The Role of COEs in an ROI-focused RPA Model – How to Get the Most Out of Your RPA Investment (Part 2)

In the first blog of this series, I had shared five ways to help you effectively measure the ROI of your robotic process automation (RPA) implementation.

In this blog, let’s explore how a center of excellence (COE) team can guide you through the RPA implementation process and ensure that you get the most out of your investment.

  • Accelerating Your Digital Initiatives

Organizations globally are undertaking digital transformation initiatives. However, you need the right support and guidance for the best results.

COEs can help you identify the prospects for automation and also present ideas and solutions to showcase how bots and employees can communicate on the same platform.

  • Selecting the Right RPA Candidate

How do you identify which process qualifies for automation? Any process that is variable, and requires one or more employees for execution, is not eligible for RPA, given that you wouldn’t be able to justify the implementation and recurrent costs.

This is where a COE team comes into the picture, as they help you improve your  ROI by identifying operational activities that have high work volumes, are standardized in nature, and require more resources.

  • Devising the Implementation Strategy

Next, you must decide whether to opt for an in-house or vendor-assisted RPA implementation to ensure faster deployment.

Here, the implementation cost plays an important role in calculating your returns. To help you make the right decision, your COE team assesses the capabilities and experience of your in-house team and then recommends the best implementation approach.

  • Building a Roadmap

Your COE team plays a key role in justifying your automation projects and estimating their ROI. For this, the team utilizes historical data from select RPA use cases, compares human and bot processing, and then, presents the expected return figures, based on the reduced manual labor, increased productivity, and improved quality. Ultimately, the COE team assists you in finalizing an ROI-focused RPA roadmap.

  • Empowering Citizen Developers

In most cases, within an organization, multiple teams want to leverage RPA solutions for faster processing. However, this often results in silos. To bridge this gap, COEs perform in-depth research, propose enterprise-wide automation, guide and assist citizen developers in creating the solution, and address integration challenges across the various lines of businesses.

Ensuring seamless integration across various automation tools, providing a centralized automation architecture, and delivering positive results are some of the key responsibilities of the COE team.

To Conclude

At Newgen, our COE teams perform all of these activities to ensure that the automation project plans we present to our customers are always strong and lucrative. We analyze how RPA will help each organization over time, identify the right use cases, and ensure impressive returns.

We also stay abreast of advancements in RPA and the latest trends in automation, including artificial intelligence and machine learning, in order to meet and exceed our customers’ expectations and help them stay current and competitive.

In this two-part blog series, I have tried to address some of the common concerns related to the return on an RPA investment. If you have further questions and/or suggestions, please leave a comment and we would be happy to connect with you.

Source: https://newgensoft.com/blog/the-role-of-coes-in-an-roi-focused-rpa-model-how-to-get-the-most-out-of-your-rpa-investment-part-2/

7 Resolutions Worth Making for Business Success in 2021

Making resolutions for the year ahead is a time-honored tradition. Whether you are a goal-chaser who religiously checks off each resolution, or the one who just likes to follow the tradition, there’s no better time to reflect on the past year and plan for the next.

Here are seven resolutions you should make (and keep) to ensure business success in 2021:

  1. Modernize, digitize, and optimize!

Enterprises with robust digitization initiatives were able to adapt quickly to the unexpected in 2020. The same companies will stand out in 2021, as they are able to work more productively, and from remote locations, seize opportunities faster, and exceed customer expectations by finding new ways to personalize engagement.

After a year of instability and uncertainty, companies are also looking for ways to optimize expenses. Automating your processes, empowering your employees to build applications in-house, and migrating your operations to the cloud are just some of the ways to reduce costs and improve efficiency.

  1. Invest in security

Information security is paramount for enterprises across industries. And for good reason! The sheer amount of data available to enterprises today is unprecedented. You must invest in new-age technologies to strengthen your defence, improve risk management, and ensure remote and secure data access while complying with regulatory requirements.

Tap into blockchain capabilities to encrypt your data and stay vigilant to avoid security breaches.

  1. Increase engagement with your customers

This goes beyond soliciting feedback from your customers after a transaction. Leverage social media and modern technologies to be where your customers are and to monitor their sentiments, needs, and complaints. Ensure meaningful responses and anytime-anywhere engagement with your customers in channels of their choice.

