The acceleration of digital use cases as a result of COVID-19
Digital transformation has accelerated at an unprecedented pace since the COVID-19 pandemic erupted in 2020, with many companies investing in digital transformation by implementing digital use cases.
2020 was the year of fast-tracked digital solutions, which sped up the adoption of innovative technologies in organizations. That was the year when a decade worth of digital enablement and transformation occurred in just a few months.
2021, on the other hand, was when digital transformation aided firms to stop focusing on putting out fires and re-focus on growth. Looking towards 2022 - digital transformation is becoming the primary driver of growth and profitability. According to World Economic Forum, Digital Transformation is expected to boost the world economy by adding $100 trillion by 2025.
Digital transformation outlook for 2022
The accelerating growth in demand for digital solutions spurred on by the pandemic has caused more people to transact business on the web rather than offline, including transactions traditionally done in-person, in-branch, or over the telephone, such as banking, insurance, and utilities.
Digital use cases are a trend that is increasing in the business sector. According to Forbes, 86% of companies have experienced an increase in their customer base as a result of implementing digital use cases.
The acceleration of digital use cases as a result of COVID-19 can help your company in the following ways:
• Improved customer experience – for both customers and employees
• Grow business by capturing new target markets
• Reduce overheads through automation
• Enhance marketing initiatives with better insight into consumer behavior
• Extend digital capabilities to new channels and services
Digital transformation use cases in insurance
Digital transformation can help insurers to create new products or value propositions for customers that provide more flexibility and accessibility.
For this reason, Insurance providers must rethink their business models to remain competitive and relevant.
For example, at the beginning of the pandemic, Nürnberger needed to act fast when anticipating a tsunami of policy cancellations as a result of COVID-19. By working with a no-code platform, they created a digital journey that gave their customers flexible options to adjust, pause or cancel their plan stress-free.
VGM is another company leading the way by leveraging no-code digital platforms – giving them better insights into what consumers want when it comes to making purchasing decisions about health insurance plans. The result? A quick transition from paper-based policies to digital journeys driven by customer data analytics ultimately benefits insurers and consumers alike. With a no-code platform after only three months, they built eight digital customer journeys on their own—creating a digital world they thought only possible to achieve in five years.
Digital use cases in insurance enable organizations to
- Create streamlined onboarding processes;
- Gain real-time insight into risk profiles enabling more efficient underwriting decisions while reducing costs;
- Boost profitability with enhanced marketing initiatives through targeted campaigns enabled by extensive data analysis toolsets
- Boost efficiency automated workflows resulting in increased revenue growth rates while reducing overheads;
- Target new markets and extend digital capabilities to new channels or services.
Digital transformation use cases in banking
Digital transformation use cases in banking are extensive and transforming both the industry as well as customer experience.
The digitalization of bank transactions – especially for financial products-has aided organizations across the board streamline costs while satisfying consumer needs faster than ever before. Digital use case implementation has enabled banks to provide their customers with fast and secure services through mobile-first apps that allow users to transact business on the go.
Digitally enabled branch operations can enhance your company's performance by providing employees with excellent toolsets to help them serve customers better.
Digital transformation use cases for financial service organizations are making a huge impact on the industry by enhancing efforts to support customer needs while reducing costs - ultimately improving business processes and increasing ROI!
New integrated digital journeys have been designed for FIs looking to access more efficient financial solutions. This includes easy onboarding processes along with faster approvals from multiple providers, which can ultimately help increase revenue growth rates while reducing costs across all channels.
Digital transformation use cases in the automotive industry
Digital transformation use cases in the automotive industry are focused on improving customer experience. Digitization is transforming the way companies do business by providing a better understanding of their customers' needs and expectations and how to use this data to create digital strategies that will improve overall performance.
One example is Real Garant utilized a no-code platform to turn a complex process with multiple PDFs into streamlined digital journeys and went from closing contracts with B2B partners in months to weeks.
Digital transformation use cases for travel companies
Digital use cases are especially important for companies that already have a digital presence.
For example, online retailers and travel businesses need to remain competitive if they want to attract new customers as well retain their existing ones.
This includes being able to get assistance through different channels from booking until arriving at the destination. The hospitality sector has been experiencing increased demand for online bookings, which means hotels are required to be more accessible than before.
The temporary fix turned into a revenue engine
87% of companies state that digital use cases have helped them become more customer-focused. The better you can understand what your target audience wants, the more likely you are to meet their needs and requirements.
Digital use cases can help your company deliver a better customer experience by using data from digital channels such as websites, social media platforms, or mobile applications. This enables businesses to offer highly personalized service that is tailored for individual customers' wants and needs – while speeding up interactions during peak times.
The opportunities for companies to engage with consumers have increased exponentially in this new online world. Because digital use cases allow marketers to be more targeted in their approach, they can also help companies reduce the cost of customer acquisition.
Accelerating the pace of digital transformation
According to Forbes, the acceleration of Digital Transformation is one of the biggest trends in business today – with 44% of organizations have undergone a transformation over the past two years.
The main focus should be on how you can simplify the end-to-end customer journey so it's easier for employees and consumers alike.
A study by IDG reveals that 89% of organizations have plans to adopt a digital-first business strategy. However, only 44% have fully adopted this approach.
There are several reasons for that.
The first reason is cultural. Digital Transformation is not just about technology; it's an ambitious change program that addresses the needs of the digital age and customer expectations. Digital use cases can help companies evolve to meet these changing demands, stay relevant in this new digital world and ensure their long-term survival. By better understanding how customers want to engage with their brand digitally, businesses can deliver more personalized service and experiences – while saving time, effort, and money.
The second reason is that digital transformation is a complex process – but it's an inevitable one that all companies must address if they want to avoid extinction. Not only does digital transformation affect all parts of an organization, but it also brings about changes in the way your company operates and does business.
As you see - digital transformation use cases turned into digital journeys have become more popular due to supporting business process automation as well as improving efficiencies throughout an organization's entire lifecycle (not just IT). Digital transformation use cases can speed up the pace of innovation and encourage business leaders to embrace new ideas that will give them a competitive advantage.
Digitalization is changing the way services are being packaged, marketed, and sold. Insurance companies, banks, and manufacturers are creating integrated digital journeys with end-to-end capabilities across all touchpoints, including
- streamlined onboarding processes
- real-time insight into risk profiles which enables more efficient underwriting decisions while reducing costs
- enhanced marketing initiatives through targeted campaigns enabled by extensive analysis toolsets
- automated workflows resulting in increased revenue growth rates and reduced overheads while extending digital capabilities to new channels or services.
Not sure where to get started? Click here to discover 100s of manual processes you can digitize across your operations, IT, sales, and service departments in order to stay ahead with your digital transformation initiatives.