Choosing an Ideal Digital Transformation Platform – Six Considerable Criteria

One size fits all approach doesn’t necessarily work for organizations in today’s dynamic business environment. An ideal digital transformation platform gives you the flexibility to smoothly cater to your business requirements. Therefore, it is important for you to understand your customer requirements and evaluate how digital transformation platforms fit in.

Digital transformation, if done correctly, dramatically changes the competitive landscape by unlocking simplicity in how business is conducted and how customers experience it.

Digital Transformation

Choosing an Ideal Digital Transformation Platform-Six Considerable Criteria

1. Intelligent Business Process for Connected Enterprises

You should look for a platform that can bridge organization silos while connecting your processes, people, and content via low code process automation

2. RPA with BPM for a Holistic Customer Journey

You should choose a digital transformation platform that automates end-to-end customer outcomes with customer-centric processes leveraging robotic process automation (RPA). It helps you identify, analyze, classify opportunities and complaints, make intelligent decisions, and strengthen customer relationship

3. Omni-channel and Cross-channel Engagement for Enhanced Experience

You need to look for a platform that has cognitive intelligence, natural language processing, machine learning (ML), and digital sensing capabilities which provide human experience to employees, customers, and partners. It can predict future actions enabling omnichannel and cross-channel engagement, with smart, speedy, and contextually accurate responses

4. Contextual Content Service for Informed Decision Making

You must choose a platform that enables you with contextual content services capability, thereby creating a workplace without boundaries with anytime-anywhere content access and document management

5. Analytics for Continuous Process Improvement

You must choose a platform that deploys cognitive bots and content analytics to process all incoming contents, understands customer behavior, converts them into actionable insights, and facilitates continuous process improvement

6. Low Code for Rapid Application Development

Per Forrester, low-code development platforms have the potential to make software development as much as 10 times faster than traditional methods.

Increasing demand for application development while trying to manage inadequate IT resources is a perennial business challenge. You need to look at a low-code development platform that empowers your users to develop applications within the IT guardrails. It should provide low code/no code facility for developing mobile apps, process automation, straight-through processing, collaboration, business rules configurations, easy customer communication, and contextual content services

In Conclusion

Organizational leaders who think they’re done with digital transformation and is a dusted thing for them, it certainly means they did not understand what it really means. To stay ahead of time, it is significant for you to keep innovating and be at par with the changing expectations of your customers and the competitive marketplace.

Source: https://newgensoft.com/blog/choosing-an-ideal-digital-transformation-platform-six-considerable-criteria/

Take Control of Your Customer Complaints to Unlock the Hidden Opportunity

Tips for Insurance Carriers

“A complaining customer can be your best opportunity to show how good you are…and to create a customer evangelist.”- Shep Hyken

I have been in the insurance industry for more than a decade now and have had the opportunity to work with Fortune 500 companies globally. One intriguing matter that I noticed is that insurers keep working with their monolithic legacy complaint management systems despite the challenges these systems present. This costs you not only customer loyalty, but you also deal with the risk of losing millions in complaint settlements (caused by mismanagement). Also, you end up compromising on the overall operational efficiency.

It’s time you think beyond traditional complaints management systems.

The right technology can help you simplify and optimize your complaints management process. Without a streamlined approach, complaints management can be cumbersome. For instance, setting up a complaint on a legacy system could take up to 90 minutes! With the right platform, it can be done in under 6-8 minutes! Also, with legacy systems, reporting for individual cases could take weeks to collate data from multiple sources. Whereas with the right technology, weeks’ worth of work can be done in minutes!

Today, insurers need a comprehensive digital transformation platform to manage all nuances of complaints management deftly. And cloud-based NewgenONE digital transformation platform with low code capability offers you all of the above, along with stability, scalability, and much more! Here’s how-

  • Complete digitization of the complaints process with no manual hand-offs
  • 100% compliance to necessary regulations such as FINRA, WORM, and more
  • Easy-to-use forms for quick complaint set-up; integration of the platform with necessary applications allows auto-filling of the forms, which speeds up the process
  • No more misfiling of complaints with 100% traceability, visibility, tracking, and auditing of each case
  • Easy upload, download, and streaming of large media files; our technology breaks down larger files into smaller bits to ensure there are no failures
  • Dexterous handling of each case with smart case assignment from a centralized dashboard
  • Advanced reporting—case summary packages with advanced search capability based on 20 parameters for quick reporting to regulatory authorities

The core point that I intend to drive home is that with NewgenONE, you can have a firm grip on customer complaints. This will help you avoid misrepresentations and fraudulent selling by agents, thereby protecting your organization from unnecessary exposure and liabilities. Furthermore, you can stay on top of compliance and regulatory requirements. The right technology can also mitigate all risks and optimize the complaints handling process to unravel optimized costs, operational efficiency, and enhanced customer experience.

