DIGITAL TRANSFORMATION
Digital Transformation: The price of entry
26 AUGUST 2020 |
MARKUS VAN AARDT
DIGITAL TRANSFORMATION BUSINESS PROCESS RE-ENGINEERING SOFTWARE DEVELOPMENT INTEGRATION MOBILE PAYMENTS HEALTHCARE SOCIAL SERVICES
As societies develop, we continue to find new and better ways to live our lives, heal the sick, stay in touch, educate our children, earn a living and trade for goods and services. We are living at the centre of one of the most significant social revolutions in centuries. Technology is changing the world, improving lives and destroying outdated businesses and industries wholesale. Companies are struggling to survive, not as a result of bad products or services, but because they are being overtaken by competitors that are able to leverage technology to better serve your customers.
WHAT IS DIGITAL TRANSFORMATION?
Digital transformation is a process employed by companies to re-imagine the way they operate through smart and focused use of technology. By introducing technology into everyday business processes and customer interactions, both the company and its customers can realise significant value. Similar to business process re-engineering (BPR), digital transformation re-engineers a business by integrating technology, people and processes in highly efficient ways.
WHY IS DIGITIAL TRANSFORMATION IMPORTANT TODAY?
Access to technology is getting easier and less expensive every day. Through the use of the Internet and smartphones, people in underdeveloped economies now have access to products and services previously reserved to their Western counterparts. It is estimated that the global number of mobile users in 2019 will grow from 6.8 billion to 7.3 billion by the end of 2023 [1], while the number of mobile devices will see growth from 13 billion to 16.8 billion over the same period.
Using these technologies, more and more people will demand access to products and services through these channels. Organisations must prepare themselves for this coming wave of digital customers.
WHAT IS DRIVING THIS NEW CUSTOMER?
Information is become increasingly accessible through the use of technology and allows the poor and excluded to rise above their circumstances and create better lives for themselves and their families. In underdeveloped and developing economies alike, mobile Internet technology is leading the charge to empowering the poor and economically underserviced. Access to even the most basic financial services, like mobile payments, can have a huge impact on societies.
Within developed economies the drive for product and service digitisation is forced upon companies by knowledgeable and informed customers. Once innovative customer experiences are introduced to a market through one competitor, customers will be flocking to them to reap the same benefit. This leaves older companies no other option but to adopt similar strategies.
In the digital economy, the customer and customer experiences are king and queen.
WHAT NOW?
Old and established markets are always prime targets for disruption through innovation. The leading innovation in these areas are streamlined business process and tailor-made information technology to support it. Often, however, the innovation grows from established players that manage to completely reinvent themselves. This is where digital transformation comes in.
By critically analysing an organisation and its processes, it is always possible to identify optimisation opportunities. Add to that well-crafted technologies and you could be halfway to leading the pack again. It is important to remember that the best results are only possible through an orchestrated process that incorporates all dimensions of the challenge.
WHERE IS DIGITAL TRANSFORMATION NEEDED?
Digital transformation is a tool for social upliftment to improve the lives of millions. We believe, however, that certain areas of everyday life can be significantly improved through these efforts:
MOBILE PAYMENTS allow shop owners in underdeveloped economies to quickly and inexpensively transact with their customers while the same platform can be used by migrant worker transfer funds to family back home. Through innovative new services this can even be achieved cross-border at a much lower rates than those offered by traditional banks and credit unions.
Digital platforms also bring advanced financial products to more consumers. DIGITAL BANKING and INVESTMENT makes it easier and more accessible to previously excluded economic participants to active engage within financial service providers and gain access to saving and investment opportunities.
Similarly, HEALTHCARE and SOCIAL SERVICES delivery can be improved to citizens while reducing the cost and complexity to government agencies. Similarly for SOCIAL GRANTS and PENSIONS.
Finally we believe any business that is still run on traditional analogue processes and methodologies can benefit through the OPERATIONAL RENEWAL that can be brought about through digital platforms, communication channels and digital communities.
NEED HELP?
Through decades of experience in creating technology and supporting similar transformation processes in mining and financial services, we can provide your organisation with the necessary support and guidance to transform your company and even your industry.
Contact us for more information