Digital transformation is the fourth industrial revolution that is designing the way companies work and do business. To stay competitive and thrive at the opportunities at the right time, industries are adapting to the digital workspace and changing their business models for a more disruptive and flexible approach. To follow the best digital practices, businesses need to ensure they have the right talent and must involve digitization into the very fabric of the organization leading to the changes in operations and involving the latest technologies.
The digital speed is much more than the traditional approaches and to keep pace with the changing trends, every organization has to undergo a digital transformation. To understand and transform the business into a digital workspace, it is imperative to analyze the current capabilities and then create measures to ensure the success of the organization digitally.
Business Continuity During Covid-19
Business continuity has become an evolving challenge during the pandemic but with the right objectives and approach, organizations can turn the wheel to thrive and sustain. Some organizations are even setting great examples by undertaking major changes to battle the situation. It can be done by:
- Utilizing the remote working possibilities and catering teams to monitor virtual workforce to measure quality, compliance, and insights
- Diversifying the organization’s workforce to have a more collaborative environment across borders
- Utilizing technical capabilities of automation to handle functions of accounts and finance department. For eg, using KlearStack to automate data extraction from unstructured documents like invoices and payment orders to reduce the reliance on resources and to increase the operational efficiency
- Using automation in multiple industries for safe and timely processing of business functions
- Designing a resilient yet flexible culture to adapt to the changing work environment
The Digital Parameters Important for Transformation
The transformation practices not just involve working out on the latest technologies but also require some profound changes to be studied and implemented in the organization. The management has to work at the root level to innovate the business models as per the digital outlook, create a new success evaluation approach suitable for the digital practices and rebuild the way they hire and utilize the digital talent. The detailed discussion on the parameters are listed below:
Designing Business Models: The first challenge with the companies is to understand their current business model and how suitable it is for the digital transformation. The management has to meticulously build and redefine new business models to launch the new ventures and thoroughly analyze the results and impact.
Creating Digital Operating Models: The operational efficiency of the new business models and the implementation is another important parameter to be studied for a successful transformation. Re-examining the delivery of the business models and changing the way teams interact and perform the various tasks, is critical for creating a flexible operating model.
Performance Metrics: While moving the business from traditional to digital architecture, the conventional performance indicators are no longer valuable and the organizations need to create new metrics suitable for digital practices.
Hiring Digital Talent: A well- trained and skillful talent is imperative to understand the intricacies of undergoing an overhaul in business practices, and hiring new talent and training the current staff is a measure to implement it. The organizations need to create frameworks and communication strategies for leading to a digital era.
Importance of Digital Transformation
The transformation seems to be an uphill task, but to stay ahead of the competitors and grow in the disruptive market, it is crucial as well. Below are some of the reasons why it is becoming essential for a digital shift and how organizations can reap the benefits of the change.
Strong Business Partnerships: Digital transformation offers solutions to the obstacles of document-based communication and helps in increasing the efficiency of the system. As the competition to produce the products and services that interest people is soaring, businesses have to be more collaborative and efficient. Technology can help in streamlining and redesigning the processes that are accurate, transparent, and efficient. Solutions like KlearStack that can help in transforming the workflow to create template-less extraction from the unstructured documents is an added advantage. The deep learning solution can save the effort of the departments that are heavily reliant on the manual processing of the physical documents and increase the operational efficiency of the organizations.
Better Decision Making: Data analytics is at the heart of the digital transformation, and organizations can take leverage of the big data to make better and informed decisions. Organizations today are inundated with the unstructured data and information, and by using the set of analytical tools, it can be converted to form actionable insights. Analytical tools can be directly integrated with the business operations and processes to have direct access to the data and create a data cycle. The next step in digital transformation is coupling the cognitive technologies with the digital tools to provide insights on the complex issues. It can also help in gaining access to the unexplored possibilities and avoid escalation of the prevalent risks.
Networking at the Workplace: Every organization works to create better networking and communication at the workplace to increase productivity and improve the interactions for better collaboration. Digital transformation helps in core business operations like finance, HR, and customer experience by playing a pivotal role in enhancing the individual roles of the employees. A supportive network within an organization is the key to motivating the staff and increasing the effectiveness and efficiency of the tasks. As the employees progress from the manual processes to the digitally-enabled system, they become more effective in their primary roles and have time to learn new skills as well.
How Can We Help?
Business progression in the growing digital era is ineffective without transforming the business, and to effectively do that, working on the technological shift is important. We at KlearStack help the clients to automate their manual document processing tasks with the advanced NLP and artificial intelligence-based platform. To know more about us, download the free e-book today.
It’s high time that organizations across all domains and irrespective of the organization size should adopt such AI based tools to reduce the wastage of resources and leakages in the cash-flow. If you would like to schedule a demo with us click here.