If a company wants to continue being successful in the future, it is crucial to place customers and their needs at the center of business activities. In terms of digitalization, the following questions must therefore be asked: What new opportunities does digitalization offer my customers? What digital services do they expect from modern companies? How will these opportunities and expectations affect my current business model?
Out of the Comfort Zone
Future customer expectations are clear: quick and simple services, available anytime and anywhere. Companies that cannot offer this will struggle to attract new customers and retain existing ones. So, what will business processes have to look like in the future to meet these expectations?
The answer is to step out of your comfort zone and proactively use digital transformation for your benefit. Processes need to be reevaluated, workflows optimized, and services reimagined - with the customer and their needs always in focus. Typically, processes that have seen little change in recent decades have significant potential for digitalization.
Back to the Drawing Board
According to a leading international market research company, the opportunities of digitalization arise from three factors: business moments, business processes, and business models.
A "business moment" is a new customer touchpoint between the customer and the company. This touchpoint must be identified, defined, and evaluated to engage customers exactly where they are - not only physically, but rather digitally. This often results in entirely new scenarios that require established processes to be fundamentally changed. Through digitalization, a new, adapted business process can be created. If this process is disruptive and innovative, it can lead to a new business model.
A Prime Example – Opening a Bank Account
That sounds very theoretical, so here's a practical example: Traditionally, opening a bank account is slow from the customer's perspective. At many banks, the customer still has to appear in person to complete identification and credit checks. Once the required information is provided and identification is verified, background processes begin. These processes, though necessary, unnecessarily delay the opening of the bank account. With digital and automated processes, the account opening can be reduced to just ten minutes. The outdated process, which involves multiple systems and leads to waiting times and disruptions, becomes a thing of the past. This benefits both customers and banks:
- For customers: They can open an account entirely online, regardless of location or time.
- For banks: Manual steps, a wide variety of interfaces, and time-consuming, sequential processes become obsolete.
“The use of an intelligent automation platform supports the disruptive changes in processes and aligns them with a new 'business model'.”
Andreas Balsiger
Head of Product Management, Axon Ivy AG
The Future is Simple
With the right partner, companies can fully capitalize on the opportunities of digitalization. Fundamental process analyses help identify "business moments" and pinpoint processes that, once optimized and automated, meet customer needs and enhance the customer experience. An intelligent automation platform supports the disruptive changes in processes and aligns them with a new "business model". This paves the way for successful digital transformation and sustained competitive advantage.
