How does data digitization help you achieve your business goals?
- April 21, 2021
- 9:24 am
- data, digitization
Everyone is vulnerable to disruption, regardless of their industry. New or existing entrants may use digital technology to revolutionize how customers view a product or service, rendering what other companies do in that sector obsolete. Do you want to be disrupted or disrupt others? The choice is yours to make.
Table of Contents
What is the concept of digitization?
It is time to describe what I mean by digitization at this stage. Data digitizations are the projects and processes needed to gradually handle information in digital form, whether that information was created digitally (e.g., emails, Word documents, Excel spreadsheets, and eForms) or was converted from hardcopy (e.g., scanned documents).
Digitization’s tactical advantages
The main tactical benefit of digitization is to increase the productivity of core business processes, which can be achieved by taking advantage of digitization’s tactical advantages. Many tactical advantages can be gained by capturing documents and data at the point of origin or receipt into an organization, including but not limited to:
- Getting rid of transcription errors
- Putting electronic workflow processes in place
- Establishing audit trails
- Putting protection protocols in place
- Establishing a centralized repository for each document/data object
- Improving information accessibility
- Bringing business processes together
The source of these advantages includes the following digitization initiatives, processes, and activities:
- Document capture through scanning
- Information is captured digitally using eForms.
- To eliminate the need for transcription and duplicate entry, metadata can be captured from both eForms and scanned documents.
- To eliminate the need for data entry into applications, optical character recognition is used.
- Automating authorization processes and creating audit trails with workflow features
- Controlling different versions
- By submitting links to a single source of truth in a database, security problems with emailed attachments can be avoided
- Creating a partnership with other digitized records to make it easier to access all information related to a business process.
- Increasing the efficiency of document searches by completing text, title, and metadata searches.
Digitization’s tactical benefits
The benefits of digitization can be leveraged to produce direct, unmistakable financial gains. A few examples are given below:
- A university that reversed its enrolment declines by collecting application data through an eForm and automating the process with workflow features. They saved on the cost incurred by reducing the expense of handling the enrolment process.
- Data collection for new connections was automated by a service provider, which eliminated errors and reduced data entry time. Clients were able to save time spent on communications.
- Using workflow and image capture, an insurance provider streamlined and standardized application and underwriting processes.
- Using a valid source of information, a repository that linked all documents relating to their self-insurance, a large corporation streamlined their method of evaluation for worker's compensation self-insurance. This saved them enforcement costs and ensured that their self-insurance premium savings were not jeopardized.
Although the tactical advantages of digitization are significant, the sense in which digitization should be discussed in the C-suite should be strategic.
Digitization has many strategic advantages, one or more of which can speed up the execution of a corporate strategy or increase the depth of returns that come with it.
Big Data
“Big data” is described as “information assets with a high volume, high velocity, and/or high variety that require new types of processing to allow better decision making, insight discovery, and process optimization.” Big data continues to steal the show when it comes to the strategic advantages of digitization, and it does so for many organizations. Not all businesses have the amount of relevant data needed to reap the benefits of big data. The competitive advantages of digitization, on the other hand, are much more available to businesses than big data.
Risk mitigation and governance
- A single source of truth.
- Workflow with audit trails.
- Documents, folders, individual, location, or workgroup-level security protocols.
- Automated measures of the success (or otherwise) of processes.
Internal integration
- Education
- Health-care services
- Treatment for the elderly
- Services provided by the government
External Integration
Integration with vendors is almost required to establish effective relationships with engineering and construction service providers. The days of depending on the right copies of paper plans kept in an onsite drawing office and a drawing office at the organization’s and vendor’s head offices are numbered. Digital technologies are being adopted by companies in those industries as a means of storing a common source of truth in a single database and accessing it through an internet-connected mobile device.
Digitization's Future
Organizations must consider digitization when weighing their options for developing their organizational strategy. Business heads must consider how disruptive technologies can affect their value chain and devise plans to respond to them, as well as decide whether they should lead the industry in implementing them.
They must also consider whether digitization is creating pockets of new value in the market, or even in other sectors, that they might transplant into their own.
Finally, they must examine what capabilities and resources they currently have and may need to address the external challenges and opportunities that digitization presents. MIMO has extensive experience in digitization processes and if your company is looking to digitally transform, help is not far away.
Like this article?
More To Explore
Why is Internal Audit Important for Strengthening Banking Organizations?
+91 1141182211 IA procedures are the cornerstone of a robust banking system. They act as a powerful tool for banks
What are the Numerous Advantages of Auditing and Assurance Services?
+91 1141182211 Financial transparency, risk management, and improved internal controls are all crucial aspects of a healthy organization. But how
Streamlining the Journey: Making Your CPV Process Faster and More Efficient
+91 1141182211 In today’s competitive landscape, ensuring consistent product quality while maintaining efficiency is paramount. For industries like pharmaceuticals and