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Digital Transformation: Navigating changes in the digital secured finance landscape  

The digital landscape is always evolving. Technologies that were once considered a gimmick, or even primitive, now underpin much of our day-to-day life. This is a continuing cycle, and technology that’s in its infancy today will soon become an integral part of our operations. SaaS was one of these technologies – once very limiting, it is now central in many business operations, and offers a great opportunity for digital transformation. You can learn more about what SaaS involves in our previous blog

Emerging technologies such as artificial intelligence are the next big thing to transform business operations. Many secured finance organizations are already exploring new ways to leverage emerging technologies. We are already seeing the benefits they can bring; SaaS applications give you the opportunity to use these new technologies easily, as they can be implemented straight into your solution. 

Not all businesses feel ready to digitally transform using solutions such as SaaS. In reality, only 21% of companies are currently leveraging technology to shape their business strategy. But those who do are the ones who are going to become market leaders, as they are twice more likely to outperform their peers in revenue growth and ROI. Here’s our advice to becoming a “Transformation-Ready” organization so you can react to the changing trends in secured finance. 

Understand the “why” 

Pitching to your business the need for digital transformation requires a proper understanding of the “why”. Why is digital transformation the way forward for your business? Without this, you may be met with questions, resistance, and concerns. “We’re doing it because everyone else is” isn’t necessarily a bad reason, but it most likely won’t get buy-in from the key stakeholders. 

The reasons for digital transformation change from business to business, whether that’s alleviating the pressure from your limited resources, improving customer experience, or ensuring higher efficiency…the list goes on. Understanding the key pain points from your customers can also guide the “why”. 

Take the lead 

Now that you have the “why”, it’s time to share this with the organization. From the top to the bottom, you must accurately communicate the benefits of digital transformation to both the business and the stakeholders, It is important as a senior leader to take the time to understand technology and the positive impact it can have on business processes. 

Engagement with your team is critical, as it offers you the opportunity to gain a wide range of perspectives and input to ensure the right solution for the wider organization is deployed. Remember, these changes affect certain members of the team more than others, so it’s important to take their views on board. That said, it is also important to alleviate any concerns too. Ensure you understand the solution and its capabilities so you can respond to any challenges appropriately. 

Dedicate the resources 

While digital transformation may help you better manage your resources and a SaaS solution may alleviate workload, it does not mean you shouldn’t dedicate any time towards it. It is important you involve team members who are focused on propelling digital transformation to ensure a clear scope of work. This team should be given the tools to succeed, so make sure they have the opportunity for training and demoing the solution. 

Futureproofing your business is key to success. By undertaking digital transformation through the implementation of a SaaS solution, you can prepare yourself for changing trends. Read our next blog to learn how to overcome resistance to change when it comes to technology. 

Solifi Open Finance Platform

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