BENGALURU, India -
Aug. 21, 2016 -
PRLog -- In today's dynamic world, agility and stability are no longer mutually exclusive. The word most apt to describe the way enterprises need to run is "agile". In order to stay relevant, enterprises need to move fast and be capable of responding to challenges and opportunities in a speedy way. This means that business processes need to transform to suit the model of an agile enterprise. Every business process needs to work in a seamless manner, even while ensuring scalability and adaptability. This is easier said than done. It is ironical that enterprises invest a lot in transactional applications and yet about 80% of their business process is manual in nature. Business users manually work with unstructured content that come in various file formats (both electronic and physical) with manual workflows, approvals etc. That are managed via emails, written approvals and so on. This brings about a significant delaying executing processes leading to increased costs, reduced productivity and greater process cycle time. Importantly, governance and compliance becomes a major challenge as information is not found by the process owner when required, and worse, some confidential information could potentially land in the wrong hands or tampered with. Digital transformation in enterprises is being much talked about. But what's a digital enterprise without even a digital business process at the foundation? A digital business process first starts by reinventing the process to make it agile, with minimal stakeholder involvement and cutting down the cycle time to process. Digitization of the process needs to go hand in hand with the process re-design. Important considerations here include digitization of the unstructured elements in the process including data, documents, and workflows and integrated of the unstructured with structured data world resulting from ERP and such other transactional applications. Identification of the right technology will mean not only evaluation of features and functionalities, but also goes beyond, to include quick acclimatization to the organizational culture, complementing the existing enterprise technology landscape and ensuring minimal change management. As with any initiative, this needs to be well thought through and requires that process owners and other key stakeholders work with the technology team to get this to life. Given that this requires interfacing with multiple divisions, it would be advisable to identify a single owner with a mandated agenda to get the initiative successful within a set timeline. The benefits are huge: by ensuring integration of the unstructured and structured world in a business process, enterprises have realized cost reductions by close to 60%. Enterprises and third parties including auditors no longer have to struggle to find information required to run their business. Legal holds can be used to preserve documents as required by regulatory authorities, so that they are not tampered or deleted erroneously. With automated workflows including mobile approvals, enterprises can maintain clear audit trails in addition to ensuring quick process turnaround time. Documents can be attached to transactions in the ERP so that the relevant supporting for transactions are easily found. Search and retrieval of relevant documents in the context of any process becomes extremely easy and accurate. Examples span across industries: a large metals and mining company automated it's procure to pay process in this manner and brought down the cycle time by over 60% and associated costs by over 40%. A large company in FMCG automated its shared services process including Accounts Payable, Accounts receivable, treasury and HR, consequently reducing expenses by over 50%. A large media company automated its brand asset management process and brought down the costs while improving visibility and governance since only the most recent version of the brand asset will now be available to its internal and external stakeholders. Unstructured content is an evident area of improvement in enterprises. While all the much hyped digital transformation initiatives are being considered by enterprises, something as fundamental as integration of unstructured and structured data is often understated. Taking this simple and fundamental step, is a big leap towards digital that brings down expenses by close to 60% in a span of just three to five months. This also leads to significant improvements in stakeholder satisfaction – satisfaction levels of the ecosystem working with an enterprise including customers, partners and vendors. Like a famous quote goes "He who does not lay his foundations beforehand may with great ability do so afterwards but not without great danger to the architect and the building." Digitization in business processes is a fundamental step to digital transformation and is perhaps a crucial one to propel your enterprise.
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