Your organization’s underlying business processes are a critical cog in building a customer-centric and digital ecosystem. Therefore, these processes must be correctly modeled, mapped, optimized, and automated, to generate greater value for the customer. To make this happen, process modeling software can help. The software will set a strong start to your process optimization, making it easier to streamline processes while eliminating bottlenecks and inefficiencies.
Process modeling is a technique that uses a graphical representation to map out your organizational business processes. It uses a web-based, drag-and-drop process modeler tool to design simple and complex business processes.
Similar to a flow chart, a process modeler outlines individual steps of a process to give a holistic view of tasks in the process cycle. The modeling software allows you to represent processes in a way that can be transformed into a live automated process. It is an essential component for effective business process management and automation.
Benefits of Process Modeling Software
Listed here are some benefits of implementing process modeling software:
Process improvement and agility: By visualizing the business process mapped, you get a clear picture of how each process works in the current state and constantly improve them
Business orchestration and efficiency: Process modeler contributes towards enhancing the efficiency of your business processes, supports increased collaboration amongst users and systems
Standardization across departments: In cases where multiple processes in an organization involve similar steps or repetitive tasks, a process modeler allows to identify best practices across functions and implement procedures in a seamless manner, thereby ensuring consistency and standardization
Competitive differentiation: An organization that has aligned its operations with its strategy, is adaptable and nimble, has control over its processes, and works smoothly is much more likely to deliver transformed and differentiated experiences, thereby gaining a competitive advantage
In a nutshell, process modeling helps you continuously improve processes with a systematic approach and facilitate periodic testing of the waters for course adjustment.
Robotic process automation (RPA) automates manual, labor-intensive, time-consuming, rule-based, or repetitive tasks. Typically, a bot performs these tasks more efficiently than humans while also being available 24/7 and easily interacting with in-house applications, websites, and user portals. They work well in a static environment and can log into different applications, copy, and enter data, open emails, and attachments, carry out calculations, and much more.
In the modern business landscape, robotic process automation use cases have expanded beyond the horizon. Different industries employ machine-based programs and systems to perform tasks and roles that don’t require micro-management at minuscule levels.
Use cases of RPA can be enormous across industries. To know what they are continue reading.
Account opening is a data-intensive process. RPA can capture the data from account opening, lending, trade finance, or KYC forms and documents, eliminating data transcription errors, enhancing the data quality of the overall systems, and delivering error-free results. It can also detect fraud by identifying discrepancies in documents.
Moreover, incorporating RPA in banking allows for smoother transactions of information and faster delivery of services. After deriving inspiration from several business process automation use cases, the industry has employed robotics in its systems to boost productivity and enhance the time required to process, approve, or deny applications within various banking procedures.
Robotic process automation use cases in insurance have only recently been implemented. The complicated and time-consuming process of starting and reviewing an insurance policy has been simplified by automated systems. The task of updating relevant information and reaching a decision is simplified, cost-effective, and satisfying for customers.
Robotic process automation simplifies the underwriting process. It captures data from applications and fills the data in core insurance systems. Bots can analyze data from incoming applications, identify any concerning areas triggering risk, or alternatively forward for straight-through processing. It can also help with rule-based automatic case classification, reducing the turnaround time for policy processing and servicing.
Robotic process automation has revolutionized the industry by making a once-cumbersome process relatively easier. The intensive manual work required in this category was unproductive. Eliminating the need to have a physical supervisor at all levels of the process helps various institutions recover a large amount of money from daily expenses.
Government organizations deal with a considerable volume of citizen requests and applications. RPA brings efficiency to government organizations by automating the application life cycle. It facilitates data extraction, file creation, diary entry, indexing, cross-referencing, search, and retrieval. It automates data processing activities in citizen-centric services, property registration, compliant management, legal case management, etc.
It’s an apparent fact that the government in each country has access to the largest database of information. All the relevant information needs to be combed through in various situations to verify the legitimacy of consumer applications.
Earlier, without the help of AI and robotics, completing a single process could take years of inspection and discussion. With the help of RPA, queues lining up outside government institutions have been reduced dramatically. Every level of governmental responsibility is streamlined with the introduction of robotics and AI-based technology.
Robotic process automation in accounts payable and receivable also boosts the process’s overall productivity. Not only does it make the process of keeping a record of transactions owed or easier and faster, but it also ensures the dismissal of errors and inaccuracies.
Moreover, robotic process automation has a crucial role in bringing efficiency and accuracy to accounts payable and receivables. It verifies, classifies, validates, and segregates all the incoming invoices and routes them to either approval for non-PO invoices, discrepancy resolution, or register invoices. Finally, the data is automatically entered into ERP systems.
Irrespective of the industry, RPA-powered chatbots help organizations deliver smooth customer service. It can help you while updating account information or processing customer request. Based on massive, stored data, it can interact with the customer like humans, with 24X7 availability and added security.
Almost every industry now uses robotics and AI-based systems to improve customer service. Given that the customer-facing team is sometimes unaware of internal developments, these systems can be integrated with valuable information to ensure that they are always prepared to answer a variety of questions.
