According to Forrester – “Employees know the content exists but are unsure where to find it.”
Enterprises are consuming content generated from multiple sources and in various forms. It is no longer limited to documents. It now includes audio, video, social, e-mails, and much more. With this huge amount of data, it has become difficult to find the right information at the right time. When employees need to stop, think, and look for content in disparate systems, productivity takes an inevitable plunge.
Don’t let your employees get lost in the content deluge. In an age where your enterprise users are accustomed to a ‘Google-like’ experience when searching for information online, you need to take a step back and assess how you can empower them with effortless content discoverability.
A powerful enterprise search capability built into your content management system can enable efficient content discovery by enabling users to intuitively locate and access content quickly, regardless of the type of file, its format, or storage location.
Enterprise Search Capability Has Evolved by Leaps and Bounds. Are You Leveraging It?
Traditionally, content management systems used to have a basic search capability for the documents stored in their repository. But with time, enterprise search has become more specific and extensive.
Today one can search content by tags, words, phrases, wildcards, thesauruses, and more. A single search query can provide you relevant results from the entire enterprise content spread across multiple repositories and applications. This capability of searching across repositories is known as “federated search”.
Essentially, search works on the principle of leveraging metadata of files to scan through huge volumes of content quickly. However, this doesn’t imply that if the information is buried deep inside the content and not present in the metadata it is not searchable. Some of the top content management vendors have built search capabilities that can traverse through the content of each document and provide relevant results. This is known as “full-text search”.
The Future of Enterprise Search Capability
With artificial intelligence and machine learning venturing into every domain, enterprise search is not far behind. Some of the common examples of such use-cases are:
- More search term suggestions based on current search
- Suggested documents and files which might be related to a particular document being viewed
Today, having a great enterprise search capability that is built into your content management system can give you a tremendous competitive advantage.
Newgen’s contextual content services platform has a comprehensive, intuitive search capability that can help you increase your employee productivity by transforming their search experience. The content services platform has received the highest possible rating for its search services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.
Are you looking to reduce your underwriting expenses and transform your claims process? Are technological advancements and cut-throat competition driving you to analyze and optimize your existing processes?
For a long while, process automation has been at the forefront in the insurance landscape, but now, the future of insurance will be shaped by behavioral intelligence and predictive analytics. In order to maintain a competitive edge, you must transform your traditional, rule-based framework into a data-driven, intelligent, and predictive system.
Let’s take an example of a modern insurance company that is disrupting the industry landscape. The company offers homeowners and renters insurance. It targets tech-savvy millennials—people with basic coverage needs, looking for a completely digital experience.
They hit the nail on the head by building a business model powered by artificial intelligence (AI) and predictive behavioral analytics. The insurer uses behavioral intelligence to measure their customers’ “digital body language” when they begin the application process all the way through to filing a claim. This incredible amount of data is leveraged to provide a world-class experience to its customers.
So, if you’re looking to transform your processes and tap into your target market share, predictive analytics is the answer.
Here are five areas where predictive analytics is projected to be influential:
Predictive analytics acts as underwriters’ virtual assistants. It analyzes historical data to rank risk parameters according to their significance and weightage. It also provides data-driven reports in a snapshot for efficient decision-making
With predictive analytics, you can dynamically adjust quoted premiums. By monitoring variables—such as claim history in an area, construction costs, and weather patterns—you can predict risk and set prices more accurately
Decision-making support through analytics can help you in accurately adjudicating claims. This will also facilitate in expediting the process and reducing errors
Input claim parameters—such as a surge in claims during a specific month, previous matching claim amounts, the same surveyor being involved in multiple claims from the same area, etc.—can be compared with past records and an alert can be raised if anything unusual is detected. You must take advantage of any available data and convert it into actionable intelligence
- Improving Customer Loyalty
Predictive analytics can be used to anticipate the needs of your customers by analyzing their history and behavior. This information can also help you offer personalized products, better suited to their specific needs
Transform Data into Future Insights!
