Digital transformation is impacting all industries faster than we can imagine. Moving towards digitization helps businesses adopt a more customer-centric approach – enabling them to deliver improved products and services. According to Meticulous Research, the digital transformation market is predicted to reach $3.3 trillion by 2025.
This article covers actionable educational, financial, and real estate business strategies to move towards digital transformation.
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Digital transformation of Financial Services
The pandemic has accelerated the rate at which finance companies digitize. With the fintech revolution on the horizon, there is a chance for traditional finance companies to be cut out of the race. Now more than ever, it is vital for Financial Service Providers (FSPs) to provide their services digitally.
Here are a few strategies that will enable an FSP to achieve a digitally-enabled business model:
Acknowledge the Existence of the Digital Divide and Combat It
Customer engagement is a primary area of digital transformation. Knowing that the financially underserved can be skeptical about using digital financial services is vital when understanding your target audience.
Understanding both segments of your audience – the ones inclined towards using tech for finance and those inclined away from it can improve customer retention effectively. To accomplish that, traditional finance companies need to design financially inclusive value propositions and play their role in reducing the current digital divide.
Leave Room for Experimentation
Each business needs to operate differently to achieve maximum efficiency. Trial-and-error is the best way to understand what makes your business most productive. Digital transformation requires an environment conducive to learning, experimenting, and rebuilding. Key performance indicators (KPIs) are based entirely on profit maximization and do not account for risk and innovation, which is necessary to lead digital transformation.
Form Partnerships to Achieve Long-Term Goals
Traditional financial companies are often reluctant about partnerships due to ownership problems. Nonetheless, by partnering with FinTech providers, eCommerce leaders, and online payment providers – FSPs can utilize digital transformation to its full potential and scale their business effectively.
Digital Transformation of Educational Services
After decades of practicing traditional classroom learning techniques, educational institutions are adopting digital strategies to improve learning and transform the way it works.
Here are strategies educational institutes can adopt to move towards a digital future and provide an immersive learning experience:
Integrating Virtual Reality in Curriculums
A survey conducted by PwC showed that VR-trained respondents were 1.5 times more focused than classroom-learning colleagues. The survey also demonstrated that VR learners are more confident applying what they are taught. This is because a virtual reality experience enables students to implement and practice what they have learned theoretically.
Therefore, designing a blended educational curriculum that integrates immersive learning experiences is one step to achieving digital transformation.
Improved Cybersecurity Measures
With increased cyber attacks, institutes need to develop a foolproof, risk-based cybersecurity strategy to detect and respond to external threats and protect confidential data. This requires outsourcing cybersecurity work and strengthening the institution’s management.
Adopting Learning Management Systems for Higher Education
Learning Management Systems make managing and regulating individual student matters such as attendance, enrollments, tuition fees, grading, and accessibility to reading materials more convenient for instructors, students, and the administration.
Digital Transformation of Real Estate Services
According to a survey published by KPMG, real estate companies are rapidly moving towards digital mechanisms to provide their services. Up to 58% of respondents claimed to have an actionable digital strategy. Digital transformation in real estate is proven to maximize ROI and help understand customer demands better.
Here are a few steps real estate companies can take to digitize their business models:
Automation of Daily Tasks
Automating key daily tasks and operational processes such as invoice processing, digital marketing, and property management can help save time, reduce costs, and boost team productivity. Various SaaS companies specialize in helping real estate companies automate their routine tasks.
Utilizing Data Analytics Tools
Real estate companies rely on the quality of information they have access to. They require information about renters, tenants, owners, properties, and agents. With access to big data analytics tools such as CRM, realtors can learn about the preferences of their target audience and strategize accordingly.
Digital Tenant Engagement Services
Customer experience is an integral element of digital innovation. Recently, using technology to provide a better experience to property occupants is becoming a common practice. Digital tenant engagement services make it easier for residents to pay rent, renew leases, and simplify tenant-landlord communication.
Begin your Digital Transformation Journey with DEHA
The move to digital transformation can seem challenging – especially if you have been operating as a traditional business for a long time. But with help from DEHA – a leading company helping businesses across the finance, real estate, and education industry digitize their business models, your digitization journey will never be easier.
Set up a free meeting now to discuss how to begin your digital transformation journey today.
