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How Business Process Management drives digital transformation

 

digital-business-process-management-for-banking-industry-connections-consult-RPA-software-automation

It does not come as a surprise that business process management is a field of research that has been the focus of researchers for numerous years since business processes play a pivotal role within every organization. As technology evolves, organizations in all industries face an even more competitive market. The digital business process is the binder between the strategic concept and the technology. Business Process Management (BPM) technology leverages computers and rule-based engines to give executives an overall view of how their processes are functioning. BPM’s aim is to optimize and automate business processes from start to end, by focusing on their strategic purpose and target outcome to reshape how people, systems, and data interact.

Planning business processes flexibly and agilely is the central prerequisite for a successful digital transformation. One starting point any enterprise could take for fast digitization and optimization of business processes is Business Process Management. In this article, we will take a further look into what digital transformation means, what are the main steps to efficiently automate your business processes and how will an automated Business Process Management technology benefit you.  

What is digital transformation? 

Digital transformation refers to an innovation process that happens both through technology and through a change in thoughts and the company’s culture. In other words, digitalization is the adaptation of a company’s work philosophy to meet the cultural, logical, personnel, and technological needs of an evolving landscape. It not only leads to a hyper-connected, fast-moving, and highly competitive environment, but it also affects work processes at the operational level. 

One thing to remember is that digital transformation is a multi-step journey that requires cross-cutting organizational change which focuses on employees, customers, and internal business processes. Before making any decision regarding the implementation of digital transformations, take your time to understand the implications and challenges of process automation. Don’t hesitate to book a meeting with our consulting team to find the right solutions for your needs.

How to strategically automate your Business Process

The biggest concern for directors, CIOs, CEOs, and other C-level executives is how to efficiently implement management practices and process automation in order to create a more effective and dynamic environment when adapting to new business requirements. In this context,  BPM is an essential component of digital transformation. What are some strategic ways to start automating business processes?

Firstly, you should prioritize areas to automate. Think about operational improvements and the impact on customers. Base these areas of opportunity to improve on a scorecard evaluating the impact on customers, employees and the business.   

Once you know where will you benefit most from automating the business processes, the next step is identifying repetitive tasks. It may be of help to review the standard operating procedures (SOPs) that document the exact steps necessary to carry out and complete the responsibilities within a role. 

Benefits of Digital Business Process Management

1. Reduce risks 

Given the changing business environment, companies are prone to organizational errors that may affect their efficiency. Continually improved to adapt to changing organizational conditions, modern Business Processes can deliver the expected results. Similar to Robotic Process Automation – RPA, BPM eliminates errors and reduces costs. By streamlining, automating, and improving processes risks are reduced, processes are more transparent and you can ensure that you meet all quality and regulatory standards expected of your business.

2. Save time and increase productivity

In every department, there are many repetitive, tedious, time-consuming tasks that need to be completed. BPM standardizes processes so employees can work more effectively within a set framework that speeds decision-making and reduces the risk of human error. Moreover, employees will be able to focus on the core, valuable, aspects of their job.  

3. Enhance compliance and security

In any industry, department or process, there is always something you should be paying more attention to and some data you should utilize more. Data management is important. When you have a myriad of complex processes executed with complex tools, you are bound to miss a guideline or two. BPM ensures every function successfully complies with their respective policies. 

Having a systematic holistic approach allows you to have a better overview of the processes at your organization and a digitalized and digitized Bussiness Process Management software it’s an important piece of the puzzle for any company that wants to be successful in today’s digital economy. Keep in mind that you can always turn to a consultancy company, that could guide you through the process of the setup and maintenance of custom software that will be better tailored to your organization’s needs.

Connections enters the shareholding of the edtech company 10 Plus and acquires 25%

The acquisition of the platform will bring a yield of at least 30-40% annually, in the next 5 years

Bucharest, November 3rd, 2022 – Connections Consult SA, listed on the AERO market of BVB and the leader of the digital transformation market in Romania, announces the acquisition of a 25% stake in the edtech 10 Plus Future Education SRL company.

The company, specialized in online courses for adults and children, language courses, mathematics, Romanian language, etc. is the first acquisition of this year of Connections Consult SA, after last year’s full purchase of Brusch Services SRL. After the acquisition, Brusch proved to be a real success, with excellent performance, considerably above last year’s figures.

