Why digital transformation is crucial for growing businesses

Business growth is a challenge in the age of a global pandemic and its inherent uncertainties and disruptions.

Not only are we in the midst of a pandemic, but we are also in an era of rapid technological advances. Companies have been on the path to adopting digital technologies for business operations, and the pandemic has accelerated this trend.

Travel restrictions, supply chain disruptions, and remote work policies caused companies to quickly switch to online payments and collaborative work software to maintain business continuity.

Citizens turned to e-learning, online shopping and communication through social media channels and instant messaging.

Tech companies, educational institutions, and businesses, in general, learned to operate remotely, seamlessly, and without a drop in effectiveness.

As we have witnessed in the past couple of years, digital technologies can transform every aspect of a business: internal processes, customer service, employee well-being, and job satisfaction.

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Digital Transformation: Reimagining your business in the digital era

We can broadly define digital transformation as the adoption of digital operations and tools to reach strategic business goals.

Digital transformation is imperative for all businesses—from small companies to large enterprises. This message comes through seemingly in every keynote, panel discussion, article, or study related to how companies can remain competitive and relevant as the world becomes increasingly digital. 

Particularly for businesses in the growth stage, digital technologies are now indispensable to meet changing business and market requirements. Digital transformation involves fundamentally changing how companies operate and deliver value to customers. 

It transcends traditional roles like marketing, sales, and customer service.

It helps create or modify business processes, work culture, and customer experience to achieve higher productivity, reduce operational costs and improve collaboration between departments, partners, vendors and other stakeholders.

It impacts how you think about your customers and engage with them.

Moreover, digital transformation helps you extract accurate insights from data that aids in business growth. As a result, it provides a chance for businesses in the growth stage to thrive even in challenging market conditions.

So as we move from paper to intelligent applications for managing our businesses, we have an opportunity to reimagine how we do business and how we engage our customers with digital technology on our side.

Quite simply, digital transformation is now a survival issue for growing businesses. In the post-pandemic era, an organization's ability to quickly adapt to supply chain disruptions, time to market pressures, the new remote working environment and rapidly changing customer requirements and expectations have become very critical to the company's survival. And this is reflected in the spending priorities of companies.

According to a report by IDC, “Direct digital transformation (DX) investment is still growing at a compound annual growth rate (CAGR) of 15.5% from 2020 to 2023 and is expected to approach $6.8 trillion as companies build on existing strategies and investments, becoming digital-at-scale future enterprises.”

The first step to digital transformation: Digitizing documents 

Document digitization and content management solutions are integral to any digital transformation program that CIOs or business owners turn to for achieving and maintaining growth. Document and data management solutions add mission-critical value and are essential to efficient business operations. 

DRS Imaging offers best-in-class document scanning and data capture services that convert your paper documents into electronic information that you can access and search easily. DRS can convert any document to a digital file, including standard paper files, large drawings, microfilms, photographs and mixed digital media.

We have the technology and expertise to capture information from media without having to re-enter it. Our electronic data capture systems can transfer data from forms, applications, images and handwritten records. Our data capture solutions services are highly cost-effective.

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 The next step: Document management

 Why is document management important for organizations at the cusp of digital transformation?

According to the Association of Information & Image Management International (AIIM), document management is: "The use of a computer system and software to store, manage and track electronic documents and electronic images of paper-based information captured through the use of a document scanner." 

Document management is a digital methodology that includes scanning paper documents, sorting and classifying them, storing, sharing, and tracking all the documentation required by the business.

Document management has extensive benefits for large and small growing organizations. An efficient information management system removes bottlenecks in document processing, enhances productivity, gives employees access to the information they need, and makes it easier to search and retrieve important pieces of information. Automated document organization and tracking saves your team countless hours and effort. 

Let us see how effective document management can contribute to the success of growing businesses:

  1. Better time utilization saves costs: Do your employees spend precious hours searching, retrieving, and refiling paper documents? If you have a hybrid work model, accessing and sharing paper documents is complicated and time-consuming. A DMS improves your team's efficiency and utilization of time and resources—essential for growing businesses.
  2. Enhanced searchability of data saves time: A DMS automatically classifies documents and tags them with metadata—a tedious, time-consuming process, prone to errors if handled manually. Automatic indexing makes it easy for your teams to search and accurately retrieve information when required. 
  3. Streamlined reporting to support decision-making: A DMS streamlines compilation and generation of reports, saving time and manual efforts. You can also customize the reports to suit your business needs. Rich data available in real-time enables more effective decision-making and contributes to your business's bottom line.
  4. Enhanced data security and compliance: A DMS ensures secure storage of critical business data. It also has stringent access control features to prevent data breaches and leaks. Both these features help businesses comply with industry-mandated compliances related to customer data security and information governance policies.

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Advanced automation transforms your business processes and workflows

The most common digital transformation goals for technology companies around the world are:

  • Transforming legacy systems to new-age technologies
  • Migration of applications and data to the cloud
  • Automation of business processes

Automation provides:

  • Better business resilience
  • Faster development and deployment cycles
  • Reduced risk
  • Faster and better decision-making

At DRS, we have delivered transformative solutions for many growth-stage organizations. Our HIPAA and SOC 2 compliant business process outsourcing services have helped companies reduce costs by outsourcing their back-office business process to us and focusing on their core competencies instead. 

DRS: Your partner in digital transformation

Relying on paper-based documents and outdated business systems weakens an organization's ability to stay competitive. 

If your company is in a growth stage, you will benefit from deploying digital strategies and solutions early in your journey.

Digitization and automation streamline internal workflows, make external collaboration more effective and bring significant savings in time and resources. 

Digital strategies keep your business agile, scalable and efficient, supporting growth and new business development.

Digital transformation solutions from DRS help you gain the competitive edge you want. DRS offers you a complete range of services to help you through your digital transformation journey. 

We offer document scanning services, electronic data capture solutions, workflow automation, business process outsourcing services, and ECM solutions.

Contact DRS and let our digital transformation experts guide you toward business growth and resilience.