In today’s era, digitisation is essential for businesses to stay relevant and competitive. However, simply digisiting processes or data is not enough to fully realise the potential benefits. Having an implementation strategy in place is crucial to successfully derive value from digital transformation. Many organisations may be tempted to opt for short-term fixes rather than embracing a strategic, long-term approach.

Quick fix solutions often address immediate issues without having a thorough understanding of the organisation’s future goals. The lack of a strategic vision is likely to result in fragmented digital initiatives that fail to contribute to the business’s overarching business objectives.

Though a Band-Aid solution may capture and analyse data to address the now, extracting valuable and enduring insights from data requires a more holistic approach that leverages advanced analytics and machine learning.

A quick fix may initially seem cost effective however it can ultimately result in increased costs due to continuous adjustments, maintenance, and additional solutions needed to address evolving challenges.

Here are key themes to consider when planning to deploy a long-term digital transformation strategy:

Data Utilisation: Businesses should be generating and capturing a vast amount of standardised and accurate data from which they are able to extract meaningful insights to drive informed decision making. This involves leveraging data analytics and machine learning tools to effectively interpret the story the data is telling over time and determine what actions need to be taken.

Interoperability and Integration: Interoperability is essential for creating a connected ecosystem that enhances collaboration and efficiency within an organisation. It is important for data to flow effortlessly between different departments and systems e.g. employing an API-first approach means that digital solutions seamlessly integrate with other systems and third-party services increasing the speed and quality of integration and as well as creating a more scalable and maintainable solution. 

Automation: Digitisation is likely to open the door to automation opportunities, namely, businesses can streamline their processes by automating repetitive tasks, reducing the risk of human error, and increasing efficiency. The resulting time and cost savings can free up human resources to focus on more strategic and creative aspects of their role as the business scales.

Enhancing the Customer Experience: Today’s customers demand more seamless, digital experiences. To increase customer stickiness and retention, organisation should strive to improve the overall customer experience, for their end customers, internal stakeholders, and business ecosystem alike. This could involve developing user-friendly interfaces, leveraging AI to offer personalised services based on customer data, and utilising digital channels for communication and engagement e.g. digital assistants.

Agile Culture: Digital innovation and transformation create a need for an agile organisational approach and change management. Building an agile capability empowers organisations to launch, learn, and re-launch digital initiatives, swiftly reacting to the changing macro-environment and micro-environment. If a business developed the ability to quickly sense and respond to change, they can stay ahead of the curve and gain competitive advantage.

Cybersecurity Risks: Rapidly implemented solutions may overlook robust cybersecurity measures, exposing the organisation to increased digital risks. A lack of thorough security protocols can lead to data breaches and compromise sensitive customer and business information. Cybersecurity is the invisible capability behind every successful digital transformation implementation and one cost which businesses should not hesitate to invest in.

The future is here, and the pace of change will only increase as new technology emerges to disrupt the way things are done. As you plan your digital transformation strategy think long term – partner with organisations that share your vision and deliver innovative, forward-looking thinking solutions. Build and empower your internal team to thrive on agility and change with customer centricity at the heart. Invest in the technologies make you go faster while reducing risk and make data central to everything you do. Keep the words of Albert Einstein in mind – “The measure of intelligence is the ability to change.”

Valocity India CEO

Author: Sovan Mandal
Chief Executive Officer – Valocity India

Sovan brings over 20 years’ experience in financial services in India and abroad particularily in growing and scaling teams, and innovating products and services across Retail Finance, Credit Cards, and the Mortgage industries to deliver enduring customer success.