“The reason why we decided to make this transaction is the explosion of edtech services, respectively the digitalization of education using the latest technologies – virtual reality, augmented reality, artificial intelligence. We estimate that the acquisition of the www.10plus.ro platform will bring a yield of at least 30-40% annually, in the next 5 years, either from exploitation or from finding of a new partner. The takeover of the shares was achieved through a transaction that implies only the investment made by Connections in the technological development of the digital platform for the delivery of online courses and in online marketing services to attract customers”, says Bogdan Florea, founder and CEO Connections Consult SA.

Connections Consult S.A. aims to contribute together with the founder Victor Militaru and Anca Florea, managing partner, to the development of the company in digital environment.

 “The entry into the 10plus.ro shareholding of Connections Group represents, on the one hand, the validation of the efficiency and efforts invested by the current management team, and, on the other hand, a trust capital earned by the company, for the accelerated evolution in the next 3-5 years, towards the flagship edtech platform of the South-East European region”, added Victor Militaru, founder of 10plus.ro.

10plus is positioned today among the best performing companies in the industry, through its didactic expertise, constant technological innovations, and background in organizational processes.

The 10Plus journey began in the year 2012, at the same time as Google Glasses, 4 years before the launch of Google Translate and 8 years before COVID-19.

The founder of the company, Victor Militaru together with Imelda Bădescu, a teacher with over 14 years of experience, chose a business model little known to the Romanian market at that time – online courses to complement the traditional education system. They have developed an entirely online teaching system based on a premium educational standard and teaching methods.

After 10 years, the live teaching-learning platform with 10Plus teacher has become one of the most popular, especially due to the expertise of teachers, teaching methodology and the relevance of language courses, Romanian language and mathematics.

 

digital banking process transformation RPA Connection Consult

5 ways to transform your Banking Process

digital banking process transformation RPA Connection Consult

As numerous businesses, banking is to change in the coming decade. After all, financial services is a fast-moving industry, and it implemented significant various technological advances like mobile banking apps that have significantly streamlined your customers’ experience. As customer preferences change, new technologies are currently evolving and new competition is out every day, the traditional person-to-person business model is morphing toward a digital and technology-based banking process

To remain competitive in the modern business environment, banks everywhere need to reassess their processes and ensure that the entire system works like a well-oiled machine. Becoming more efficient is an important strategic objective for banks in order to address the market challenges and include lean tools such as robotics and process automation

In our experience, many of Connection Consult’s clients have achieved significant and successful efficiency improvements in the banking operating process following these 5 strategies. 

Process Analysis & Optimization

Banks have embraced IT services, therefore, there is an increased sophistication of front and back-office banking operations. Banking Process Management – BPM – has garnered the interest of the banking and financial industry over the past decade.

When it comes to prioritizing process analysis and optimization, one challenge is that most core banking processes are cross-functional, and each team member manages their singular nice. No one is managing the entire banking process. ​​Automating banking and financial services are now key business requirements in order to achieve clarity on your strategic direction, alignment with the organization’s resources, and increased discipline in daily operations. 

This may seem a bit overwhelming, especially when your business is only beginning its digital transformation. Keep in mind that you can always consider turning to a consulting company service that offers a variety of services regarding automation implementation.

Increase Team Efficiency 

Productivity and efficiency go hand in hand in many industries and the banking segment is no exception. Unfortunately,  83% of working professionals say their organizations have two or more redundant applications for the same function. Therefore, being busy does not always mean being productive. How can you get rid of the routine and repetitive work that’s still important, but isn’t where your employees really accomplish something meaningful?

Automation tools are one popular and best-rated solution to help improve staff productivity. Robotic Process Automation (RPA), to be exact, enables banks to handle more transactions and greater volumes of activity with the same number of personnel. RPA robots can mimic virtually any actions that human users perform. However, productivity improvement is not dependent on technology alone. Some of the foremost significant opportunities involve using established performance management techniques, such as clearly defined expectations and scorecards, improved motivation and rewards systems, and better training and supervision. 

Channel Optimization 

Through channel optimization, every organization assesses the various ways customers interact with a bank in order to create a cost-effective combination that is adapted to each bank’s specific customer base. To achieve this goal, banks need to adopt other channels like Internet Banking, Mobile Banking, Kiosks, Customer Service Points, etc, to attract the present generation and to provide enhanced service to the existing clients. Keep in mind that channel optimization should not be about branches alone, but working to enhance banking processes via better operating hours and technical knowledge, as well as their chat, text, and social media capabilities.

