Content intelligence and Digital Transformation are the next big game-changer for businesses. Here’s why.
When I think of data, I think of information, insights, intelligent decision-making, and more. Let me share some results from various surveys:
A study by Boston Consulting Group discovered that 70% of digital transformation efforts had fallen short of their goals
IDC predictions, 80% of global data will be unstructured by 2025
I see a connection between the above two trends. Every organization generates large amounts of unstructured data (High Velocity and Variability), and the inability to get insights from this data often sees them failing to achieve the organizational goals.
Forbes states that one of the top reasons for failed efforts is not having the right data in the right place.
It is clear that with the sheer volume of available data, companies need to leverage the right technologies to extract content intelligence and use this data to their advantage. A digital transformation (DX) platform powered by content intelligence can enable an enterprise to take its vision forward.
How Content Intelligence Accelerates Digital Transformation Platform
Data, whether it is structured or unstructured, is a treasure of content intelligence for organizations. This means modern enterprises need to have the right tools to extract and analyze structured and unstructured data. Content intelligence encompasses a range of technologies, including OCR, AI, ML, and NLP, that can extract, digitize, and efficiently route information throughout the organization.
Simply put, when you have content intelligence, you know more, discover more, and do more. Let us see what content intelligence brings to the table:
1. Empower employees
Organizations have different systems used by various teams and departments. It is important for business applications across different functions to be interconnected. A modern content service system with content intelligence tools can empower employees to gain seamless information flow, collaborate, maintain correspondence of data updates, and take actions whenever necessary.
2. Increase efficiency in business operations
Process efficiency and accuracy across the board can be achieved by leveraging content intelligence. Content intelligence tools like machine learning can effectively identify duplicate records, mismatches, and other exceptions, which helps organizations improve efficiency, cut costs, and eliminate the ‘busy work.’ Data analytics can also help organizations analyze the customer base and accordingly draft business strategies. Additionally, content intelligence can enable real-time strategic and tactical changes to ensure efficient allocation of resources.
3. Smarter decision-making and compliance
Content intelligence tools like machine learning and algorithms can bring context to content, providing business users with the necessary information to make data-driven, smart decisions. Furthermore, businesses are exposed to market and business risks more than ever before. Content intelligence can provide organizations the elasticity and adaptability to make changes in real-time to ensure they remain risk-free and compliant.
4. Excellent customer experience
Organizations can gain powerful customer information by mining and analyzing the available data. Customer information can be found in structured data as well as unstructured data such as chatbots, emails, or phone calls. Streamlining content management processes and content intelligence involves extracting relevant content to learn customers’ behavior, needs, and preferences and accordingly offer personalized offers based on their information. Through classified content, organizations can properly assist customers throughout the various stages of their buyer journey and serve through their preferred channels and devices.
5. Seamless integration
With a modern content services platform equipped with content intelligence tools, you can maximize the use of your data and leverage content intelligence across operations. With content integration, an organization can bridge content siloes and ensure content integrity by managing content across different business applications. Employees can also be empowered with content intelligence to seamlessly access and use contextual content anytime and anywhere.
Organizations focusing on DX recognize agility as the key driver of successful initiatives. While agility is the heart of digital transformation platform, we can say that content intelligence is the brain.
Time to wear your thinking cap!
While we have established the importance of data and extracting intelligence out of it, how can business leaders like you leverage content intelligence to accelerate digital transformation and become a modern enterprise?
To become a modern enterprise that thrives on continuous innovation and customer experience, two ingredients of a digital enterprise are crucial. And those ingredients are context and speed. The ability to efficiently process large-scale content in real-time with content intelligence tools enables contextual engagements. And for speed, organizations need the ability to rapidly build and deploy business applications, which comes with low code.
To get deeper insights into how you can chalk out an action plan to start your digital transformation journey, download the free copy of our co-branded whitepaper with KPMG.
FAQ
1. What different forms of content can be leveraged to harness content intelligence?
Content comes in various formats, including paper documents, digital documents, audio, and video clips, images, emails, instant messages, social media posts, records, and archived documents.
