Imagine that you’re buying a smartphone. It’s the phone that you’ve desperately been waiting for, and you like the price. It’s heavily discounted; the price is right. The phone is already in your shopping cart. Just as you’re about to make the purchase, you realize that you don’t have enough money to buy the phone. Fortunately, there’s an option for you to finance the phone through a micro-loan.
You click Apply for a Loan on the checkout screen. All you have to do is provide your name, address, and ID validation. Behind the scenes, an AI Automated Loan Process validates your identity, performs an immediate credit score check, connects to your bank, and voilà! It’s approved in 5 minutes and you have your phone!
You expect a simple user experience.
Now think about your own organization. Maybe you feel your systems are “good enough”, but good enough won’t keep you competitive in today’s marketplace. Have you made data a first-class citizen? Have you ensured a simple experience for your people and customers? Are you using modern practices and tools to improve efficiency and increase savings, without increasing overhead costs?
If you answered “no” or had difficulty answering any of these questions, then you should really be thinking about a data-driven approach to your organization’s transformation. Let data drive the transformation.
Do you care? Maybe your systems are “good enough”, but good enough won’t keep you competitive in today’s marketplace.
Before we dive into the awesomeness of data-driven digital transformations, you need to understand the three types of transformations.
Digitization refers to “creating a digital representation of physical objects”. This is also known as a digital artifact. For example, a paper contract can be digitized by converting it into a PDF document. The digitized version of the document is easier to distribute, and is easier to search through.
Digitalization refers to “enabling, improving, or transforming business processes by leveraging digital [technologies] and digitized data”. For example, the traditional process of signing a contract means signing multiple paper copies (one for each party) of the contract by pen, and delivering a copy to each party by hand. When this process is digitalized, the single copy of the contract is the source of truth. It is signed by each party using software. All parties are notified electronically of the signing, and have access to the same electronic copy of the contract. The new process uses less paper, is a lot less complex than the old process, and has a single source of truth.
Data-Driven Digital Transformations enable you to achieve digitization and/or digitalization, depending on your organization’s goals. Translucent can help with that.
You’re not Netflix. Or Facebook. Or Google. Your organization has its own unique identity, so you shouldn’t try to be like another organization. Let us help you carve your journey, by defining the data that best represents your organization. We help make your data malleable, so that other services (internal and external) may consume your data with less friction.
There’s a new urgency for organizations to go digital, thanks in large part to the lockdowns and restrictions put in place to curb the spread of Covid19.
We help your organization with:
1. Scale. If, for example, you suddenly get more visitors to your site on Black Friday, can your infrastructure scale to handle it? It’s midnight, and most of your customers are sleeping. Why are you over-provisioned, when nobody is using your service? We build a system that is responsive to your customers’ needs. This saves you money on low-demand days, and ensures that you continue to operate smoothly on high-demand days, with minimal disruption and cost.
2. Greater collaboration. Silos can be an organization’s worst enemy. They just slow every priority down. Nobody wants that. Translucent’s data-driven approach builds efficient platforms to enable greater collaboration amongst your internal users. When internal teams can deal with issues faster, it means faster feature rollouts to your external customers.
3. Easy integration. Every modern business partnership requires data integration. You may have to send data to a third party. You may have to receive data from a third party. With a data-driven first approach, we help design secure APIs that enable your partners to easily connect with your services. This makes integration easier and less costly.
At Translucent, we pride ourselves on our passion for technology, innovation, and change.
We’re not here to fill your head with buzzwords. We’re here to get to work.
Technology can be complex and confusing to navigate. We’re not here to push complex flows on you. We’re here to take complex processes and simplify them, because we understand technology well.
We know this, because we’ve done it before, many times over.
“GoTo Loans (GTL) has been awarded by the Canadian Lenders Association as Auto Lending Platform of the Year category for the ‘Leaders in Lending 2020’ awards. Translucent has been our fintech, financial services technology partner from the inception of GTL’s journey.”
Integrating banking, automotive, loan, mechanic, and customer workflow data making the complex almost seem like magic. Keep up the great work!”-Eric Kaplan COO GoTo Loans