With accelerating digital transformation, companies are seeking proactive strategies to stay ahead of the curve. This article by Susheel John highlights how your organization can create value through digital transformation.
If your organization is busier than ever trying to keep up with the pace of digital transformation, you’re not alone.
The acceleration of digital transformation certainly picked up the pace over the last three years. Digital efforts have been proliferating for years as companies strive to catch up with technological innovation, and Covid-19 massively accelerated the pace. As many of our most basic activities, from grocery shopping to “going to work,” moved online, many companies put bandaid strategies in place to make things work temporarily. But now that this new normal has, in fact, become normal—those bandaids aren’t cutting it.
Companies should seek proactive strategies to stay ahead of the curve. Sometimes this includes taking a step back and considering how your current procedures and processes are either serving or hindering your advancement.
Begin with Digitizing, But Don’t End There
Finding success in a post-pandemic world will not simply revolve around how you work, but what methods you implement to multiply your success. There is a real difference between business transformation and simply adopting and adapting to new digital tools. Some executives express concern that if they integrate these tools and strategies, they won’t see a real difference, but this could not be further from the truth.
Harvard Business Review has done considerable research on the process of digitizing. Their findings show that companies that have kept up their momentum and continued to adapt in the midst of public health crises and economic turbulence saw a difference in outcomes, while those that refused to adapt and change fell behind. Nowhere was this more prevalent than in digital transformation and adopting new technologies.
The companies that will excel are often the ones who are the most proactive about digital transformation and who see digital transformation as an ongoing process. To simply digitize your existing processes won’t be enough for the future of business. Those hoping to make a difference should constantly seek out how they can continue to transform.
Finding Digital Solutions to Common Problems
The most menial parts of your business are often the ones that consume your time and hold you back from seeing lasting structural change.Nowhere is this more evident than in document processing.
Think about it this way: what consumes the majority of your administration team’s time? Paperwork. Every company complains about it, but it can’t be avoided. Data drives your business decisions, but it’s locked in your documents. They must be thoroughly and accurately analyzed, but this often proves time-consuming.
The solution here is to seek out ways to digitally transform your company’s document processing through the use of modern technology. In the long run, utilizing this tech will reduce costs and boost productivity. Think about it this way: implementing document scanning capabilities will free up your people’s time to complete the tasks that only they can do. Leave the rest to technology and see your productivity soar.
While a lot of paperwork is becoming natively digital—online, editable forms—there are still many that are filled out by hand or must be signed in hard copy form, not to mention all of the hardcopy hand-filled documents from decades past that must be retained. One Intelligent Document Processing (IDP) company, ibml, is working to solve paperwork problems with IDP technology that accelerates access to critical business information. Their solutions cover everything from document receipt to data storage and reporting. Their goal, ultimately, is to find a way to capture useful and important information across documents of all types and to store and process it in a way that makes it usable. Something as simple as document scanning might not seem mission-critical to your overall business goals, but things like these are the cornerstone of companies’ day-to-day operations. Digital transformation must occur on both the micro and macro levels for businesses to experience true success. It’s time to rip off the bandaid and invest in true transformation across all elements of business operations, even the seemingly menial.
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