2. What are the right tools for effectively extracting intelligence/insights from content?
Smart technologies that can allow organizations to intelligently handle unstructured data and extract content intelligence include natural language processing, machine learning, deep learning, optical character recognition, content analytics, and sentiment analysis.
3. How can content intelligence help my enterprise grow?
Content intelligence can introduce several benefits such as improved business operations, intelligent decision-making, compliance, superior customer experience, and seamless integration.
Digital transformation is fast becoming the key business driver in each industry, and energy and utilities organizations are no exception to this trend. The energy and utilities sector has undergone fundamental shifts in the last few years. The disruption caused by the pandemic has influenced these organizations to undertake various digital initiatives and accelerate their processes. According to a 2021 survey by Accenture, 96% of utility executives have reported that their firms were innovating with urgency and call-to-action.
Digital transformation has become crucial for the organizations in the sector due to the following associated advantages:
Better customer experience
Enhanced operational efficiency
Improved project implementation
Increased top line and bottom line
Key Challenges Encountered
Despite their investments in modern, cutting-edge technologies, many organizations in the energy and utilities sector are yet to leverage the power of digital to its fullest. This is mainly because of the following reasons:
The organizations in the sector still rely on the disconnected transactional and operational systems
The systems might be efficient for handling simpler transactional cycles but fall short of managing the end-to-end process lifecycle
A Unified Platform is the Way Forward
To fast-track their digital transformation, utility organizations must break the practice of digitizing in silos and automate their end-to-end process lifecycle. It is critical for organizations to adopt a unified project management system to digitize the entire project lifecycle, including streamlining documents, processes, people, and devices.
A unified platform enables these organizations to streamline their functions, such as submittals under multiple disciplines. Furthermore, the platform routes these functions to the appropriate processing channel through a document-intensive or template-based workflow. This ensures better operational efficiency and reduced maintenance-related overheads for the organizations in the sector and helps them stay ahead of the curve.
Webinar: Turbocharge Digital Transformation in the Energy and Utilities Sector
Recently Newgen and Ernst & Young (EY) hosted a webinar where Vinit Mishra (Director-Technology Consulting, Power and Utilities, EY) and I shared our insights, ideas, and opinions on why accelerating digital transformation is now a top priority for energy and utilities organizations.
The webinar consisted of an in-depth discussion on the following aspects:
How digital transformation is driving innovation across various industries
Challenges encountered by organizations that are unable to leverage the power of digital
Need for organizations to stop ‘doing digital’ and start ‘being digital’
Key findings of the survey based on the digital transformation trends in the energy and utilities sector
Top ten digital transformation predictions in the utilities sector
Major challenges associated with document engineering, project engineering, and document management
Advantages brought by a unified platform for streamlining processes like engineering drawings, maintenance workflow, incident reporting, etc.
Customers Globally Achieved Cost Savings and Business Benefits, Finds an Independent Research
According to Deloitte, “While 85% of CEOs accelerated digital initiatives during the pandemic, most can’t articulate their overall strategy and progress beyond that they made a tech investment.” Realizing the emerging needs and goals of organizations, Newgen provides and continuously upgrades its low code and cloud-based digital transformation platform, NewgenONE, to help organizations across industries accelerate their digital transformation journeys.
The Total Economic Impact™ of Newgen Software, a Forrester Consulting Study Recently, Newgen commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying its solutions in digital transformation. The study provides readers with a framework to evaluate the potential financial impact of Newgen on their organizations. Forrester interviewed three decision-makers with experience using Newgen Software to better understand the benefits, costs, and risks associated with the investment.
The study found that Newgen provided a 371% ROI and a $29M NPV for a composite organization over three years with a payback period of less than six months. The study further described how a composite organization experienced improvements in areas like employee productivity, workflow efficiency, customer experience, and regulatory compliance, leading to significant cost savings and business benefits after deploying Newgen’s solutions for digital transformation.
