Recent years have brought no shortage of change to the insurance industry. Among those changes is a rise in governance, risk, and compliance (GRC) requirements. Effective in May 2018, the General Data Protection Regulation (GDPR) became the first major regulation to focus on protecting consumer data. Its implementation coupled with a global pandemic has kickstarted a rush to enact more laws surrounding data privacy.
The move to digital technologies has been taking place at a meteoric pace. Many businesses are forced into a position, where they must either deploy new solutions they may not be ready for or risk falling behind the competition. In their efforts to rapidly improve customer experience, enhance internal processes, capitalize on market opportunities, or optimize other operational processes, they often end up taking a more makeshift approach to digital transformation.
Given the array of ongoing challenges businesses face, including those posed by hybrid work and COVID-19, business automation is more important than ever. In large organizations, many business units have long been using robotic process automation (RPA) to automate simple manual tasks such as copying and pasting data. While RPA can address local needs quickly and easily, it can’t scale to deliver the complete end-to-end automation, also called hyperautomation, that modern companies need.
Cloud-to-cloud migration can be an expensive, cumbersome, and overwhelming process with no guarantee of success. Yet, moving data from cloud to cloud is becoming more and more common in the public sector as operations are being migrated to the cloud more completely. Factors like complexities in environments, sheer volume of historical data, and application nuances can greatly impact the success or failure of a cloud migration effort.
Environmental, social, and governance (ESG) is a framework used by businesses, investors, and consumers to determine how conscious an entity is with respect to those three concepts. Consumer awareness paired with an increase in government regulation have shifted businesses’ priorities. For many large corporations, ESG now tops the list. Today’s consumers want to know where their products and services come from and that the companies behind them operate with ESG factors in mind.
When we talk about technology, we should try to do it in the simplest possible terms. But while we hear many CEOs and other tech executives preach this advice, it’s rarely followed—and the workflow software space is no exception. Popular workflow lingo like hyperautomation, digital process automation, and intelligent automation all mean essentially the same thing: to digitize processes for efficiency, consistency, and compliance.
