We hear a lot about digital transformation. It’s become one of the buzzwords of the latter half of this decade, and companies around the world are obsessed with it.
According to McKinsey’s research, digital technologies are reshaping industry after industry, and following these trends no longer gives companies the edge — they simply help them keep up with competitors.
Digital transformation is the integration of digital technology into all areas of a business. This shift fundamentally changes how we operate and deliver value to our customers.
Unfortunately, history is littered with businesses that have become too comfortable doing the same thing, relying on brand recognition and making incremental changes. Kodak, Nokia and BlackBerry are just three well-known examples, but there are many more.
Technology-first strategies power growth
Companies that have been able to make the shift aren’t just surviving, though — they’re thriving, and they aren’t necessarily technology businesses either, they’re just embracing a technology-first mindset.
Forbes recently reported on how one of the most iconic brands in shoes and athletic clothing, Nike, switched its mindset and spent two years undergoing digital transformation to reinvent its brand and supply chain.
Thanks to digital technology and e-commerce opportunities, Nike improved its connection to customers by using powerful data analytics, stronger digital marketing techniques and selling more directly to customers.
An enhanced digital focus also helped Nike speed up its product development cycle, which means new products get to market more quickly, and thanks to the right customer data at its fingertips, the brand can respond to trends with speed and connect with customers by recommending the right products.
The result? Nike is cool again, and stock prices have increased by 69%.
Shifting how we do work
The challenge with digital transformation is that businesses don’t always get it right. The McKinsey Global Survey reveals that more than eight in 10 respondents say their organisations have undertaken digital transformation initiatives, but fewer than one-third of organisational transformations succeed at it.
According to McKinsey, companies that have enjoyed success share best practices that span five categories: leadership, capability building, empowering workers, upgrading tools and communication.
At Innovsoltech, our goal is to make technology so ubiquitous with the way companies and people do business that it just seamlessly shifts how we operate. We do this in three of the pillars McKinsey mentions: capability building, empowering workers and upgrading tools.
Companies are facing challenges from every angle
We all know that the business landscape has never been more challenging or competitive. We need to be able to do more with less, and yet an increase in data means that our employees are stuck doing routine, manual, repetitive and above all tedious tasks that take up hours each day that they can never get back.
Imagine if those hours could be used instead on focusing on ground-breaking innovation and creative designs to stay relevant and serve customers?
The solution is automation and AI
With cognitive automation, businesses can do more with what they have. Our technology doesn’t replace humans — it augments them. By freeing up humans we help to empower workers, and the tools we have created build capabilities within the organization as a whole.
Innovsoltech’s robotic process automation (RPA) platform, iRobo, offers intelligent automation solutions to repetitive work in a business process.
We are on a mission to enable every business in the world to let software robots do the repetitive, boring and tedious tasks to make them more efficient, reduce costs and help them focus on innovation and growth to better serve their customers.
The solution uses cognitive AI and computer vision technologies to identify complex images and objects, to make intelligent decisions far quicker and more accurately than ever before. It’s the ultimate partnership between machine and human, where we can all learn and achieve a lot more with extraordinary speed and accuracy.
Similarly, we want to change the way businesses attract, on-board, serve and retain customers, as well as making new channels of communication available to people who have no other means to communicate easily with the business otherwise.
Our conversational AI platform, Convo.Ai, is an artificial intelligence and natural language processing (NLP)-based platform that allows customers to seamlessly reach their clients or perform business transactions via live chat or voice conversations. This helps both clients and their customers interact better, bringing them closer to each other and performing business transactions 24/7, with no human intervention.
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