  1. Use data to your advantage

It is easy to become overwhelmed by the amount of data available to your enterprise. Data can prove to be your best friend if you leverage analytical tools to glean meaning from the available information and foster a culture of data-driven decision making across your organization. The time is now to use modern technologies, including artificial intelligence and machine learning to further simplify and optimize your day-to=day operations .

  1. Keep the learning going

Whether you choose to learn something business-related or pick up a completely unrelated skill, be intentional about enhancing your capabilities (and that of your employees!). Invite industry experts to talk about relevant issues, take a cooking class with your team, or introduce gamification—by trying something new, you can build team camaraderie and add value to your organization.

  1. Take stock of your operations

Don’t just make do with broken processes—identify what’s working and what’s not. Use reporting and analytical tools to assess vulnerabilities, optimize processes, and eliminate inefficiencies. Remember, disjointed processes end up hurting your employee productivity and customer experience.

  1. Give back to your community

Your company is inherently driven by its core values, so tap into those sentiments and find meaningful ways to give back to your community. Search for mentorship, volunteering, or donation opportunities that reflect your company’s mission!

So, tackle the projects you’ve been putting off, patch up those pesky business gaps, and keep your resolutions to make this year the best yet for your enterprise!

Source: https://newgensoft.com/blog/7-resolutions-worth-making-for-business-success-in-2021/

From Information Chaos to Intelligent Insights: Making Sense of Data, One Step at a Time!

As a business leader, there is a plethora of information that your organization has to deal with—physical and electronic documents, data generated by multiple business processes, workflows, mobile apps, and various communication channels, including social media, and many more.

Is this high influx of information giving you sleepless nights? Are you struggling with:

  • Wastage of time and resources in segregating documents based on their type
  • Difficulty to test processes against real-world business scenarios
  • Managing customer expectations due to lack of context
  • Connecting customer communications with organizational processes and workflows
  • Analyzing and predicting data and historical performance

An organization typically uses workflows, documents, and integrations with various applications. These processes can be fully or partially automated, while others are manual. Additionally, frontend systems might be more optimized than backend processes. Coupled with other enterprise challenges, this disconnect between frontend and backend processes can lead to information silos, resulting in ineffective and slower decision making, further impacting your customers’ experiences.

Amidst all this chaos, you are most likely losing out on extracting valuable insights, essentially rendering data as a liability instead of an asset.

Enter technology.

Sure, technology is already involved in gathering information. But you need to leverage the right set of capabilities to create opportunities from this unstructured data. So, what can you do to avoid drowning in a sea of information and to safely navigate toward efficient and well-informed decision making?

Moving from Chaos to Order

Here are six initiatives you can take to optimize your data!

  1. Automate your business-critical, document-intensive processes to efficiently manage data, create a paperless environment, and ensure secure storage, search, and archival
  2. Contextualize your data to extract relevant and meaningful information, thereby driving intelligent decision-making
  1. Drive meaningful engagement with your customers across multiple channels and devices by analyzing their intent or sentiments for personalized interactions using artificial intelligence
  2. Generate business insights and use analytical tools to create better, and more targeted, offerings for your customers, and to enhance future strategies
  3. Auto-classify documents based on characteristics like structure, text, or both for automated sorting, sequencing, and classification of documents
  4. Analyze trends and predict the impact of strategic changes in your organization using process insights tools to overcome bottlenecks and create real-world simulations

What’s More!

Managing and analyzing data holds far more value than just optimizing your business processes. Data analytics can, in some cases, predict the unpredictable. At the very least, data and insights can help you adapt rapidly to unprecedented situations.

In fact, according to Gartner, “Data and analytics combined with artificial intelligence (AI) technologies will be paramount in the effort to predict, prepare and respond in a proactive and accelerated manner to a global crisis and its aftermath.”[1]

Expecting (and Conquering) the Unexpected

Digital transformation has been widely regarded as the ultimate enabler of business continuity, during and (prospectively) beyond the pandemic.

To accelerate your digital transformation initiatives and drive your organizational growth, you must focus on improving your decision-making capabilities and automate your customers’ journeys wherever possible. This will enable your enterprise to eliminate information chaos and pave a path that leads to customer experience and process innovation.

