Reshape Your Company for the New Normal: A Roadmap in Four Steps
Yet most Hong Kong companies are struggling to adapt to this “new normal” due to cultural inertia and the lack of a digital transformation roadmap. A recent survey found that only 14% of Hong Kong businesses considered themselves “digitally mature”; 26% had not even begun!1
The pandemic has only increased the urgency for companies’ digital transformation – the process throws a lifeline to all businesses, irrespective of size or industry sector. Digital transformation begins an ongoing process of improving standard procedures and workflows, raising them to the next level using technology-based tools that augment existing processes without replacing them entirely.
That brings us to the roadmap: any remaining reservations about digital transformation can be addressed within four key steps, which we’ve listed below.
Rethinking Data Capture
Digital transformation is not change for change’s sake – it should free your team from time- and labour-intensive tasks that sap productivity and morale.
Manual data entry, for instance, isn’t just boring and mindless. It’s also prone to human error, yielding multimillion-dollar consequences2 that no company can afford to shoulder in the midst of a pandemic.
Fortunately, machine learning and artificial intelligence (AI) have made automatic data capture processes easier to implement. AI-powered capture platforms, for starters, outperform humans at capturing, sorting, and contextualising business documents across the enterprise.
By reducing human error, automated data capture ensures that data-driven insights are based on accurate figures, improving corporate agility and competitiveness as a result – both urgently needed in this critical time.
Re-engineering Document Storage and Management
Quick turnaround times are increasingly essential at this critical period in history. Why, then, aren’t companies doing more to change time-intensive processes?
Up to 12 man-hours a week are wasted in needless document management tasks,3 attributable to an overlapping series of factors: maintaining legacy on-site systems despite rising costs; lack of oversight producing redundant datasets; and the absence of in-house professional expertise, among others.
Thankfully, document storage and management solutions no longer have to be in-house nor on-site. Third-party providers can help implement cloud-based Electronic Document Management Systems (EDMS) to automatically store, manage and deploy information assets, both on-premise and online.
Even with remote access, EDMS guarantee secure collaboration by implementing strict user controls to protect sensitive e-documents. And because cloud-based solutions scale easily, companies can customise the solutions they need flexibility – allowing them to pivot to a remote workforce almost instantly.
Rethinking Business Processes
Companies that develop their internal workflows organically may reach a point where inefficiency outpaces the workflow’s problem-solving ability.
An inflection point like the present pandemic can lay a workflow’s shortcomings bare. Vanished data, massive downtime and lost client trust may result from common physical workflow issues like unmanaged approvals, siloed data and having a single point of failure.
The answer lies in digitalisation: under the “new normal”, all steps in the workflow, without exception, need to go virtual. Digital transformation leads to more user-friendly business processes: sustainable and efficient output that simplifies individual work processes, instead of multiplying them needlessly. Imagine accounts payable automation that reduces invoice processing into a few steps, or business process management systems that streamline procedures by up to 50%.
Reimagining Document Output
Output covers more than paper printouts. A successful digital transformation process should allow all team members to use the output method that suits their needs best.
Digital transformation can elevate your workplace , transitioning to managed print environments that knit together mobile, big data and cloud.
A newly-digitalised setup offers increased usability and security, for both on-site and remote working staff; while delivering output that’s personalised to individual needs (whether it’s paper or on mobile devices). This output environment should also be able to collect usage data for management oversight, producing timely analyses and management reports that increase decision-making agility.
Digital transformation is already difficult to do at any given time; the difficulty doubles when compelled by a crisis like the pandemic. Your trusted partners like Fuji Xerox (Hong Kong) can help businesses plan a roadmap for digital transformation, and implement it without undue difficulty.
One of our professional solution consultants can step in to serve as your business innovation partner; just fill in the contact form so we can reach out. We’ll be happy to help you make it to the other side of the digital transformation process, standing in much better shape than when you came in.
1. Abfalter, Paul. "2020: Digital transformation is key to business continuity." EJInsight. Hong Kong Economic Journal Company Limited, June 4, 2020. https://www.ejinsight.com/eji/article/id/2485557/20200604-2020:-Digital-transformation-is-key-to-business-continuity.
2. Redman, Thomas C. "Even the Tiniest Error Can Cost a Company Millions." Harvard Business Review. Harvard Business School Publishing, August 7, 2014. https://hbr.org/2014/08/even-the-tiniest-error-can-cost-a-company-millions.
3. Bond, Stewart. "IDC PlanScape: Data Intelligence Software for Data Governance." IDC. IDC, August 2018. https://cdn.idc.com/promo/idc_planscape_data_intelligence_software_for_data_governance/RESOURCES/ATTACHMENTS/IDC_PlanScape_Data_Intelligence_Software_for_Data_Governance.pdf.