• Guest Author - Censof Inc

Data Driven Process Transformation - Helping Firms to be more efficient and profitable


Data Driven Process Transformation - Helping Firms to be more efficient and profitable

In a data-driven world, it has become imperative for organizations to undergo digital transformation that gives them pace and a competitive edge. Such is the power of digital transformation that it allows you to chart a whole new roadmap to attain your objectives. What you need is the proper alignment of business and technology to make the most of your data landscape and propel your organization forward.

Although digitization is the disruption everyone is enthused about, it needs a very structured approach.

Firms have invested heavily in procuring best of breed solutions to address ever growing business needs, the challenge lies in connecting all these disparate systems. There is a strong need of having a mediation platform which connects these systems thus monetizing the data available in each.

Let's look at what organizations can achieve if they mobilize data correctly in conjunction with process automation, while maintaining their grip on data.

The Insights

Legacy firms have been sitting on large amounts of data and it will only grow with time. This data needs to be handled well in an environment that is prepared to deal with ever increasing volumes and dispersed cloud environments. For this purpose, organizations need to proactively employ a mix of technologies and develop a mindset that perceives data as an asset and not a liability. When correctly employed, it can help you reengineer processes and potentially even improve or discover new revenue streams.

The key to successful transformation is not just better data management but also reengineered business processes. While smaller and newer companies are already adopting the digital-first approach, legacy firms are now gradually realizing the potential of digitizing data and have started revisiting old assumptions. Remember how Airbnb brought about a transformation by breaking away from the myth that owning physical assets is important for the success of a hotel business? It not only stood out in a process-driven world but also added more value to customer experience. It opened a whole new world of opportunities and proved what a tweak in strategy can mean in a business world that generally operates on pre-established notions. Another big advantage of adopting digital transformation is that it shifts the focus from action to experience.

New Age vs Legacy Firms

New Age firms have cracked the code to retain customers and keeping them satisfied without resorting to shortcuts. They have embraced speed and automation knowing well that optimized data can help them grow as it offers the necessary cues to what customers are looking for. This agility sets them apart from some established legacy firms that are constrained by rigid structures from the past and are slow to respond. Digitally inclined firms have pertinent answers to questions like ‘was the task completed as required and within established guidelines’. Only by having this level of insight will a firm be able to continually monitor and improve their customer experience and expectations.

Benefits of digitizing data and processes

By digitizing data and processes, firms can dramatically change perceptions, add value and deliver the experience and results employees or customers want. The key is to reinvent processes, reduce documentation, rebuild data models and redesign roles. Not just that, turnaround times can be improved too. Digitization helps manage resources efficiently, saving time on projects as well as better customers experience. By replacing manual processes that consume time, firms also get access to real-time reports and dashboards on performance that enable managers to address issues before they escalate.

Conclusion

Digitization does go a long way in helping organizations improve their bottom-line and delight customers. In its pursuit of total transformation, firms will continue to acquire new systems. It is important to have an integration fabric which will connect the old and the new systems seamlessly.

The next wave of Artificial Intelligence (AI) and Machine Learning (ML) will further disrupt the status quo for the better. Once firms reach certain level of digitization, the goal should be to leverage AI to take its operations to a whole new competitive level.

Company: Century Software North America Inc.

Website: www.censofinc.com

LinkedIn: Censof Inc LinkedIn Page

#CPA #accountingfirm #Data #FirmTransformation

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