Digital transformation is a business term that has been around for a while and is still very relevant today. This term refers to integrating tech solutions with your business model to embrace everything the Digital Age can offer your company entirely. Not every focus area in your company needs to transform simultaneously to get the benefits of digital transformation. Some departments will benefit from transformations taking place elsewhere. For instance, many tools to increase cyber security will streamline how data is stored and retrieved. To get the most benefit and innovation during your transition to digital business, you will want to focus on five key areas first.
Artificial intelligence can do almost everything, and you can frequently find innovative new applications for this technology. For example, in insurtech, or technology for insurance companies, AI is commonly used for online chatbots to help clients navigate the website better and respond to simple queries. Insurance companies can also use AI to generate reports and forecasts. When you pair AI with GPS tracking and a mobile app, you can respond more quickly to accidents where emergency services are required, save a customer’s life, and offer them a mobile portal to file a claim.
Mobile devices such as smartphones and tablets are used for most things these days, including shopping, filing insurance claims and getting directions. Medical offices can create a secure and mobile-friendly portal to let patients schedule appointments, make payments and access their charts whenever needed. Social media apps can act as mobile bulletin boards and give your clients more channels for questions or concerns. By embracing mobile technology with your company, through a mobile app or by optimizing your website for mobile, you are showing your customers and employees that you value their time and understand that some things need to be done on the go.
Your IT department probably already has a wishlist for your digital transformation in every area, but most entries are likely to enhance cyber security. Investing in the latest and greatest cyber security will keep your data and that of your clients more secure and help streamline many processes, back up essential information, and allow for a remote workforce. Some standard digital transformation tools for upgrading your cyber security include multi-factor authentication, enhanced firewalls and up-to-date antivirus software.
Unifying your software into a single dashboard with many cooperative functions is one of the easiest ways to streamline every process in your company. For instance, unifying your point-of-sale software with your inventory applications and accounting solutions will allow one data entry, the sale, to update the rest of the system automatically. Software unification can also create a dashboard that shows you all the relevant daily metrics in one place, so you do not have to cycle through several programs to see your sales numbers, customer feedback and labor hours.
An often overlooked benefit of digital transformation is the ability to collaborate on projects with people worldwide. Not only does this allow for remote work, but it also brings your business partners closer to the project with streamlined communication channels and cloud-based platforms. These platforms can feature unified dashboards, messaging systems, and team access to documents, coding projects, and related data. With a cloud platform for your business communication, you can check in with a project during a board meeting and from your mobile device to give the board the most up-to-date progress report.
Your digital transformation will look very different from another company’s just because you have focused on other areas or innovations first. The key is to find which areas will transition to the most significant impact and the benefits you most want to see. For instance, investing in a good cloud platform will benefit you the most if you wish to improve communication and collaboration. The five areas with the most impact on the productivity of your employees and relationships with customers are AI, cyber security, cloud-based platforms, software unification and mobile tech.