Eliminate Manual Tasks & Redundant Data

Eighty-two per cent of banks and credit unions are still using manual processes that are undeniably too slow for the modern market. Start by eliminating manual tasks and redundant data with automated workflows. This will drastically increase employee productivity and efficiency while reducing the number of errors. We mentioned technology and banking process automation several times already, but because of its broad, enterprisewide impact, the use of technology and automation also merit individual attention as part of the overall efficiency improvement effort.

Business process automation may be implemented in many banking branches such as digitizing account opening for checking accounts, savings accounts, or loan applications, but also internal communication among different departments. Automated workflow processing gives managers greater visibility into the activities being performed and plays an important role in a bank’s channel optimization efforts.

Digital Onboarding process

Proper onboarding of customers is essential to establish trust and create an opportune moment for cross-selling.  More than half of consumers fail to finish their onboarding process for a number of reasons. The ever-changing regulations, multiple touchpoints, and extensive paperwork add to their perplexity. Using digital IDs and completely digitizing the onboarding process makes it much easier and more cost-effective for financial service providers to approach underserved customers, centralize documentation and offer a hassle-free onboarding experience.

To conclude, looking beyond these 5 ways to implement an overall digital transformation for your banking process, one most important take-out is to recognize the value of automating your business process in the banking industry. If you are looking for further operational efficiencies in banking, Connection Consult might be the perfect solution for you. We blend Software Development and Process Automation to leverage the original trifecta – People, Process, Technology to the triple-A one: Automation, Artificial Intelligence and Analytics. Schedule a meeting with us, and let’s improve efficiency in the workplace together.

Experts with over 20 years in technology are joining Connections Consult and form the new Advisory Board

Experts with over 20 years in technology are joining Connections Consult and form the new Advisory Board

Experts with over 20 years in technology are joining Connections Consult and form the new Advisory Board

 

Bucharest, 27th September 2022Connections Consult (CC), a group of digital transformation companies listed on the secondary market of the Bucharest Stock Exchange (AeRO), is pleased to announce its Advisory Board and the first meeting that took place in London on 16th September 2022.

”With the occasion of our first-year anniversary as a publicly traded company, we are proud to introduce our Advisory Board. Together with the executive team the Advisory Board’s recommendations and advice will shape the strategy and development of the group.  The Connections Consult Advisory Board is made of experienced business leaders and entrepreneurs that will guide us as we grow and deliver for our customers”, said Bogdan Florea, CEO of Connections Consult SA.

Bogdan Lazaroae chairs the Advisory Board.  He has over 25 years of experience in technology and large projects delivery in the United States and Europe. His extensive experience in the public sector will help shape Connections Consult’s expansion in the public sector and international markets.

Michael Lithgow, CBE CEng FIET has more than 40 years’ experience of planning, deploying and operationally managing large technology programs. His experience spans research and development, procurement, leadership of large enterprises of up to 7,000 personnel, chair of an influential defense technology think-tank and advising at Board level on major technology investments and go to market strategies.  He has operated across Europe, South Africa and the Middle East, working with local, national and inter-governmental bodies as well as commercial organizations in the telco, financial services, retail and energy sectors.  

Diana Olar brings over 20 years of experience in technology, innovation and entrepreneurship in Europe and the United States. Her experience in accelerating tech businesses and service innovation will help strengthen long-term development of the company.

”The Advisory Board will undeniably help guide and shape the future of Connections Consult.  With regular meetings and updates, we look forward to working with our new advisors.  We are delighted to welcome them to Connections Consult and are grateful they are a part of our journey to growth”, added Bogdan Florea.

robotic process automation for efficient work and business management

How RPA can Free Employees’ Time for More Important Work

 

RPA for efficent digital business process

Your employees are your business’s most valuable asset, no question about it. Their talents shouldn’t be wasted on monotonous digital tasks that could instead be completed in a fraction of the time by intelligent RPA software bots.

A business can boast the best product, implement optimum marketing strategies, and have the perfect processes in place; but without a top-notch team of exceptional people, it won’t get very far.

So why would you waste your employee’s valuable time and expertise on completing dull, manual processes that slow down their productivity – affecting your business – and making that work a chore – affecting job satisfaction?

Robotic Process Automation (RPA) is a transformative technology that uses software robots to handle repetitive and high-volume tasks at top speed and with increased accuracy, freeing up the human workforce to focus on tasks that they do best, and enjoy most.

Below we take a look at some real-world examples of how RPA has transformed working conditions across a range of industries, resulting in significant time saving and improved employee satisfaction.

