Financial Automation
Whilst last year found most companies recovering from the aftermath of the Covid-19 pandemic, 2023 finds businesses coming out of survival mode, and looking onwards for strategic opportunities to achieve futureproof growth. To help you stay ahead of the curve in this digitally-saturated economy, here are our top five digital transformation trends to keep your sights on in the year ahead:
1. Updated Models of Data Infrastructure
Whilst pandemic-driven digitalization has empowered companies of all sizes to collect and use their data, it has also resulted in a more competitive playing field than before. Strategic decisions prefaced by data compiled for annual, quarterly or even monthly reporting that were once standard practice are no longer sufficient to assure a business’ position at the forefront of any modern industry.
In order for a company to keep a pulse on its real-time performance and remain competitive, it is necessary that its data infrastructure is fortified to scale, and equipped to provide accurate and universally accessible data across the organization. Scalability can easily be achieved through the adoption of digital solutions including cloud infrastructure and automation. Moreover, the provision of real-time data reporting, customizable to the needs of varying business functions can also be achieved with ease through middleware solutions that not only support numerous formats and platform integrations, but automatically produce timely reports to the relevant stakeholders.
2. Democratization of AI technology
Artificial Intelligence (AI) in its early years may have been associated with an intimidatingly niche community, but it has since been made widely accessible, covertly integrated into ubiquitous technologies across the market. As a result, business functions across companies are increasingly less reliant on their IT departments to introduce, evaluate and implement smart digital solutions aimed at optimizing productivity within their own scope of responsibilities. The mainstreaming of no-code or low-code tools across industries will thus continue to accelerate this year, with plug-and-play solutions becoming an integral part of corporate digital toolkits. Professionals across all disciplines today are no longer required to have specialized nor extensive IT expertise to adopt and utilize tech solutions in their day-to-day.
With this integration of AI-powered solutions into everyday work processes across industries, professionals should expect a growing proportion of their routine tasks to become automated workflows. Beyond the augmentation of job scopes to prioritize higher value responsibilities, managerial focus will pivot away from the completion of fixed routine tasks, and towards the efficient and effective realization of desired big-picture outcomes.
3. International and Interlingual Collaboration
Barriers to international and interlingual business collaboration arising from variances in use of language or currency across businesses will dissolve as a result of the growing accessibility and efficacy of AI-powered Natural Language Processing (NLP) technologies. Current technologies like bluesheets’ proprietary Optical Character Recognition (OCR) and Intelligent Character Recognition (ICR) systems for digital and handwritten documents respectively facilitate automatic translation and conversion with more than a 99.5% rate of accuracy. Hyperconnectivity characterized by seamless cross-border collaboration will hence become increasingly commonplace across all industries.
4. Routine ESG Reporting
In recent years, corporations have steered away from prioritizing customer experience (CX) in strategic decision making, encompassing all principles of providing total experience (TX) instead. The concept of TX is premised on the factoring of a holistic employee experience (EX), user experience (UX), multi experience (MX) and traditional CX considerations into business strategy. Making this shift is particularly critical in this era of digital transformation with Gartner predicting that “by 2024, organizations providing a total experience will outperform competitors by 25% in satisfaction metrics for both CX and EX”.
The adoption of end-to-end digital solutions with capabilities that embody all four principles of TX will thus accelerate across industries, phasing out legacy tools capable of performing functions exclusive to individual pillars. This next generation of processing systems will further enhance overall efficiency by connecting client-facing and backend functions, automating and streamlining workflows, instating increased transparency, collaboration and operational efficiency across organizations.
5. Shift in focus to Total Experience (TX)
In recent years, corporations have started taking a strategic approach in decision-making, steering away from the prioritization of customer experience (CX), and encompassing all the principles of providing total experience (TX) instead. The concept of TX is premised on the holistic factoring of employee experience (EX), user experience (UX), multi experience (MX) and traditional CX considerations into business strategy. Making this shift is particularly critical in this era of digital transformation with Gartner predicting that “by 2024, organizations providing a total experience will outperform competitors by 25% in satisfaction metrics for both CX and EX”.
The adoption of end-to-end digital solutions with capabilities that embody all four principles of TX will thus accelerate across industries, phasing out legacy tools capable of performing functions exclusive to individual pillars. This next generation of processing systems will further enhance overall efficiency by connecting client-facing and backend functions, automating and streamlining workflows, instating increased transparency, collaboration and operational efficiency across entire organizations.
To learn more about how bluesheets can help you stay ahead of the digital transformation curve, click here to schedule a demo with one of our data automation specialists now.
bluesheets is a Singapore-based technology company that ingeniously delivers a holistic and intelligent commercial perspective for Financial and Insurance Service Firms so that you can move complex industry data sets into a simple, clear and automated journey.
