By: Kathy Kent Toney, CEO & Founder of Kent Business Solutions
Business leaders these days feel stymied on how to save time and money in their business. With runaway inflation and stock market declines, many are uncertain how to find relief.
There are many options, but one stands heads and shoulders above the others: Digital Transformation (DX). And what's surprising is that it's more affordable than you would think if you use the right platform.
For instance, my strategic partner, Michael Cantu, once digitally transformed a claims process for a transportation business for $20K using his Accelerate platform. This company had previously received a quote to do the same work for $1M. That's a cost saving of 98%! This company also achieved a 30-40% yearly savings over the previous process.
I don't know about you, but I call that a smashing success for the company!
So what is DX? It is adopting digital processes and technology to replace manual, non-connected processes.
One subset of DX is workflow automation. Let’s define that:
It connects disparate systems, people, data, content, and workloads to accelerate your workforce. It streamlines your work, enabling you to have at your fingertips what you need to do your job more effectively and efficiently.
DX's power to help companies achieve time and cost savings through streamlined, automated processes is significant. I’ve written several blogs before about DX’s advantages. Here’s one I wrote for CEOWorld Magazine.
And there are many other benefits as well. For now, let’s focus on the following four areas.
1. Improved Business Models
The power of DX allows organizations to develop new business models. Consider what Amazon has done to revolutionize customer experience, product selection, and delivery, among other benefits. They are a perfect example of how new business models can skyrocket profitability!
2. Improved Competitiveness
Companies digitizing their businesses are riding the technology wave to differentiate themselves from their competitors highly. DX removes manual tasks that can tremendously increase productivity, reduce costs, improve customer experience, and elevate employee engagement. These improvements can help keep customers coming back for more.
3. Faster Time to Market
The power of DX can accelerate product speed-to-market timelines. When product development processes are automated, employees have fewer administrative tasks to take up more time. Doing so will give them more time to develop innovative products faster.
4. Improved Analytics
The right platform allows business leaders to configure high-level dashboards for their most sought-after metrics quickly. Doing so can enable them to drill down to the task level to understand better metrics that are not trending in the right direction.
For all these reasons, companies that implement workflow automation tools can save time and money in their organizations, and who doesn’t want that?
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We're excited! It's inching closer—the launch of Michael Cantu’s and my paperback, No-Nonsense Digital Transformation. I'll receive the first proof copy soon, so we hope to go live on Amazon, Barnes & Noble, and other outlets in early August.
If you would like to learn more, click the button below!