- Smart Processes
- Smart Systems
- Smart Devices
- Smart Data
Enhance Business Productivity through a Digital Platform and Smart Automation
Gone are the days when an enterprise harbored a siloed approach, where different departments worked in four different corners and had their own set of organizational ancestry and lineage. Today, an enterprise, which has true global aspirations, needs to look even beyond a siloed work culture. It has to work in an ecosystem with a self-sustaining target to increase the profitability of all the entities in the ecosystem for its survival. This is an era where an enterprise has to think holistically and think in terms of building a platform economy – not just for self-sustenance but also that of the ecosystem. And a Digital Platform empowered by Smart Automation is the way ahead in such a shared economy.
Today, Services industry based enterprises, such as those in BFSI sector, are no longer lone wolves. Each enterprise is an immaculate congregation of smaller entities. While delivering business as usual, the enterprise may choose to grow a Digital Platform economy or a shared economy around building its organizational intelligence. Say for example, a national Insurance player. This enterprise has the vision to grow its business beyond national boundaries. The enterprise naturally has to think disruptive in terms of building a Digital Platform powered by Smart Automation in order to grow organically and yet achieve a quantum leap.
Usually, a Data-to-Intelligence journey moves, grows, and matures through seven brackets. First is the Data Ingestion, followed by Data Extraction, Workflow, Mobility, Dashboards & Analytics, Archival & Retrieval, and finally Collaboration. The enterprise can consolidate its strengths, delegate cumbersome jobs, and buy interoperable products to build its core Digital Platform. Following pointers could serve well in building the core Digital Platform for the sustenance of the ecosystem:
- Data Ingestion: A process-intensive enterprise ingests data through multiple sources. Mail, email, fax, PDFs, Word, Excel, PowerPoint, and eforms are just some of the sources. This stage can be delegated to an onboarded local vendor, who can receive and capture the incoming data and index each entry in the system that eventually gets uploaded and stored in a Data Management System and tagged to an Enterprise Content Management system.
- Data Extraction: Again this stage can be delegated to an onboarded local vendor, who can extract the information from the ingested data. This data can again be digitally converted to any specific format that is required as per statutory norms. This for example can be conversion to HIPAA 837, HIPAA 4010 to HIPAA 5010 required for Health Insurance claim processing or conversion to a digital form required for extracting business intelligence, etc.
- Workflow: The extracted information has to be routed through different queues in order to optimize the workflow of the business process. Business Process Management consultants can be engaged here to standardize and streamline the processes across the enterprise. The standardization is quite important if the enterprise aims to tap intelligence that is generated from various business segments in their diverse global markets. This is a corner stone for building a Digital Platform powered by Smart Automation and is a stringent requirement for generating Smart Data.
- Mobility: This is a core organizational function. Enterprises today want their executives and value chain partners to be mobile and flexible. Here the enterprise can use sophisticated mobile application development platforms (MADP) to develop apps as well as extend existing enterprise software, including ERP and Analytics software, on mobile devices. Again the enterprise can engage solution developers to develop, deploy, and roll-out the MADP based apps throughout the enterprise. Mobility is quite essential to an enterprise so that there is no scattering or loss of efforts of executives, who are out in the field, and the data that gets generated is synchronized with organizational repositories.
- Dashboards & Analytics: This is a core organizational competence that an enterprise has in its technology stack and needs to be maintained in-house. An enterprise has to be in charge of the enormous amount of data that is generated and derive real-time intelligence out of it. Analytics is the essence of a Digital Platform and can be used to keep a tab on the functioning of the Digital ecosystem and the Digital Platform economy at large – making informed decisions and timely interventions where required.
- Archival & Retrieval: The enterprise can engage a SaaS provider to archive and retrieve its digital assets through proper indexing, versioning, and tracking using relevant software tools. This is done in tandem with bracket 1. It ensures consolidation of information received or generated from third parties and multiple databases across the value chain.
- Collaboration: Enterprise Content Management (ECM) solution, which is interoperable with ERP systems and seamlessly integrated with the Portal Management System (PMS), is one of the centre points in a Digital Platform economy. The information and intelligence assets from third parties as well as from internal departments need to be parked as well as stored for easy reference in a knowledge-based Digital Platform economy, such as Insurance. ECM solutions can be integrated with email as well as different social media to increase the life of the content generated through these media. The ECM solution can be hosted on the cloud for a wider reach. This is the backbone of a shared economy.
Today, enterprises need to increasingly reinvent themselves and evolve so as not to risk disruption. Reinventing oneself in the form of Digital Platform economy powered by Smart Automation or interconnected shared economy around their Data to Intelligence journey increases business productivity. It also provides a succor during these times of technology disruptions and allows focusing more on core business. In an era where industry boundaries are already blurred, enterprises can overcome the disruptive forces by paving new paths and aligning and growing around more and more global entities harboring shared interests. The approach will not only create tremendous business value but also result in exponential growth through the process of evolution.
Global Head - BPO Delivery Services
Datamatics Global Services Limited