It’s time for you to focus on what the future holds for your organization. Predictive analytics has never been more important for insurers, and time is of the essence. Technology, and implementing it in a timely manner, is the best way for you to boost customer loyalty, increase market share, and thrive in a highly competitive market.
To learn more about how Newgen’s predictive analytics helps insurers, like you, contact us here.
- By 2023, over half of the medium to large enterprises will have adopted low code as one of their strategic application platforms – Gartner
- By 2024, more than 65% of application development will be done on low code platforms and 75% of large enterprises will be using at least four low code development tools – Gartner
- A market study by Forrester expects the market for low code development platforms to increase to $21.2 billion by 2022, up from $3.8 billion in 2017 – Forrester
What stands out in the above data points is that low code is an opportunity you simply cannot miss!
As a business leader, you deal with evolving customer expectations and changing market needs. This requires you to be faster than your competition and respond to dynamic business requirements with speed and agility. So, the time to embrace low code is now!
And if you are still deliberating, here are the five key business values you can unlock by investing in low code:
- Achieve Faster Go-to-market: Low code helps slash enterprise application development time significantly. Reusable application components and web-based drag-and-drop features of low code speed up the application designing process. This ensures that you bring your application faster to market and incorporate changes at the shortest notice!
- Make Your IT More Efficient: Don’t make janitors out of your IT workforce! Most IT teams today spend a significant amount of time in maintaining IT hygiene—continuous upgrades, compliance checks, security certifications, and performance measurements—thereby hampering productivity. Technical debt accrued by organizations is a major factor that increases the technical burden. Low code platforms can significantly reduce these IT overheads and enable your developers to rapidly build applications that can bring in higher business value
- Lower IT Costs: The traditional way of developing enterprise applications is on its way to becoming obsolete. Low code not only enables organizations to keep up with the fast, digital times but also offers significant cost reduction in the long run. With low code, you get faster innovation in lesser time and without adding to your IT headcount
- Delight Customers: Today’s digital native customers’ expectations keep changing rapidly and they want organizations to respond quickly to their changing needs. This is where low code comes as a savior by enabling faster responses and easier change management per market and customer needs
- Improve IT Governance: Shadow IT continues to be a pain point for enterprises. It not only accrues technical debt in the organization but also affects overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on quick-fix third-party applications and enabling a collaboration-driven work environment. The standard modeling environment of low code boosts IT governance by doing away with data, process, and security vulnerabilities
In a nutshell, low code provides a lot more than just speed and agility
It’s time to put on your thinking cap!
As a business leader at your bank or credit union, you must be investing in digital transformation to maintain your competitive edge.
Consider this—what are you trying to achieve with your digital initiatives?
Do you want to:
- Enable your customers to open a bank account 100% digitally, without a human involvement or an in-person visit
- Allow your customers to avail personal loans within minutes, from starting the loan application to receiving funds
- Empower your customers to transact with you anytime, anywhere, and through the channel of their choice, all while switching channels on the fly
- Offer deals through an aggregator within minutes or hours of conceiving a campaign
- Enable your partners to transact with you in real time through 100% digital channels
- Launch new products or services within days, or even hours
- Scale your operations efficiently without compromising on customer experience or compliance
This is what the future of banking looks like. And to make all this possible, your financial institution needs to embrace “connected banking.”
But how can you enable connected banking and how can you leverage its potential?
To learn more, contact us today and we are happy to guide you and your team!
Newgen has conducted a poll on LinkedIn, asking our followers, “What does ‘Transforming Experiences’ mean to you?”
The results were that 45% of respondents said they interpreted “transforming experiences” as enabling anytime, anywhere operations, and 28% responded with end-to-end customer journey enablement. It’s no surprise, especially during a disruptive global pandemic, that most organizations are focused on improving customer experience, uninterrupted business operations, and secure remote accessibility.
