Front-end digitization: The first step in your digital transformation journey

Monday, January 27, 2020 | By Richard Clark, Head of Product Strategy, SS&C AWD

Front-end digitization: The first step in your digital transformation journey

In my last blog, I talked about digital transformation versus intelligent automation, and why it’s an “and” not an “or.” I also discussed the steps required for a successful digital transformation.

So now, let’s talk about the first step in that process: front-end digitization sometimes referred to as “front-end transformation.” Not only is this the first step in your digital transformation journey, it’s also the easiest and fastest.

While “easy” is relative, the promise of dramatic cost reduction in a short period of time, coupled with the prevalence of and access to a wide array of digital technologies, makes front-end digitization the obvious first step in the journey.

Front-end digitization occurs when a company uses technology to digitize some or all aspects of its customer experience. Form design, for example, uses built-in tools or tools from third parties such as Docusign, Adobe or Intellidocs.

The threat of market share loss to emerging tech and startups is forcing long-established businesses across a variety of industries—from banking, asset management and insurance to healthcare administration, retail and government—to automate their operations, lower costs and improve their overall customer experiences…fast.

The key, however, is to not cut your journey short once you’ve reduced paper processing and digitized your customer experience. Sure, it’ll feel good when you see what you’re saving and those improved customer satisfaction scores, but it won’t be long before most or all companies have digitized their front-end experiences. Then what?

You can avoid the race to the bottom by using your momentum and quick ROI to move forward, integrating the different digital experiences that exist within your firm. If you want to have a long and lasting impact to your core business, you’ve got to further differentiate yourself from the competition.

It’s important to remember that digital transformation is a journey, especially if you want your organization to be one of the last ones standing on the digital horizon.

Stay tuned for more on this topic, where I will cover the steps you’ll need to take on your digital journey in more upcoming blogs. In the meantime, watch our short, on-demand "Six Steps to a Successful Digital Transformation" webinar for more on the steps you’ll need to take for a successful digital journey.

APAC, Asset Management, EMEA, Fund Administration, Healthcare, Insurance, Real Estate & Property Management, Retirement, Wealth Management

Theme picker