The Value of Digital Business Transformation
Thursday, 2 March 2017 | Posted in: News | 5min read
Thursday, 2 March 2017 | Posted in: News | 5min read
Digital transformation for most businesses is about embracing new technologies in order to improve their business outcomes. But what is often overlooked is that a transformation is actually more about people, than it is about technology.
Some businesses possess a strong desire to exceed their customer expectations and scale their operations through the adoption of evolving digital strategies. Other businesses find themselves constrained by factors which limit their capacity to move ahead with digital initiatives as aggressively.
According to a recent study by Microsoft Australia, all 30 businesses interviewed reported that they anticipated within the next five years that new technologies would significantly affect how they did business. Stating that their ability to both learn from and embrace digital transformation would have a defining impact over their future profitability, growth and relevance to consumers.
Making digital transformation a top priority has never been so important. Having a clear vision and strategic plan which supports your broader business objectives is paramount to success. The strategies you adopt should centre around the key areas of your business including customers, employees, operations and products.
When a business is embarking on something completely new there is often no road map to learn from or follow. So rather than using formal, structured programs for executing your strategy, a more flexible framework is often necessary to allow your digital initiatives to remain agile so they may be validated and measured via customer and employee feedback.
For many businesses, digital transformation is about understanding and serving customers. By enhancing your connectivity and using behavioural insights generated from captured data, your organisation will be well positioned to improve consumer web and mobile touch points with the aim of winning, growing and retaining more customers.
With the customer at its core, digital technologies can be used to enhance relationships by:
Projects involving the streamlining and optimisation of operational business systems and process are commonly much larger undertakings than those required of customer initiatives. This can be due to a number of reasons, such as harnessing data and turning it into meaningful and actionable insights, existence of legacy systems, the availability of talent, and the need to overcome concerns such as security, privacy and regulatory compliance.
Despite all of these challenges, successful digital transformation initiatives can enable better access to intelligence for businesses through the feedback received on operations that can in turn facilitate better decision making.
Business systems and process initiatives such as automation can significantly streamline a business’ operations, helping improve ROI and operational efficiency, whilst simultaneously adopting alternate technologies to help lower the investment costs in maintaining and upgrading legacy IT systems.
The Digital Embassy has assisted with digital transformation initiatives for a variety of clients and industry types. The highly competitive private health insurance market is one such industry where our agency worked with various funds across Australia to identify opportunities through consumer touch points to engage with members in a more meaningful way.
According to a market research report conducted by The Private Health Insurance Administration Council (PHIAC), around 11.5% of the value of all health services provided in Australia is paid for by a private health insurer and 47% of Australians, or 11.3 million people, hold an insurance policy. As part of our featured business transformation case study it was identified through our extensive customer analysis that the traditional claiming process at the time for private health fund members was both a cumbersome and manual process.
Members where seeking greater turnaround and transparency surrounding the processing of their rebates in order to allow them to extract greater value from their cover. Through the utilisation of a mobile claiming app product developed by The Digital Embassy called YourFund, we were able to automate and deliver this consumer experience, while also creating operational efficiency and cost savings for the business.
By ensuring the claiming information be able to be directly attributed to a member’s account, it provides the health funds with the ability to manage claims and push alerts to users through an online console complete with analytics, managed page content and policy uploads. This functionality helps assist in streamlining internal processes for the business, in a much faster manner with a reduction in the overall administration output for their teams.
Digital transformation is both contextual and individual, whether its implementation stems from a simple process requirement or is born from the need for foundational change and full-scale business remodeling. In whatever form it takes it can provide businesses with a valuable vehicle for growth.
The Digital Embassy provide strategic and consumer centric initiatives that are designed to help businesses transition their current practices to the latest technology platforms.
Our digital business consulting process is designed to help;
To discover the true value of a strategic and holistic digital business transformation for your business, contact The Digital Embassy today.