Why do some Digital Transformation initiatives succeed and others fail?
To put things in perspective, 70% of all digital transformation initiatives fail to meet their goals. This translates to over $900 million worth of investments that missed the mark in 2018.
Most digital technologies today have the potential to optimize operations, cull costs, and boost revenues. But flawed mindsets towards change management and lack of holistic vantage points often intervene, making it difficult to realize the exponential value of digital investments.
At Zensar, we could foresee the need for rapid digital transformation while establishing the Return on Digital® (ROD) NeXT, (New and Exponential Technologies) platform. This platform is about helping organizations realize the maximum possible business value at scale by enabling holistic digital transformation via three phases:
- Establishing stability of core systems
- Digital crossover across the business processes
- Gaining agility and experience through digital tools
Connected Intelligence is a comprehensive digital landscape built at Zensar by placing a living digital philosophy at the heart of our efforts. This holistic framework deploys Intelligent Automation across the legacy world enterprise ecosystem and the emerging digital enterprise landscape. Connected Intelligence includes all emerging technologies such as Blockchain, IoT, Drones, Mobility, Apps, Cloud, Augmented Reality, Virtual Reality, and Analytics.
Application of Connected Intelligence
The adoption of exponential technologies is paving way for a sustainable and smart business ecosystem. With the RoD NeXT platform and Connected Intelligence, insurance companies can realize the benefits of the modern assembly line. For instance, hyper-personalization can be offered to customers through a virtual assistant or BOT which can be used to interact with and compare various insurance products thereby finding the best option.
Here’s everything one can do with Connected Intelligence-
- Enable intelligent customer engagement across different channels
- Smart workload balancing and lead allocation for agents
- Gain Machine learning insights to segment customers
- Automate data extraction from PDF reports and comparing it with the relevant policies
- Automate the demand analysis and subsequent generation of new and smart product offerings
- Intelligent reporting and visualization to provide managers with a bird’s eye view of processes.
- Analysis of the tone and personality of customers to aid the decision-making processes
- Automate the creation of targeted marketing materials and promotions to maximum conversions
- Enablement of intelligent self-service avenues for customers such as product research
- Automate product recommendations and natural language question answering
All these abilities address every existing pain point of the insurance industry. Some of these are –
- Digital capabilities not meeting digital goals
- Resistance from internal constraints such as legacy processes, plain tech power, non-innovative approach, and sluggish delivery
- Conflicts among distributors and agent channels along with a lack of honest value propositions
- Poor mindset towards digital analytics, hindering the adoption of smart data-driven technologies
- Social media and mobile marketing still being marginalized and not utilized to its full potential
- Soaring pressure of cost, competition and consumer expectations
The Connected Intelligence framework understands every possible use case of emerging technologies and connects them to function as an integral cog of a holistic digital ecosystem. It integrates emerging technologies into the value chain in a way that eliminates the needs of humans to interact with them. The immediate result is insulation of the end user from the hassle of taking upon the learning curves of various technologies or managing different technology platforms simultaneously. Organizations can reap numerous benefits that contribute towards their growth, optimize their costs and improve the digital experience of their customers by mitigating the associated risks.
Here is everything that Connected Intelligence brings to the table for your business:
- Cost Optimization: Through forward-thinking techniques such as visualization and modeling, Connected Intelligence helps you optimize costs even before you encounter the need to cut budgets. By being more operationally efficient, you are always better equipped to weather the storm.
- Profit Growth: Clock higher profit growth and keep your competitors on their toes. The end to end technological ecosystem leverages a bird’s eye view to understand avenues of capitalization, helping you double down on revenue generation opportunities.
- Risk Reduction: Adapt next-gen business models and processes that take advantage of technology advances, helping you realize better operational risk management practices. Proactively construct advanced risk management capabilities that enable you to keep pace with transformative change.
- Customer Experience: Deliver a holistic, remarkable, and connected CX by bringing every digital touchpoint under a common roof. Effectively shape your brand’s ideal image and have complete control over what you want customers to take away from your marketing initiatives.
The intelligent software leveraging the framework of Connected Intelligence can take over every mundane human activity that is involved in the current operations of your organizations. All this and more is executed while seamlessly automating end to end processes and intelligently enhancing the capabilities of your digital ecosystem with faculties such as:
- Seeing (Computer Vision): Gaining high-level understanding from digital images or videos with the aim of automating tasks that the human visual system does.
- Listening (Data Tools): Listening to every possible business vertical and collecting the resulting data to dive deeper into optimization efforts.
- Sensing (IOT Sensors): Understanding the types of sensors that different applications require and installing relevant ones according to the underlying architectural layers.
- Acting (Robotic Automation): Configuring computer programs or a ‘robot’ to capture and interpret apps in a way that processes transactions, manipulates data, and talks to other digital systems.
- Decision Making (Deep Learning and ML): Relevant Deep Learning and Machine Learning tools and techniques that apply to activities that require the implementation of deep thought processes, whether human or artificial.
- Talking (NLP, NLU, Speech Recognition): The ability to recognize human speech as well as collaborate, communicate and instruct other BOTs to carry out specific tasks.
- Predicting and Prescribing (Analytics): Developing architectural capabilities to discover, interpret, and communicate meaningful patterns in data in a way that the results can be effectively leveraged in decision-making.
In this way, Connected Intelligence is paving way for an end-to-end and an all -inclusive digital ecosystem that makes it easier for organizations to explore connected technological values and use-cases.
To know more, visit us at https://www.zensar.com/