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How Business Process Management drives digital transformation

 

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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.

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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 sConsult’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, Connections 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.

RPA automation for efficient business management process

Is RPA Right for My Business?

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The last few years have seen a significant increase in the popularity of automation solutions across a wide range of industries. In fact, Robotic Process Automation – RPA – is considered “transformational technology”, because implementing this intelligent software can completely transform your business.

Businesses from many industries have been using RPA as part of their digital transformation, and it is no surprise why. A significant decrease in error brings an increase in speed and efficiency, massive cost-saving means a boost in ROI, and getting rid of dull, time-consuming, computer-based tasks elevates productivity and leads to higher levels of employee satisfaction.

At this point, there can only be one reason why your business has not yet invested in RPA solutions – you’re not convinced that RPA is right for your business.

Sure, not every business is well suited for RPA solutions, and so we are here to help you decide if your business can benefit from implementing this transformational technology.

If you’re asking yourself, “Does my business need RPA?” here are three questions to consider:

1. Does your business need to reduce costs?

RPA uses intelligent software technology, or ‘robots’, to automatically complete rule-based and trigger-driven digital tasks that once required human action. This means that the software allows organizations to achieve much more with the same amount of staff.

In fact, if implemented correctly, your business can anticipate a reduction in the cost of existing manual operations, plus the recovery of up to 100% of the investment within 6 – 9 months after implementation.

2. Are you looking to scale your business?

RPA robots can be programmed to perform important business tasks at much greater speeds, with complete precision, reliability, and 100% accuracy every time.

Using RPA software to automate critical business processes allows for the flexibility necessary to handle any workload, accommodating even unexpected increases in volume. This means that your business will be able to confidently scale without the fear of not being able to keep up with demand.

3. Are you looking for innovative ways to improve job satisfaction and employee morale?

Business processes that are best suited for automation technology are rule-based and trigger-driven. These tasks, although crucial, are typically time-consuming, monotonous, and dull. Indeed, these repetitive and tedious digital activities require little creativity or deep thinking from employees.

RPA software can be implemented to complete these manual computer-based tasks, freeing up your workforce to focus their time and energy on meaningful human tasks, not robotic ones. When employees no longer need to waste valuable brainpower on mundane digital tasks, productivity will increase as will overall employee satisfaction.

If the above points have convinced you that your business can benefit from this transformational technology, the next step is to identify if your business process is best suited for RPA solutions.

Use our RPA Feasibility Calculator to discover if your business process is suitable to be automated using RPA technology, and get ready to take your business to new heights.

Best Practices for Introducing RPA to Employees

Studies have shown that ineffective organizational change management is the leading cause of RPA failure*. Introducing this revolutionary technology to employees through efficient change management can mean the difference between Robotic Process Automation success and failure. 

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*According to the Global IA Report by the Shared Services and Outsourcing Network (SSON), 44% of businesses reported that a lack of effective change management was the number one reason why their RPA implementation efforts failed.

Implementing Robotic Process Automation (RPA) in your business is so much more than just a technology project to streamline business processes and increase efficiency. It is an initiative that affects everyone in your company, and as such, it is crucial to focus on the “people side” of implementation just as much, if not more, than you would on the software developments. This mindset shift from a focus on technology to a focus on people will allow you to prepare your employees to embrace the implementation process and make the most of the new technology available to them.

Organizational change management is the process of communicating upcoming changes to team members in an effort to ensure that they are well equipped with the knowledge, understanding, and skillsets required to successfully work with the new software. 

Follow these change management best practices to introduce RPA to your employees in order to ensure that your RPA implementation is successful.

Prepare an introductory demonstration

There is a common misconception that automation technology, like RPA, will replace human employees, and make their jobs redundant. This is, of course, completely untrue. As revolutionary as RPA software is, there is only so much that these robots can actually do. The reality is that the software will only automate those elements of the job that are repetitive, mundane, time-consuming, and rather quite dull. Educate your people straight from the start, show them exactly what the software can do and how it can, and will, benefit them.

