3 Ways Enterprise Software Companies Are Driving Digital Transformation
Today, the world of business and technology is in the midst of a disruptive digital transformation. While most organizations are unanimous when it comes to the need for change, many are often overwhelmed at the prospect of overhauling the DNA of their company at a granular level. Others fail to accurately diagnose their pain-points which lead to misallocation of resources and ineffective implementation.
In spite of the aforementioned daunting challenges or perhaps because of it, organizations across industries and geographies are undertaking operational digital transformation at a scale hitherto unseen. This has led to an unprecedented proliferation of enterprise software companies. Today, every business attribute is being re-written in code. Often, companies if not entire industries gauge themselves by their ability to streamline their operations on digital platforms.
The banking industry
In the aftermath of the recession that shook the very core of the global economy in the first decade of the twenty-first century, the domain that bore the brunt of the consequences was the banking industry. Tens of millions of seasoned veterans with years of vertical-experience suddenly found themselves unemployable. Instead of hanging up their boots, innovative professionals pivoted and pioneered the fin-tech industry.
Even before the financial depression, disruption was in the air for the banking industry. The present day internet revolution gave us all human knowledge at the tips of our fingers. Smartphones enabled us to access that information on-the-go. With every aspect of our daily lives being increasingly digitized, it was inevitable that monetary transactions would invariably take the online route.
Digital banking interfaces are chiefly of two kinds. Challenger banks seek to offset brick-and-mortar operations by completely digitizing all transactions. Sleek, fast and automated without manual deficiencies, they vastly better the traditional experience. Simultaneously, they operate within the purview of banking licenses so you know that your money is in safe hands.
Neobanks streamline digitized banking even further. By offering only a niche set of services exclusively on mobile apps, they afford an unparalleled level of efficiency and smoothness in operations. Not requiring a license to function, these apps cut through bureaucratic red-tape and consequently reduce establishment costs – savings that entrepreneurs can then pass on to their customers by way of dirt-cheap rates.
The health, sports and fitness industry
Perhaps the biggest digital innovation in this gamut is in the field of wearable devices. These enable their consumers to track their well-being in real-time as they go about their daily activities. The data provided is accurate and offers invaluable insights into the overall function of the body. These include pulse-rates, steps taken, traveled distance, burnt calories as well as sleeping habits. These interfaces can be seamlessly integrated with mobile applications through which users can monitor their health indices.
In addition to accessories, wearable devices also come in the form of smart clothing. These are designed to track muscle activity, breathing and heart rates.
Chatbots have been a God-sent for organizations looking to take customer interaction to the next level. When implemented in a systematic fashion, AI bots offer effective and prompt communication round the clock.
Sophisticated bots can engage customers not just on the company site. Existent consumers, as well as potential new ones, can address their queries to organizational bots across social media platforms as well.
Efficient chatbots drastically cut costs, significantly increase customer satisfaction as well as generate leads.
Enterprise software companies are hand-holding modern world business organizations, helping them to metamorphose into electronic-interface solutions provider to millennial and Gen Y customers. If you are looking to accentuate your business proposition through digitally-enabled services, get in touch with us today.