In today's dynamic business landscape, digital transformation isn't an option, it's a necessity. But seamlessly aligning digital strategies with core business objectives can be a complex puzzle. To shed light on this critical task, VMblog engaged in a Q&A session with Anurag Shah, VP – Head of Products and Solutions at Newgen Software, a leading provider of automation solutions. We dive into the key factors for successful digital alignment, the challenges companies face during upgrades, and the impact of emerging technologies like AI and GenAI. We also explored how Newgen empowers businesses to automate customer journeys and optimize processes, particularly within insurance and other verticals. This Q&A promises valuable insights for any organization navigating the exciting, yet challenging, path of digital transformation.

VMblog:  What factors should companies consider in aligning digital transformation strategies with overall business objectives?

Anurag Shah:  Aligning digital transformation strategies with overall business objectives demands careful consideration of various factors. McKinsey's findings indicate that companies achieving this alignment witness a substantial 50% higher revenue growth, underlining the strategic importance of harmonizing digital initiatives with broader organizational goals. Look at the front, mid and back offices; and validate the business objectives encompass, connecting all, thereby eliminating silos and enabling automation of end-to-end customer journey delivering values across the chain. Comprehensive assessments of existing processes, customer needs, and industry trends are crucial steps in this alignment process. Create a hyper-automation vision entailing tens to hundreds of processes across lines of businesses, departments, and functions. Understanding these aspects allows companies to develop tailored strategies that cater to their unique challenges and opportunities. Also, companies should adopt a long-term view and chalk out a transformation strategy that is sustainable and supports futuristic goals.

VMblog:  What challenges do companies face during digital upgrades, and how can they overcome them?

Shah:  Companies encounter various challenges during digital upgrades, as highlighted in a PwC survey where 77% reported facing hurdles in this process. Employee resistance emerges as a significant obstacle, emphasizing the human factor in digital transformation. To overcome this, organizations can implement effective change management strategies, like making the transformation gradual and inclusive, and educating the team about the benefits they will attain from the process. Leaders also need to provide thorough training programs to avoid execution hurdles. Additionally, complexities arising from integration with the legacy system can impede progress, necessitating a phased approach to streamline the transition. Businesses can choose a solution or service that has the flexibility to seamlessly integrate with the existing technologies and implement the new systems without hurdles. Addressing these challenges is crucial, given the potential benefits; the World Economic Forum estimates that digital transformation can unlock trillions in value over the next decade. A proactive and phased approach, focusing on people, processes, and systems, can significantly enhance the success of digital upgrades.

VMblog:  How do businesses decide which new technologies to adopt, and what impact does this have on overall growth?

Shah:  Businesses determine the adoption of new technologies through careful evaluation of factors impacting their operations. According to Gartner, 89% of businesses recognize the vital role of cutting-edge technologies in maintaining competitiveness. The decision-making process involves assessing the scalability, innovation potential, and alignment with strategic goals. Consider customer experience, operational efficiency, and business innovation integral to overall growth. Embrace extended enterprise, B2B and B2C, and evaluate suitable technologies supporting all these critical aspects.

The impact on overall growth is substantial, as evidenced by various studies. For instance, a comprehensive technology adoption strategy correlates with a 25% improvement in operational efficiency, contributing to increased productivity and revenue. Businesses leveraging the right technologies witness enhanced agility and innovation, positioning them for sustained growth in today's dynamic business landscape.

VMblog:  When adopting new technologies, how do companies address regulatory hurdles and ensure compliance?

Shah:  A multifaceted approach is required to address regulatory hurdles during the adoption of new technologies. A Deloitte survey reveals that 68% of organizations identify regulatory challenges as a significant barrier to digital transformation. To navigate these hurdles, companies prioritize staying updated on industry regulations, collaborating with regulatory bodies, and integrating compliance features into their technology solutions. Research indicates that a proactive approach to compliance positively impacts business outcomes. For instance, businesses with robust compliance strategies report a 20% reduction in compliance-related issues, contributing to smoother technology adoption and minimizing legal risks. This emphasis on regulatory adherence ensures that technology implementations align with legal frameworks, fostering a secure and compliant business environment.

VMblog:  In what ways do technologies such as AI and GenAI contribute to optimizing business processes within verticals such as the insurance sector?

Shah:  Technologies like AI, and specifically GenAI, contribute significantly to optimizing business processes in the insurance sector. According to Accenture, 82% of insurance executives believe that AI will play a critical role in the future of their industry. AI streamlines complex processes such as underwriting and claims processing, leading to enhanced accuracy, reduced processing time, and improved customer experiences. This optimization is substantiated by tangible results; for example, implementing AI technologies has shown a 30% reduction in claims processing time. By automating routine tasks, minimizing errors, and providing data-driven insights, AI technologies contribute to increased operational efficiency and better decision-making in the insurance vertical, ultimately improving overall business performance.

VMblog:  How does Newgen Software enable the automation of customer journeys for these companies?

Shah:  Our commitment is to simplifying digital transformation for organizations. NewgenONE Marvin, fuelled by GenAI, represents our latest stride in providing technology-led solutions. Our focus is on empowering organizations with innovative tools to navigate the digital era. NewgenONE Marvin, leverages GenAI to enhance decision-making and streamline processes. Beyond products, we tailor solutions to address unique challenges across diverse industries, ensuring a seamless alignment with organizational goals. NewgenONE is built for automation at scale. Hence, Newgen Software, becomes a strategic partners dedicated to your digital success.

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