February 9, 2023

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 within 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 will be, what distinguishes successful DX enterprises from the rest? The report shows that successful DX leaders digitally transformed end-to-end processes, focused on transforming complex parts of their own 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 particular organization’s change efforts.

In my years of experience inside software technologies, I have witnessed countless success stories spun by the decision to invest in the particular right technological innovation. Here are usually five effective digital modification stories that narrate why you must consider typically the right-fit engineering 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 attempts to transform their customer complaints management and field office inspection processes. The particular system lacked scalability plus flexibility, leading to error-prone complaint handling in addition to missing regulatory filings. And a lack associated with real-time reporting added to their very own woes.

Typically the company implemented a low-code digital alteration platform to address the issues of manual complaint handling, lack of real-time reporting, and even compliance along with FINRA together with other regulating 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 upon cases. The platform also enabled collaboration and additionally accelerated communication with intuitive portals.

2 . Fortune 500 insurance company transforms document management together with ECM system

One of the largest publicly held property not to mention casualty insurers in the U. S. handled complex claims in paper/electronic format involving multiple plaintiffs and defendants, spanning over several years.

This company’s dependence on paper-based interactions caused security concerns over highly sensitive information exchange, entailed high costs due in order to paper storage, and limited remote work options. Often the lack regarding a centralized platform made it difficult for them to manage documents effectively, hampered transparency, and triggered litigation delays.

The organization implemented the holistic enterprise content administration system that will helped all of them effectively handle half a million paper/electronic claims for various departments, spanning multiple offices in North America with a new team involving 350+ business users.

Your platform allowed seamless collaboration among lines of businesses and multiple distributed teams with advanced security and also access control, reduced fixed real estate costs by 25-30 %, improved savings by 15 percent simply by reducing electronic storage connected with duplicate documents, enhanced record search as well as retrieval capability, and more.

3. Health insurance company transforms key processes and improves star rating

The Fortune 50 health insurance organization using over 1 million contracted providers throughout all fifty states faced several operational challenges, including dependence about a legacy system, lack of automation across procedures, manual hand-offs, and access to critical data.

The business implemented some sort of low-code electronic transformation platform to change several critical processes: dealing with appeals plus grievances, provider contracting, Medicaid and Medicare enrolment, statements processing, in addition to complaint monitoring. The platform caters to more than 10, 000 users daily, increased efficiency by 154 percent, improved annual savings to $20 million, processed more than 5 million cases annually, and enhanced the company’s CMS celebrity rating.

Now that’s what we contact a win!

4. Lot of money 500 IT distributor transforms accounts payable

A distributor of THIS 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 hard for the corporation to handle its large volume of invoices. Furthermore, labor-intensive processes led to processing gaps and manual errors.

By implementing a good low-code electronic digital transformation system, the firm successfully empowered users to be able to automate repetitive tasks and even mimic human actions while maintaining the existing infrastructure together with systems. The solution also helped the company streamline the end-to-end procedure of coping with invoices, reducing the invoice processing turnaround time for you to 2 days for 92 percent with invoices and additionally seamlessly accommodating country-level configurations to meet local regulatory requirements.

The organization accelerated decision-making, enhanced quality not to mention visibility, increased physical bill initiation by simply 99 per cent, and prepared up to 10, 000 bills per FTE annually.

5. U. S. bank changes onboarding

A new U. H. -based bank wanted to offer a smooth customer experience across channels (portal, mobile, branch, and also contact center) and offer a more personalized account opening experience. However, lengthy method cycle times and an inconsistent onboarding experience marred their client experience as well as increased this abandonment rate.

More on a digital transformation

The bank implemented your digital account opening solution that integrated with 14-15 different third-party systems, which includes core banking, funding, fraud check, OFAC, debit card, and more. The answer seamlessly captured and extracted info from uploaded documents, forms, and social media, performed real-time information validation, and more.

After implementing the answer, employee productivity increased by means of 300 pct, and the quantity of new accounts opened through brand new channels increased by 10x. The bank is also driving transformation initiatives across their commercial lending process, plus initiatives throughout its retail lending process are in often the offing.

Takeaway

Digital transformation is complex but achievable. These stories recount of which your procedures might be steeped in complexities, but the right technology can help iron away all your creases. Some sort of holistic online transformation program powered by way of 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 . ]

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