Encourage input

Engage with employees to come up with ideas of where automation can be used in the organization. Not only will this encourage innovation and buy-in, but it will highlight whether your people have a good understanding of where and how RPA software can be used.

Get management buy-in, and communicate every step of the way

Support and buy-in from senior management should flow down through to employees, and a thorough understanding of the software and the implementation process will allow management to educate and keep employees updated so that they know exactly what to expect at every stage of the project.

Train and upskill

Ensure that your RPA implementation partner offers training to upskill employees, and be sure to reward participation. 

Celebrate successes, and acknowledge setbacks

Businesses that benefit most from RPA implementation will consider their people’s needs as well as those of the company. Rather than trying to sell employees on theoretical advantages of Robotic Process Automation, communicate how the technology will directly benefit them by making their jobs less routine and freeing them up for higher-value work. Actively involve them in the implementation process and reward their interest and buy-in. This will win them over and help to ensure that your RPA implementation is successful.

 

Are you ready to implement RPA to transform your business? Make sure to partner with the right experts to ensure that your attempts do not fail. With over 15 years of industry experience, Connections are here to help. FIND OUT MORE.

4 Common Business Processes You Can Automate with RPA

If you think that “Digital Transformation” is just a trendy buzzword, it is probably safe to assume that your business is lagging behind. In today’s competitive digital age, if you are not implementing the latest technology to increase efficiency, streamline business processes, and improve the customer experience, your company will lack the competitive edge necessary to stand out from the crowd.

A key component of digital transformation is the implementation of Robotic Process Automation (RPA) to automate those repetitive, tedious, time-consuming activities that require little creativity or deep thinking from employees. 

In order for the digital transformation of your business process with RPA to be successful, your business needs to identify the right processes to automate. These should ideally be a series of interrelated activities and tasks, performed in a specific order, following a set of rules and a fixed structure. Their implementation serves a particular purpose and is intended to produce a specific outcome.

To give an indication of the types of activities that can benefit from RPA implementation, we take a look at four (of the many) common business processes that can easily be automated with RPA.

1. Speed up Procure to Pay

Many businesses need to have a Procure to Pay (or P2P) process in place in order to purchase goods and services from suppliers. This process typically includes requesting quotes, creation of purchase orders, goods receipts, and invoice creation, and all of this before payment can even take place. As time-consuming and tedious as this process can be, this cycle needs to run efficiently and systematically if the business is to continuously manage its cash flow, build goodwill with suppliers, develop profitable relationships and generate revenue.

RPA software technology is ideally suited to automate the P2P process, reducing operational costs and increasing efficiency. Adopting this technology not only frees up the procurement team to focus more of its efforts on high-value-added activities, but also enables the accounts payable department to be more productive and cost-effective. 

2. Dealing with Sensitive Data

Working with sensitive data associated with payroll, benefits, and business travel is another time-consuming exercise that requires high levels of concentration and accuracy as well as confidentiality. 

RPA robots can input this data, check for accuracy, and process payments in less time than a human, with better accuracy and without the risk of errors. As this sensitive data is no longer being seen by multiple employees, the chance of leaked information means higher confidentiality and improved compliance.

3. Interacting with Multiple Systems

Businesses often have multiple systems that deal with the same data but for different purposes. Transferring and cross-checking data between different platforms, such as ERP and CRM systems, is tedious, time-consuming, and often costly, as it takes additional manpower.

Software robots easily integrate with any system, platform, or application, allowing for the complete automation of data collection to processing, transfer, compliance verification, updating, and archiving. Processes that once took an employee hours to complete now takes minutes, significantly cutting costs and increasing productivity and efficiency.

4. Invoicing Made Easy

Companies that interact with multiple customers or partners often have to deal with invoices in a variety of different formats, such as paper, email, Excel, PDF, etc. Manually transferring this critical data into one harmonized system or database for processing is both time-consuming and dull, and is prone to human error. 

