image_2021_04_07T11_58_59_138Z

3 Reasons to Deploy a Customer-Focused Digital Transformation Strategy

Over the years, most businesses have matured in the digital spectrum and embraced advancement in operations. While everyone is fighting for that particular locus, it is the customer experience (CX) that leaves a lasting impact on the fate of a business. No matter how impatient the customer is, businesses have to address the soaring expectations and devise the most optimal customer-first approach.

At the same time, it is imperative to seek qualitative digital transformation advisory service.

Here’s a quick run-through of the findings from different research institutions backing the practice of a customer-centric strategy at the enterprise level.

• According to a report by IDG issued in 2019, the success of digital transformation would be gauged by a business’s ability to deliver exceptional customer experience and boost worker productivity through technological integration.

• Another 2018’s study by KPMG talks about the fact that value should lead the way for the digital transformation of an organization. It also mentions that 67% of 300 surveyed business leaders believed agility is the most priced asset of an organization.

• KPMG’s Global Manufacturing Outlook 2018 also mentions that intensified connectivity among manufacturers, suppliers, and customers induced by digital transformation would cause a positive impact on the businesses. CEOs and innovation experts are already partnering with business process transformation advisory to build solutions that make the most out of these opportunities.

Enterprises must look forward to hone their ability in deciphering customer expectations and deliver a superlative experience. It is opined that AI and machine learning would help businesses make the processes more customer-centered.

If you don’t have expertise in devising strategies for a customer-focused digital transformation, hire the experts with globalized experience at Millennial Partners.
Engage Digital Transformation Advisory Services by Millennial Partners.

Millennial Partners (millennial. ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

image_2021_03_23T12_58_23_667Z

Top 3 Digital Transformation Trends in 2021

As the world is combating COVID-19, businesses across various industries are employing ingenious solutions to stay in the game. Organizations and start-ups are leveraging business transformation advisory services to stay on top of the latest trends and seize opportunities to transition to a better digital world. The following are the top three digital transformation trends that businesses need to gear up for.

Digital culture

Due to the hype that many digital-born organizations are creating, traditional businesses are pressurized to digitize services as well as the company’s culture. Replicating the practices of digital-born companies is however not necessarily the best-suited practice for developing digital culture, neither does one formula apply to all.

Since the strengths and weaknesses of traditional brands differ from one another, different practices would suit different companies. Businesses should avail the best digital transformation advisory service to know what works best for them.

The democratization of Artificial Intelligence (AI)

AI democratization would mean making AI available and accessible to all organizations and people within the organizations. This would require the integration of AI in recognizing user behavior patterns, analyzing data, making decisions and forecasts, improving the products or services, and all other business processes.
Gartner also makes a prediction in this regard stating that 75% of venture capitalists would be leveraging AI by 2025 to make decisions. A deeper AI penetration is therefore opined to take place gradually in all lines of businesses worldwide.

No-touch solutions

After the social distancing norms impelled due to COVID-19, a huge number of businesses are leveraging business process transformation advisory and innovating to come up with contactless solutions. The focus is on solutions that wouldn’t just minimize human-to-human contact but also make the processes brief and instant.
Digital payments characterized by various technologies and QR codes wouldn’t be something rare to see. Since digital payments are a key to access the digital economy, reduce transaction processing time, and improve transaction quality, such contactless solutions would become a new normal.

To sum up, the above-mentioned are the three key trends that are opined to drive business success in 2021. To hear about the remaining trends that are going to impact businesses specifically, partner up with the best digital transformation advisory service providers.

Count on the world’s renowned digital transformation experts

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

digital transformation advisory service

Why does your business need digital transformation?

Digital transformation is a vast concept. For most businesses, its execution is difficult to handle by themselves. No doubt 88% of businesses rely on experts to transform their operations. Digital transformation advisory services pave the most efficient way ahead for the transformation journey. Digitization experts utilize their knowledge and experience in planning, executing, monitoring and auditing digitization in the organization while helping businesses to focus on their core competencies.

The specific reasons why your business needs digital transformation may vary from case to case. This blog highlights the more pressing reasons as to why your business could need transformation.

  • Mitigated Costs

Digitization is capable of reducing stationary, operational, transactional, and many other costs for organizations. Therefore, the amount you spend on business optimization with digitization is equivalent to the amount saved on business transactions.

Also, since it lends you a competitive advantage, there are more chances of increased sales which would enhance your earnings.