[1] https://www.gartner.com/smarterwithgartner/gartner-top-10-trends-in-data-and-analytics-for-2020/

Source: https://newgensoft.com/blog/from-information-chaos-to-intelligent-insights-making-sense-of-data-one-step-at-a-time/

Getting a Bang for Your Buck: How to Optimize Your Low Code Investment

Low code, which emerged onto the technology scene in 2014, has taken the application development market by storm. Enterprises across all industries are rapidly adopting low code solutions, especially following the unprecedented demand for digitization in 2020as a result of COVID-19. A recent Gartner survey estimated that by 2024, more than 65% of application development will be done on low code platforms and 75% for both IT application development and citizen development initiatives.

The real question is, beyond achieving their initial digital goals, what else can organizations do with their low code investment?

Practical Application: Understanding the Scope of Low Code

Imagine you’ve successfully purchased and implemented a low code solution, investing a significant amount of money and time into achieving your digital goals. What can you do to make sure your success isn’t just a one-time thing?

Especially at a time when most organizations are thinking about cost efficiency and practical efficacy, you must consider ways to scale your low code solution and increase your ROI.

While there are countless ways to maximize your investment, here are five proven approaches:

  1. Drive standardization through rapid application delivery

The rapid application delivery capabilities of a low code solution are integral to large-scale digitization, standardization, and governance. The ability to quickly develop applications enables data access and integrity, privacy, security, integration, and more. By quickly developing applications and updates, you can set a standard model for workflows and execute processes in a uniform way across different parts of the organization. You can even incorporate feedback from current users to develop quick fixes for future projects

  1. Optimize results through integration

Avoid building all your applications and workflows natively using your low code platform. Instead, seamlessly integrate with other tools and technologies to fill business gaps and specific requirements that your low code solution cannot address. Maximizing external tools enhances the overall productivity of your operations and eliminates the need to expend your resources on building a similar tool internally

  1. Use the right mix of technologies

To ensure that you are getting the maximum return on your low code investment, you must use an appropriate mix of technologies, rather than relying on a single tool. Think of ways to incorporate a variety of new-age technologies into your operations, especially the more complex processes. Strategically augment your low code solution by implementing robotic process automation, dynamic case management, rules and decisioning engines, artificial intelligence, machine learning, and more

  1. Capitalize on citizen developers

Tap into your non-IT talent and expand their skillset by training them to use your low code development tools to create applications and updates. Share the IT team’s workload with your citizen developers, allowing your IT to merely oversee application development and focus on more complex issues. Additionally, commit to creating a community platform, like a developer forum, to quickly collaborate with all types of developers on best practices, ideas, and resources

  1. Respond to the unexpected

Quickly respond to unforeseen changes, problems, requirements, and more by leveraging the agility and scalability of your low code platform. Create a customized solution for any business need, without sacrificing on speed or quality. Deliver results within days, or even hours, rather than waiting months for application and workflow updates

The future is, unequivocally, based on low code. And as we continue to navigate the unprecedented in 2021, it is imperative that you optimize your investment and get a bang for your buck!

Source: https://newgensoft.com/blog/getting-a-bang-for-your-buck-how-to-optimize-your-low-code-investment/

Here’s Why Visibility is Vital for Being Future-Ready in SSCs

“Visibility without value is vanity” – Bernard Kelvin Clive

It’s simple. To do things, you need to be able to see them. This is true for every enterprise regardless of its size and industry.

Let me share one of my observations!

I often come across business leaders who are confident of their streamlined processes, the operational cycle that requires minimal downtime, the quality control team which ensures that their products are up to the set standards. In simple words – they are well-placed in the business world. Hang on, this is what they think without identifying and realizing the gaps in the end-to-end processes.

The decision-makers must understand that despite having streamlined operations, the key lies in looking at processes holistically to avoid any kind of disconnect.

Unveiling Various Aspects

  • Comprehensive Dashboard: Think of your procurement operations, if it is a global enterprise, how do you wish to track each stage of your procurement process?
    The solution can be a dashboard that can report and monitor your complete enterprise spend in real-time while notifying the right stakeholders.
  • Spend Management: From an enterprise perspective, is the shared service center (SSC) or global in-house center (GIC) taking charge of your procurement process? Does this department control your procurements across multiple entities, countries, currencies and legal regulations? Let’s investigate the spend management module in your enterprise today.

