We can all agree that digital conversion (DX) is not easy.
Most enterprises are not envisioned as part of the digital world and struggle with fragmented systems and complex operations. But in order to operate in today’s digital environment, businesses are going through some form of digital transformation at some point. If your organization is struggling to provide a seamless experience, your customers will go elsewhere.
Digital transformation is difficult for many reasons. A recent Digital Transformation Report found that 77 percent of organizations had started their DX journey in the past two years, while only 27 percent had completed it.
The big question is what separates successful DX enterprises from others? The report highlights how successful DX leaders are embracing low-code and consistent DX efforts by digitizing end-to-end processes aimed at transforming complex parts of their business.
Learning from success
Instead of tearing everything down and starting over, enterprises need to use the right technology to support their organizational transformation efforts.
In my years of experience in software technology, I have seen many success stories when I made the decision to invest in the right technology. Here are five successful digital conversion stories that explain why you should consider the right technology for success on your DX journey.
1. Life insurance company transforms complaint management with low-code platform
A US Fortune 100 life insurance company was struggling with managing large volumes of email, faxes, call center audio, and manually compiling and consolidating audit reports.
[ Also read Digital transformation: 3 tips to overcome common challenges. ]
Their legacy IT systems were a significant hindrance to their efforts to manage customer complaints and transform their field office inspection processes. The system lacked scalability and flexibility, leading to errors in complaints and missing regulatory documents. And the lack of real-time news added to their woes.
The company implemented a low-code digital transformation platform to address issues such as manual complaint handling, lack of real-time reporting, and compliance with FINRA and other regulatory requirements. They digitized the investigation process from end to end, ensuring 360-degree visibility, monitoring and auditing, seamlessly handling large media files, and creating advanced reporting mechanisms for real-time case status. The platform allowed for collaboration with intuitive portals and accelerated communication.
2. A Fortune 500 insurance company transforms document management with an ECM system
One of the largest public property and casualty insurers in the United States has been handling complex claims involving multiple plaintiffs and defendants in paper/electronic format for several years.
The company’s reliance on paper-based interactions led to security concerns for highly sensitive data exchange, high paper storage costs, and limited remote work capabilities. The lack of a centralized platform made it difficult for them to manage documents effectively, hindered transparency and led to delays in litigation.
The organization implemented a comprehensive enterprise content management system that helped effectively manage half a million paper/electronic claims across multiple departments across multiple North American offices with a team of over 350 business users.
The platform enables seamless collaboration across business lines and multi-distributed teams with advanced security and access controls, reduces fixed real estate costs by 25-30 percent, saves 15 percent by reducing duplicate electronic storage, and improves document search and retrieval capabilities. improved. , and others.
3. Health insurance company changes core processes and improves star rating
A Fortune 50 health insurance organization with more than 1 million contracted providers in all 50 states faced several operational challenges, including dependence on antiquated systems, lack of process automation, manual transmission, and access to critical data.
The organization implemented a low-code digital transformation platform to transform several critical processes, including application and complaint handling, provider contracting, Medicaid and Medicare enrollment, claims processing and complaint tracking. The platform served more than 10,000 users daily, increased efficiency by 154 percent, generated $20 million in annual savings, processed more than 5 million cases annually, and improved the company’s CMS star rating.
Now that’s what we call a win!
4. A Fortune 500 IT distributor changes accounts payable
A distributor of IT products and services was looking for a solution to help simplify and standardize invoice processing across different geographies. But outdated processes, dependencies on multiple systems, and scattered data sources prevented the organization from handling large amounts of invoices. Furthermore, the labor-intensive process led to processing delays and manual errors.
By implementing a low-code digital transformation platform, the organization has successfully enabled customers to automate repetitive tasks and mimic human actions while maintaining existing infrastructure and systems. The solution helped the organization streamline its invoice finalization process, reduce invoice processing time to 2 days for 92 percent of invoices, and seamlessly manage country-level configurations to meet local regulatory requirements.
The organization accelerated decision-making, improved quality and visibility, improved actual invoices by 99 percent, and processed up to 10,000 invoices per FTE annually.
5. Bank of America changes onboarding
A US-based bank wanted to provide a more personalized account opening experience, offering a seamless customer experience across channels (portal, mobile, branch, contact center). However, long process cycles and inconsistent experiences have undermined their customer experience and increased abandonment rates.
The bank has implemented a digital account opening solution that integrates with 14-15 third-party systems, including core banking, financing, fraud checks, OFAC, debit cards, and more. The solution can capture and extract information from uploaded documents, forms, social media, perform real-time data validation, and more.
After implementing the solution, employee productivity increased by 300 percent and the number of new accounts opened through new channels increased by 10 times. The bank is also introducing reforms in its commercial lending process and is planning to launch initiatives in the retail lending process.
Digital transformation is complex but possible. These stories can make your operations very complex, but the right technology can help smooth out all the wrinkles. A comprehensive, low-code digital transformation platform gives you quick wins and helps you become future-ready.
[ Get answers to key digital transformation questions and lessons from top CIOs: Download our digital transformation cheat sheet. ]