Between 2020 and 2024, organizations willinvest $7.8 trillion into digital transformation. Nearly one-third of that total will occur in 2024 alone. Executives commonly reportsignificant benefits from their digital transformation initiatives, such as improved operational efficiency (40%), faster time to market (36%), and the ability to meet customer expectations.Despite the massive infusions of capital into digital technologies, many organizations strike out when it comes to achieving scale in transformation. According to Forrester,more than 50% of digital transformation efforts stall out. Another study found that of the $1.3 trillion spent on digital transformation in 2018, some$900 billion was wasted when organizations failed to achieve their goals.Many organizations fail simply because they try to do too much at once. Successful organizations start small and build off their early success. One way to accomplish this is by replacing inefficient manual workflows with digital workflows.
What is a Digital Workflow?
A workflow refers to a sequence of tasks that must be performed to achieve a repeatable business objective. A digital workflow involves the automation of workflow tasks. By reducing the number of manual tasks in a workflow, processes are completed quicker, involve less effort, and result in fewer costly errors.
