Learn How to Incorporate Digital Maturity into Your Risk Management Program
Do you know what digital maturity is? If so, are you confident that your business is digitally mature? Whether you know your business’s digital maturity status or want to learn how to increase this for your business, we are here to help.
To understand digital maturity, let us look at the definitions of digital transformation and digital maturity. Then we will talk more about what digital maturity means for your business.
To begin, make sure you understand that to be digitally mature, your business must use technology that is both flexible and useful. Try not to confuse this with digital transformation, which can lead to digital maturity.
What Does Digital Transformation Mean?
Digital transformation is the process of adopting digital technologies to replace non-digital processes in an organization to improve productivity or services.
It sounds confusing, but this is not the same as digital maturity, although digital transformation could lead to a business becoming more digitally mature.
What is Digital Maturity?
Digital maturity is an organization’s ability to take advantage of and implement new technologies into their business practices that help them better function within the changing market. These technologies change how the industry functions so businesses need to stay up-to-date on them.
Digitally mature companies can implement technological changes as they need them to function in the market. This happens when the company wants to implement changes or when the market forces them to.
Being digitally mature does not mean you simply possess new technologies. To be digitally mature, your organization must have the correct tools and abilities to use these technologies to their full benefit.
How Can My Business Become Digitally Mature?
To be digitally mature, your business needs to do the right research to find out what technologies you need. After that, take an inventory of what technologies are already present, what you need to implement, and what training is necessary for employees to use these technologies.
Following these guidelines puts you on the right track to becoming digitally mature, but remember digital maturity is a constantly evolving process. Because of the nature of digital maturity, you always need to be on the lookout for new technologies and whether your business needs them.
I Work in Risk Management, is there a Technology Out There to Help Me Become More Digitally Mature?
Yes, there is! SmartCompliance is an up-to-date certificate of insurance (COI) tracking and management solution that is constantly updated to meet client needs.
With SmartCompliance you can get rid of manual data entry and paper files for COIs and have your vendors upload them to the system. Once in the system, optical character recognition (OCR) technology scans COIs and checks against your requirements.
By implementing SmartCompliance into your company’s risk management program you are working towards digital maturity because this tool is revolutionizing the way risk managers do business. Stay ahead of the curve and make your risk management program digital!
Schedule a free software demo to learn more about what SmartCompliance will do for you!