It’s no secret that enterprises of today need to be extremely pre-emptive and adaptive to survive dynamic, cluttered, and competitive landscapes. In such conditions, the best bet, especially for specialty services organizations, is to be solutions-oriented, as this may be the only edge that will guarantee success. Digitization is one of the key drivers that enable enterprises to remain future-ready and solutions-oriented.
What’s driving digitization? The need for agility, the drive to elevate the customer experience, and the push to secure an advantageous competitive positioning, A study by the World Economic Forum revealed that digital transformation would add $100 trillion to the world economy by 2025. A study by Gartner placed a strong emphasis on digital initiatives with 91% of businesses in the US taking this up in their agenda, 87% of senior business leaders responded that digitization is a priority.
Most enterprises recognize that working strategically with a seasoned tech partner is pivotal to making this happen. Obviously, these partners MUST be solution-focused, rather than merely repositories of common and expert skills.
Gaining a competitive advantage with digital solutions
Enterprises can deliver exceptional experiences and performance by adopting digital solutions. Here are a few ways in which an enterprise can gain an edge:
- Enhancing the customer experience across industries: Digitization can help deliver streamlined customer experiences that can give businesses a boost. A study by Forbes revealed that 76% of people will go out of their way to partner with a company that provides better customer service, and 86% would move to another brand if it provided a better customer service experience. Given how cutthroat competition is, customer retention is essential. Enterprises can build a loyal customer base by delivering a good customer experience. For example, the healthcare industry has done this with the introduction of telemedicine and patient portals which drastically improve accessibility and engagement. The life sciences sector that serves this industry is also digitizing rapidly to enable and empower this transformation.
- Employee experience: Technology has enabled the future of work with collaborative digital tools and data accessibility which leads to an overall boost in productivity, enabling employees to do their jobs more efficiently. For instance, advanced CRMs and collaboration tools help pharmaceutical reps provide more accurate information in real-time which improves employee performance and efficiency.
- Competitive Differentiation: Digitally advanced enterprises stand out in increasingly crowded markets. For example, a healthcare facility that promotes telemedicine, accessibility, and efficient and easy ways to manage patient data will steal market share from facilities that don’t offer these services which make the patient’s life easier. Digitally advanced facilities will also attract the best talent who would want to work with future-ready companies.
The ever-growing complexity of the enterprise digital ecosystem
The expanding digital landscape is ever-growing, with growing technologies like AI, IoT, blockchain, and cloud computing transforming the way we work. There is a lot of complexity involved in managing a growing range of digital solutions and the need for constant upgrades, expertise and integration. For example, the adoption of IoT and data analytics in drug production and distribution adds layers of data management and real-time monitoring which makes the ecosystem more complex. Technology, specifically ERP solutions, can help in managing this data.
Emergence of new technologies
New and emerging tech is always an accelerator of both complexity and opportunities for enterprises. For instance, AI and ML are being implemented at scale for predictive insights, automation, and data analysis. AI can be used for drug discovery which needs heavy data processing and analytical skills as an example. Blockchain is also emerging, adding a layer of transparency and security in industries like pharmaceuticals for tracking drug authenticity. IoT connects devices for real-time data and operational efficiency. Implementing all of these technologies with the right expertise is very important for businesses to stay solutions-oriented.
Regulatory and compliance roadblocks
A recent survey of enterprises revealed that 91% of companies plan to implement continuous compliance in the next five years. Besides this, of course following regulations and compliance is mandatory across industries, yet it remains a challenge for enterprises due to restraints on resources and skill gaps. In the life sciences space, Trinus helps ensure adherence to industry regulations like FDA, EMA, and HIPAA with IT systems designed to manage and track compliance across an entire organization.
A widening skill gap
With new technology comes new skills that need to be transferred and implemented across the workforce. Enterprises struggle to manage, build and evolve digital ecosystems due to a lack of internal expertise to handle diverse and complex technologies as most enterprises specialize in specific domains rather than tech infrastructure. There is an increasing reliance on external tech talent with rich domain experience for implementing and managing integrated digital systems. For example, in life sciences, tremendous expertise is needed for regulatory compliance in medical software and tech, which most companies don’t have in-house.
The critical role of tech-focused systems integrators and solution providers
It is overly ambitious for enterprises to believe they can manage digitization and tech integration internally. It becomes essential for tech-focused systems integrators to bridge the gap by offering end-to-end expertise in digital implementation. Domain knowledge and providers who understand industry nuances and can customize solutions more effectively are extremely valuable assets to an enterprise. Moreover, there are a lot of benefits in outsourcing digital ecosystem management which are cost savings, improved efficiency, and a competitive edge. At Trinus, we bring a unique set of consulting to the table along with a strategic edge, from implementation to support.
The bright future ahead
As digital landscapes grow, enterprises will need to build their future with partners that can solve problems, fill gaps, and enable growth. Domain experience will be highly sought after with a high demand for industry experts in niche areas. Life science enterprises are more reliant on partners for regulatory needs, technology integration, telemedicine and patient data security who can solve problems with the power of technology.
In conclusion, enterprises should look to embrace the complexity of issues as they arise with the guidance and expertise of a trusted tech partner with a solutions-oriented vision. The increasing complexity of digital ecosystems is creating a critical need for systems integrators and solutions companies to help enterprises to adapt fast. The right partner will enable enterprises to remain agile, innovative, and compliant. For forward-thinking enterprises who are looking to partner with domain-expert tech companies get in touch and we’d be happy to help.