There may have been a time when an organization’s automation strategy was defined primarily by siloed, ad hoc, and task-based workflows. Now, however, the most effective and impactful initiatives require business leaders to ask bigger, more challenging questions beyond simply what tasks can be automated and the ROI on cost reduction. Here is how to question everything you know about your business processes.
Successful digital transformation in today’s landscape necessitates leaders having a better picture of how things are working interconnectedly and how users are truly operating within the process boundaries to be enhanced and improved universally to improve customer outcomes.
True digital transformation does not simply digitize analog processes. It’s about integrating intelligence into business-critical processes across every facet of your business and engagement. As more companies realize they need to become digitally intelligent in a new era of digital-first consumers, accelerated automation adoption, and advancements in technology, organizations will benefit from adopting a more holistic approach to transforming their business.
Questioning how things have always been done enables business leaders to find more effective ways to drive results.
Every business process within your organization contains an opportunity to improve outcomes, revitalize customer experiences, fix inefficiencies, or find new service opportunities for revenue generation. Here are three questions that business leaders need to ask to unlock opportunity and advance digital transformation initiatives that have the greatest impact.
By their very nature, highly manual processes, such as inputting invoice data or new customer information, are prone to human error and oversight. In highly regulated industries, such as financial services and insurance, this can be problematic and can contribute to increased risk and decreased compliance. Likewise, in healthcare, inefficient processes can lead to negative patient outcomes.
Understanding your processes and pinpointing potential vulnerabilities is a good first step to take before deploying automation initiatives. Then, leveraging the right solutions to automate important processes intelligently.
These processes include all such negotiations as mortgage and credit card applications, account opening, and business loan applications helps organizations minimize inefficiencies and inaccuracies, therefore helping facilitate improved internal and regulatory compliance.
With advances in machine learning and predictive analytics technology, you can understand exactly which processes are ripe for transformation, not just automated, to drive real change. Process Intelligence is a form of process mining and discovery that provides granular insight into an organization’s ecosystem of processes and behaviors, enabling you to pinpoint opportunities for operational improvement.
Understanding how your processes are truly performing — down to knowing each worker’s performance – is indispensable to successfully deploy automation initiatives that deliver business results and accelerate tangible improvements.
You’d be surprised if you look close enough to how much paper (and fax) still exists in some processes. Those that are heavily paper-based can slow mission-critical workflows and negatively impact customer experience.
Likewise, valuable information is locked away in siloed systems. Various digital formats such as email correspondence, PDF, fax, and EDI can prevent you from having the right informatito make informed business decisions quicklyons.
To supercharge growth and enhance profitability, organizations need to digitize and streamline content-heavy processes.
Digitizing, transforming, and automating customer forms, invoices, receipts, onboarding documents, application forms, claim submissions, and account documents can help lower administrative costs, reduce time to invoice and provide customers quicker service.
When it comes to transformation projects, leveraging the right data and then sharing that data with key systems and stakeholders can be the difference between failure or success for meeting KPIs, service-level agreements, and other business outcomes.
Optimizing and automating the right processes can significantly reduce costs and strengthen competitive advantage.
However, by themselves, automation platforms can only do so much, and in fact, many projects stall or fail. That’s because most automation platforms now employ software robots, which have a hard time understanding unstructured data and will repeat poorly designed workflows.
Leveraging intelligence capabilities driven by OCR, natural language processing, and machine learning technologies can turn hard to process unstructured data into actionable information.
The knowledge gained is then ready for automation platforms such as robotic process automation (RPA), business process management (BPM), customer relationship management (CRM), and electronic resource planning (ERP).
Process intelligence capabilities can identify process bottlenecks or variances and recommend the best workflows for optimal efficiency.
When organizations re-think the way they have traditionally approached digital transformation projects, they unlock opportunities to strengthen and revitalize their business.
Asking the right questions and leveraging the right technology enables organizations to transform critical operations and turn the vast amount of data into a wealth of meaningful, actionable information.
Automation isn’t the end goal but rather a vehicle for achieving better business outcomes.
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