What is Digital Transformation and How It Could Change Your Company
How many days do you dedicate to learning each year? How many days of retraining will you need to stay sharp and relevant with the new technology your company has adopted? According to the World Economic Forum’s Future of Jobs Report, the average employee will need 101 days of retraining through 2022 to fill the skill gaps that are quickly emerging between today’s workforce and the AI-driven business world.
With the ever-growing need for process automation as the ultimate solution to optimize business efficiency, you have to be prepared to bring digital into your professional life. But what is a digital transformation?
In a nutshell, digital transformation is a next-gen twist to solving common problems. As opposed to constantly enhancing and optimizing current workflows, it offers completely new approaches that require a complete shift in mindset but also give massive productivity boosts to businesses, communities and even governments.
Digital Transformation in Retail
Traditional retailers have been vulnerable to digital influence, as brick-and-mortar businesses felt pressure from the new wave of retailers, who offered their services exclusively online. So they went online themselves, forming an optimal mixture of digital and analog experience for their customers.
People now are used to having instant access to all sorts of information. In fact, 90% of customers in stores use their phones while they shop, comparing prices, looking up information, and studying online reviews on products. That’s a digital experience.
However, customers still desire physical interaction and personalized experiences. We still want to touch, smell, or try on a desired item, while knowing there’s a sales associate nearby with a deep knowledge of the product available to help. Around 40% of customers seek this kind of assistance. That’s an analog experience.
Quality retailers now can offer solutions that combine these desires in a personalized in-store experience, benefiting both customers and businesses through increased sales and customer satisfaction rates.
Digital Transformation in Banking
To contrast with retail, in banking more than 90% of customers prefer online banking, because personal communication is less desired. What customers need is for their requests to be solved promptly and efficiently. For this reason, digital transformation in banking is more straightforward overall. Automated interfaces replace manual work: ATMs and specialized online banking apps substitute for cashiers and personal bankers.
Still, there’s a lot of room for improvement. In their rush to digitize clients’ every step, banks often neglect important user experiences. Regardless of country, bank type or customer profile, in many cases, digital processes simply fail to serve clients asking for additional help from human assistants.
Despite that, the overall level of satisfaction among online bank customers is steadily growing. According to a recent research, over 85% of countries worldwide report improved banking experiences.
Digital Transformation in Healthcare
As a highly sensitive topic, digital transformation in healthcare relies greatly on trust between patients and medical facilities. With tons of paperwork migrating to digital repositories and typed data replacing handwritten input, internal communication between medical workers gets hastened and simplified. That said, informational security comes out on top, as sensitive information may be stolen for commercial gain.
However, apart from obvious growth areas, digital transformation in healthcare brings a substantial number of benefits to patients, starting from finding the best-suited doctor based on user reviews, to arranging appointments via clicks, to addressing a consulting physician via direct messaging.
This helps reach and sustain a high level of user engagement, where patients are happy with the treatment they get, along with the overall quality of service.
Should Your Business Undergo Digital Transformation?
Obviously, there are benefits to adding automation; the opportunities are endless and available right now. Along with vision, strategy and grit, leadership has been defined by how well a person managed and developed people. Today, it’s defined by all these criteria plus how well a person manages technology. Business people are becoming executives in their companies by strategically leveraging automation.
New roles, such as “Head of Automation” have emerged and given business people a new way to distinguish themselves and take on new critical responsibilities. We take pride in giving people a platform — literally and figuratively — to lift themselves up in their organization and distinguish themselves as leaders in AI-driven business. We’ve seen so many of our customers get promotions that we’re working on a course based around their experiences to help aspiring digital transformation leaders initiate and build out automation programs.