How to accelerate the digitization towards business process?
Today, customers are looking for the best than the better in everything and want it quick along with seamless digital experience, so will it happen, but how?
Let us look how digital experience and digitalization will help us improve our business.
We should thank companies like; Apple and Amazon who anticipates that every organization should deliver products and services rapidly, with a seamless user experience.
Consumers are looking for the ablity to login to their electricity account and check their electricity consumption online. They go to the telecommunications dealer and to buys a smartphone and expecting it to activate instantly. They even looking at the banks to approve their personal or mortgage loan instantly. They expect instant approval of services whether it private/public sector.
They even wonder why they need to provide identification proofs and financial statements to the banks when their employer is crediting their pay checks every month on-time.
Customers are demanding for instinctive interfaces, , personalized treatment, persistency and consistency, real-time accomplishment, negligible errors and 27/7 availability. This behavior of the consumers are changing rapidly they are looking for more comforts and customizations.
It’s more than a greater customer experience, nonetheless; when establishments get it right, they can as well tender aggressive pricing because of lesser overheads, enhanced and well equipped operational controls, with less risk.
Enchant the Customer
To catch hold of their consumer expectations organizations must gear up the process of digitization of their business. But it should be more that the automating a current process. Organizations must rethink to reinvent the operations process, including a quick decision making strategy, permit the less number of required steps, speeding up the documentation process parallel efforts should be taken with fraudulent and regulatory issues.
Operating models, skills, organizational structures, and roles need to be redesigned to match the reinvented processes.
Operating models should be accustomed and redesign to facilitate customer insights better performance tracking capabilities, and decision making abilities. The process of Digitization often requires new skills combined with that old wisdom.
Nevertheless to say that There are huge benefits by the digitizing processes, companies can save cost upto 90% and TAT (turnaround time) enhanced by several orders of magnitude.
For example one financial institution digitized its mortgage application, assessment process decision making process, which gave the organization of ability to cut the cost per 70 percent and reducing the time to preliminary documents approval from numerous days to just in minutes process.
A telecom service provider can up with a system where customers get the feasibility to activate their new phones without the involvement of the backend department. Through digitization process insurance companies automatically arbitrate a large share of its simple claims. Upgrading from paper and manual process with software allows organizations to collect the required data automatically which also improves the process performance, while reducing the cost and risks. Digitization also helps manager to address the issues before they become critical. Supply chain quality issues can be acknowledged and resolved by monitoring purchaser business activities and feedback.
Many top organizations are reinventing their processes, testing the whole lot of things connected to an existing process and renovating it using cutting edge digital technology.
This approach is done through series of process combining advanced and traditional process, like lean and agile.
Hit Factors
Companies in every sector can gain knowledge from the practices conducted by other organizations that have implemented this successfully.
The process of Successful digitization implementation starts by developing a scheme for the future state for each process keeping aside the current constraints and reducing the turnaround time from days to minutes. Once the future scheme has been developed constraints will be revisited. Organizations should always focused to confront each constraint.
Recurrently checking the consumers experiences not only boost effectiveness in definite areas but also helps to address some burning issues. But this is not a complete recipe to deliver great user experience. To enrich the user experience the digitization team should receive spport from every corner involved in user experience.
Tackle the End-To-End Customer Experience
But it will never deliver a truly seamless experience, and as a result may leave significant potential on the table. To tackle an end-to-end process such as customer on boarding, process-digitization teams need support from every function involved in the customer experience.
To achieve this, some companies are creating cross functional and start up style units, which is way to involve all the stakeholders and users concerned with the end-to-end user experience. Members are often collaborated to achieve better lines of communication and guarantee a true team effort.
Build Capabilities
Resources on Digitization are in short supply, so successful portfolios put emphasis on construction in house capabilities.
The aim is to provide excellent service with highly skilled staff with the intention that can be called upon to digitization quickly. Organizations should hunt for faculty externally to meet the requirement for new roles, and skill sets, like user-experience designers and data scientists . To achieve this, managers selected in the first wave to pilot the transformation must be carefully picked, and he/she should be ready to commit with the organization for a long time well trusted in the organization,. It is also essential that the staff has the ability to build the necessary technology components in a high proficient way so that they can be able to be reused across processes, maximizing economies of scale.