Not only can a well-programmed RPA robot automatically process invoices received in any format, but it can also verify the data, enter it into the appropriate database, and even correct errors. What’s more, the robot can automatically generate invoices at greater speeds meaning faster turn-around times, reduced call-handling times, and a significant improvement in customer experience.

Are you excited to kick-start your business automation journey, but not sure where to start? CLICK HERE to access our free tool to discover whether your business processes are RPA-ready, and get ready to take the first step towards true digital transformation.

Implementing RPA in business

Implementing RPA in Your Business: How to Guarantee Success

Implementing RPA in business procesess

It is a no-brainer that implementing RPA (Robotic Process Automation) is a surefire way to save your business time and money. It is, however, an investment into the success of your company and certain steps should be taken to ensure the best possible outcome.

Do you know how much time and effort your employees are wasting on dull, repetitive computer-based tasks that require little to no cognition? The answer would probably shock you. This is where the magic that is RPA comes in. These digital tasks can be completed with ease by RPA software technology with increased speed and accuracy, freeing up your workforce to focus on the important stuff.

Are you ready to implement Intelligent Integrated Automation into your business? Kudos! You’ve made the right decision. To help you along your journey we’re looking at some important factors to make sure that the transition is as smooth and successful as possible. 

Have Realistic Expectations

There is no doubt that RPA is transformational technology, but it is necessary to be aware of its capabilities and its limitations. If implemented correctly your business can anticipate a reduction in the cost of existing manual operations, an increase in productivity, and the recovery of up to 100% of your investment within 6 – 9 months after implementation. Plus all of this can be achieved without the need to change any of your existing systems. Do keep in mind, however, that you can’t achieve 100% automation in your business.  Implmenting RPA technology automates clearly defined rules-based trigger-driven business processes but it will not be able to automate those digital tasks that fall outside of their programming parameters.

Similarly, the automation software, or “bots”, are able to perform a massive number of computer-based tasks at higher speeds and with greater efficiency, but they aren’t able to adapt when something unexpected, like an application update, happens. It is for this reason that you need to ensure that you have an exceptional team of experts implementing your RPA software. They will be able to anticipate and prepare for many of these process exceptions and will ensure that the software will achieve the desired results. Plus, they will offer the necessary training, support, and maintenance to ensure that your automated processes are as efficient as possible.

Get Your People Onboard

It won’t come as a surprise that employee resistance is a significant reason why RPA attempts flop. One of the biggest misconceptions that human operational workers have is that RPA software will replace them, and with that belief, it is completely understandable that they may be against the implementation of the software. Staff should be educated on how implementing RPA can benefit them directly by eliminating mundane drudge work and freeing up their time and energy for more value-added tasks. 

Another big misconception is that learning to interact with the RPA software will be difficult and this could lead to employees being resistant to change. The reality is that RPA “bots” are super easy to use. The process is as intuitive as using drag-and-drop to move files around and hitting the record, play, and stop buttons. Once your workforce realizes how easy the software is to interact with, and how much it will benefit them on a daily basis, their buy-in will be as good as guaranteed.

Partner with the Best Support Team

The benefits of implementing RPA software in your business cannot be understated. From reducing costs and increasing revenue, decreasing errors and increasing productivity, improving customer service and customer experience, to enhancing employee satisfaction and engagement. The reality is, however, that in order to ensure that investing in this digital transformation in your business is successful, it needs to be implemented properly. The software may be easy to use and interact with but the complexities of implementation should not be underestimated. 

You will want to partner with an RPA implementer who has a proven track record for success, a provider who will not only perform process analysis and optimization and deliver exceptional RPA implementation but who will also provide the required training and Center-of-Excellence set-up support, as well as the maintenance and support for the automated processes.

Contact us today to schedule a free consultation with a Connections RPA Implementation Expert and find out how we can help you to transform your business.