If you are curious about how NewgenONE continues to empower global insurance organizations, read how we helped a Fortune 500 insurer automate and transform their complaints management and field inspection processes.

Source: https://newgensoft.com/blog/take-control-of-your-customer-complaints-to-unlock-the-hidden-opportunity/

Is Low Code the Game Changer for Successful Digital Transformation?

The Struggle with Digital Transformation (DX) is Real

Digital transformation offers an opportunity for every industry and business to thrive. Change is happening rapidly today, pushing enterprises to seek, embrace, and effectively manage digital transformation. But the reality is that most of these efforts struggle to succeed. Research by McKinsey & Company indicated that less than 30% of organizations were able to achieve their stated objectives as they embarked on transformation efforts. Some of the common roadblocks they have faced include inadequate strategic planning, poor time management, and lack of right talent.

Digital transformation can be complex, and this complexity only increases if organizational systems are not in sync.

Upending DX Challenges: Low Code Platform is the Answer

To succeed with DX initiatives, enterprises need to break down their larger digital transformation objectives into smaller and manageable goals. And then deploy technology or tools that can optimize their systems and processes.

Low code platforms offer the perfect opportunity for companies to manage complexities and put the wheels of DX in motion. To break it down, low code software development necessitates minimal coding and resorts to visual application development. It can automate the most complex of business processes and digitally transform them in the shortest possible time. Low code platforms are a true game-changer for many companies because it offers rapid application development, flexible integration, and quick innovation for all.

To learn more about the capabilities of a low code platform, here is an interesting podcast by Newgen Software’s Global Head of Marketing, Hemant Makhija. He decodes digital transformation and provides actionable insights on how companies can consider jumpstarting their path towards DX. He also shares an interesting success story of how a leading health insurance provider developed and launched a core health insurance system using Newgen’s digital transformation platform with low code capability within eight months.

Source: https://newgensoft.com/blog/is-low-code-the-game-changer-for-successful-digital-transformation/

Your Enterprise Needs Intelligent Content Services. Here’s Why

Traditional ways of managing content are now passe. The burgeoning amount of content being generated today is forcing enterprises to look beyond traditional ECM systems. Enterprises are now looking towards pervasive utilization of content. And this has spurred the need for artificial intelligence (AI) and machine learning (ML) based technologies in-built into content services platforms. With the pace at which the content services space is evolving, AI/ML and other modern technologies have long shifted from being “areas of interest” to the actual “roadmap items.”

Decoding Intelligent Content Services

Intelligent content services are about utilizing modern technologies to help analyze, organize, and deliver content at a larger scale. It provides opportunities like automated categorization and classification of documents, extraction of data, sentiment analysis, identification of sensitive content, and more.

Modern technologies like advanced OCR, NLP, AI/ML, and others have transformed the way content is handled. Enterprises now expect data to lead them in the right direction. For example, visual recognition services can now detect a missing signature on a contract seconds after it is uploaded, rather than waiting for days for a human to inspect its quality.

Intelligent Content Services Capabilities That You Can Leverage

  • Automated categorization and indexing of documents for eliminating redundant tasks
  • Identification of sensitive content and masking it for meeting compliance and governance goals
  • Extraction of entities from content for providing insights and automating business processes
  • Execution of sentiment analysis on customer communications for quick identification and solution of customer requirements and more

All the above capabilities can help your employees by making them more productive, more effective, and more compliant. This ultimately translates to delivering the best customer experience possible.

And There’s More…

While intelligent content services have a host of advantages which can help employees in a multitude of ways, its benefits can percolate and amaze your end customers too! For instance, through self-service web portals, your customers can verify their identity and documents through intelligent video recognition capabilities. Another very real and tangible benefit would be prompting your customers at a document collection portal to ensure that the correct set of documents are uploaded.

With intelligent content services, the opportunities are endless! Newgen’s contextual content services platform has comprehensive intelligent content services capabilities that can help you boost your employee productivity and offer a superior customer experience. Recently our content services platform has received the highest possible rating for its intelligent content services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.

Source: https://newgensoft.com/blog/your-enterprise-needs-intelligent-content-services-heres-why/

Content Discovery is Way More Efficient with a Powerful Enterprise Search Capability

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.

source: https://newgensoft.com/blog/content-discovery-is-way-more-efficient-with-a-powerful-enterprise-search-capability/