Robotic process automation use cases can be numerous. Per Gartner, 90% of large organizations globally will have adopted RPA in some form by 2022 as they look to digitally empower critical business processes through resilience and scalability while recalibrating human labor and manual effort. It can be easily integrated into existing processes at comparatively low costs, giving quick results, reducing processing times, creating happy customers, and helping you do well against competitors. Read the whitepaper here to gain detailed insights into how bots are viable to create significant business value.
Intelligent workflow automation is the need of the hour!
Workflow automation software streamlines the business processes – from the simplest departmental functions to complex business-wide operations. Transactions are automatically triggered and routed between people and technology based on pre-defined rules. It brings agility to the business workflow and provides superior customer services.
Workflow automation can be utilized to automate the business processes irrespective of the industry.
Here are the top eight use cases of workflow automation software
Workflow helps in automating different functions of the finance department. It provides real-time integration with ERP systems like SAP, creating a robust ecosystem for faster accounts payable processes. Similarly, it automates the approval process, CAPEX requests, salary changes, account payable, grants management, to name a few.
Workflow automation software optimizes the procure-to-pay lifecycle while connecting resources, systems, processes, and people. It enables organizations to eliminate paper-driven procurement processes and streamline the complete cycle from start to finish. It also helps in automating vendor management.
Workflow automation software helps effectively manage complaints, appeals, and grievances (CAG). It streamlines the inflow of CAG from various sources, a rules-based engine prioritizes transactions, enables intelligent case routing, and results in faster and more accurate resolutions.
Service Request Automation
Workflow software auto-routes the service requests to the concerned department based on predefined parameters and routing paths. It reduces the turnaround time and simplifies the approval processes.
Legal Process Automation Streamlines
Workflow automation software in legal space manages clauses and templates and supports seamless integration with other systems. It provides security to the information by placing right-based access to the repository.
Workflow automation helps in automating various HR processes. It digitizes your end-to-end employee onboarding processes creates, manages, and deploys employee-centric solutions with speed and agility. Same way, it simplifies employee offboarding, timesheets, and other benefits.
Workflow automation facilitates different functions of the sales departments. It streamlines pricing, discounts, proposals, approvals, etc. Based on pre-defined paths, proposals and approvals are independently sent for immediate action by the designated personnel. It simplifies the process with decentralized decision making, enhancing employee productivity and reducing turnaround time.
Security Access Requests
Information security builds trust with your customers. Workflow automation software leverages robust security features, such as access permissions, role-based rights, password policies, multi-factor authentication, audit trails, LCAP/SSO support, and more. It enables secure access to contextual information to your employees based on pre-defined rights.
So, do you want to explore workflow automation software further?
A workflow software can transform your individual departments and the organization, connecting them and creating a truly digital organization. To know more about workflow automation software, contact us and we will be happy to connect with you.
Automation in silos is not enough. If you are looking for ways to handle multiple disjointed applications, drive contextual engagement, meet changing business demands, and provide an omnichannel customer experience, workflow automation software would be the perfect fit.
Workflow automation software helps you develop applications rapidly, automate end-to-end customer journeys without losing context across all digital touchpoints, and drive continuous process development. The software provides various tools and technologies to simplify your business processes, increase productivity, reduce operational costs, and improve customer experience.
What are the typical Enterprise Challenges?
Given below is how workflow automation software can help overcome enterprise-wide challenges and overcome process inefficiencies.
Simplifying Application Development
Workflow automation tools like point-and-click and drag-and-drop simplify the processes of designing, developing, and delivering responsive, enterprise-grade applications for web and mobile. It automates your simple departmental functions to complex business-wide operations, bringing agility to the business workflow. Workflow automation software provides user interface-designing and low-code application development to meet changing business requirements.
Per Gartner, “by 2025, 70% of new applications developed by enterprises will use low-code or no-code technologies, up from less than 25% in 2020.”
Automating Intelligent Business Processes
Workflow leverages robotic process automation (RPA) to manage and streamline end-to-end complex and content-centric business processes. It automates repetitive and mundane tasks allowing your skilled employees to perform more critical tasks. Workflow automation software empowers your employees with dynamic case management capabilities to collaborate and respond to real-time as well as unanticipated situations.
Creating Contextual Engagement
Workflow automation captures, manages, and derives context from information generated across various sources. Based on context derived from data and information, your employees deliver personalized communications to customers across multiple user-interface. It also increases the conversion rate.
Facilitating Continuous Improvement
Improvement is an ongoing process. Workflow software uses artificial intelligence and multi-experience applications to evaluate historical data, analyze the trends, predict the impact of strategic changes. It uncovers business risks makes intelligent recommendations to improve employee productivity and reduce operational costs.
In a nutshell, workflow automation helps you with low code application development, business rules management, dynamic case management, and process insights across your organization. It brings in cost benefits, enhances employees’ productivity, minimizes human-prone errors, ensures continuous process improvement, reduces turnaround times, and enhances customer satisfaction.
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.
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
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.
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
Preventing Claims Fraud
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.