With the digital world of data becoming the focal point of discussions and innovation, there is unparalleled hype over what it takes to be a digital enterprise in this day and age. Data sits at the center of the digital revolution, and companies that have determined the best possible way to extract meaning out of data are well on their way to glory.
An organization takes its first steps into the digital world of change when it realizes and utilizes the importance of cloud-based technologies like AI and IoT. These services are used to better manage data and to generate the best possible insights from it on a real-time basis.
The insights generated from your data through cloud-based services like IoT and AI can help improve business processes, automate tasks, design new products and manage operations in an efficient manner. All of this enables you to cut down on costs and get the most out of the unstructured data currently lying idle in your data warehouse. Part of the reason why companies are earnestly contemplating the idea of becoming a digital enterprise is the opportunity to deliver an advanced customer experience. Advancing upon digital transformation is just the start of a journey that eventually helps you become a digital enterprise.
Ronald Van Loon is a Comviva partner and is directly associated with the digital world of change and innovation. He has worked within the industry for over 2 decades now and has seen organizations grab the digital baton of change to become a digital enterprise.
The need for better productivity and performance is one of the reasons driving digital change forward. Recent research has also predicted the potential rise in business opportunities through AI. “In 2018, MGI estimated that an additional $13 trillion could be added to global GDP by 2030 from today through digitization, automation, and AI as these technologies create major new business opportunities and productivity gains are reinvested in economies.”
To become a digital enterprise is a sought after objective for most organizations because of the competitive advantages of gaining real-time insights. A digital enterprise can make decisions in the heat of a moment through the presence of real-time analytics, and much more. From product design to improving the customer experience, there is real-time data available for organizations to utilize and make decisions from.
Performance Benefits of Becoming a Digital Enterprise
As you might know, there are numerous performance benefits that arise out of becoming a digital enterprise. These benefits help assist your business in one way or the other and enable your organization to perform at its full potential.
Unified Customer Experience
Artificial Intelligence helps you to give personalized and meaningful experiences to all customers across industries. The impact of personalized experiences generated through data and AI are felt in both B2C and B2B industries.
In Business to Customer (B2C) industries, customers are benefiting from hyper-personalized experiences. These experiences are generated as a result of personalized applications and targeted advertising. Customer profiling is done, and potent advertising strategies are developed on the basis of that profiling. B2C industries are also able to apply their knowledge of customers in customer support areas as well. Customer support agents identify the customer’s profile and provide them with support in a manner that is best suited to their needs.
AI can work wonders in B2B as well, as here it identifies lead times and also helps in determining leads that will make prompt purchases, and what they want. AI can also determine what other businesses want through a history of their interactions and buying patterns.
Going digital allows you to completely transform your business for the better as you’ll be in a position to generate innovation and push your organization forward in areas of strategic value. Data migration and cloud integration also helps create an ideal ‘go virtual’ sphere and automates specific processes.
Carrying on from where we left in the previous point, automation is another amazing benefit of digital transformation. You can now automate low-value tasks that are highly repetitive. This allows humans to apply their skills to more important and complicated tasks. The entire process can help you prioritize efficiency and optimize your production processes.
The basic idea behind digital transformation was to pair technology and people together to get the best possible outcomes. The resulting workflow optimization is due to the supportive role of AI-empowered tools and technologies.
Organizations can coordinate their digital strategies across technological and human capabilities to obtain desired results from these assets and resources. Even organizations who are at early stages in digital transformation stand to gain from the benefits of optimized workflows due to pairing automation with human talent.
Markets are shifting and changing as a result of the digital revolution, and organizations are looking to adapt their business models as a result. All companies with digital aspirations are looking to broaden their horizons and seize new opportunities from a flexible digital business model. However, before you digitize your services and offer products-as-a-service or subscriptions through the digital network, it is necessary that you implement a more secure and flexible infrastructure than the legacy model you currently have.
Use Case: A Study of Intelligent Banking
Banking is one of the many sectors experiencing limitless growth because of digitalization. Some of the ways banks are currently using their core digital processes for growth are:
- Developing strategies centered on customer engagement. Banks realize the importance of customer engagement and are building new strategies around this high-priority initiative.
- Banks are looking for ways to optimize the customer experience by personalizing it. Personalization is achieved through an in-depth understanding of customers, achieved through a thorough analysis of customer-generated data.
- Growing their capabilities to provide an end-to-end digital experience. Customers want as much convenience as they can get in this digital age, which is why banks have to provide an end-to-end digital experience.
Recent research suggested that 80% of all banks are highly aware of the potential benefits that AI can bring for them. The application of AI across the company can save banks billions of dollars through fraud detection and improvement in the customer experience.
Companies utilizing and implementing digital technologies are racing ahead of the competition. Building a synchronized digital enterprise helps you in optimizing efficiency and getting the best from your staff, technology, processes, and workflows. Additionally, you can also use real-time analysis to offer customization to all customers. This customization will eventually play a vital role in improving and bettering the customer experience.
Comviva supports building digital enterprises and is a key stakeholder in helping organizations act upon technological opportunities.