In its simplest form, “Digital Transformation” can be defined by understanding the two words that it contains – Digital and Transformation. While by themselves, they are easy to define and understand, when put together, it means something else entirely. When applied to businesses and business processes, digital transformation is about changing the fundamental way the business operates. Its primary purpose and result is to make everything digitally accessible which will in turn leadto better efficiencies and stronger customer-centricity.

All this started with digitization, that is, the conversion of information into binary formats in all sectors of business and spheres of life. Digitalization was the next step, where technology enabled and supported business processes, but mostly in silos. Digital Transformation, stitches it all together and integrates not only business processes but also how business impacts society and vice-versa (simple example: the use of social media).

Digital technologies can be leveraged to transform future business processes leading to a “Digital Business Transformation”. This enables a business to become agile, innovative, and stakeholder-focused. The advent of digital technologies has impacted all areas of businesses, including but not limited to business functional areas like sales, marketing, and supply chains, business processes like workflows and automation, data and information architectures, asset management, and even organization culture.

A digitally savvy business is no longer an option, it is a necessity. Technological innovations like the advent of mobile apps for just about anything have driven a change in consumer behavior and expectations over the past few years, and any business that fails to meet these expectations will not be able to retain their competitiveness, even in the short term.

Some of these basic expectations from customers and even regulatory bodies have defined the major trends that we foresee in digital technology in the coming twelve months:

• Advancements in blockchain and NFT technologies
• Enhanced cybersecurity
• Digital payments and the rise of Neo-banking
• Customer Data Platforms
• XAAS- Everything as a Service
• Automation and Hyperautomation

Digital Transformation in Banking, financial services and insurance (BFSI):

Digital is changing the way we bank, get insured, or get B2B or B2C solutions.

• Modernization of enterprise applications: Technology is enabling Banking, financial services and insurance (BFSI) organizations to build cutting-edge enterprise application over flexible and efficient architecture. The architecture takes care of changing business needs, regulatory mandates, cybersecurity concerns, keeping an eye on the total cost of ownership.
• Customer experience: Customers (consumers/business users), today expect a seamless omnichannel experience when it comes to banking. Enterprises are gaining trust by extending services over mobile/web applications with integrated backend operations. The analytical capabilities are helping to provide personalized services to consumers.
• Risk and Compliance Solutions: In an environment filled with ever-growing complexity and interdependency, it becomes imperative for enterprises to ensure compliance and mitigate risks. Digital technologies help in identifying, tracking, managing, and analyzing such risks. For example, advance AI/ML techniques are used to predict fraudulent transactions that can be prevented. Historical data can be analyzed to identify possible risks. Sophisticated systems can be made to design audits to arrest such risks and so on.
• Automation: Most backend processes are being automated using the RPA technologies like UiPath, Automation Anywhere or Blue Prism. Automating repetitive, mundane processes.

Digital Transformation in Healthcare

It will not be an overstatement to say that healthcare systems and operations have gone through (and are still undergoing) a major transformation, thanks to digital. Along with the realms that we have called out above for BFSI, healthcare is also witnessing seamless omnichannel services for consultation and access to medication, while on the organizational level, secure record keeping that is compliant with HIPAA is enabled through strong digital practices. Some brands have even ventured into virtual reality solutions for patient treatment and post-op care.

Digital Transformation in Retail

The retail industry has always been an early adopter of digital innovations. From psychological conditioning of in-store displays to personalized in-store messaging, smart fitting rooms, and even managing the inventory smarter, it is an industry that is at the forefront of change. A few possibilities;

• Digital/Interactive Signage
• App-based ordering for out of stock or large size items
• Personalized in-store messaging
• Smart fitting rooms
• Pre-approved loans for known customers
• RFID deployed at an item level
• Interactive outfit recommendation
• Biometric Payment
• RFID based ‘whole trolley’ checkout
• AR VR based operations and training
• IoT solutions to collect data and provide insights into operations and risk through data analytics

Future-proof your business today

Let your business strategy be the driving force for your digital transformation journey. A strong Change Management Plan (CMP) is needed to set this in motion, and it consists of 5 distinct steps:

Once you have all the ingredients, then you just need to implement the right technology and leverage it to reap the maximum benefit. According to Gartner, designing a digital transformation strategy before you commence, is vital. It is the most important step in future-proofing your business. Similarly, Forrester says that in the next twelve months, more than 70% of consumers will see the world as ALL Digital.

Get in touch with Opteamix today to see how we can help you on this journey. Review our Digital Transformative technologies that will help your organization embrace the change and advance your competitiveness in your industry, in the most optimum way.