12 Jul Three digital strategies for companies that have fallen behind
Globalisation, digitalisation and automation are fundamentally changing the way businesses interact with their customers and the way people work. And while some organisations have embraced digital disruption and used it to their advantage, it appears many have fallen behind in the digital race.
Research conducted by Gartner in 2018 found a mere 8 per cent of companies are getting results from digital transformation activities. McKinsey found similar results in a global survey they conducted across sectors and geographies.
As technology continues to advance, digital laggards are faced with a significant decision – adapt or be prepared to be left behind. So, what do companies need to do to get ahead? Here are three things organisations can do to survive and thrive in the digital world:
- Upskill Talent
The landscape of the workforce is changing; as technology replaces traditional roles (particularly more routine tasks), leaders are faced with their organisation’s being relevant in the workforce. Similarly, workers are very aware that their jobs are changing and are keen to improve their skills, so they remain relevant at work.
According to Deloitte’s 2019 Global Human Capital Trends report, leaders revealed their concerns on how technologies such as robotics and AI could change jobs and how they should prepare for this. Encouragingly, 31 percent of respondents leaned toward training verses 7 percent toward hiring. Eighty-four percent also said they were increasing their investment in reskilling programs.
Furthermore, partnering with organisations like TAS who can provide companies with Managed Service Capabilities for applications, databases, systems and digital platforms can free up valuable talent to be upskilled to move into more innovative digital roles within the organisation. Investing in current staff and reskilling the workforce will ensure staff satisfaction, retaining strong staffing levels, and success in the future.
- Customer experience is key
Many organisations acknowledge that providing an enhanced customer experience is the key to differentiation with customers seeking a more sophisticated digital experience. The world has changed to the point where we want to control our life from the palm of our hand, and there is no going back from this. By putting the customer front and centre of the organisation, embracing digital transformation is a given because customers expect to conduct their business digitally. The use of technology is actually the key to improve employees, customers, partners and stakeholders experience.
- Chose the right technology partner
One of the primary considerations to keep in mind is that you don’t need to implement a digital transformation plan on your own – partnerships lead to greater digitalisation. Recent research conducted by TAS for the TAS Insurance Report 2018-2019, showed close to half of the leaders interviewed said they are considering new partnerships with start-ups, such as Insurtechs and RegTechs to drive future growth.
Similarly, in TAS’ 2018 Banking Industry Report results showed partnerships with FinTechs were an untapped opportunity. It appears that strategic partnerships and alliances are not yet being fully utilised and leveraged to ensure they remain relevant and customer centric.
Equally, sourcing a trusted technology partner who provides end-to-end compliant solutions and is across emerging technology trends goes a long way in transforming to a digital world.
Organisations who embrace digital transformation set themselves up with a competitive advantage. They have the tools to outperform competitors and achieve great results. On the other hand, those who are reluctant to adapt, face a lack of competitiveness in the market and may ultimately see their performance suffer. Digital transformation is here to stay, our advice: join the revolution or be left behind.
To find out how TAS can help your digital transformation plan, contact us here.