-source dashboard to track online documents helped the client truly transform the way they operate with;

• 80% increase in staff operational efficiency,
• 0 manual processes

While it takes a bit of an adjustment to trust an external partner for your digital transformation needs, a fresh approach can help you uncover the hidden potential of your business & explore new possibilities. As transformation consultants, we can help you drive better business outcomes powered by enterprise-level tools & technologies. Our team enables us to identify, unlock and active opportunities for achieving tangible, real results. Regardless of project scope or focus, we define methodical strategies with a comprehensive, step-by-step approach to technology adoption and implementation.

Regardless of project scope or focus, we help identify, unlock and activate opportunities for achieving tangible, real results. With our comprehensive, step-by-step approach to technology adoption and implementation coupled with your priorities and vision, our team can develop custom enterprise digital strategy to ensure seamless execution of business operations.