  • Improved Customer Loyalty

The integration of newer technologies into a business model can enhance the capabilities of businesses. More capabilities would strengthen customer strategy as it would enrich their services and help businesses retain existing customers and attract new customers.

  • Enriched Analytics

Artificial intelligence-enabled solutions can track real-life experiences and enrich your analytics. Businesses can leverageArtificial Intelligence consulting services to develop digital solutions that can access and combine data from various customer interactions, employee behaviors, and various other significant sources to deliver a satellite viewpoint of the business.

  • More Focus on Customers

The main motive of an ideal digitization strategy is customer experience enhancement. The technological innovations can help businesses enrich customer service and assistance across all touchpoints, therefore making businesses more focused towards customers.

  • Makes business more agile and adaptive

Business transformation with digitization reduces its dependence on slow, conventional processes. It accelerates the operations and makes your business more responsive to up-to-date market demand and trends.

Final Thoughts:

The aforementioned benefits of digital transformation are all based on things that every business would wish to accomplish within a business transformation venture. Considering that digitization can be a single solution serving various purposes, businesses are better enabled to make informed decisions on where to commit their budgets, time and resources with digital transformation advisory services.

Also, according to a study by global consultancy Capgemini, 87% of businesses considered that digital transformation lets businesses gain a competitive edge in the market.

So, is your business ready to gain an essential competitive edge?

If yes, partner with the best digital transformation advisory services today.

Leverage Digital transformation advisory service to devise the best Digital Transformation Strategy

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Enterprise Blockchain Consultants

How is Blockchain Accelerating Digital Transformation: Part 1

Technology is steering the change from tradition to modernity in almost every aspect of life. Emergences and advancements in technologies powered by innovations have been reinventing the world for businesses and customers.

A survey by Computerweekly shows that COVID-19 has accelerated digital transformations. At such a crucial phase, it is indispensable for the heads of innovation, CTOs, CIOs, and more to leverage enterprise digital strategy advisory and recognize the most effective use-cases and exploit technologies to the maximum potential.

Blockchain remains the talk of the town, dominating conversations about digital transformation. The points below explain the potential of blockchain to steer digital transformation.

  1. Blockchain as an archetype for digitized transactions

The technology powering the incorruptible digital ledger of financial transactions, along with cryptocurrency, can potentially bring a high level of trust to peer-to-peer transactional frameworks. This also eliminates the need for a centralized authority to drive transactions.

As blockchain provides a simpler framework equipped with a high level of trust and security, it becomes an ideal choice for businesses that need to improve their transactional processes.

By leveraging the services of enterprise Blockchain consultants, businesses can successfully integrate blockchain into their operations.

  1. Blockchain as a fillip of business procedures

Speed sets you apart. With the help of digital transformation powered by the most dependable technologies such as blockchain, businesses can ensure speed in their processes.

Blockchain doesn’t just expedite the processes but also makes them more efficient. Therefore, it is a perfect stimulant for processes.

Businesses can embrace blockchain to set up a digital environment consisting of perfectly optimized processes.

Takeaway

The above-mentioned are the two advantages that businesses can benefit from, by integrating blockchain. We’ll talk about some more benefits in the next part of the blog.

Leverage Blockchain and digital transformation advisory service by Millennial Partners

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

VAT specialist advice

How should businesses prepare for VAT implementation in Oman?

In our previous blog, we studied in brief about the Oman VAT implementation that is scheduled for early 2022. Imran Mushtaq, the indirect Tax Director, VAT lead for PwC in Oman recommended businesses to plan and budget for VAT, assuming the treatments in other implemented states as an indicator for possible execution conduct in Oman.

Here are some of the ideal steps that businesses must be headed toward:

  • Scoop out a VAT working team from the individuals working for your organization

Other than hiring a professional group of consultants for VAT specialist advice, businesses should appoint an internal VAT team to scrutinize VAT developments and confirm the inclusion of VAT in future budget and other execution plans.

  • Spread VAT awareness

Businesses must ensure that appropriate steps are undertaken to educate employees about the potential scope, technicalities, and terminologies related to the upcoming VAT taxation.

  • Record transactional course comprehensively

Being a transaction tax, the new taxation regime is going to have an undeniable impact on transactional businesses. As each transaction would prompt a VAT-related outcome, a comprehensive business environment should be planned accordingly to address the upcoming changes. Maintaining a transaction chronicle diligently in advance may be one of the good practices to help prepare for possible VAT treatments.

