There is no doubt that even in today’s highly technical corporate environment, businesses across Australia continue to use snail mail to send everything from contracts, offer letters, newsletters and more. In my previous post, I had indicated the impending release of the $1 stamp by Australia post.
It will soon be a reality as Australia Post seeks an almost 43 per cent increase in the price of postage stamps. Customers could soon be paying $1 for a basic postage stamp, up from 70 cents, as well as higher charges for large letters, up to $3, depending on weight. To add to this, earlier this year the federal government also approved Australia Post's request to introduce a two-speed letter delivery service. This means the regular service will be delivered two days slower starting January 4, 2016 with a separate priority service.
What does this mean for organizations? Added operational costs in a world where paperless business and lean processes are the norm as well as delay in document delivery when one can do it in a flash using digital tools.
Businesses need to adapt some of the fundamental changes digital technologies are fueling. As per a PWC study, businesses that have high-levels of digital engagement have better business outcomes compared to those with lower engagement, with some studies suggesting a 20% increase in annual revenue.
Despite the critical role of digital, many businesses are still struggling with how to move forward. Read on to know the essential things to consider before embarking on the digital transformation journey:
- Before you begin your digital transformation journey, it is important to understand where your business falls on the digital maturity curve. Most companies don’t see the need for digital transformation till the time they have other small and agile competitors eating into their market and profit share. Businesses need to plan for the future and build a digital transformation roadmap that aims at delivering superlative customer service while simplifying businesses processes
- Contrary to popular belief, Digital Transformation starts with the customer and not the IT department. The first step is to define your customer and the mediums they use to engage with your brand. It is important to map the customer journey and identify the various touchpoints, including those before and after the sale, where the brand can engage with them. This can help your business determine the best tools to increase customer engagement resulting in customer satisfaction
- Digital transformation is a journey and cannot happen overnight. You need to ensure that the culture and environment of your business is aligned to achieving the digital goals you have set. If your business is not working towards becoming smart and agile then it most likely will be unable to keep up with the pace of digital disruption around us. Businesses need to focus on a cultural and philosophical change that involves focusing on your customer, having the correct frameworks to implement new initiatives quickly, and building a culture that embraces digitalization
- Business need to let go of age-old process and be more accepting of technological advances. It is important for businesses to remove the barriers to digital transformation and adapt to the changing marketplace. You need to engage with customers to find out what they want and accordingly embrace new technology to enhance service delivery. Ignoring digital trends can mean losing the competitive edge in an extremely crowded market where being one step ahead of the competition matters
- Lastly, business need to put in place Straight-Through Processing (STP) that helps streamline business processes to reduce friction along the value chain and lower transaction costs for all stakeholders. Straight-Through Processes can be achieved through smart data capture, business rules, workflow, Line of Business (LoB) integration and omni-channel output.
Intelligent digitalization of business process can radically reduce transactional costs, enhance customer experience, streamline operations and also help create new business models without the hassle of being tied down to legacy systems. Organisations must plan for this aspirational state of an ‘agile business model’ and not continue to feed the beast of the current state.
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