technology in the digital age
/ By ahanane / Technology/ • • / 0 Comments

We live through a Tsunami: Digital Disruption

The current digital landscape

If you are in the music, travel, newspaper, retail, or telecommunications industry, you are being hit by the tsunami of digital disruption. During the last few years, we’ve all witnessed the triumphal, agile and fast arrival of Airbnb, Uber, Tinder, Netflix, drones and their impact on many industries and processes.

Annet Aris* made a very interesting analogy between digital disruption and snakes. One minute, a reptile is calmly enjoying the sun, the next moment it lunges forward. Before you know it, you’ve received the deadly bite and if you do not administer the antidote as quickly as possible, you are finished.

All of us, not for profit and for profit organizations are wondering and must be expecting a fundamental disruption in their industries. The question is not really who will be impacted, but rather at what point will they be disrupted and how much time do they have to prepare for survival.

So, what should you watch out for to see if your industry is next?

The effect of digitization on the economy

Will your industry be next?

Enterprise Content Management
Scan, Capture, Index and Store documents

It would be naive to assume that this predictive exercise is easy and straightforward. I attended several presentations by startups in Toronto, San Francisco and Madrid, and each time I was inspired by the drive and the innovative ideas being worked on. These companies are targeting various areas and industries where opportunities and challenges exist.  

However, there are common factors to consider in our exercise to see if your industry will be hit soon by the Tsunami of Digital Disruption. These are not meant to be comprehensive nor they are they form a magic patch and remedy for digital disruption. They are meant to be indicative of:

  • Your position in the value chain: The closer you are to the customer, the more vulnerable you are. For many years, banks have been dealing with customers directly with hefty bank commissions, payments options and financial plans. They are all in the midst of a tsunami and are working in a speedy manner to keep their market share. Bitcoin challenged the banking industry with new innovative payment options using Blockchain technology. Artificial intelligence is being used in financial models and it has opened the door for new players in the investment sector.
  • The amount of waste in your industry: The lean methodology talks about seven types of wastes. Among these wastes we find is extra capacity. For example, take into account cars that are used on an average of 30 mins/day. We are also faced with defects and quality issues that require rework and hence waste resources and time in process. Other wastes include excess in processing, inventory, moving items and non-utilized talent. Industries that have high cost wastes are currently being targeted by digital disruption and new technologies.
  • The complexities in your industry: This includes complex, manual processes such as data entry, data validation, system integration, transfer of data and documentation of processes. Over the last ten years, we’ve seen how accounts payables can be completely automated using Optical Character Recognition (OCR) and robotic processing leveraging Artificial Intelligence (AI). Enterprise Content Management (ECM) and Customer Relationship Management (CRM) are digital technologies that are changing the way we work by adding high-value automation tools to our workflows.
  • The power of you as producer over the customer: If you are forcing clients into straitjacket because it better suits your production processes, then be prepared to face the tsunami that will arrive sooner rather than later with new competitors offering your customers more convenient, completely transparent and tailor-made products. 
  • Regulation: The more protected your industry is, the more time you have. You aren’t protected forever but you have time to prepare for the digital disruption.

Your strategy in anticipation for the tsunami

We live in a new era where emerging digital processes coexist with traditional ones. The introduction of digitization is dictated by the threat of the digital tsunami, the new digital competitive environment, the need for an increased visibility, the reduction of transactional cost and compliance with the company policies.

Even though the digitization strategy has its costs, the modern technology promises a positive Net Present Value (NPV) and higher Return On Investment (ROI). For example, a company trying to launch a new e-commerce business within a tight timeframe can find itself pulled back by the high IT-spending and the lengthy approval process for the new project. This time-to-market problem is a dilemma that many companies face as they seek to develop new products at a faster tempo, digitally optimize processes, or place major strategic backups in response to the digitization of their businesses.

To overcome such challenges, we recommend that companies reframe their information technology strategies while following these three principles:

  • Implement a two-speed system: Companies will need to adopt effective solutions to address digital timing challenges such as creating a new budgeting and approval process in which projects supporting major digital strategic thrusts are treated separately from the rest of the IT budget. We recommend creating a speedy process for functions that address evolving customer experiences and a transaction speed for the remaining functions where the pace of adjustment can remain more measured.
  • Make the digital dialogue more strategic: Establishing a new budget and approval process works only if there is clear agreement on what constitutes a digital priority worthy of a speedy process. Hence, the digital dialogue has to become strategic to convince top management. In response, the company’s top management may engage the board in a discussion of digital priorities that could redefine the business model. Once it’s clear that certain types of technology spending are key investments in new business strategies, they quickly realize that the resulting initiatives should be implemented quickly.
  • Evolve the organization: When strategy is formulated, the operations team has to follow up on execution. When the IT organization is asked to release new digital functions on a faster deployment cycle, it requires new levels of flexibility and coordination that may involve substantial organizational change.

