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.
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.
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.
If you still think that low code is only used to build simple applications, you have a major misconception. There is so much an organization can do with the power of a low code application development platform. The tool is ideal for highly scalable applications, the kind that can support your organization’s digital transformation initiatives.
A study by Forrester anticipates the low code development market to exceed $21 billion by 2022 and experience a 50% annual growth rate in the next five years. This proves that a low code application development is definitely not a fad and is here to stay.
Low code application development is not new. What’s new is that leading enterprises today have realized that they can go the low code way for faster innovation. Low code has become the go-to choice for its visual development environment, point-and-click user interfaces, drag-and-drop control, automation capabilities, and workflow management.
But do you know all that you can build with a low code platform?
Honestly, a whole lot! Professional IT developers and business users can collaborate on numerous projects with a low code platform.
Here’s a glimpse into the 4 use cases of low code application development platform:
Content-driven workflow applications
Low code platforms can enable businesses to automate their end-to-end content-centric processes/applications–such as customer onboarding, claims processing, and online account opening–ensuring that the right content is available at the right time to the right people at appropriate stages of the process.
Mobile app development
Businesses can rapidly design and develop responsive mobile applications with point-and-click and drag-and-drop functionalities in a well-abstracted low code application development platform.
Customer-facing and customer support portals
With low code, an organization can develop customer-facing portals such as customer self-service or agent portals that can easily be integrated with existing systems. Businesses can also leverage a template-based user interface development interface to design these portals for faster, simpler, and more efficient ways of interacting with the customer in real-time.
Modernization of legacy systems
Low code can help enterprises extend their legacy systems. By leveraging the low code application development platform, businesses can support core systems and develop applications that can easily integrate into the existing system.
These are just a few of the numerous use cases on how low code application development can drive up productivity, revenue, and customer experience. To learn more about how low code can help your enterprise, read the case study on how National Commercial Bank Jamaica Limited leveraged a low code application platform to centralize its loan underwriting service and decrease turn-around time for loan applications.
As a business leader, you must always look for new and innovative ways to bring speed and agility into your processes. Lengthy turnaround times are no longer an option, and a low code process automation software ensures a flexible and agile operating environment that can quickly respond to dynamic market requirements.
Advantages of Low Code Process Automation Software
By leveraging low code, your enterprises can:
Achieve Faster Go-to-market
Low code helps to significantly cut the time it takes to design business applications. Its user-friendly and intuitive drag-and-drop functionality and reusable application components fast-tracks the application design process. This enables you to rapidly develop and bring to market complex business applications in a short period.
Reduce IT Shadow
Low code process automation software empowers your users with a collaboration-driven work environment and helps eliminate the reliance on third-party applications for quick IT fixes. It provides you the governance capability and guardrails (set by IT) without hindering innovation, thereby helping remove data, process, and security vulnerabilities.
Optimize IT Cost
You can leverage low code to seamlessly integrate on-premise systems with modern cloud-based applications, thereby reducing the upfront migration costs. Furthermore, the platform offers scalability and fosters innovation in less time through an optimum IT headcount.
Oversee Efficient App Governance
Low code will allow your IT and DevOps teams to manage a portfolio of apps with complete compliance and governance capabilities. It will help reduce a significant amount of time spent in application and data governance activities, thereby boosting productivity.
Deliver Delightful Customer Experiences
With low code, you will be able to seamlessly integrate multiple services and deliver continuous improvements to end-users. This results in significantly improved and consistent experiences across several channels.
“By 2024, low-code application development will be responsible for more than 65% of application development activity.” – Gartner
By investing in a low code process automation software, you can optimize your existing enterprise-wide resources, foster a conducive environment for continuous innovations, and sustainably drive digital transformation to achieve your long-term strategic objectives.