But the question is how can enterprises, like yours, transform the end-to-end experience for your internal and external users?
Let’s see if the answer lies in digital transformation.
What is Digital Transformation Anyway?
In a separate poll, we asked our LinkedIn network what “Digital transformation should mean.” 38% of people responded with simplified work, while the rest of the respondents were split evenly between paperless operations (24%), new innovations (22%), and happy customers (16%).
All of them are right! Based on our experience over the past nearly three decades, we believe that effective digital transformation should involve:
- Enhancing your customer experience through omnichannel interactions and prompt communications
- Empowering your employees with tools to rapidly develop and update business applications
- Providing visibility, connectivity, and accessibility to your employees, across your end-to-end operations
- Implementing an agile IT infrastructure, with new-age technologies, that can grow with your company
Transforming Experiences through Digital Transformation
As “transformed experiences” is becoming a competitive differentiation, enterprises must accelerate their digital initiatives. In fact, analysts at Forrester said, “In 2021, we predict that companies will accelerate digital transformation with a focus on customers and the products, practices, platforms, partners, and places to sell to and serve them.”
To us, “transforming experiences” means enabling anytime-anywhere operations, seamless customer journeys, omnichannel engagement, modernization of your existing IT systems, smooth collaboration, and more.
Hyperautomate with Process Insights and Artificial Intelligence for Efficient Processes
In the first blog of this series, I had shared one half of the hyperautomation journey—how RPA and BPM can work in harmony to automate incredibly complex business tasks.
In this one, let’s delve into the second half—how other complementary technologies, such as process insights and artificial intelligence (AI)—are crucial parts of hyperautomation, as they enable rapid, end-to-end business process automation and accelerate digital transformation.
Process Insights: Discover, Monitor, and Improve Workflows
Process insights are created by leveraging event logs, generated by enterprise systems including ERP, BPM, CRM, human capital management, and supply chain management, to rebuild a virtual view of your business processes. These insights are designed for you to discover, monitor, and improve real processes by extracting knowledge available within application systems.
Process mining is one of the multiple stages in the process automation lifecycle, which analyzes the extent to which RPA can be implemented across legacy systems. Furthermore, it enables monitoring and analysis of process performance for continuous improvement. Robust process mining tools can blend data mining with AI and machine learning (ML) to generate data-based analytics. This can help you explore the state of your business processes and identify new opportunities and bottlenecks for optimization and automation.
Artificial Intelligence: Automate Repetitive-to-Cognitive Processes the Smart Way
AI enables bots to intelligently perform tasks, such as reading, understanding,?and processing data, thus making it an essential ingredient of hyperautomation. Cognitive technologies, such as?ML,?natural language processing (NLP), optical character recognition?(OCR),?and?AI, integrate with RPA to increase process efficiency and accuracy. You should deploy these technologies in tandem to realize business value and deliver specific, measurable outcomes for targeted use cases.
Understanding Hyperautomation with a Use Case
Let’s suppose you are automating an anti-money laundering process and implementing a fraud detection algorithm. You may need to understand the interfaces between your AI components and other automation tools. Many of these processes involve non-routine tasks, intelligent decision making, and human judgment.
In this case, your system would execute the following steps:
- An intelligent business process management suite manages the decision-driven workflow/orchestration of your process
- It triggers an RPA bot to perform data collection, and other routine work, to validate your customer records
- The consolidated data is fed into the fraud detection algorithm, built on an ML model, to identify patterns. This process can sometimes involve human intervention, in case a formal approval or e-signature is required
- Subsequently, another RPA bot is triggered to perform follow-up actions and update transactional systems, such as ERP, CRM, and other applications
The Time for Action is Now!
Hyperautomation is the key to adapt to the ever-changing business environment and achieving unprecedented levels of quality and efficiency. RPA, BPM, and process insights, and AI will enable your organization to achieve scale and flexibility in operations and allow your employees to focus on more value-added tasks.