We can all agree that digital transformation (DX) is not easy.
Many companies do not think as part of the digital world and struggle with fragmented systems and complex operations. But to operate in a digital-first environment, companies are increasingly involved in digital transformation. If your organization finds it difficult to provide a flawless experience, your customers will go elsewhere.
Digital transformation is difficult to achieve for many reasons. A recent digital transformation report shows that while 77 percent of organizations have started their DX journey in the past two years, only 27 percent have completed it.
The big question is, what separates successful DX companies from the rest? The story shows that successful DX leaders changed the end-to-end process, focused on transforming the complex parts of their business, committed to DX efforts, and embraced low code.
Learning from success
Instead of pulling everything out and starting over, companies should use the right technology to support their organization’s transformation efforts.
In my years of experience in software technology, I have seen many success stories of making the right technology investment decisions. Here are five successful digital transformation stories that explain why you should consider the right technology to be successful in your DX journey:
1. Life insurance companies are changing claims management to low-cost platforms
A US Fortune 100 life insurance company struggled to manage multiple email, fax, audio call centers, and manually coordinate and integrate research findings.
[ Also read Digital transformation: 3 tips to overcome common challenges. ]
Their legacy IT system was a major stumbling block in their efforts to transform their customer complaint management and field office audit processes. The system lacks consistency and flexibility, leading to error-prone complaint handling and missing administrative documentation. And the lack of history added to their woes.
The company implemented a low-cost digital transformation process to address issues of manual reporting management, lack of timely reporting, and compliance with FINRA and other regulatory requirements. They achieved end-to-end digitization of the research process, ensured 360-degree vision, tracking, and analysis, handled large media files without problems, and established advanced media systems for real-time situations. The platform also enabled collaboration and quick communication with intuitive portals.
2. Fortune 500 insurance companies are changing document management to ECM systems
One of the largest publicly owned accident insurance companies in the U.S. maintains a complex claims and paper/electronic process involving multiple plaintiffs and defendants, spanning more than a year a few.
The company’s reliance on paper-based communications caused security concerns for critical information exchanges, plus high costs due to paper security, and limited remote service options. The lack of a central platform made it difficult for them to manage documents effectively, hindered transparency, and caused delays in litigation.
The organization implemented a comprehensive enterprise content management system that enabled them to effectively manage half a million books/ebooks for various departments, spanning multiple offices in North America and a 350+ business team.
The platform enabled seamless collaboration between business lines and multiple distributed teams with high security and access control, reduced cost of ownership by 25-30 percent, improved security by 15 percent by reducing electronic storage of duplicate documents, improved document search and retrieval capabilities. , and others.
3. Health insurance companies change points and improve star ratings
A Fortune 50 health insurance company with more than 1 million providers in all 50 states faces many operational challenges, including reliance on legacy systems, lack of automation across systems, integration, and data access very important.
The organization implemented a low-cost digital transformation process to transform several critical processes: managing claims and complaints, provider contracts, Medicaid and Medicare enrollment, claims processing, and complaint tracking. The platform gains more than 10,000 users per day, increases efficiency by 154 percent, improves annual savings to $20 million, processes more than 5 million cases per year, and improves the company’s CMS star rating.
Now that’s what we call a win!
4. Fortune 500 IT distribution changes accounts payable
A distributor of IT products and services is looking for a solution that can help them simplify and standardize their invoice processing across different geographies. But antiquated systems, reliance on multiple systems, and scattered information sources were obstacles and made it difficult for the organization to manage its large invoices. Also, a busy schedule leads to scheduling and manual errors.
By implementing a low-cost digital transformation process, the organization empowered employees to perform repetitive tasks while mimicking human behavior and maintaining existing infrastructure and systems. The solution also helped the company streamline its end-to-end invoice management process, reducing the invoice processing time to 2 days for 92 percent of invoices and seamlessly accepting country-level processing to meet requirements civil law.
The organization improved decision making, improved quality and visibility, improved physical invoice quality by 99 percent, and processed up to 10,000 invoices per FTE annually.
5. US bank change onboarding
A US-based bank wants to provide a seamless customer experience across channels (portal, mobile, branch and contact point) and provide a personalized account opening experience. However, lengthy process times and inconsistent onboarding experiences undermined their customer experience and increased abandonment rates.
The bank developed a digital account opening system that integrates with 14-15 different systems, including central bank, cash, fraud checks, OFAC, debit cards, and others. The solution captures and extracts information from documents, forms and social media uploads seamlessly, results in real-time data support, and more.
After implementing the solution, employee productivity increased by 300 percent, and the volume of new accounts opened through new channels increased by 10x. The bank is also introducing transformational initiatives across its commercial lending portfolio, as well as initiatives across its commercial lending portfolio.
Digital transformation is complex but doable. These reports report that your performance can be confusing, but the right technology can help alleviate the stress. A fully digital converter powered by low-code can give you quick wins and help you be future-ready.
[ Get answers to key digital transformation questions and lessons from top CIOs: Download our digital transformation cheat sheet. ]