As businesses lean on digital technology to drive their success, the question isn’t whether they need to embrace digital transformation but rather how they can do so effectively.

U.S. Bank recently conducted a survey of 1,420 financial leaders and found that many are focusing on cost reductions, and the most common way they plan to deliver on those savings is through investment in digital technology. U.S. Bank found that more businesses are leaning on digital technology to deliver transformative results, but many (45%) are still in the early stages of their digital transformation.

In a recent PaymentsJournal podcast, Vipul Kaushal, SVP of Product Transformation, Global Treasury Management at U.S. Bank, and Christopher Miller, Lead Analyst of Emerging Payments at Javelin Strategy & Research, explore some key findings from the study. They also delve into what businesses should consider before they pursue digital transformation, why empowering people to become part of the solution is key, and the crucial role automation plays in all of this.

PaymentsJournalWhy Businesses Can’t Thrive Without Digital TransformationPaymentsJournal Why Businesses Can’t Thrive Without Digital TransformationPaymentsJournaljQuery(document).ready(function ($){var settings_ap21541322 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"21541322",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_430043_29",settings_ap21541322); }catch(err){ console.warn("cannot init player", err); } });

Transforming Digitally

Fully leaning into digital transformation isn’t as straightforward as many businesses think. And before organizations take the leap, they need to work through some considerations.

“We need to make sure we involve the people who would be impacted by transformation,” Kaushal said. “And it’s also important to really understand the processes that would be looked at as part of the transformation itself.

“Then there’s the technology, where you look at the tools that will be the agents for these kinds of digital transformation.”

Particularly in the beginning, Miller said, organizations really focus on the people and processes—especially when technology can seem like the shiny new object everyone wants to get their hands on.

“I’ve heard it said that you really need to not fall in love with the technology solutions that you’re thinking about and instead think about the problems that you’re trying to solve,” Miller said. “That one in my experience has proven to be particularly challenging as digital transformation often ends up in the hands of technologists who must select the solution, design the solution, implement the solution, maintain the solution, and as a result they become very tied to that solution.”