How smart organisations survive disruption
There's a proliferation of new technologies in the current business landscape. AI, RPA, neural networks, Blockchain, and Big Data, are bringing radical changes to how businesses operate and have the potential to disrupt the entire ecosystem.
From driverless cars to smart meters and grids for reducing power consumption, industries as varied as manufacturing, healthcare and utilities each, have their disruptors.
The big question is: "How can organisations tackle the disruptions and transform to survive this era?" The truth is, while some industries face a higher risk of disruption compared to others, no one is entirely prepared.
The connected ecosystem of the Internet of Everything (IoE) will re-invent industries at three levels:
- business process
- business models
- business moment
The approach deployed by organisations to conduct business will see a complete transformation as companies digitise products and processes. Innovative companies are already utilising new technology to transform their operations:
- Data and process intelligence help companies achieve higher efficiency, business performance and consumer experience
- Automation enables re-imagined methods of working and processes
- Digital identity helps establish better trust between customers and providers
- Virtual and augmented reality are deployed to train and enhance the skills of employees
- AI, machine-learning and robotics make machines and systems smarter through trained algorithms and artificial neural networks
Companies need to change their operations to leverage the interplay of domain expertise, design thinking, process excellence, technology, and advanced analytics. Right investments in analytical tools are the best defence against the impact of disruption. In short, as new technologies reshape the ecosystem and the economy; companies will have to re-think and re-engineer business processes to weather the storms of disruption.
Companies using Process Intelligence to improve business operations
Improving consumer experience in E-commerce / Retail
The term Retail apocalypse was coined just last year to describe brick-and-mortar stores across the US closing down, due to the impact of e-commerce stores. Now traditional stores are moving out of their comfort zones and looking at new business models, predictive analytics and AI to improve customer experience and survive disruption. Here at Minit, we have seen growing interest from online retail players upping their game to stay ahead. They are using process intelligence to analyse their customer care and support processes. The primary focus is an improvement of the quality of service by uncovering and reducing process inefficiencies. This analysis also serves as a basis for the definition of key performance indicators (KPI) for the customer care team members and to set measurable improvement objectives for process-based performance management.
Improving efficiency of logistics in Manufacturing
Another example is an electronics manufacturer who used process intelligence to look at its delivery process. A subcontracting forwarding company was responsible for performing the last part of the delivery process. Process analysis uncovered a 16-day delay from when the forwarding company received the goods to the time they were delivered to customers, a critical bottleneck causing delayed service times and unhappy customers. Speeding up the service was easy once the bottleneck was uncovered.
Improving business performance in Finance
After using a process intelligence tool to analyse the process a financial loans provider was able to make their loan application process 40% faster, with a few small adjustments to their system to better support the business process. Now they use process intelligence to continuously improve their operations with monthly reports for comparing and analysing process performance and proactive process management via the quick discovery of problem areas, e.g. where clients may fall-off in the process.
Learn more about using Process Intelligence in Financial services
Simona Parnicka Marketing Manager at Minit
02. 02. 2018