Key Benefits Unlocked with Newgen
Here are some of the key benefits that the composite organization experienced after investing in Newgen’s solutions:
Improved Productivity with Automated Enrolment and Data Entry
The interviewed organizations were able to eliminate mundane, manual data entry processes using Newgen solution features such as auto-extraction, auto-validation, and single-screen data entry. This helped organizations reduce errors and accelerate the enrolment process. Digitizing manual data entry allowed interviewed organizations to reskill between 8% and 20% of FTEs per year and enabled 50% in time savings.
Accelerated Delivery with Workflows Digitization in the Call Center
Investing in Newgen’s solutions helped enhance the agent’s visibility on key processes through Newgen’s unified dashboard. The dashboard offers capabilities to centralize repository for archiving all contract documents, streamline the approval and review process, and leverage intelligent automation and AI capabilities to better inform the agent’s decision-making. Furthermore, agents were able to reduce the average time spent on handling customer queries like appeals and grievances by 75% after streamlining and automating various processes.
Operational Cost Savings from Decommissioned IT Systems
Newgen’s solutions allowed interviewed organizations to simplify their complex business needs and workflows supporting them. The organizations were able to leverage a singular cloud-based platform that integrated multiple processes and disparate IT systems. This helped organizations to decommission legacy IT systems and bridge information silos, unlock simpler processes, and improve productivity. Repurposing the resources dedicated to maintenance, patching, and IT support per decommissioned system helped cut operational costs.
Faster Invoice Processing
Invoices processing can be complex, as one of the interviewed organizations reported several challenges in processing invoices efficiently, which resulted in a lack of visibility into cash flow. The organization found a solution in Newgen’s cloud-based digital transformation platform to tackle the issues like dependency on multiple systems, delayed payments, and lost invoices. After investing in Newgen’s solutions, the organization was able to handle invoice processing from initiation to archival. Standardizing and automating invoice processing helped the organization accelerate the process by 60%– from an average of 5 to 2 days.
Enhanced Customer and Employee Experience
After deploying Newgen’s solutions for digital transformation, the composite organization saw an improvement in its customer and employee experience. The organization could enhance its customer experience by leveraging an integrated customer portal for accessing communication materials and self-service tools in a timely manner. Furthermore, Newgen’s intelligent automation capabilities reduced the volume of manual paperwork, freeing up the organization’s capacity to upskill and fulfill greater responsibilities, enhancing the employee experience and satisfaction.
Better Adherence to Regulatory Compliance
With Newgen’s solutions, the composite organization could comply more fastidiously by virtue of its capacity to prioritize transactions relative to the financial and regulatory risks they pose. Thus, enabling the organization to address those risks in advance and avoid any regulatory fines on account of delayed processing.
Quicker Provider Onboarding and Contracting
By deploying Newgen’s solutions, interviewed organizations were able to accelerate their provider onboarding and contracting processes. The organizations could tap on intelligent features such as the auto-generation of letters which enabled them to accelerate turnaround time to onboard providers from weeks to days, elevating the overall experience and level of provider satisfaction.
Apart from these quantified and unquantified benefits, the study also highlights the analysis of each benefit, cost analysis, and financial summary of the entire study based on the composite organization.
The pandemic has forced organizations globally to reinvent and realign their digital transformation strategies. Today, digital transformation is no longer a matter of choice. And the energy and utilities sector (E&U) is no exception to this trend. Many E&U organizations have made significant investments in their digital initiatives to sustain their market share and thrive in the aftermath of the pandemic.
The Challenges
Despite the investments in modern, digital technologies, E&U organizations have not been able to fully harness the power of digital. This is primarily due to:
Huge number of documents involved
Disjointed technical processes
Multiple rounds of submissions, approvals, and rejections
Complex peripheral processes like invoicing
Persisting dependence on manual interventions
Short timelines and expensive delays
The Right Step Forward
The need of the hour for E&U organizations is to leverage a unified project management system for the entire project lifecycle that connects documents, processes, people, and devices. A unified interface will enable these organizations to streamline all functions like submittals under multiple disciplines. The interface will bring these functions to the appropriate processing channel, be it through a document-intensive or template-based workflow.
This would enhance operational efficiency, reduce various maintenance-related overheads, and help E&U organizations become future-ready.
