A new IDC report showcases continued growth for digital transformation in 2020, despite the challenges presented by the COVID-19 pandemic. According to the International Data Corporation (IDC) Worldwide Digital Transformation Spending Guide, expenditure on digital transformation (DX) of business practices, products, and organizations will continue to grow rapidly despite COVID-19 challenges.
According to the report, global spending on DX technologies and services is expected to grow by 10.4% amounting (down from 17.9% in 2019) to $1.3 trillion even though the year witnessed a dramatic reduction in overall technology spending. Interestingly, the industries which are likely to experience hyper-growth in expenditure on digital transformation in 2020 are construction and healthcare. Also, some areas favorable for growth opportunities are: digital visualization in education, omnichannel commerce platforms in telecommunications and clinical trial operational excellence in process manufacturing.
In response to the increasing digital demands caused by the pandemic, many technology leaders have adopted roadmaps for advanced technologies like robotic process automation (RPA) and hyperautomation. Recent reports suggest that these technologies are the driving force behind this accelerated growth of digital transformation.
While finance leaders weren’t exactly prepared for a rapid and complete digital transformation of all operations and functions overnight; remote working, e-com, security compliance, supply chain disruption, and adapting business processes have shifted the CFO focus to business continuity and stability. Not only did COVID-19 push the legacy systems beyond their capacity, but also exposed their inefficiencies and reliability on manual processes. It made finance teams rethink the pace at which to embrace digital transformation. Also, the role of advanced technologies in the future of business became clearer- with RPA and hyperautomation leading the list. While RPA focuses on discreet business processes and uses software bots to automate highly repetitive, routine tasks usually performed by knowledge workers; Hyperautomation combines advanced automation tools and AI to explore new possibilities and insights. Enterprises are eliminating repetitive and monotonous tasks or processes, reducing costs, and scaling capabilities with the help of these technologies. Gartner predicts that by 2024, organizations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes.
Another facet of the Covid-age DX is customer-facing automation. Now more than ever, customer-facing automation emerges as an immediate opportunity area for value-added services in creating competitive differentiation, experiential innovation and stepping up ROI.
More so, automating repetitive tasks, frees up employee time to engage in more value-added initiatives. Investing in back-office RPA and hyperautomation unlocks new opportunities for front-office innovation and helps organizations reimagine automation as an enabler of advanced customer experience innovation. Eventually future-proofing the business.
The COVID-19 crisis has disrupted business landscapes and ecosystems significantly. Whatever the vision and roadmap, organizations are faced with an alternate reality. Digital integration and automation plans are being fast tracked to face the challenges. According to experts, automation and innovation is absolutely necessary to retain and improve customer retention. Creating an agile ecosystem that is digitally enabled, capable of responding and managing disruption in real-time is the key to attain competitive advantage. Additional initiatives should include developing a 360-degree view of the customer, adopting consistent processes, systematic data integration, cloud migration, modernizing revenue systems, privacy and cyber best practices.
As we are learning to live with COVID-19, many of these new shifts and strategies are here to stay. This means that customer expectations for new and improved digital experiences are only going to become higher. As companies adopt or expand their reliance on modern and agile business models, they need a modern monetization platform that supports the usage-based business model and the entire order-to-cash process, empowering the enterprise with a scalable and predictable revenue engine for improved financial management and sustained profits.
Typically, organizations embarking on their digital transformation journey, transition to a recurring revenue model. They are still reliant on their existing customer relationship management and ERP systems. Since most ERP systems are designed for transactional businesses, it can be difficult for them to handle sales spanning multiple periods. To address these issues RecVue’s founders built the only enterprise monetization platform powered by big data and Oracle’s cloud infrastructure that helps enterprises adopt and manage innovative business models to drive recurring revenue growth. RecVue’s unique, unified platform integrates with ERP and front-end order processing systems. Its customers are mastering hybrid subscription and high-volume usage-based models with sophisticated pricing and rating scenarios, while gaining operational efficiencies, expanding their business footprint, and exceeding customer expectations.
Contact us today to learn how RecVue’s platform can give your company the smart monetization edge that can make your business future-proof and disruption-proof.