A study by Couchbase found that 54% of heads of digital transformation think organisations will not survive the next four years without digital transformation. Considering this stark warning, we look at 5 leading examples of digital transformation.
The legal sector is often slow to change. However, the industry is digitising. We’ve previously written about online conveyancing, the way Axiom is changing the sector’s billing, and the challenges legal professionals face.
Despite the complications of transforming the legal sector, SeedLegals is another success story. Aimed at start-ups, SeedLegals helps founders be digital-first from the beginning as founders and investors can complete a funding round as an automated process. It claims to reduce a 3-month legal process to just a few days.
SeedLegals itself has not undergone digital transformation. However, SeedLegals is changing the way a variety of other businesses form. It is also encouraging digital transformation across the legal industry. New businesses like this are showing existing giants and small firms how much they can change. With another legal service going digital, businesses need to review their practices and mindset before they are left behind.
University of Exeter and Keypath Education
The University of Exeter teamed up with Keypath Education in a 10-year deal to offer online Masters Degrees. It is not the first university to do this but, at the time of the announcement, it was the highest ranked university in the United Kingdom to offer such a course. Digital degrees being accredited by a Russell Group university illustrates that the value of online learning is recognised.
With part-time student numbers collapsing by 56% in five years, this way of teaching helps universities win back those in need of flexibility. With traditional part-time courses closing due to a lack of students, digital transformation helps universities meet their audience’s needs and recoup business.
NH Hotel Group
The NH Hotel group are constantly striving to further their digital transformation. The group launched a global call to enterprises for digital and technology solutions to find new practices to increase revenue, and improve guest experience and productivity. NH Hotel Group’s Digital Transformation Day called for submissions, and 25 shortlisted companies are presenting ideas to the executive committee this month (October 2017).
NH Hotel Group can only adopt new ideas because of the transformation work they’ve already undertaken. Rufino Pérez, Chief Operating Officer & Executive Managing Director of Resources, explained this in July, saying: “We have overhauled our systems and currently boast a 100% integrated digital platform that is enabling us to adopt and adapt any technological development of importance to our business far more efficiently and speedily than before”.
The group have not only shown how crucial digital transformation of your infrastructure is, but also how ‘going digital’ is not just a one-step process – you should continually look for ways to improve.
Automation can dramatically reduce the hours of work required, as JPMorgan can testify. Earlier this year, the banking and financial services company made headlines with a software that takes seconds to complete work that took legal teams 360,000 hours a year. The programme is called COIN (Contract Intelligence) and its role is to interpret commercial-loan agreements.
This automation, however, is only a small part of JPMorgan’s modernisation. Digital transformation is about changing the company mindset – not just tools. JPMorgan have also established hubs for teams in big data, robotics and cloud infrastructure. It has even digitally transformed its IT department by creating bots to respond to basic IT requests.
JPMorgan demonstrate that digital transformation runs through the entire business. Other companies, financial or otherwise, should take note of their approach.
For some businesses, the rise of digital threatens to make them obsolete. Take ‘Yellow Pages’ for example – their physical directories are no longer needed. The final print edition will be delivered in January 2019 in Brighton. To survive, ‘Yellow Pages’ needed to change its entire business model. Now known as Yell, the business is not just an online directory but also provides digital marketing services.
Yell’s journey, however, has not happened overnight. Yell.com launched in 1996, and began offering help with website builds and digital advertising two years later. In 2009, Yell further expanded its marketing services. Since then, Yell has ventured into ratings and reviews, became mobile adoptive and developed an Apple Watch app.
Despite the demise of their iconic product, Yell continued. Its digital transformation was eased by first going online over 20 years ago. Adapting to technology can help your business survive the toughest challenges and, as Yell proves, it’s never too early to begin your transformation.
Are you interested in undergoing digital transformation? Find out more about the solutions we offer. We have specific solutions for those in the education sector, estate agents, hotel and leisure industry, financial services, as well as other company types.