We can all agree that digital transformation (DX) is not easy.
Most enterprises were not conceptualized as part of the digital world and are struggling with fragmented systems and complex operations. But to operate in today’s digital-first environment, enterprises are, more than ever, engaged in some form of digital transformation. If your organization is finding it challenging to provide a seamless experience, your customers will go elsewhere.
Digital transformation is hard to achieve for many reasons. A recent Digital Transformation Report indicates that while 77 percent of organizations have commenced their DX journey in the last two years, only 27 percent have completed it.
The big question is, what distinguishes successful DX enterprises from the rest? The report indicates that successful DX leaders digitally transformed end-to-end processes, focused on transforming complex parts of their business, are committed to the DX efforts, and embraced low code.
Learning from success
Instead of ripping everything out and starting over, enterprises need to harness the right technology to support their organization’s transformation efforts.
In my years of experience in software technology, I have witnessed countless success stories spun by the decision to invest in the right technology. Here are five successful digital transformation stories that narrate why you must consider the right-fit technology to succeed in your DX journey:
1. Life insurance firm transforms complaints management with low-code platform
A U.S. Fortune 100 life insurance company struggled with handling large volumes of emails, faxes, call center audios, and consolidating and merging audit findings manually.
[ Also read Digital transformation: 3 tips to overcome common challenges. ]
Their legacy IT system was a significant bottleneck in their efforts to transform their customer complaints management and field office inspection processes. The system lacked scalability and flexibility, leading to error-prone complaint handling and missing regulatory filings. And a lack of real-time reporting added to their woes.
The company implemented a low-code digital transformation platform to address the issues of manual complaint handling, lack of real-time reporting, and compliance with FINRA and other regulatory requirements. They achieved end-to-end digitization of the inspection process, ensured 360-degree visibility, tracking, and auditing, seamlessly handled large media files, and set up an advanced reporting mechanism for real-time status on cases. The platform also enabled collaboration and accelerated communication with intuitive portals.
2. Fortune 500 insurance company transforms document management with ECM system
One of the largest publicly held property and casualty insurers in the U.S. handled complex claims in paper/electronic format involving multiple plaintiffs and defendants, spanning over several years.
The company’s dependence on paper-based interactions caused security concerns over highly sensitive information exchange, entailed high costs due to paper storage, and limited remote work options. The lack of a centralized platform made it difficult for them to manage documents effectively, hampered transparency, and caused litigation delays.
The organization implemented a holistic enterprise content management system that helped them effectively manage half a million paper/electronic claims for various departments, spanning multiple offices in North America with a team of 350+ business users.
The platform enabled seamless collaboration among lines of businesses and multiple distributed teams with advanced security and access control, reduced fixed real estate costs by 25-30 percent, improved savings by 15 percent by reducing electronic storage of duplicate documents, enhanced document search and retrieval capability, and more.
3. Health insurance firm transforms key processes and improves star rating
A Fortune 50 health insurance organization with over 1 million contracted providers in all 50 states faced several operational challenges, including dependence on a legacy system, lack of automation across processes, manual hand-offs, and access to critical data.
The organization implemented a low-code digital transformation platform to transform several critical processes: handling appeals and grievances, provider contracting, Medicaid and Medicare enrolment, claims processing, and complaint tracking. The platform caters to over 10,000 users daily, increased efficiency by 154 percent, improved annual savings to $20 million, processed more than 5 million cases annually, and improved the company’s CMS star rating.
Now that’s what we call a win!
4. Fortune 500 IT distributor transforms accounts payable
A distributor of IT products and services was seeking a solution that could help them simplify and standardize their invoice processing across different geographies. But outdated processes, dependence on multiple systems, and scattered information sources served as a hindrance and made it difficult for the organization to handle its large volume of invoices. Furthermore, labor-intensive processes led to processing delays and manual errors.
By implementing a low-code digital transformation platform, the organization successfully empowered users to automate repetitive tasks and mimic human actions while maintaining the existing infrastructure and systems. The solution also helped the organization streamline its end-to-end process of handling invoices, reducing the invoice processing turnaround time to 2 days for 92 percent of invoices and seamlessly accommodating country-level configurations to meet local regulatory requirements.
The organization accelerated decision-making, enhanced quality and visibility, improved physical invoice initiation by 99 percent, and processed up to 10,000 invoices per FTE annually.
5. U.S. bank transforms onboarding
A U.S.-based bank wanted to offer a seamless customer experience across channels (portal, mobile, branch, and contact center) and provide a more personalized account opening experience. However, lengthy process cycle times and an inconsistent onboarding experience marred their customer experience and increased the abandonment rate.
The bank implemented a digital account opening solution that integrated with 14-15 different third-party systems, including core banking, funding, fraud check, OFAC, debit card, and more. The solution seamlessly captured and extracted information from uploaded documents, forms, and social media, performed real-time data validation, 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 driving transformation initiatives across its commercial lending process, and initiatives across its retail lending process are in the offing.
Takeaway
Digital transformation is complex but achievable. These stories recount that your operations might be steeped in complexities, but the right technology can help iron out all the creases. A holistic digital transformation platform powered by low code can give you quick wins and help you become future-ready.
[ Get answers to key digital transformation questions and lessons from top CIOs: Download our digital transformation cheat sheet. ]
