Legacy modernization and digitalization is a necessity for companies wanting to improve their services and to provide efficient or streamlined access to information. Driven by the need for an agile infrastructure that supports both old and new, and the ability of digital services to meet both short and long term business strategies and goals, many technology and infrastructure leaders will have digital modernization at the top of their agendas in 2020.
As the IDG State of Digital Transformation Report describes it, digital transformation is the use of 3rd party platform technologies to create value and competitive advantage through new offerings, new business models, and new relationships.
According to the report, organizations say their biggest obstacles in achieving success with digital business initiatives include lack of sufficient budget (39%), lack of staff and/or correct skill sets (36%), the need to replace legacy systems (34%), and cultural issues (33%). Additionally, IDC noted more than a third of organizations (44%) have already started implementing a digital-first approach to business processes, operations and customer engagement. Some 19% are in the integration process of making operational and technology changes throughout the enterprise, and 18% are executing their digital plans and making process, operational and technology changes on a department and business unit level. Just 7% of companies have already fully implemented their digital first approach and are in the maintenance phase.
“Our old system works fine. Do we really have to switch?”
The short answer, yes. Every organization has those who embrace change and those who fight it. That being said, those who are working within cumbersome legacy systems will suffer in areas of growth, customer satisfaction, employee satisfaction, and the overall ability to compete in any marketplace.
Artificial Intelligence (AI) and Digital Transformation
AI is perhaps one of the biggest buzz words in technology right now. That being said, digital transformation and AI have proposals that go hand in hand; streamline work loads using a 3rd party technology, resulting in efficiency and better outcomes. AI has the potential to drive processes at scale and help make informed decisions for any business and it can be an important tool in the digital transformation process.
Why should my organization embrace Digital Transformation and AI?
According to a survy by Teradata, 80 percent of enterprise companies are betting on AI in 2020 and beyond. Here are a few reasons cited:
- Saves time – AI can assist humans in completing tasks more efficiently, allowing them to focus on higher priority work.
- Cut costs and boost profits – Saving time can result in boosts in profit, and the ability to do more in less time.
- Business growth – According to the survey, by 2035, AI will grow industries by an average of 1.7 percent per year.
Transcription and AI
For example, transcription services in industries like law enforcement, insurance, courts as well as conferencing, news and political can greatly benefit from AI and Machine Learning. The demand for transcription in these industries has increased exponentially in the past years. AI and ML technologies coupled with human intelligence can streamline operations and intelligent automation to inform better decision making. The human element helps disambiguate audio, by understanding the context, something that AI alone can’t achieve.
VIQ Solutions can help. We can assist to securely speed the capture, creation, and management of large volumes of information, preserve the unique value of the spoken word and video image, and deliver meaningful data you can use.