  • Contractual revisions & contract reviews

Contractual terms must be revised and previous contracts must be reviewed to ensure that they comply with the probable VAT conduct.

  • Check IT infrastructure for compliance

The VAT implementation schedule coincides with a widespread trend for greater adoption of advanced technologies and digitized processes. Businesses leveraging digital transformation advisory service to devise their digitization strategy should now coordinate their plans for VAT implementation too. While IT systems are being evaluated for advanced digitization capabilities, they should also be assessed to see whether they can prepare and issue VAT compliant invoices and returns.

  • Recognize the right resources for better preparation & implementation

Businesses must partner with seasoned industry consultants having an impressive history of working with GCC clients for VAT implementation. They must be all set to design VAT implementation roadmaps in advance by coordinating with VAT advisory specialists.

Contact us today for free VAT consultation

We, at Millennial Partners, have served thousands of GCC clients and are already working with many for preparations for VAT implementation in Oman.

Millennial Partners (millennial.ae)prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

digital transformation strategy

3 Key Performance Indicators (KPIs) to Measure the Success of a Digital Bank in 2020

The global online banking market size is anticipated to reach $29,976 million in 2023 from $7,305 million in 2016, presenting a CAGR of 22.6% between 2017 and 2023.

Today, most banks are adopting digital twin models to extend their services and better cater to their customers.

It is opined that a well-devised digital transformation strategy can bring profound benefits to online banking in terms of reduced costs and amplified profitability for banks. By calculating the ROI generated from online banking, banks can identify the limitations of their business models and further optimize them for better growth.

3 KPIs to Measure the Success of Digital Banks

  1. Digital Traction Metric

Banks offering online services can daily, weekly, and/or monthly track the number of existing users or new sign-ups on/via internet and mobile banking. By estimating the growth and evaluating the most popular channels among users, they can devise appropriate plans to improve the numbers.

More detailed metrics that can help banks deliver better services to customers would be average time spent on transactions, count of transactions left uncompleted, count of active users, frequency of failed transactions, etc.

  1. Cost to Acquire Customer (CAC) on Online Banking

Providing online banking services adds a lot to the expenditures of banking organizations. The outlay can incorporate development, sales, and marketing costs. Digital banks can calculate the worth of those costs by dividing the sum of all these costs to the count of new customers added.

CAC = (Development + Marketing + Sales Costs) / Number of New Customers

  1. Lifetime Value of Customer (LTV) to Digital Banks

Banking verticals generally have a long-term relationship with their customers. Digital banks can calculate the value that a customer is going to add to banks during their expected relationship span. The decision on how much a bank should ideally invest in customer acquisition and further services can be taken more intelligently based on that number.

Once digital banks start to measure the profitability based on the above-mentioned KPIs, they can increase their revenues by leveraging the best strategies. Banks can leverage digital transformation advisory service to explore additional KPIs and decide upon the best strategies for each KPI.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Digital transformation advisory service

Unlock the Benefits of Digitalizing the Construction Industry

The so-called “brick-and-mortar” construction industry is moving forward and entering the digital era. Although the transition was slow initially, it has now accelerated in speed. The big market players are redefining their processes to keep pace with the new wave of digital business.

The following three Ps play a crucial role to chart a path for digitalization of construction industry:

  • Prepare for it

The construction industry has lagged in the race of digitalization mainly because of the psychology of people working in the industry – human processes were deemed better than the machines. However, as the industry has evolved, so has its outlook on digitalization. It is important for those driving the construction industry to identify the areas ripe for digitalization and prepare themselves for the change.

  • Pilot it

For successful digitalization of construction industry, the key is to start small. Ideally, enterprises should pilot it among a small portion of their business or a single project and give time for their team members to understand the technology and get used to the change. Long-lasting, sustainable changes happen gradually, so go slow.

  • Process it

To create and amplify impact across the entire enterprise, there is a need to process it. Businesses should capture changes, comprehend how the results were achieved and repeat the same process. Additionally, enterprises should review existing processes to identify more areas for digital transformation to maximize their benefits and revenue.

Take away

Digitalization in construction industry is in its infancy; however, it is poised to reinvent the industry, leading to efficient business processes, reduced operational costs, and improved productivity. Embracing digitalization is no longer an option – it is a necessity.

At Millennial Partners, we offer business-oriented digital transformation advisory service to help enterprises across various industries integrate blockchain into their operations. We offer comprehensive solutions – from use-case identification to solution implementation to deployment – to help businesses accomplish their goals.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes and technology through own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae