5 Areas That a Business Should Focus On For Digital Transformation

by | Published on Jun 1, 2020 | Document Conversion / Scanning Services

Digital Transformation

In order to meet the rising customer expectations and stay competitive, businesses need to build new capabilities. To expand opportunities, businesses are switching from a traditional to a modern mode of operations, a change which is called digital transformation. Digitizing revolutionizes the way you serve your customers, improve competitiveness, and expand into the global market. Today, each business, regardless of whether they are small or big, competes in a virtual, digital space that offers fair ground for competition. Document conversion services can provide businesses with comprehensive support in their efforts to go digital.

When an organization goes digital, it is important to ensure that all important information about the customers, employees and shareholders are kept safe. For digital transformation, businesses should have a proper strategy that supports clients, fuels product innovation, provides new services, disrupts existing operating models, and creates new ways to retain employees with the right skills. Here are five areas that business should focus on when implementing digital transformation:

Planning and Forecasting: Planning usually takes place only once a year in almost all business organizations, though in a few organizations it happens only on an executive’s request. This is not the right approach because business assumptions change as the business changes. Around 48 percent of professional service firms agree that their own KPIs are not reflective of the digital era. For example, head count planning is separated from other financial data and many businesses lack the ability to understand the skills required on each service area. Traditional planning that begins from the bottom and moves upwards is a disconnected process with limited data and dimensionality and most firms focus only on high-level planning, and make assumptions abputfull-time equivalent (FTE) and worker-type levels (www.forbes.com).

Digital planning processes allow focus on active planning that uses data from live sources, improves business operations, and links more participants in the process. Expanding the head count planning process can help you include service lines, recruiting, and human capital.

Business that do not adopt innovative measures are likely to fend off new competitors. Whenever there is a change in business there should be proper visibility in business conditions, along with solid planning and forecasting. All businesses should plan and execute operational strategies according to the rapidly changing business environment.

Global Resource Management and Staffing: Leaders assign people to work projects but they may not have a proper idea as to whether they are the right people for the right task. Getting your resource processes online and integrating with the your HR, financial and planning systems provides a fuller view of employee availability for project assignments, paid time off, global holidays for project requirements and specific skills required. This also helps in resource forecasting and talent optimization.

Talent Management and Development: One of the main reasons for employees quitting their job is boredom due to long hours of work. Business firms often struggle to identify and utilize the existing skills in their workforce. The workforce may have the expertise required for the business but may be unable to channels the skills to match with relevant opportunities. Having a digital employee engagement strategy that includes continuous learning and a guided career journey can nurture your workforce. According to a survey by LinkedIn, HR thought leader Josh Bersin says “employees who spend time at work learning are 47% less likely to be stressed, 39% more likely to feel productive and successful, 23% more ready to take on additional responsibilities, and 21% more likely to feel confident and happy”. Therefore, along with traditional compliance and corporate supports the professional growth of employees. A digital foundation with information about career paths, mentoring opportunities, and mobility across different services lines and even geographical locations helps businesses guide employees to access new opportunities and also makes them more productive.

Client and Profitability Tracking: The success of a business depends on having a clear understanding of profitability across service lines, customers, and regions. But business often ignore project level profitability which is a major component of profitability analysis for business services. Earlier project profitability was disconnected from financial planning and reporting process. Making tracking project profitability a standard practice is an important KPI that should be incorporated in your professional service automation process. This will help to track costs and revenue in real time.

Billing and revenue management: Having visibility into end to end and contract to cash processes can be difficult. Indicators of manual and disconnected monetization processes are one-off contracts, spreadsheet-based pricing, invoice confusion, revenue leakage, and lengthy close processes. Business firms also may lack the agility needed for developing innovative service offering. Cloud-based technology solutions allow for holistic and agile monetary digitization. It’s also important to minimize the number of touch points and solutions and streamline contract-to-cash processes. This will provide the opportunity to innovate and make supporting new revenue streams easier.

Documents conversion services help businesses digitize their key processes,which improves agility, streamlines operations, reduces manual tasks, cut costs and propels growth.

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