Digital transformation is a tool for change. Sometimes referred to as business digitalisation, digital transformation is a tool that businesses can use to update systems, improve the quality of their services, and ensure they meet the requirements of regulatory bodies. However, these general improvements tell you a lot about the practice, but not how it will affect your business. We’re going to look at what digital transformation is as well as some of the benefits of this shift on sectors to give you more insight into how transforming the way you work can improve workflow, morale, and more.
Finance
The finance sector is one of the biggest areas for digital transformation. Modern customers expect services that are available online with up-to-the-second updates and information. As such, going through a digital transformation process and updating all your systems to more modern and intuitive versions can help with this expectation and open the door to new services.
Some of the ways financial services can benefit from transformation includes;
Simple data accessibility and management – Searching through digital records can be much quicker, and less costly than traditional paper systems.
Improve efficiency and revenue – Digital transformation tools can help streamline processes, free up time for team members to focus on other tasks, and potentially provide new revenue streams through services.
Discover new insights – Using automation and AI can also mean finding new data sources, or making use of your existing data better.
These benefits will require investment however, as the time, money, and training required to update systems can be costly. To overcome this, the c-suite and leadership teams need to work with business transformation partners, and the boots-on-the-ground staff to understand where and how digital systems can best support their needs.
Property Management
For property management, digital transformation can be a huge boost to your business, speeding up paperwork processing and carrying out checks. The property industry is one that often relies on traditional systems, especially legal and regulatory paperwork, which can end up frustrating customers and dragging out the process.
However, where possible and feasible, updating your paper systems with business digitalisation can help speed up these processes and give you an edge over your competitors. Some of the key ways digitising property management can help you compete is:
Scalable management – Managing leases and contracts, renewal dates, and other important information is faster with a digital system that allows for easier organisation, storage, and searching.
Improved communication – Digitisation means having information closer to hand so your team can support tenant or owner queries, disclose information to any tradespeople or governing bodies, and more.
Security – Handling sensitive information requires up-to-date security practices. By moving systems into a single, controlled, digital space allows you to control the environment, access, and track who uses what when. This is more secure than boxes of documents stored onsite. While it may take time and money to get a digital transformation project across the line, going through the process can speed up processes and give you a competitive edge.
HR
HR operations have been some of the early adopters of digital transformation. You only need to look at brands like Bright HR, Workday, and PwC to see how digital HR has become the norm. In this sector, being digital is a must, especially as companies look to manage teams who work remotely or across several countries and continents.
Some of the benefits of using digital tools in HR management include:
Better talent retention and upskilling – As with most companies, employees want to improve their careers and move from strength to strength. Digital transformation helps you stay on top of progression and rewards, and allows your best and brightest to feel appreciated.
More accurate data and feedback – Digital transformation allows for more accurate use of data and can help you find pain points or opportunities quicker. This is true for clients, as well as team members, and provides you with the information you need to address concerns or provide updates.
Consolidated HR management – By bringing all your HR practices together, you can cut down on the number of manual processes and provide a single, streamlined HR service. This can be used to manage leave, sick days, training, and more, all from a single application.
With HR, the changes that digital transformation can bring are far easier to see with administration one of the key areas for improvement. This is understood by most companies with reports stating:
“67% of recruitment professionals believe that AI has a positive impact on hiring and not just in cutting costs.”
As such, there is no time like the present to experiment with digital transformation. Start with your HR systems, see how it can work for your internal organisation and then roll out your changes to external systems. It really is the best case study for your team and c-suite.
Insurance
Another sector which has embraced the digital landscape is insurance. This industry is one riddled with regulatory requirements, as well as the secure management of personal data. Understanding what digital transformation is can help you see how digitalisation supports these demands and more by providing a framework where you can monitor, analyse, and improve services to benefit customers and your team.
Some of the areas most commonly associated with digital transformation in insurance include underwriting, actuarial practices, payments, collections, and claims. These actions can take up a load of time and necessitate a large amount of your team’s time being spent filling in information and ticking boxes.
By going digital you can cut down on this time drain and give yourself a competitive advantage with faster, more bespoke service, as well as specialised products informed by the data you receive from customers.
Despite these positives, it’s worth considering the cost and security required to update systems to a full digital setup. From complex integration of existing systems to rigorous compliance and security measures, making the move is not an easy task. That’s why we recommend working with a professional team to update your paper systems and create bespoke digital platforms that fit your needs. These may require initial investment, but once adapted (and adopted) can be turned into powerful tools for change.
Legal
Finally, the legal sector is another industry that is perfect for digital transformation. Much like HR and property management above, it is highly dependent on traditional paper systems and processes.
Updating legal processes and document storage to a digital platform can help immeasurably as it allows for better communication and storage across the board. This runs the gamut from setting up meetings with automated tools to ensuring documents are stored securely.
Similarly, cases and documents can be organised for better learning, be it consolidating cases by similarities and type or managing the resources each case needs. The opportunities are endless for a sector that relies so heavily on administrative processes.
Start Your Digital Transformation Today
As you can see, there is no one-size-fits-all solution when it comes to digital transformation. Instead, these tools can be altered to your industry and business needs. From smaller projects for individual processes to overhauling entire systems, the only limitations for digital transformation are time and budget.
When done correctly, this investment in transformation can provide the cutting edge you need to beat competitors and provide a level of service that is both efficient and effective for your clients.
If you’re interested in finding out more about the transition from paper to digital systems, contact our team today. As a leader in both digitising documents, secure storage, and developing digital solutions for clients, we are perfectly placed to help you identify where and what can be transformed.
Don’t get left behind. Start with a single process today and see how going digital can help you, your team, and your business thrive. Contact our team to find out more about what digital transformation is and how Dajon can help you today.