Digital transformation requires more than just new technology. Many people are asking “Will digital transformation for all be an unexpected result of the coronavirus quarantine?” Our short answer… no. The recent explosion of teleworking has initiated renewed conversations centered around ‘digital transformation’. However, digital transformation goes well beyond the purchasing of new technology, working remotely, or using platforms such as Zoom for the first time.
- an act, process, or instance of transforming or being transformed
- a thorough or dramatic change – a metamorphosis
Transformation is much more than simply using technology to enable remote working. It involves radical change within an organization and strong leadership. Just as a caterpillar emerges from a chrysalis with a completely new look – its metamorphosis has given it the ability to fly. Similarly, digital transformation is more than a new appearance or facade – it goes much deeper.
Transformation is Not External
Digital transformation must be more than skin deep. It is not doing the exact same things using new technology. It is taking advantage of new technologies and using them to change the way things are done. It requires a paradigm shift. To be truly transformative, there must be a shift in corporate culture.
Going paperless is not digital transformation. Doing the exact same task on a computer that you would have done with a paper and pen, or storing documents in the cloud rather than a file cabinet, is not transformational. The transformation occurs when people begin to see new ways of doing things. When they begin testing the boundaries of new technologies and new processes. They see that by working on a computer, in the cloud, they are able to share documents, automate tasks, share the workload, and track changes as they occur. The entire process begins to undergo a transformation.
Suddenly you begin to see a new mindset take hold within the organization. Individuals begin to work collaboratively – even from a great physical distance. They innovate and discover not only new ways of working but also new solutions and new products the company could offer – or perhaps new markets for existing products.
If your workflows, machine learning, cloud computing, and artificial intelligence are not changing how you are doing business today, and how you will innovate into the future, you are not using these breakthrough technologies to transform your business.
You Can’t Transform By Tech Alone
Digital technologies can help you add value for your customers by helping them obtain products that meet their needs – even needs they aren’t aware of – or by creating a better customer experience. Technology offers a myriad of solutions that can add efficiencies, allow you to respond to customers faster, and open new lines of communication with your customers.
We suggest that you have concrete goals in mind before adopting new technology. Too many expensive solutions are purchased and implemented at great cost without a specific, measurable goal in mind.
Our customers know that they need to close and purchase more loans with increased speed and accuracy while keeping their staff lean if they want to remain competitive. We are able to show them how our solutions can help them accomplish those goals and more. Once they see how our solution allows them to automate workflows, they can imagine a transformational shift in how they work across their enterprise. That’s digital transformation.
In closing, transformation demands a change in how people think, work, and approach a job. They need to embrace, learn, and leverage new digital tools. It takes strong leadership, skill, training, and a positive mindset to support real digital transformation.
Read our blog How Digital Transformation Can Generate Competitive Advantage here to learn more about what digital transformation is.