23 Dec Optimizing Cost & Increasing Business Efficiency Through Digital Transformation
The COVID-19 pandemic has fueled the need for digital automation in businesses now more than ever before. The world is adapting to the new paradigm shift in the way markets function and businesses communicate with their customers. With the COVID-19 pandemic causing millions of job losses and huge setback in growth and profits across industries, the need for digital transformation and optimizing costs is critical today. Organizations and businesses are now compelled to go where their customers are by implementing omni-channel communication strategies to facilitate this shift to online experiences, which promise substantial results
Studies have shown that digital process automation (DPA) can help businesses achieve 20% growth in revenues, as well as decrease expenses by as much as 30%. The key for businesses to remain relevant and competitive throughout and post this pandemic is to build an integrated information system that is customer-centric, which can adapt to new global circumstances.
Digital transformation helps to improve data sharing and data analytics that can accurately predict shifts in the market and better prepare your organization. Here, we look at some industry specific scenarios where digital process automation can help businesses grow even with a world-wide pandemic affecting the market.
Banking & Finance:
Digital transformation in banking and finance has been an ongoing process in the past few years, COVID-19 pandemic has accelerated the transformation. Banking and finance companies have a large, diverse customer base. This is where enterprise customer services come into play. As an organization that serves a varied customer base, you need tools or applications that can do it all – segment, personalize, and engage with customers on their preferred channels, and for building stronger relationships with your patrons.
With the world increasingly becoming dependent on devices and the internet, customer expectations with banking and sharing information via online channels keep increasing. Research suggests that only 60% of consumers are comfortable using online channels for sharing personal information and official documents with their primary financial service providers, without the assurance of data protection and security. Research also suggests that nearly 40% of consumers tend to abandon onboarding processes, if it becomes time consuming and complex. A critical part of enterprise customer services is the onboarding process, where a potential customer is required to share documents for verification. Digitizing this process would help the banking and finance companies cut down costs and time. Additionally, it makes it more convenient for potential customers to provide the necessary documents with just the click of a button. This enables banking companies to design tailor-made solutions and personalize customer journeys.
The implementation of digital process automation in the healthcare sector can assist in streamlining its various services and help save time, cost and resources. Implementing omni-channel communication enables healthcare professionals to run their business on WhatsApp or any other preferred platform of communication with their prospective clients. Using omni-channels communication makes life easier for healthcare professionals in cutting costs as well as time, while enabling most of the activities to be managed remotely and safely. The key benefits of digital transformation in healthcare include – ability to provide seamless patient-care experiences across channels, optimize administration and operations, increase efficiency in customer care and member services, and integration of hospital management systems to generate automatic notifications. Digital automation can empower the healthcare sector with simpler, friendlier, safer, cost-effective multi stakeholder interactive engagement.
Twixor – Intelligent solutions for digital transformation
The pandemic has driven many organizations to embrace digital transformation and adopt newer technologies to stay relevant in the evolving market. Information is what drives digital transformation. Twixor enables structured and unstructured communication, enabled by AI/NLP and live agent integrations, in a cohesive way to help your business perform better, faster, more efficiently, with lower operational costs. Twixor also provides low-code automation solutions that are tailor-made to suit the specific needs of an organization. These solutions help improve enterprise resources planning, customer relationship management, and enable faster, just-in-time, transactions by integrating omni-channel platforms with your business processes. The smart solutions offered by Twixor combine bi-directional actionable messaging and ‘Business Process Management’ has resulted in up to 40% higher engagement with up to 70% increase in conversations.
From integrating your business on WhatsApp to connecting to customers via instant messengers like Facebook message or Instagram, to digitizing and automating business processes, Twixor can proactively identify and quickly build “engaging” communications ensuring all business expectations are met. With customized solutions that can be easily integrated with legacy systems, Twixor helps build a cohesive ecosystem of integrated communication that will help accelerate your business, to yield better results with higher efficiencies.