Webinar: Accelerating Digital Transformation in the Energy and Utilities Sector ? A Use Case
Recently Newgen and Wipro hosted a joint webinar, where Carlos Santos (Head of Western Canada and Canadian Alliance Partnerships, Wipro) and I shared our thoughts, experiences, and insights on why E&U organizations must accelerate their digital transformation efforts.
Our overall discussion featured the following:
Significant trends and drivers influencing digital processes
Various challenges associated with document engineering and management of documents
Use cases
Case studies and best practices
Watch the full recording of the webinar and gain insights into how E&U organizations can accelerate their digital journeys.
Today, low code application development platforms are becoming the go-to option for enterprises to accelerate their digital journeys. According to Gartner, “low-code application platforms (LCAP) are expected to remain the largest component of the low-code development technology market through 2022, increasing nearly 30% from 2020 to reach $5.8 billion in 2021.”
What do you need to know about low code application development platforms?
A low code application development platform empowers professional IT developers and streamlines enterprise-wide workflows by enabling rapid development and deployment of complex, context-aware, and customer-centric business applications. It can help enterprises deliver a frictionless and hassle-free experience to their customers, employees, and partners.
With a low code platform, enterprises can:
Enable end-to-end automation of complex and content-centric business processes
Create domain-rich solutions to cater to dynamically evolving business requirements
Rapidly design and develop enterprise-grade applications for web and mobile
Drive continuous process improvement and enable a rich user experience with new-age technologies
Key business benefits to unlock
Ensure happy customers: Today’s tech-savvy customers want you to respond quickly to their evolving needs. Here, low code arrives as a savior by allowing you to rapidly adapt to the changing market and customer needs.
Empower IT: IT teams are burdened with the maintenance of systems with periodic updates, compliance checks, and various performance measurements. You can minimize this technical burden by automating such recurring tasks through low code capabilities, thereby letting your IT team handle more critical and dynamic processes.
Enable Faster go-to-market: The platform can help reduce application development duration through reusable components and drag-and-drop tools. This enables enterprises to bring their applications to market quickly and timely incorporate any required changes.
Enhance IT governance: Shadow IT is one of the most significant areas of concern for enterprises as it accrues technical debt and affects its overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on third-party applications and ensuring a collaboration-driven work environment. Low code boosts IT governance by doing away with data, process, and security vulnerabilities.
Your enterprise can gain much more than speed and agility by leveraging low code with a suitable platform. Read this whitepaper to learn how a low code-based digital transformation platform can help organizations unlock simplicity by managing their content, processes, and communications.
Your enterprise’s critical information may exist in different forms, such as paper, digital formats, office documents, and across multiple locations. Gathering and capturing the sheer volumes of information effectively and accurately from the deluge of organizational content is a tedious process, especially when it is done manually. To overcome these challenges, it is important for business leaders, like you, to streamline the process of data acquisition and information capture.
What Is Information Capture?
It is the process of capturing unstructured information from paper-based or digital documents and translating the same into structured data, readable by a digital device.
The first step in an organization’s digital transition starts with digitizing its paper-based processes. With the help of information capture software, you can streamline data management while replacing traditional paper-based forms.
Understanding with a Use Case
A financial institution can leverage an information capture tool to extract relevant details from a supporting document provided by the customer, such as identity proof. The software will automatically retrieve information, including name, address, contact details, etc. from the document. This helps minimize manual errors, boost employee productivity, and drastically reduce the time for account opening.
Business Benefits of Leveraging Information Capture Software
In the above example, it is evident that enterprises can maximize their organizational efficiency by using information capture software. Let us dive deep into some of the other business benefits of the software:
Reduction of operating costs through automation of document-intensive business processes, such as document handling, storage, and manual data entry
Resource optimization through automating time-consuming and error-prone manual tasks, including document classification, data separation, and data indexing
Faster document processing through concurrently performing bulk scans, classifications, image enhancements, and extractions
Furthermore, the information capture software can be advanced to the next level by combining data capture functionalities with content management, process automation, and workflow capabilities. It can unlock new avenues for enhanced data capture, efficient content management, smarter decision-making, and improved workforce productivity.
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