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Successful Digital Transformation Requires More Than Just Technology

Posted: 8 July 2018

Of Leaders and Laggards

A digital enterprise transformation requires an unrelenting commitment to a customer-centric strategy and scalable innovation. Digital transformation leaders remain focused on the customer and and their evolving needs to plan and implement adaptive strategies that will ultimately serve their business and regulatory needs. Laggards, on the other hand, use no formal strategy or mechanism to implement their digital transformation focusing more on cost reduction.

A 2018 study conducted by Forrester Consulting determined that companies who created customer-centric plans which focused on innovation had a greater value and greater profitability. They noted that 65% of transformation leaders focused on innovation compared to only 32% of laggards who did. The Forrester research also concluded that 84% of successful digital transformation leaders appointed an innovation executive to spearhead the efforts and assigned a separate budget designated specifically to drive innovation. 
 
75% of digital transformation  leaders also have a dedicated innovation team assigned to create greater accountability. While it is technology that fuels the transformation, it is ultimately the teams of employees that creates the competitive edge. Customer satisfaction can only be gained when employees are armed with the right tools that facilitate collaboration and improve efficiency and productivity by allowing them to work in new ways that helps cut costs. 
 
For an affordable monthly rate, SuiteBox helps financial services companies prioritise their employee needs, giving them the right tools needed to meet as many clients as possible and make the right decisions for each of those customers. SuiteBox also helps companies sign documents in real time with an automatic audit trail for all meeting interactions for compliance purposes. Digital transformation represents the amalgamation of customer needs and innovation in financial services. SuiteBox is uniquely suited to fit both needs.
 
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