Driven by the integration of digital technologies like AI-enhanced automation, virtual retail spaces, and cloud-based remote work, digital transformation is reshaping traditional business operations, compelling organizations across various sectors to adapt to new modes of customer and employee interaction.
While the transition to digital solutions has been underway for some time, recent global events have accelerated this shift, underscoring the urgency for organizations to evolve.
Despite this recent mass push to digitally transform, some industries have resisted change, holding onto antiquated methods that no longer serve the needs of the company or their clients, preventing them from operating at their full potential and accessing a future that will only become more reliant on technology.
For some, holding onto the past is a way of preserving tradition without realizing the benefits of change. For others, it minimizes costs upfront without looking at long-term savings. Whatever the reason, organizations must understand the impacts that small, meaningful changes can have on their market presence, customer experiences, and overall efficiencies.
Understanding Legacy Systems
The modern tech space is relatively new, beginning with the advent of the internet and booming at the turn of the millennium. In a few short years, the dot-com era came in and overhauled the way most business was conducted, trading in paper memos for emails, checks for digital payments, in-store visits for online clicks, and most manual systems for digital ones.
But the process didn’t happen overnight, and in just over 40 years, some industries have remained slow adopters, holding onto legacy systems despite increasing demands to change. These industries include government, banking, construction, retail, entertainment, insurance, and manufacturing, among others.
Considering the long history of these industries and their abilities to withstand changes over decades and centuries, resistance makes sense. In fact, these industries have largely challenged massive disruption by emerging technologies. However, they have not been entirely spared from digital transformation and often require outside help to move them forward.
Changing the Enterprise
On the enterprise level, insurance companies, banks, and supply chains mainly run on outdated systems to conduct business. For some, resistance stems from a lack of strategy or a fear of change, in addition to the concerns of migrating large amounts of data and replacing aging infrastructure. Failing to adapt directly impacts customers, but how can enterprises even begin their digital transformation journey? With small, impactful changes.
For legacy-based industries like insurance and supply chains, this change can be implemented by updating payment systems. Digital transactions make up two-thirds of global payments. By streamlining these systems, organizations can reduce time spent on manual processing. Dwolla, a payment services provider, is helping enterprises in these spaces move away from paper checks to faster, cheaper, more secure digital payments.
In fact, Dwolla helped one pet insurance company embed an ACH API solution to automate invoices and reimbursements. Now, instead of spending two days every week manually processing disbursement checks to policyholders, this company streamlined its platform and provided customers with a one-click solution. As a result, transaction volumes increased by 45% in just 12 months.
For organizations in transportation, an API solution like Dwolla Connect provides similar enhancements to replace manual billing practices with an automated B2B payment system. This grants organizations the flexibility to move in a modern market where organizations have greater control over account-to-account payments. Now, transactions can be completed faster, saving customers time and money.
While the addition of new streaming services and seemingly instant theater-to-digital film releases allude to an industry fully immersed in digital transformation, some elements of the trade remain rooted in outdated practices.
In fact, the entertainment industry is grappling with changes to global production and expansion as they face an overwhelming need to find skilled workers around the world available to work right now. And with 83% of consumers in the U.S. tuning into at least one streaming service, the industry is ramping up production to keep pace with demand. Despite the increased global production, there are not enough qualified people to work in the industry. For Stage 32, this meant removing the barriers that created the talent shortage.
Established as a global online community and app designed to connect people from all parts of the entertainment industry, Stage 32 recently launched a new digital certification program to help individuals get valuable training for a fraction of the cost of an art school in a fraction of the time, and with real-world career opportunities at the end of the program.
These Global Entertainment Career Certifications are more accessible to traditional film schools, offering fully virtual programming starting at $299. This is a major reduction in film school debt, ranging between $100,000 to $300,000. And in addition to saving time and money, all Stage 32 Certification holders will be entered into a focused database accessible by film commissions, streamers, production companies, and other organizations. This database will inform industry insiders about who is qualified to work in every skill set and the ability to hire through the Stage 32 certification portal.
As digital transformation suggests, change is a constant part of modernization. But when organizations can creatively lean into these technologies through small changes, they lay the groundwork for more meaningful innovations and become better suited to meet customer needs, compete against other organizations, reduce latency, and cut costs. Across industries, embracing digital transformation will minimize disruption to enhance business flow, streamline processes, and provide investments for the future.