For example, one industrial company recently established digital product management as a separate organizational unit that is accountable not only for the company’s website, mobile applications, digital interactions and new functionality, but also for collaborating closely with business and IT leaders. This type of setup allows individual businesses to identify and prioritize their IT requirements and then tackle priority projects without compromising the development or maintenance approach needed for core transactions which are managed separately.

Digitization has led to fierce competition that challenges monolithic corporate structures. A two-speed approach to architecture will help companies navigate what’s likely to be a tricky period of transition.

How can we help?

We at 360 Business Ventures aim to help customers prepare and embark on a digital transformation, mainly in Enterprise Content Management (ECM) and Smart Data Capture. We leverage new technologies such as Artificial Intelligence, Machine learning and Blockchain in our applications.

Our areas of expertise include:

  • Smart Data Capture to automate and enhance data entry in various industries: Finance, Insurance, Logistics, Health Care and Accounting.
  • Enterprise Content Management to store, preserve and swiftly share documents and data for easy retrieval and efficient collaboration.

It’s clear that sooner or later every single company will have to bite the digital bullet. History has shown us that it’s prudent to prepare for the snake bite rather than scrambling with short time to find an antidote.

*Annet Aris is adjunct professor of digital strategy at INSEAD since 2003. She was nominated in 2010 and 2011 for the best teacher award by the MBA students. She named one of the 50 most inspirational women in the European technology sector for 2016 by Inspiring Fifty

/ By ahanane / Technology/ • • / 0 Comments

Digitizing records isn’t just nice-to-have—it’s business-critical

I’m on my way back from Vancouver, a beautiful Canadian city that combines the oceanfront from one side, mountains from the other side and a true cosmopolitan community everywhere you go. I attended the 2018 ARMA conference in response to an invite from our partner Panasonic, a pioneer in document imaging. I decided to write this blog to share my thoughts on the future of records management and how your business can stay ahead of the game by digitizing physical records, capture some of the conference’s unique moments and takeaways and reconnect with the great and fun attendees I met at ARMA and in Vancouver.

Who am I? My name is Ahmed Hanane and I’m the founder and CEO of 360 Business Ventures, a software company that provides organizations with digitization solutions that automate manual tasks and streamline the process of scanning, capturing, storing and managing files and documents, which enables businesses to save time, cost and space.

“In 2018, you’re either digital or you’re dead. If a company fails to get digital right, it’s out of business. If a government fails to get digital right, it’s out of touch”- Scott Brison, President of the Treasury Board 

Digitizing records isn’t just nice-to-have—it’s a business-critical initiative

Panasonic document scanners and scanning solutions at ARMA conferenceLet me start with the first keynote speaker, Shawn Kanungo, an Avenue Magazine Top 40 Under 40 and a digital strategist. Kanungo spoke about digital disruption and the increasing role of artificial intelligence (AI) and blockchain technology, referencing the Google virtual phone system and Amazon’s anticipated delivery model in the process. 

Let’s use Andrea the Records Manager as an example. Andrea manages the records of the organization in accordance with approved policies, procedures and schedules. She is called upon to leverage technology to mitigate the increasing challenges of limited space, increasing requirements for faster turnaround and opportunities linked to the role of digitization.

One of the first takeaways from the conference is that digitizing records isn’t just a nice-to-have information governance, it has become a business-critical initiative. 

Andrea is a fun-loving individual who cares about her role and values the importance of records and information in her organization. She enjoyed the conference, the sponsors’ hall, the trivia game and of course, ARMA’s closing party. The post-conference takeaways suggest some ideas and sequential questions to assist a Records Manager like Andrea in her role and help her capture the lessons accordingly.

The road to digitization is space-efficient

Storage space is becoming very costly and organizations are looking for ways to reduce their operational costs. Digitizing records is the first mandatory step in this endeavor. So, for our records manager, the road to digitization is not straightforward. Where to start? What records to digitize first? Is it better to be outsourced or internally-based? What’s the cost of each option? What is the estimated return on investment (ROI) for the organization?

