Law firms and financial organisations are trying to offer a more engaging user experience for their internal and external customers through digital transformation. However, many are deploying ‘quick fix’ technology rather than a well-designed integrated solution.
The Quick Fix Approach
The macro and micro pressures of today’s business environment are ongoing and sometimes the needs and wants of a business such as a digital transformation strategy get pushed to the back of the queue.
This can trigger the ‘quick fix’ approach which they believe to be an easier and more realistic resolution, as oppose to a constructing a digital transformation strategy.
Islands of Technology
New channels of communication are deployed which lead to technology silos, with people struggling to manage the different systems and channels. This leads to isolated groups of data getting lost in the abyss. These islands of technology may deliver the short-term win, but they don’t maximise the potential of data, to deliver long term benefits.
Deconstructing Digital Transformation
It has become increasingly difficult to decide what technology you need and why. However, digital transformation doesn’t have to be a complex mission constricted by high budget demands and lengthy project times. Solution providers can simplify digital transformation by deconstructing it into manageable projects but still creating a well thought out strategy that integrates with your technology.
Proof of Concept
The next step is to test out the solution by piloting it, this will reduce the fear and risk of change. You can test what works and what doesn’t work. Cloud-based solutions make it much simpler to test out new ideas quickly.
Businesses still get the ‘quick fix’ they require and realise the real-life benefits in practice and solution providers can demonstrate the technology and assist you in planning your technology roadmap for digital transformation journey.
The good news is that legal practices and financial organisations don’t have to rip out existing systems and replace them. They can protect their existing assets and add on technology and applications when desired.
By adopting a flexible cloud infrastructure you can produce ‘micro services’ through open APIs, utilising your existing technology and deploying new technology as and when you require. Giving you the flexibility to augment existing systems with unified communications, artificial intelligence and automation solutions.
Providing a Seamless Customer Experience
Disruptive technologies like artificial intelligence (AI) and robotic process automation (RPA) can drive internal and external engagement.
In insurance, customers want to use self-serve contact centres where they can access the answers to basic questions. A conversational AI solution, can self-learn the content from your website and the client conversations that take place in webchat, recognising and pre-empting their needs. If the enquiry becomes complex or they want the next level of detail then they can choose to speak to an agent either by phone or video.
AI and RPA can also be used for the internal customer. For example in law, RPA can used to automate contracts helping to make the administration side more efficient and enabling lawyers to spend more time focusing on delivering a superior client service rather than on paperwork.
Integration is the Answer
By creating a ‘smart inbox’ you can ensure that everything is viewed from a single portal, making it easier for the agent and the client. All interactions are then integrated over an orchestration layer connecting everything together in the front and the back office. A Forrester survey revealed that 64% of the survey respondents stated that a lack of a single view of information was one of their biggest challenges in CRM.
Transforming the Business not just the Technology
Digital Transformation is not just about the technology; it is about the overall business and how technology can be used to increase ROI on human capital and accelerate revenue.
AI and RPA enables self-service enabling you to cut costs and not increase them, by cutting the cost to serve you can invest in training for your agents and get a bigger return from them.
Less Haste, More Speed
More speed and less haste – digital transformation is an evolutionary journey and best approached like stepping stones. There is no need to rush and get a quick fix that will only deliver short term gain. It is advised that you approach it in a strategic manner so you can have a well thought out strategy and solution that will be delivered with speed and deliver long term gain.