Digital Marketing

5 digital transformation strategies and examples in 2022

Digital transformation can be achieved by different companies in different ways. Some will be looking to move from manual work processes to more digitalisation and automation, while others are seeking new ways to differentiate their business and meet customer desires. These companies may be aiming for increased productivity, increased revenues, or a new digital approach.

Elsewhen, an agency specialising in digital transformation has completed numerous digital transformation projects for a variety of companies. 

Here are five examples of thow digital transformation has improved the way a business works:

  1. Financial services firm

A common goal of digital transformation would be to replace manual work processes with automated digitally-enabled workflows. One example is a financial services firm serving a lender to SME businesses. It has become a fast-growing alternative lender, serving more than 2000 business customers. The firm wanted to review its current processes and technology to determine the best approach to achieve its growth ambitions.

The business launched with a compelling offering to clients – but its IT infrastructure was holding it back from its next growth phase. They brought in a digital transformation partner to help them plan a new streamlined customer journey for lending.

Team members collaborated to create an analysis of what is needed to achieve their goals.

The organisation created a way for their customers to migrate onto the new site without any interruption. The business strategy ensured that customers were not disrupted during the new platform construction.

Digital transformation is a path to enabling the business to reach its ambition of becoming the leading SME lender in the market. The implementation of a new process facilitates agility and scalability in order to give customers a best-in-class experience.

  1. Leading satellite communications provider

Many businesses want to go from basic digital experiences to higher quality ones, because of constant innovation conducted by businesses such as Amazon and Netflix. The company wanted to provide a personal experience for their customers with the same quality in design and information that are delivered by those businesses. 

They wanted to change their legacy customer ordering and provisioning process, so they shifted the focus to what the customer wanted.

They worked with a partner to design the customer journey for their digital experience. The goal was to create a seamless end-to-end consumer-grade experience for B2B customers.

The project team created an easy-to-use portal to enable self-service provisioning, improving customer satisfaction at scale.

After transforming its business, the company embarked on a project to help customers create custom-made content. They used structured data and personalised reports for self-service analysis of performance.

Before this, if a customer wanted to understand the connectivity performance they were receiving, the provider would have to create a report from various data logs and it would take time, money and effort to produce.

The transformation partner explored how digital technology helps to improve performance in communications. As result, a new customer-focused analytics tool was created to display data insights on the connectivity experience. By easily seeing how location and weather affect connectivity, customers can verify that their service level agreement is being met.

Using modern visualisation tools, the business is able to unlock new value for the customers by reducing manual work, while increasing customer satisfaction and revenue.

  1. A private equity firm

Digital transformation can help companies tap into various opportunities and attract new customers by utilising existing skills, resources and data.

This financial business recently launched a digital platform for the small and medium enterprise market. They manage a portfolio of high-growth sustainable businesses, using expertise and capital to drive growth.

The company saw the potential for a new digital service for SME businesses. They first worked with a digital transformation partner to explore how this service could work, in terms of a value proposition, service design, and technology strategy.

They developed a new platform for SMEs that can analyse cash flow and give an overview of their financial management needs.

The project team constructed a plan for the platform, which includes designing the workflow and UI. They also identified infrastructure partners that can provide functionality for the platform.

  1. Motor insurer for professional drivers

Historically, the growth of modern technology such as the mobile revolution and IoT have enabled data to become ubiquitous. Digital transformation can leverage this data, bringing insights that can advance an organisation’s competitive edge.

Their team used data to create a more competitive product. They worked with a partner to use telematics technology to identify and reduce the risk for customers – by helping them improve their driving behaviour.

The team recognised that by collecting more data, they could reduce the cost of claims. This meant they could price their products fairly and help customers have better outcomes.

App-based telematics devices use your smartphone’s sensors to monitor your driving behaviour, it is more accessible and cheaper than conventional telematics devices. The insurer worked with a digital transformation partner, using telematics technology to identify and reduce risk for customers – through helping them improve their driving behaviour. 

The team worked to overcome challenges – building a strong business case for telematics and accelerating the app-based product to market readiness in a timescale of just ten weeks.

During the product’s first month, customers bought more than 3000 of the new telematics policies, successfully meeting the insurer’s launch objectives.

  1. Luxury travel firm

With digital transformation, you can quickly identify and fix problems so that customers will be satisfied. Businesses with this technology can figure out where issues have arisen in the past and develop strategies to solve them.

A luxury travel firm used digital software to identify why customers were abandoning the process of buying their products. They then turned the situation around with a digital engine for customer conversion.

The company created a mobile app with a digital transformation partner that enables luxury brand experiences.

GraphQL middleware allowed the team to streamline API queries for the new app,solving many of their previous problems.

When the new app was launched, click-throughs to purchasing increased by 24.4%. Successful purchases increased by 210%. The lifetime value (LTV) of customers increased by 25-35% when using the new technology.

Start your own digital transformation

By learning from examples of projects like these, your organisation can gain expertise and confidence for your own digital transformation success.

Zexprwire

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