Time-saving 

RPA software has been successfully utilized across a range of industries to free up employees’ time to concentrate on more valuable work.

A large insurance agency reports that they save between 20 and 40 hours a day since implementing RPA technology. Larry H, a systems administrator at the agency says, “Our organization has improved because of the time savings. We’ve got robots now taking 10 seconds to do what people were taking four to six minutes to do. It’s a whole department of people that are now free to do other things.”

A major manufacturing company similarly reports that utilizing RPA on a high-visibility data entry project saved their retail managers roughly 5 500 hours a year.

Significate time-saving after RPA implementation is reported by a managing associate at a legal firm too: “Our processing time was reduced to half an hour from something that would have taken up the whole day (eight hours). This has freed up our legal staff’s time to focus on more important and strategic tasks.”

Improved employee satisfaction

Doing the same thing over and over every day is not only dull but can lead to poor employee morale. When automation software takes over these mundane tasks, employees are free to focus on more important work that stimulates them, leading to improved job satisfaction.

A department lead at a consultancy firm remarked that since the implementation of RPA software, employees can now “use automation and apply their brains somewhere fruitful.”

When human resources are no longer bogged down by time-consuming manual tasks like moving files, filling out forms, and extracting data from emails, they can focus on more important work, like collaborating on innovative business projects and interacting with customers.

At another consultancy, a developer noted that “A [RPA] robot takes [repetitive tasks] away and helps people enjoy their work a lot more because they can do non-repetitive tasks. They can be a lot more customer-facing and perhaps build stronger relationships with their customers, know them better, and have more time available to work on other projects or work on other things that they may never have had the time to do.”

Aaron F, a systems administrator at a manufacturing company remarked that since implementing automation solutions, he has noticed performance benefits with his staff. Since being relieved of some of the tedious tasks they previously used to spend time and energy on, they are significantly happier and more stimulated in their jobs.

Implementing RPA software to complete manual computer-based administrative tasks provides the workforce with more time to focus their energy on meaningful human tasks, not robotic ones. When they no longer need to waste valuable brainpower on mundane digital tasks, productivity will increase as will overall employee satisfaction.

Isn’t it time that you discovered how implementing RPA can save your business time, increase productivity, and boost employee morale?

Book a Discovery Call with one of our RPA Implementation Experts now.

Your employees will thank you.

 

How oil and gas companies can benefit through outsourcing software development

How oil and gas companies can benefit through outsourcing software developmentOil and gas companies around the world are increasingly looking to do more with their software teams, without increasing their costs, while maintaining overall efficiency. Dedicated team-based outsourcing, to Romania in particular, enables companies to do just this.

One of the most important facets of expanding a software team is the process of onboarding new developers. A major pain point for HR professionals is the sheer amount of time and money that goes into this process for each new hire- from job ads to interviews, to getting developers up to speed. We look to eliminate this with our outsourcing model, based on pre-selection and fast onboarding. By pre-selecting available developers to add to our talent pool, we maintain a large database of ready-to-go talent that our clients can pick from at a moment’s notice- whether they are just starting to work with us, or they need to add a new specialist to an existing team, fast. We also look to streamline the onboarding process by way of emphasizing open communication and offering strong support in HR and local project/team management.

As we’ve written previously, working with Romanian developers can be an excellent way to save on personnel costs while ensuring high-quality workmanship. As the market rates for software developers in Romania are lower than elsewhere in the world, and the local cost of doing business is quite reasonable in comparison with other countries- it’s no surprise that outsourcing to Romania can be a major bargain for firms based in certain countries. Saying this, as Romania boasts a large, ever-expanding tech industry, it’s not at all difficult to find the exact sort of developer that you’re looking for, however specialized or experience-warranting your requirements might be.

Between getting expert developers for bargain prices, and getting who you need, when you need them, without the added legwork that comes with conducting hiring rounds internally- it could be said that software development outsourcing to Romania presents a unique set of advantages to companies in the oil and gas industry. Whether you’re looking to efficiently expand your software team, decrease costs associated with software development to increase overall profit margins, or some mix of the two- outsourcing to Romania might be the way to go.

Tips for Building an In-House Outsourced Team

Tips for building in-house outsourced team

When contemplating their growth strategy, many companies feel that they need to make a choice between growing their in-house team or leveraging a separate external provider. In other words, some people feel that an outsourced team and an in-house team are mutually exclusive. They’re not anymore.