•Do you have visibility into the overall enterprise spend?
• Is there an alignment between your enterprise spend and the estimated budget?
• Are you able to leverage your existing IT platform to capture business requirements?
• Have you been able to identify risks related to supplier relationships and have you defined ways to mitigate those risks?

Remember, an enterprise’s budgeting and forecasting trends are deeply connected with the procurement operations. Spend management investigates the cash outflow of an enterprise. However, ‘maverick spending’ a.k.a ‘rogue spending’ is where most of the enterprise’s deviation from the budget forecast comes into the scene. Maverick spending is the purchase that’s made outside of agreed contracts. And, there’s deviation because most of the purchase is done outside the system and the associated costs are mostly accounted under contingencies. These costs are very much unmanaged and non-compliant to standard operating procedures (SOPs) and could have various legal consequences.

  • The Priority of Transactions: Also, your procurement professionals are highly focused on the high-value transactions, thus they tend to leave the low-value transactions to the respective departments. This, in turn, would have an impact on the financial position of the enterprise.

The Solution

To avoid the issues that might impact your procurement operations in terms of the siloed application landscape and rogue spending, you must leverage a digital automation platform that can monitor your costs and facilitate you with a comprehensive dashboard for end-to-end process visibility . Furthermore, the platform allows enterprises to focus on evolving business requirements and changing regulatory compliance. This digital automation platform, with low code capability, also helps in automating simple departmental functions to complex enterprise-wide solutions, enabling business speed and agility.

Choosing the right platform is key to bridge organizational silos for achieving better process visibility and delivering a superior customer experience.

Source: https://newgensoft.com/blog/heres-why-visibility-is-vital-for-being-future-ready-in-sscs/

Add Spark to Your Customer Notifications with a Modern CCM

Do you track the number of notifications and alerts you receive daily? As customers, we receive multiple notifications from our service providers.

  • Banks send account transactions, monthly statements, service updates, new schemes and offers, etc.
  • Insurers share policy renewal reminders, payment reminders, new policy issuance notifications, etc.
  • Telecom providers send us monthly bills, payment reminders, new plans, etc.
  • Utility players send invoice details or other regulatory information
  • And the list goes on.

Aren’t such notifications the most common interactions an organization has with its consumers? And yet, they do not contribute anything to a customer’s experience. They just serve an informational purpose.

According to a study, 95% of transactional communications are opened and read each month as they contain important financial information and usually require action. With such a high click and conversion rate, it is imperative for organizations to create a WOW experience for users through these notifications. Not only would this help organizations build confidence in their customers, but it would also help them gain an edge over their competitors.

With a modern customer communication management (CCM) suite, businesses can revamp these notifications to gain customer loyalty.

Following are some ways in which CCM can help in delivering customer delight:

  • Multichannel Experience

CCM can send notifications through multiple channels such as SMS, email, WhatsApp, push notifications, or through social media platforms like Facebook and Twitter. These channels can be decided by building intelligent rules based on a customer’s preferences, demographics, or channel usage.

  • Links to Access/Download Documents

It would save a considerable amount of time if people could access relevant documents along with the concerned notification. Consider a customer receiving a notification about his account statement. A link can be shared through SMS or WhatsApp which opens the statement in a responsive HTML format right on his phone screen, and further gives the option to download a PDF version. He no longer needs to go to the website or mobile app, thereby saving time and creating a wonderful experience.

  • Enclosed Media with Notifications

CCM allows you to send images and documents along with app notifications, turning a mundane message into an attractive one. It provides the perfect opportunity for up-selling or cross-selling products and can inform customers about any ongoing offers and promotions.

  • Tracking and Analytics

CCM suite enables businesses to track each communication sent to consumers on multiple channels. It also analyzes consumer action by monitoring open rates, click-through rates, and bounce rates across multiple channels. This enables businesses to get a 360-degree view of all the notifications sent from different departments and their respective responses received from the customers.

It is important to treat these notifications as an opportunity to establish a personalized and long-lasting relationship with your customer. An effective CCM suite can go a long way in enhancing your brand image and delivering a superior customer experience.

Source: https://newgensoft.com/blog/add-spark-to-your-customer-notifications-with-a-modern-ccm/