The COVID19 pandemic had led to a sudden shift in the work conditions and environments as a result of which organisation had to accelerate their journey of digital transformation much earlier than they had planned. W.Media spoke to S Anand, the Chief Executive Officer and Co-Founder of PaySprint.
PaySprint is a NexGen Neo Banking fintech company offering a Unified Open API Platform. The company is working closely with Banks & Travel Partners to offer various innovative Digital banking & Travelling API solutions to end customers from Startups, Entrepreneurs, MSMEs, NBFC’s & Enterprises.
According to a new McKinsey Global Survey of executives, companies have accelerated the digitisation of their customer and supply-chain interactions and of their internal operations by three to four years. And the share of digital or digitally enabled products in their portfolios has accelerated by a shocking seven years.
Nearly all respondents said that their companies have stood up with at least temporary solutions to meet many of the new demands on them, and much more quickly than they had thought possible before the crisis.
Challenges during Digital Transformation
A complete digital transformation needs a combination of skill and technology. It won’t be enough to have one without the other.
“Some of the challenges associated with digital transformation include poor resource management planning and a lack of IT resources. Another problem we faced was locating experts to lead digitisation initiatives, said Anand.
He further explained that having identified the challenges, the company has slowly worked through these challenges and, as a result, it now has a better understanding of the digital transformation journey and what it takes to succeed.
“Digital Transformation has definitely helped our organisation. Digital transformation is clearly not a choice in this current market scenario, but rather a core business strategy that must be integrated into every aspect of an organisation,” pointed out Anand.
Better cooperation within and between organisations, more personalised customer engagement, higher staff innovation and productivity, and more accurate data insights are all benefits of transformation, all of which have helped the organisation expand and grow post-pandemic.
The Digital Transformation journey apart from creating efficiency and increased productivity also have to bring in cost benefits to make it a success.
Giving an example Anand explained that earlier a merchant onboarding was completely physical with the movement of physical manpower, documentation, verification and onboarding which was inefficient and time-consuming with a cost of Rs. 250 per onboarding.
Now with complete digital onboarding and verification in real time the entire cost is less than Rs. 50 thereby creating huge cost savings.
Innovation in Digital Transformation
Maintaining a company’s market leadership requires new innovation. Companies can evolve and shape their futures because of the latest technological innovations.
Innovation helps in Increasing productivity and efficiency, allows cost reductions, assists in staying ahead of client expectations and assists in staying one step ahead of the competition.
“Finance functions can now play a vital role in addressing company difficulties because of digital innovations. Finance teams are focused more on complicated and strategic activities as innovations like artificial intelligence and robotic process automation improve simple processes.
Despite the fact that our bespoke solutions may truly help businesses enjoy a far better user experience, we realise the shortcoming that needs to be overcome in our segment to deliver ease of doing business,” said Anand.
He further pointed out that with this in mind PaySprint aims to be among the top three companies in the business within a year.
“Our dream is to be a Unicorn. We intend to revolutionise the way Bharat transacts in a few years and contribute to the Indian economy’s ten trillion dollar market,” added Anand.
Availability of the right talent
Digital transformation requires talent and putting together the proper team of technology, data, and process experts who can collaborate along with a strong leader and drive change could be the single most essential move a firm considering digital transformation can take.
Even the best skill, however, does not guarantee success. However, if one doesn’t have it, they’re almost certain to fail.
Success necessitates bringing together and coordinating considerably more resources than most executives realise. A poor performance in any of four interconnected domains technology, data, process, or organisational change capability can jeopardize a well-planned transformation, opined Anand.