In today’s tumultuous economic environment, astute leaders are making purposeful, strategic changes to strengthen their operations for lasting structural development that drives business success. Being proactive about streamlining and digitizing crucial operations and processes paves the way for agility, efficiency and resilience into the future.
Streamlining and digitizing operations is one of four key focus areas discussed in our new eBook, Business strategies for turbulent times: A leadership guide to recession-proofing. This timely guide is designed to help business leaders identify ways their organizations can thrive despite economic turmoil.
Below are five key steps overviewed in the eBook that can be a catalyst to your digital evolution and help your organization maximize the value of its data:
- Focus on industry-specific roadblocks.
Every industry has unique challenges and hurdles to overcome on the road to digital modernization. Identifying and addressing industry-specific roadblocks will help you more effectively navigate them. Adherence to industry regulations is paramount and any digital advancements must ensure ongoing compliance.
Target and leverage specialized expertise in regulatory compliance. Working closely with regulatory experts and leveraging their knowledge, you can ensure compliance is sustained as your digital transformation moves forward.
- Create meaningful procedures around digitizing documents.
Converting physical documents into digital formats is a fundamental aspect of digital transformation — but that process should go beyond mere digitization. Establishing meaningful procedures that govern how data is collected, retained, organized and used is essential.
Define clear guidelines, standards and procedures for document management. It will fuel your organization’s ability to streamline data workflows, gain insights from data, sustain compliance, and drive efficiency and smart decisions.
- Shore up expertise.
Whether it's from internal resources or external partners, collaborating with experienced digital transformation experts is essential. You’ll find it to be the quickest route to valuable insights, guidance on best practices, building a roadmap and implementing proven solutions to overcome challenges and propel your advancement forward.
- Focus on measurement.
To unlock the most potential from your data, focus on measurement. Determine the metrics most relevant to your business objectives and what insights will be most meaningful in your decision-making.
From there, leveraging robust analytical tools and techniques to obtain those measures and metrics will help you derive the most valuable information from your data — fueling your ability to make informed decisions, shape your business strategies and drive continuous improvement.
- Act on analytics.
Gaining insights from data measurement and analysis is the first part of the equation. The second and most valuable part lies in taking action based on those analyses. Make it a priority to continuously learn from your data and apply what you learn to take strategic action. That could involve finessing and optimizing processes, refining your strategies, or even exploring new business opportunities.
With a modern digital foundation, your organization will improve its ability to quickly adapt to shifting market dynamics and use data as a strategic asset to achieve business goals into the future.
Read more details on this topic and three others key focus areas for recession-proofing in our eBook — which also spotlights how Conduent can help your organization build lasting resilience.
About Conduent Automated Document Solutions
Conduent Automated Document Solutions digitize, index and classify 3.6 billion documents annually, with 95% straight-through processing rates and 20% cost reduction. With a deep well of capabilities and expertise across a wide range of vertical industries, businesses and enterprises, Conduent is a trusted, reliable partner for industry-specific automation with a proven track record evolving legacy systems and delivering powerful research-backed solutions.