This weekend, we were in a competitive situation for a dream home in Kansas City. We had several rounds of changes to our offer agreement as we negotiated against multiple motivated buyers. Time and flexibility were critical as we were against a tight dead line. Several conversations between us and realtors representing buyers and sellers and lenders took place. We got our signed documents in by the 5 pm deadline for a final decision from the seller. The result; we got our dream home.
What does this have to do with digital transformation? We were touring Dallas’s AT&T stadium on Saturday prior to the Chiefs vs Cowboys football game when we had to sign 60 pages of legal documents. We were able to review and sign the documents on our smartphones. Fortunately, our realtor works for an agency that has been a leader in transforming their office processes.
This shows how the complexity and pace of customer demands have changed, which means you’ll have to evaluate if your operations are keeping pace. Relying on manual processes and paper-based information is no longer sustainable if you want to compete. There are more and more companies willing to step in and take your market share.
Digital transformation is a strategy to compete in a rapidly changing digital economy. Successful digital transformation is dependent upon leveraging innovative technology that streamlines the performance of your organization.
Why is digital transformation important?
Companies that embrace digital transformation have a significant edge. Being more responsive and agile to customer needs is a must these days or you risk losing business to a competitor that can. The old way of doing things is no longer sufficient – automating manual processes and ensuring consistency and efficiency is key.
Taking an incremental approach is a smart way to get a jumpstart on your path to digital transformation. The Digital Transformation Model includes the following five phases:
- Digitize: Convert paper into an electronic filing cabinet for digital archiving and retrieval
- Organize: Categorize documents and manage information in a secure, central location
- Automate: Digitize processes through electronic forms to improve accountability
- Streamline: Gain visibility into operations and increase efficiency of processes across the organization
- Transform: Drive innovation by leveraging analytics to align processes with business goals
The benefits of digital transformation grow exponentially as your organization moves through these steps. You can quickly transform how your customer orders are processed, how you pay your vendors, or how you hire and motivate your employees. There are many simple ways you can leverage your organizations knowledge and information to make fast and informed decisions. Most importantly, you can add new customers that expect you to be able to meet their needs.
Are you interested in learning more about where your business falls in the Digital Transformation process? Click here to download the Laserfiche Digital Transformation Model:
Originally published November 13, 2017, updated April 23, 2018