Before embarking on the digitization journey, I would highly recommend a feasibility study in order to fully uncover all the aspects of digitization. This includes: the types of records to be digitized, the number of records, the space required, the time required to search documents and manage records, and an evaluation of the possible solutions (outsourcing vs. internal). The feasibility study will also pave the way and determine a road map for digitization.

Leverage technology where it can best add value

The management of records can be streamlined when technology is leveraged and particularly when Enterprise Content Management (ECM) is adopted. However, ECM is often costly and difficult to use, and the majority of ECM solutions require a lot of preparation because they lack advanced Smart Data Capture modules.

Before implementing an ECM solution, it’s key for Andrea and her organization to map out the process and assess when the technology can add the best value. Technology is evolving rapidly with the massive use of AI and blockchain technologies. And so, remember to inquire about solutions and ask for trials to ensure that your needs are met and that the solution offers options for easy adaptability in the future.

Look for solutions that offer life cycle management functionalities

Part of Andrea’s role is to define document retention periods. What records should she retire? How can she manage the life cycle of records? How can Andrea make the records management procedures available to everyone?

First, take it step-by-step. Second, look for solutions that offer life cycle management functionalities. It’s critical that the chosen solution allows for instant changes to workflows, policies and procedures. Automated notifications increase efficiency and save time by informing all the involved parties of any updates or changes at one time.  

Have fun in what you do!

Ahmed Hanane poses with Aboriginal Canadians at ARMA conference

Throughout my time at ARMA, I met dedicated records managers, speakers, consultants and sponsors, each of whom were experts in their field, yet they took the time to engage in meaningful conversations and express interest to stay in touch.

Adopting new technology has helped us accomplish our tasks much more efficiently. However, as we continue to rely on these tools and devices, don’t forget to take a moment to connect with others and enjoy the process along the way.

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Whether you’re looking to extract data, scan files, automatically classify documents or electronically manage your records and content, 360 Business Ventures can equip your organization with the best platform, tools and practices required to spearhead your business’ growth and success.

Turn your receipts, invoices and statements into meaningful information and benefit from automated data extraction with 360 Business Ventures. Sign up today for a free 30-day trial. 

How to implement a two-speed digital strategy
/ By ahanane / Technology/ / 1 Comment

Growth booster: Two-speed digital strategy for every business

We live in a new era where emerging digital processes coexist with traditional ones. The introduction of digitization is dictated by the new digital competitive environment, the need for an effective digital strategy, increased visibility, the reduction of transactional cost and compliance with the company policies.

IT has its costs but promises a positive NPV and higher ROI. For example, a company trying to launch a new e-commerce business within a tight time frame can find itself pulled back by the high IT-spending and the lengthy approval process for the new project. This time-to-market problem is a dilemma that many companies face as they seek to develop new products at a faster tempo, digitally optimize processes, or place major strategic backups in response to the digitization of their businesses.

To overcome such challenges, we recommend that companies reframe their IT strategies while following these three principles:

1. Implement a two-speed system

Companies will need to adopt effective solutions in addressing digital timing challenges such as creating a new budgeting and approval process in which projects supporting major digital strategic thrusts are treated separately from the rest of the IT budget. We recommend creating a speedy process for functions that address evolving customer experiences and a transaction speed for the remaining functions, where the pace of adjustment can remain more measured.

2. Make the digital dialogue more strategic

Establishing a new budget and approval process works only if there is clear agreement on what constitutes a digital priority worthy of a speedy process. Hence, the digital dialogue has to become strategic to convince top management. In response, the company’s top management may engage the board in a discussion of digital priorities that could redefine the business model. Once it’s clear that certain types of technology spending are key investments in new business strategies, they quickly realize that the resulting initiatives should be implemented quickly. 

3. Evolve the organization’s digital strategy 

When strategy is formulated, the operations team has to follow up on execution. When the IT organization is asked to release new digital functions on a faster deployment cycle, it requires new levels of flexibility and coordination that may require substantial organizational change.

For example, one industrial company recently established digital product management as a separate organizational unit that is accountable not only for the company’s website, mobile applications, digital interactions and new functionality, but also for collaborating closely with business and IT leaders. This type of setup allows individual businesses to identify and prioritize their IT requirements and then to tackle priority projects without compromising the development or maintenance approach needed for core transactions, which are managed separately.

Digitization has led to fierce competition that challenges monolithic corporate structures. A two-speed approach to architecture will help companies navigate what’s likely to be a tricky period of transition.

Want to implement a robust digital strategy in two steps? The team at 360 Business Ventures is happy to assist you in your projects. Sign up now for your free 30-Day trial.