The key to digital transformation for Australian businesses
This is sponsored content for RingCentral
By Nina Hendy
Digital transformation is sweeping across corporate Australia as businesses adjust to a permanent shift to hybrid working.
Research by KPMG highlights the fact that digital agility is now an operational necessity to help businesses refocus their priorities.
The pandemic accelerated the need, with seven out of 10 digital leaders surveyed by KPMG saying that their transformation efforts have put them months – or even years – ahead of where they expected to be.
Now, as markets rebound, companies are shifting their focus from survival to growth, with renewed confidence and a determination to grow revenue and enhance corporate value, the research reveals.
Improving operations
Businesses are seeking out technologies that provide better operational leverage and improve relationships with customers.
Digital transformation specialist and CEO of Leading Edge Global Lauren Ryder says the concept of digital improvements is no longer a huge scary journey for businesses.
“When it comes to optimisation of business processes, companies are looking at ways to hyper-automate, which takes all the repetitive tasks away from the users and lets them get back to meaningful work,” Ryder says.
“Many businesses have already jumped into digital projects and understand the importance of being digitally savvy to support both customers and employees.”
Next, business leaders need to look for opportunities to automate and reduce friction within their business.
“Most businesses have tried the basics, such as automating invoice matching and payments. But there really is an unlimited number of ways that businesses can implement automation across every business function,” Ryder adds.
Replacing outdated tech
Businesses are also looking to expand their digital capabilities by replacing their fundamental technology platforms.
Global enterprise cloud communications software provider RingCentral has noticed a growing number of Australian businesses overhauling their communications infrastructure in the past couple of years.
According to the tech company’s regional vice president Peter Hughes, this has been an important part of the digital transformation journey for many businesses as they look for ways to enhance customer experiences.
The pandemic has been the catalyst for change, he says, with business leaders trying to figure out how to manage old legacy technologies that had tethered people to the office.
These days, work is what you do, not where you are. “The world has changed forever,” Hughes says.
“The genie is out of the bottle and it’s not going back in. The paradigm has shifted, and after a period of adjustment, people are now content to work from home. They’ve got a better work/life balance and they don’t want to go back to using legacy systems in the office.”
Businesses have been forced to find a solution and implement technology from the new breed of communication tools on the market.
“We’re witnessing a number of businesses seeking out new-age replacements for outdated and cumbersome technology, tools and platforms to simplify the lives of their employees,” Hughes says.
As a solution, RingCentral offers call, message and meet in one app and integrates with more than 200 applications in the areas of productivity, customer relationship management, automation and customer support.
It is closing in on $2 billion in annual global revenue with 7,000 employees, growing the business at about 35 per cent year-on-year.
Australian businesses overhauling their communications software to RingCentral – and contributing to this revenue – include big players like Mortgage Choice, National Pharmacies, Thomas Foods International, Godfrey’s and Ray White.
“Our mission has always been to give users cloud communications technology that solves real world challenges but is also easy to set-up, use and manage,” Hughes explains.
However, the key with transformation is not to get too comfortable. Experts agree that digital transformation is about constant improvements, rather than sitting still after a digital overhaul.
Hughes, for one, has overseen a number of technical updates within RingCentral. This includes AI meeting insights and summaries, live transcription and participant reactions.
Legacy way of thinking has to go. “The ability to jump into a virtual meeting late and to be able to skip through the transcription to catch up, for example, is the way of the future,” he says.
“Working in an asynchronous way and being able to time shift in this way with the help of technology is bolstering productivity for businesses making the plunge.”
RingCentral, Inc. (NYSE: RNG) is a leading provider of business cloud communications and contact centre solutions based on its powerful Message Video Phone™ (MVP™) global platform. More flexible and cost effective than on-premises PBX systems, RingCentral empowers mobile and distributed workforces to communicate, collaborate, and connect from any device. RingCentral Unified Communications as a Service (UCaaS) platform includes team messaging, video meetings, and cloud phone system. RingCentral’s open platform integrates with leading third-party business applications to easily customise business workflows. RingCentral is headquartered in Belmont, California, and has offices around the world.
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