Nine Steps to accelerate Digital Transformation
Without a roadmap the Digital Transformation journey gets difficult, takes a longer time and ends up being over budget. It helps to have a plan. To ease the Digital Transformation journey of a Company we have put together a roadmap that has worked in the past with our clients. In this post we'll briefly explore what is Digital Transformation and the roadmap required to successfully undertake the Digital Transformation journey. This roadmap has been put together based on our experiences working with several NBFC's, However it could be useful to companies in other industries as well.
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What is Digital Transformation?
Digital Transformation is the process of integrating Digital Technologies in every aspect of the NBFC's business from sourcing the lead to closing the contract. It fundamentally involves changing the way oragnisation operates in serving customers. In short it involves the following
- IT Automation
- Business Automation
IT Automation involves automating the delivery and deployment of code. It can be as simple as using an In Memory Database for caching GST (Tax) codes or as complex as deploying a reverse proxy for the website. Business Automation involves automating the business process. It could be as simple as performing a KYC or as complex as reclassifying delinquent loans. The challenge is to accomplish IT automation so that it drives Business Automation. The keys to IT Automation lies in getting the following success factors right.
1. Establish a Project office for Digital Transformation
2. Set up Authoritative Code repository
3. Set up pipelines for Continuous Integration and Continuous Deliver of Code
4. Setup a authoritative repository for features and code
5. Draw out a strategy for Scaling Up and Scaling Down resources
6. Set up Project monitoring dashboards
7. Identify Project candidates for Digital transformation
8. Develop and Deploy Open Banking API's
9. Integrate with Legacy applications
In subsequent articles we will explore each of these steps in greater detail. We will then move on to examine Open Banking API's in every aspect of a a Company's business.