According to a report by Shahar Markovitch and Paul Willmott, customers are demanding a more seamless experience, and it is forcing businesses to innovate, or risk being made irrelevant. The two authors from McKinsey & Company's digital practice describe the urgency with which companies must act while drawing attention to how the standard has been set high by pioneers including Apple and Amazon.

Business process digitization offers enormous returns

Digitizing of information-intensive processes can yield cost reductions of up to 90% while also vastly improving turnaround times, claim the digital experts. And they are shedding light on what is likely to hold back businesses from making changes quickly enough.

More often than not, it's business decision making that's causing the bottleneck rather than IT development. That's why digitization programs need strong board-level support to align all the stakeholders, while all other decisions should be delegated to the project team

Shahar Markovitch and Paul Willmott, McKinsey & Company

Software firms like OpenText are helping businesses transform

Waterloo, Ontario's OpenText is a software firm that helps businesses improve customer service by allowing them to sort through trillions of gigabytes of data and offer a consistent, personalized and engaging experience. OpenText's roster of clients includes the Marriot Hotel chain. OpenText helps Marriot process $7 million in online bookings daily, while also assisting customers like the European Court of Civil Rights who leverage their platform to handle more than 50,000 cases annually.

Read the full article: Accelerating the digitization of business processes

Learn more about Ontario's thriving information technology sector

 

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