The dynamics of change in the market in view of the digital age is immense. Companies must take appropriate measures, particularly in response to new customer needs and competitors. Often, however, these only affect the digital transformation of sub-processes. This ensures neither their significant simplification nor increased efficiency. The right approach can therefore only be «end-to-end digitalization».
Changing customer needs requires action
The digital age is constantly creating new possibilities. Companies face the challenge of quickly transforming existing business models and developing new, disruptive ones. It is important to note that customers, knowing the potential of digitalization in this ecosystem, are becoming the trendsetters. They value and use the versatile information and transaction possibilities of the (mobile) Internet. Intuitive, efficient and permanently available services and products are required across all industries.
However, customer needs and corporate reality often diverge. New competitors in particular have recognized this early on. With innovative and lean solutions that go beyond the digitalization of existing business models, they penetrate the market in order to break up existing value chains and offer themselves as preferred contacts for digital-affinity customers. But even established companies are aware of the gap between digital customer requirements and existing offerings. However, the initial situation is often complex due to heterogeneous processes and constantly growing IT landscapes.
Incomplete digitalization strategies with stand-alone solutions
To meet customer needs, companies often focus on individual measures, specifically on optimizing the customer-touch-points. Examples of such isolated solutions are the modernization of the internet presence or the introduction of an app. Although these often make sense, they do not necessarily entail more efficient processes. The problem is only handled on the surface, while many complex processes continue to run highly manually in the background.
For example, if entered data still lands in the email inbox of a processor after the introduction of an app, it becomes apparent that the immense potential of continuously digitalized processes has not been realized. A digitalized end-to-end process allows data to be connected directly and tasks to be automatically forwarded to the right people.
New standards, thanks to continuously digitalized processes
A sustainable digital transformation in a company requires agile and holistic strategic thinking. Instead of looking at processes in stand-alone solutions, companies should seize the opportunity for a paradigm shift. All process steps must be digitalized throughout. Consistent end-to-end digitalization enables a company to optimize all stages of the value chain into a single data-driven and customer-centric process. In order to avoid media discontinuity, this has to run via a digital business platform. In addition to customer orientation, internal process efficiency and competitiveness will be improved continuously.
End-to-end digitalization with AXON Ivy
The Axon.ivy Digital Business Platform addresses missing end-to-end core processes, inefficient back-office processes or the development of new disruptive business models. It makes no difference whether custom or specific specialist solutions are required. Customer needs can be transformed into an exactly tailor-made end-to-end solution.
Consistently digitalized processes favor, for example, faster decision-making by customers, but also the involvement of third parties without having to leave the existing IT landscape.
The progressive digital transformation and the associated massive data growth require efficient, agile and individually adaptable solutions. End-to-end digitalization is the answer.
With the help of Axon.ivy Digital Business Platform, the processing time for leasing applications has been reduced from four days to 15 minutes. In addition, the risk assessment was improved significantly and the potential for additional sales is enormous.