Demystifying digital transformation - capturing new advantages

The workplace today demands a different set of skills. The needed capabilities include the ability to leverage remote work as an advantage, increase information access and agility, and drive business results in new and more profitable ways. At the heart of this evolution is Digital Transformation, the removal of old ways of working and the embracement of new digital technologies and approaches to forge a more agile, more valued, and more effective business in terms of customer experience, competitive advantage, and corporate performance.

Escalated Demand for Digital Transformation

COVID-19 dramatically escalated an already ardent focus on digital transformation. According to a study from Twilio, 97% of executives say the pandemic sped up their digital transformation. The C-Suite is looking for new ways to engage customers and they have increased their digital transformation budgets by 79% as a result. In some cases, that’s been driven not only by newly necessary forms of client engagement but also by a massive shift in customer expectations. Consumers now expect touchless, online, and frictionless experiences when interacting with any company or service provider. Old ways of working are now antiquated, out-of-touch, and deemed insufficient by customers and clients everywhere.

Becoming Digital-First

But despite ongoing digitization, the truth is that a great deal of business still gets done on paper. This includes ad hoc and process-specific workflow for things like new account openings or customer onboarding, as well as in large-scale and fundamental activities like accounts payable, billing, or human resources. If this sounds like your organization, then you know the question: How do I get my arms around all of the paper content that is still at work in my organization and truly embrace a digital-first workflow?

Today, digital transformation is not just a strategic nice-to-have, it's a real-world requirement for companies to continue to compete. There are 5 steps to digital transformation: identify, digitize, store, automate and unlock. In this article we will be focusing on the second and third element: "digitize and store".

Learn more about step 1, "identify".

Learn more about step 4 and 5, "automate" and "unlock".