Digital Acceleration is the evolution of Digital Transformation, most businesses had been transforming how they worked for years, but the arrival of a COVID-19 global pandemic transformed how organisations worked was not enough they had to adapt and accelerate the need for change.
There has always been an understanding that businesses need to be flexible, however many underestimated just how flexible they would need to be when COVID-19 hit. In the wake of the pandemic businesses hastily transitioned to, for some entirely new business models to accommodate remote working and contactless delivery methods. Twilio reported that the pandemic accelerated the move to digital communication by an average of 6 years. It was obvious that some organisations struggled with this change and the need to streamline workflows to make data more accessible for their workforce, thus giving birth to the age of ‘Digital Acceleration’ and the adoption of digitised process management.
Camwood has seen the changes new innovative technologies such as Cloud services, Machine Learning, Artificial Intelligence, and Mobile Tech have had on business processes and how they have driven automation and digitisation providing businesses with new insights and opportunities. The next step is for businesses to switch their focus to digital acceleration and embrace new technologies as part of their business strategy.
What can Digital Acceleration do for you?
Embracing new technologies is only part of the journey. The way businesses adopt the technologies will determine how they will benefit, and unlike the previous iteration of a ‘Digital Transformation’ the changes that occur with a ‘Digital Acceleration’ program, rarely require an internal technical team to implement but harnesses the power of automation to free up resources which can be allocated to other departments within a business.
These are some common benefits that can be achieved for all organisations on this path:
Digital Acceleration gives businesses the ability to access real-time data, metrics, and new methodologies, paving the way for them to identify new opportunities. Thus, allowing early adopters of new technologies to create new USP to offer above that of their competitors.
Reduced Labour Costs/Financial Savings:
Tried and tested software (traditional) no longer fits within modern business processes and often can create bottlenecks and challenges. Managing these outdated methods becomes costly requiring expensive development periods to fix singular problems. This can result in many highly skilled employees losing hours doing repetitive and manual tasks embracing Digital Acceleration is a low-cost, High ROI solution to these challenges.
Improved Decision Making:
All businesses make the decisions that would be best for the business and based on the information that they have to hand, if the data is missing, fragmented or incomplete then this could create a misinformed decision resulting in costly mistakes being made or bottlenecks in processes.
Data acceleration creates a central hub integrating information for ease of access, thus creating a more streamlined approach allowing organisations to generate reports, analyse the impact of change, identify services previously in data silos and unlock potential new product services.
As all businesses evolve so will their need to constantly adapt and future proof, the COVID-19 Pandemic will not be the last chance to impact the digital world or business. Many changes will impact this such as consumer behaviour, new technologies, and social trends redefining business ecosystems.
Businesses that want not only to survive but thrive and expand need to adapt quickly during these periods of uncertainty otherwise they can’t scale OR won’t be able to scale up at the speed it needs to. The introduction and use of cloud services within the new digital technologies enable organisations to scale up without causing any significant disruption or any need for complex transitions.
The processes of Digital Acceleration can be adopted by organisations and businesses across all industries for instance:
|The majority of organisations in this industry sector have adopted digital business models, moving online has allowed them to take advantage of opportunities that have arisen to expand not only their customer base but the service offerings they have, and in some cases that would never have been considered in their previous business strategies.
|This industry started to digitise before the pandemic, but in the wake of the pandemic, they have accelerated their digital adoption further. Organisations have expanded their services by utilising digital applications and expanding into investment services and new online methods of banking.
|Insurance companies have embraced digital initiatives using their cloud resources to collect data and analyse it with ML (machine learning) and AI (Artificial Intelligence) to automate claims processes, freeing up time previously attributed to manual intervention. This new way of working has increased profitability, functionality, and customer retention.
|Digital initiatives have allowed healthcare companies to digitise, many now use video streaming and mobile apps to remotely diagnose and prescribe treatments. They can also onboard patients, update patient records, and communicate with stakeholders instantly, allowing them to continuously provide the support needed throughout the pandemic but also future-proofing them for any further changes.
As we move away from the pandemic there is what has been branded the ‘Age of the Great Resignation’, at Camwood we feel this is in response to organisations struggling to adopt the Digital Acceleration ethos for many different reasons. We feel that we can help break down the stigma associated with a digital acceleration project, it is not rocket science, but it is also not easy, here are a few things we believe can aid with the change.
Drive change from the top
For change to be successful digitisation needs to be made a priority throughout the entire business. We have found that when CEOs and other members of Leadership teams are invested and engaged in the change the entire business will be, for it is not just the process that is changing but the organisation’s culture.
Start Small and grow
Previous digital transformation projects have been known to fail because there has been an attempt to overhaul the entire business. So, when starting this journey, it is best to start with smaller projects, that can be delivered quickly and provide the most benefit, this approach will also help with understanding the key changes taking place within any company, and will enable you to keep the focus on how and when to scale outwards for the rest of the business.
For more information on how Camwood can support you on your Digital Acceleration journey contact one of our team today who will be happy to discuss this in more detail.