Today we kick off our first blog post for ValTeo Tech.
Our intent is to inform, educate and help our readers and customers, preparing you for your Digital Transformation and Digital Transaction Management Implementations.
Assuming you are new to the topic of Digital Transformation, we’ll start by defining it and providing an example from our experience.
In the posts ahead, we’ll continue exploring this topic by reviewing how companies develop their transformative roadmap, what is Digital Transaction Management (DTM) and how to implement one, as well as the importance of a Business Adoption Acceleration Plan to ensure a smooth transition for your organization as it continues its journey.
Digital Transformation Definition
Digital Transformation refers to the digitizing of various business processes, activities, services and models within an organization. This activity is meant to be a part of an organization’s longer-term strategy to better compete in the market by freeing the departments to worry less about the mundane and instead focus on creative solutions for their customers.
As an example, a financial services / wealth management company we’ve worked with in the past, converted their paper based new account opening process to use a custom web-based portal in conjunction with DocuSign’s Digital Transaction Management platform.
Certainly, there was value in converting all processes to be digital and auditable under a single unifying system. The automation of all associated processes for data collection, validation by the Advisor, customer signature, headquarter review / validation and signing, as well as mailing could take 30 to 45 days. With the revised processes, they took less than 7! Of course, there were also hard costs associated with the printing of all documents and their mailing. In fact, the printing and mail costs savings alone were over a million dollars on an annual basis!
These tactical and hard dollar gains were certainly key and part of the success metrics we’d set out to achieve. However, the effect on the overall company strategy, what would be considered the ultimate goal of their Digital Transformation, was something else altogether.
The Transformation came when, freed from unnecessary training, validation, and manual steps, the Advisors were able to spend more time developing relationships with existing and new customers, and the wealth management company team members were able to focus on coming up with new creative financial instruments to offer the market.
In other words, their Digital Transformation focused the people on the organization’s main goals, how to creatively meet their market’s needs, instead of wasting time on the manual or paper-based steps that detract from such activities.
In our next post, we’ll explore how companies develop their transformation roadmap leading to their selection of various Digital Transaction Management (DTM) platforms. In the meantime, feel free to share your questions and comments, or requests for any other topics.