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Smarter data capture is instrumental to succeed in the today’s business landscape. Organizations face a steady influx of information across a growing number of digital and physical touchpoints – all of which contains essential data to drive business processes and enable automation. It’s clear a monumental change is occurring, but how can organizations capitalize on the opportunities while avoiding getting left behind?
Digital transformation can disrupt myriad consumer and corporate services. Consider the effects of Netflix’s digital streaming on Blockbuster Entertainment’s physical stores. Or the impact of ridesharing apps like Lyft and Uber on traditional taxi services.
Digital transformation, therefore, is essential. And what this ultimately means is digitizing processes for improved process transparency and accuracy, ease and speed of transaction, customization and satisfaction from the customer experience.
This has become such a major topic that IDC predicted at least 70 percent of Global 500 companies would have dedicated digital transformation or innovation teams by the end of 2017. They also predict "born-digital" processes (i.e. the digitization of new and existing offerings to increase operational efficiency and effectiveness) will become the core measure of enterprise performance by 2020.
To realize the "born-digital" state, however, organizations are going to have to address three core challenges:
Intelligent information capture needs to be the first step in the digital transformation process. Organizations must move away from the traditional optical character recognition solutions and find ways to capture data from a wider variety of input sources. And they must find a way to capture, classify, extract and verify the data before integration with downstream processes.
Data context is necessary for better business decisions. Data analysis needs to occur within the context of the customer's needs and be cross-referenced with internal pre-set rules and policies. Unstructured data will require even more sophisticated approaches for capturing, analyzing and extracting intelligence into business processes. Organizations who can harvest intelligence from structured and unstructured data effectively and efficiently will ultimately be able to make better, faster business decisions.
Line of business owners must persuade the C-suite to transform. As business processes owners and those most directly impacted by digital transformation requirements, they are in the best position to demonstrate the urgency and potential benefits to the upper level.
Addressing these challenges head-on will enable organizations to extract the maximum value from the data assets that they collect and generate and to leverage this value into success in their markets.
Tomorrow’s technology is shaping business today. To learn more about how MNP can help manage your digital transformation challenges, contact John Desborough, Director Consulting and Technology Solutions at
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