By digitizing information-intensive processes, costs can be cut dramatically and turnaround times improved by several orders of magnitude.
- The rationale behind replacing paper and manual processes with software
- Why automatically allowing businesses to collect data that can be mined to better understand process performance, cost drivers and causes of risk.
- How generating real-time reports and dashboards on digital-process performance permit managers to address problems before they become critical.
- Case examples: supply-chain-quality issues can be identified and dealt with more rapidly by monitoring customer buying behavior and feedback in digital channels.
Many organizations are either thinking about or pressing ahead with digital transformation initiatives. The digitization of business processes is a step change even greater than the invention and adoption of the internet, primarily because of its scale and pace of change. What we describe today as ‘digital’ in a few years will have no need for the descriptive word. A ‘digital camera’ is already a mere ‘camera’ to those who know no different. In the same way, a ‘digital’ strategy will become a ‘business as usual’ strategy.
The digitization and automation of everything is changing the world. Spoiled customers want a quick and seamless digital experience and they want it now. Thanks to companies such as Amazon and Apple customers expect every organization to deliver products and services swiftly with a seamless user experience. They want to log in to their online electricity account and see a real-time report of their consumption. They want services to be preapproved or approved in minutes. They expect all service providers to have automated access to all the data they provided earlier and not to ask the same questions over and over again. They wonder why a bank needs their salary slips as proof of income when their money is being deposited directly into the bank every month by their employer.
Customers are demanding a radical overhaul of business processes. Intuitive interfaces, around-the-clock availability, real-time fulfilment, personalized treatment, global consistency and zero errors – this is the world to which customers have become increasingly accustomed. It’s more than a superior user experience, however! When companies get it right, they can also offer more competitive prices because of lower costs, better operational controls and less risk.