In my last blog, I talked about digital transformation versus intelligent automation, and why it鈥檚 an 鈥渁nd鈥� not an 鈥渙r.鈥� I also discussed the steps required for a successful digital transformation.
So now, let鈥檚 talk about the first step in that process: front-end digitization sometimes referred to as 鈥渇ront-end transformation.鈥� Not only is this the first step in your digital transformation journey, it鈥檚 also the easiest and fastest.
While 鈥渆asy鈥� is relative, the promise of dramatic cost reduction in a short period of time, coupled with the prevalence of and access to a wide array of digital technologies, makes front-end digitization the obvious first step in the journey.
Front-end digitization occurs when a company uses technology to digitize some or all aspects of its customer experience. Form design, for example, uses built-in tools or tools from third parties such as Docusign, Adobe or Intellidocs.
The threat of market share loss to emerging tech and startups is forcing long-established businesses across a variety of industries鈥攆rom banking, asset management and insurance to healthcare administration, retail and government鈥攖o automate their operations, lower costs and improve their overall customer experiences鈥�fast.
The key, however, is to not cut your journey short once you鈥檝e reduced paper processing and digitized your customer experience. Sure, it鈥檒l feel good when you see what you鈥檙e saving and those improved customer satisfaction scores, but it won鈥檛 be long before most or all companies have digitized their front-end experiences. Then what?
You can avoid the race to the bottom by using your momentum and quick ROI to move forward, integrating the different digital experiences that exist within your firm. If you want to have a long and lasting impact to your core business, you鈥檝e got to further differentiate yourself from the competition.
It鈥檚 important to remember that digital transformation is a journey, especially if you want your organization to be one of the last ones standing on the digital horizon.
Stay tuned for more on this topic, where I will cover the steps you鈥檒l need to take on your digital journey in more upcoming blogs.