Based on what we offer our clients, it’s now possible to build an outsourced team that’s so in sync with your internal team, that it’s essentially a part of it. Here are a few tips for how you can do it:

● Make a blueprint for your dream team before you start building it. Let’s say you need to hire 6 agents specialized in X- that part is fairly easy. What you also need to do is figure out how your outsourced team can complement your internal team, and how you see your outsourced team interacting with your internal team. We can help you with this.

● Once you know what you’re looking for, and what you’d like to accomplish, figure out the characteristics and skill profiles of the types of people you’d like to work with. We can present you with a wide array of pre-screened available candidates to you so that you can pick the perfect fit for each role.

● Devise a working schedule that provides for some time overlap between your internal team and your outsourced team, so that one team can pick up where the other left off each day, and both sides are fully in-sync.

● Visit your outsourced team, or have them visit you- especially in the beginning. Not only can in-person meetings bring everyone on the same page, but they can also be great for breaking down the distances and gaps that can often occur with outsourcing.

● Harmonize the direction and management of both your internal and outsourced teams. If both teams are working together and are otherwise interconnected, it’s important that both teams are managed together and follow largely the same direction.

If you follow the right steps, it’s quite easy to have an outsourced team that acts as an in-house team (despite costing much less). Feel free to reach out to us if you’d like to know more.

Connections Consult opening

CONNECTIONS CONSULT – WELCOME TO SERBIA & BULGARIA!

Connections Consult opening CONNECTIONS CONSULT OPENED 2 NEW OFFICES IN ITS EFFORTS TO BECOME A GLOBAL PRESENCE.

STRATEGICAL GROWTH
This opening confirms Connections Consult growing strategy to cover high-potential foreign markets, meeting the demand of our global customers and local counterparty companies and improving its ability to assist them by effectively monitoring their business.

WHY SERBIA?

Bulgaria came quite natural in our expansion plans, but you might wonder: Why Serbia?
Economically, Serbia is well positioned in the region, with access to over one billion consumers through free-trade agreements and an advanced road network. It’s also strong in several sectors, such as agriculture, food and IT services, which are predicted to see growing demand over the coming decades. And the country is moving toward membership in the European Union.
Now that the office is officially open, what’s in store for the rest of this year and beyond? Hiring and developing Serbian talent is a big priority. The “brain drain” of the 1990s saw many students and professionals move overseas from Croatia, Serbia, and other Balkan countries to escape conflict and economic chaos. We, alongside our clients, want to restore the Serbian potential.
Serbia, in particular, has emerged as a talent hub for the region, with more than 240,000 students enrolled in higher education. While we won’t be hiring in the hundreds or thousands, we hope to be advising the companies
that do.

YOUR OPINION MATTERS!

If interested in more details, or you wish to propose a new topic, give us a sign!

How to build a new software development team. The easy way.

How to build a new software development team. The easy way.

How to build a new software development team. The easy way.

Perhaps you’ve recently closed your seed round, perhaps you’re building a new spinoff product, or perhaps you just need an additional set of developers. In any case, you need to hire the right development team, at the right time, in the most efficient way possible.

Unless you already have a powerful HR team, or you’ve contracted a recruitment agency; your hiring round is probably going to mean a lot of extra work for you. An alternative is to outsource, and frankly, it’s a great way to accomplish your goals without much added hassle.

Here’s why:
● You can design your perfect team while leaving the recruitment, vetting, and much of the onboarding to your outsourcing partner. Despite this, you can always pick who you work with in the end. In a nutshell, you get all the benefits of working with a recruitment agency and more- without the extra costs
● You can save on costs. Big time. If you outsource to a place like Romania or Serbia, these cost savings can add up to well over 50% of what you’d spend if you hired locally in somewhere like the US.
● You won’t need to worry about potentially having to get more office space or more supplies (ie. computers and desks). When you outsource, this is generally all included and comes at no added cost to you.
● You’ll save time. Adding to the first point, when you outsource, you’re able to select and onboard pre-vetted developers that are able to start working almost immediately. Because of this, you can have a team up and running in a few weeks instead of a few months.
● Pivoting is easier when you outsource. Since you’re able to cut down onboarding times and you’ll often have access to a wide range of available developers, you can easily add specialists to your team as needed.
● Outsourced teams can essentially act as in-house teams. When your outsourced developers are fully dedicated to working with you, and when it’s possible to have your developers occasionally come on-site with only a few weeks notice- you won’t notice much difference between having an outsourced team, or a in-house team.