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Digital transformation has seen a vast adoption in recent times. And the future looks bright! In simple terms, a digital transformation strategy helps companies look at revamping their business processes to reap multiple benefits in the form of cost savings, business intelligence, and efficiencies. It has many takers, and 2022 looks interesting. A PWC survey from 2022 found that a whopping 60% of senior executives believed in the power of digital transformation, with many giving a thumbs up to technologies like cloud, AI, 5G, and IoT. A recent Statista study pointed to an impressive figure of $1.8Tn focused on digital transformation in the year 2022. It has the potential to touch multiple stakeholders leading to better customer experience, enhanced workforce, and a smarter ecosystem. Let us take a quick look at the application of digital transformation across different industries:
The finance industry will be digitally connected and a whole lot smarter
Physical banks are making way for digitally connected banking ecosystems where the expectations around compliance, efficiency, and customer experience are high. In 2022, your customers are no longer happy to go to a physical bank or go through a long process to get their basic questions answered. Smart agents and bots can look at a long list of frequently asked questions and get answers to them in seconds. Similarly, basic transactions are expected to be completed in a purely touchless manner. Self-service is the need of the hour. Digital transformation can also help your customers get onboarded automatically without having to fill forms, talk to an agent or wait for days to get their accounts activated. Reports are great to have but 2022 will be all about visually appealing, intuitive dashboards which provide information that is easy to access, understand and digest. Which ultimately leads to quicker, more informed decisions.
Companies will also be able to work on rich insights pertaining to customers. This point especially comes in handy when we talk about the stiff competition in the fintech space. A survey found that 77% of traditional companies from the finance domain are planning to invest in innovations like AI and blockchain to retain their customers. People are forced to stay indoors but transactions continue. This is where 2022 will see a rise in the adoption of online and mobile channels and contactless payments. Digital transformation will thus help build the future of banking in 2022.
Travel will be redefined through a combination of virtual and real
When it comes to travel, the world is your oyster! When you add digital transformation to the mix, sky is the limit. Covid has slowed down the travel industry, but it has also led to interesting developments. Virtual reality is slowly making inroads in the travel industry with many companies offering virtual tours of their properties. They are interactive, engaging, and very real. So, think sound effects, major attractions, pictures, videos, music, etc. to provide a holistic experience. This helps customers make better decisions when comparing options.
Even otherwise, the competition has intensified, and customers are becoming more intelligent. They want to compare prices, look up reviews, understand what the community is saying and then take a call about the places that they want to visit. 2022 will also focus on providing a well-rounded experience to customers when it comes to their itinerary – be it the food they want to eat, the monuments they want to see, or any additional service they want to take. Armed with the complete history of a customer, companies can suggest relevant choices and help them upgrade to better ones at the click of a button. Knowing the context and cross-selling to customers are two important aspects that will gain prominence. Offering discounts and rebates will also be easier. All this can be done through hyper-personalization. Smart hotels are another key attraction that can be a big draw in the new year. Hotels can enable guests to control room temperature, open their drapes, flush the washroom, or ask for help with just a swipe on their phone or a voice command. An example is the collaboration between Marriott and Samsung & Legrand to curate intelligent rooms, through which a guest can set a wake-up alarm, book a yoga class with a full-length mirror, or control water temperature through their apps. 2022 will be all about bridging the gap between online and offline.
Retail will focus on customer experience
Customers are used to personalized options. We see options around us all the time. Some are creepily relevant, while some are rather pushy. But a fine balance of this aspect will be the key game changer in 2022. The customer retention rate in retail is one of the lowest among all the industries at 63%. With digital transformation, the retail industry can look at creating customer journeys that help increase mindshare and sales. Operations can be streamlined to automate activities like billing, inventory management, product suggestions, etc. Providing a unified commerce solution is one of the most important aspects as customers seamlessly move between offline and online modes. This means having complete knowledge about a customer’s transactions, purchase history, and preferences across channels. An omnichannel strategy in retail helps to build a unified view of the customer. This also makes the jobs of marketing and sales a lot easier as conversion rates increase because now teams can be armed with data to provide relevant suggestions.
Companies can also look at self-checkout systems which ensure contactless or touchless transactions and quicker decisions. This is especially relevant during the pandemic as people look for safer ways of transacting. Conversational AI is a great tool that will see greater adoption in 2022. Chatbots can answer basic queries and help customers gain confidence about a brand/ product while ensuring to seamlessly direct them to agents/humans wherever required. Data intelligence and algorithmic methodologies are other key aspects that can help companies plan, promote and price their merchandise across different locations (to manage demand-supply dynamics better). Virtual trial rooms are already making great waves in the industry. 2022 will see this getting a further push as people will look to try out products from the comfort of their homes (with multiple choices ranging from size, color, combinations, etc.).
Healthcare will be all about round-the-clock patient care
Technology has helped provide access to modern healthcare systems. We have seen how operations have improved and people have been able to keep up with their health goals while being digitally connected. Round-theclock remote patient monitoring and management will be the key goal of 2022. Smart bands, wearables, and health apps will help doctors keep a track of patients’ health and vitals while providing regular tips and suggestions along the way. Blockchain and IoT will help collect, store, and analyze huge volumes of patients’ electronic health records and data which can help prevent predictable health issues while improving the overall quality of a patient’s life. With augmented and virtual reality technologies, doctors can test out new concepts and complicated procedures before performing the actual operations. The treatments can also be more successful and less expensive owing to this proactive approach. These technologies can also help train medical students and staff regarding the best practices.
As people become more engrossed in their daily lives, visiting hospitals or scheduling appointments can be a challenge. 2022 will see more of us getting busier. But that in no way will mean that health will be pushed to the backburner. Tele-medicine and online consultations can ensure remote access, so that health and wellness are always the topmost priorities irrespective of the circumstances. Doctors too prefer virtual consultations. A survey saw 75% physicians agreeing that telehealth enabled them to provide high-quality care while 85% felt that telehealth was increasing the timeliness of healthcare.
Digital Transformation with Xebia
The first and foremost aspect of digital transformation is automation. This ensures that companies can streamline their manual processes and bring down costs. Leveraging insights to understand customers and service them in the best way possible is the second important factor. With Xebia, you can look to accelerate your processes and create data-driven solutions to unlock business intelligence. Armed with a digital cloud-enabled strategy, you can carve out your digital transformation path. Based on data insights, you can then create customer journeys which can help you serve them better while upselling and cross-selling to them. If this sounds interesting, we would be happy to connect and help you take your digital transformation game in 2022 to greater heights.