Think you’re ready to start an automation initiative at your organization? Be careful how you choose to proceed. According to an Ernst and Young study, between 30% and 50% of all robotic process automation (RPA) projects end in failure. Yikes. Are those odds you can afford to gamble on?
As automation capabilities grow, so do the related use cases. It’s not surprising that 80% of executives think automation can be applied to any business decision, according to a Gartner survey. But as implementation becomes easier and automation adoption more prevalent, your organization can quickly lose control, with too many automation projects happening in silos.
Processes are the foundation of your organization. They lay the groundwork for how your business operates, from product development and customer service to procurement and financial operations—and everything in between. Even work that isn’t formally defined in a process is likely a part of one. If you’ve ever tried to map or document a business process, you’ve probably learned that there’s no straightforward way to get it done.
Compliance is a core tenet of financial services organizations’ day-to-day operations. And the stakes are high, as regulatory fines are steep and climbing. Know Your Customer (KYC) compliance is just a piece of the overall compliance puzzle—but it’s an important piece. In 2022, global fines for failing to prevent money laundering and other financial crime surged more than 50% according to the Financial Times.
Hyperautomation refers to the use of multiple advanced automation technologies such as artificial intelligence (AI), robotic process automation (RPA), machine learning (ML), low-code, and business process management tools to accomplish end-to-end process automation. Rather than automating a single task, hyperautomation lets you automate multiple tasks within a wider process (and pass work easily between humans and digital workers).
Organizations looking to improve their bottom lines have embraced automation for decades. Simple automation has long been bringing benefits to businesses and public sector organizations alike, despite being limited to supporting small tasks and workflows.
Developing a procurement strategy and planning procurement activities requires many steps, such as aligning procurement goals with overall organizational objectives, conducting market research, identifying sourcing opportunities, and developing procurement plans. Procurement challenges may multiply depending on your industry. For example, if you’re in a federal agency, procurement and the entire acquisition planning process must adhere to strict regulatory demands.
How do you know when a process needs help? Is it slow, bloated, or, worst of all, truly broken? It’s a crucial question for all leaders and teams pursuing speed and growth, to meet digital transformation goals like faster customer onboarding or faster time to market. Often, even seemingly simple business processes are more complex than we realize. Teams and individuals may develop clever workarounds to get past large and small process problems.
There’s a lot of hype about hyperautomation. But it’s clear that as new automation technologies emerge, organizations that take a strategic, holistic approach to embedding them into business processes will come out ahead. So, what exactly is hyperautomation? It’s an approach to process automation that uses a combination of technologies to optimize complex business processes and augment human capabilities.
Insurers have been slammed by inflation, with loss costs surging by $30 billion in 2021 alone. Almost every line of insurance has been hit with rising claims expenses, while replacement costs have risen by 16.3%—nearly twice the consumer price index rise. To combat inflation, insurers need to find better ways to increase efficiency and reduce claims leakage. In addition to economic pressures, insurers are also facing rising customer expectations for a faster and more transparent claims process.
