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The Year Ahead for BPM – 2018 Predictions from Top Influencers


 

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What’s a clear sign a company could use RPA?


There is an interesting discussion initiated by Peter Schooff @bpm.com

What’s a clear sign a company could use RPA? You Know a Company Could Really Use Robotic Process Automation When…

My Thoughts:

You Know a Company Could Really Use Robotic Process Automation When…

  • ..the workforce is involved in Mundane Monotonous Manual intensive tasks
  • ..a rhythmic Keystrokes pattern on the back-office/front-office floor makes more noise (comparable to an industrial manufacturing unit)
  • ..the agility in Customer Experience is negated by the sluggish back-office operations driven my manual hand-off
  • ..cost & priority of modernization or digitalization of every ancestral/legacy system is not the need of the hour
  • ..a Band-Aid solution like RPA is enough to heal the gaping wounds of the heterogeneous & messy heritage application landscape
  • ..reduced labor expenses, improved efficiency, reduced cycle time & importantly overcoming labor fatigue/human error (in scenarios involving routine activities) are the business KPIs
  • ..scaling labor for onboarding & training has an increased TAT (with RPA it is easy to multiply the bot workforce)
  • ..there is a demand to convert the heavyweight head-down workforce (involved in routine assembly-line tasks) to knowledgeable/ intelligent workforce
  • ..every discrete application in the enterprise landscape works in silos (with no defined integration) and have their individual priorities/transformation roadmap but a unanimous business objective to achieve “automation

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Typical head-down workforce activities in a scenario like a Customer Onboarding are:

  • scanning paper forms to digitize it
  • ‎manual rekeying of data (data entry)
  • ‎4-eye check (reviewer to confirm, data entry is flawless)
  • ‎manual hand-off of tasks with follow-ups
  • ‎manual classification of documents and bucketing it
  • ‎toggling across multiple screens/apps to copy and paste data (or fetch/compare info) – involving no traceability/audit trail

What’s a clear sign a company could use RPA? What’s your take?

Happy Learning!! 🙂

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How Big of an Impact Do You Think AI Will Have on Processes in 2018?


There is an interesting discussion initiated by Peter Schooff @bpm.com

How Big of an Impact Do You Think AI Will Have on Processes in 2018?

My Thoughts:

Artificial Intelligence is a multidimensional subject area. It can be broadly classified as a blend of Machine Learning, Predictive/Adaptive Analytics, NLP, Text Analytics, Voice Pattern Recognition, Image Analytics, Deep Learning, Graph Analysis, Robotics and many more.

The current state for adoption of AI complementing Business Processes in an enterprise is a bit chaotic with Discussions, Debate, PoCs, R&D etc. Hopefully, the coming year will embark on a more structured & focused approach(fingers crossed)

From  process impact standpoint, the key topic that will make a difference few years down the line are:

  • Enhanced Decisioning Strategies
  • ‎Predictive / Adaptive Analytics
  • ‎Persona Driven solutions
  • ‎Mature Robotics Process Automation
  • ‎Development of Self Healing Processes
  • ‎Inception of ML & Deep Learning Model driven processes
  • ‎Improvised Customer Experience (personalized) with Data fuelled strategies
  • ‎Reduction of OpEx with automated decisioning & self-healing capabilities
  • ‎Hype & marketing around “touchless” or “zero-touch” implementation e.g Touchless Claim Processing, Zero Touch Onboarding etc.
  • ‎Reduction of Contact Center overheads with Chatbots/Virtual Assistant implementations
  • ‎The AI, IoT & Process interlock can also act as a game changer in certain scenarios
  • ‎BPM products adding yet another capability to their stack as a new feature (be it homegrown or a plug & play model) 🙂

To summarize:

AI implementation is not new for enterprise (processes), they are already doing it in some form or the other (magnitudes may differ). But yes with the buzz in the wild, it has become a checklist mandate and a parameter for competitive advantage. Definitely, with new tools/technologies mushrooming everyday, AI will strengthen/mature & proliferate to unlock tremendous value. Things won’t change overnight to attain the “nirvana” state, it will be a steady incremental approach with a judicious feasibility study.

In a nutshell, irrespective of “getting Robots out of the humans[RPA]” or “humanizing the Robots…..by adding more intelligence[AI/Cognitive]” – the “process” still remains the heart/pulse and the enterprise ecosystem. An inefficient or weak process design is enough to choke the arteries, give cramps or cardiac arrest & dismantle the Humanized Bot

[Artificial Intelligence]:[Brain of the Enterprise] :: [Business Process]:[Heart of the Enterprise]

human-2972206_640Thinking loud based on the above analogous pair:  (pardon me for my knowledge of medical science!! :-))

A human with a non-functional brain & pumping heart(weak/strong) is within the realm of possibility & exists but on the contrary, a human without a heart (natural or pacemaker)  & alive is uncanny!!

In simple words: “The heart can beat without the brain, while the brain cannot function without the heart”

 

How Big of an Impact Do You Think AI Will Have on Processes in 2018? What’s your take?

Happy Learning!! 🙂

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Blockchain Demystified!!


No doubt, features like Decentralized Data Management, Immutability of transactions & Fault Tolerance give unprecedented advantage to organizations adopting it.

But, there are trade-offs which have to be judiciously evaluated. There are scenarios which can pose as overhead for business if not assessed properly. e.g:

  • performance hiccups due to traversal of date across the blockchain and fetching/persisting data;
  • demand for high end infrastructure for Decentralized datastore setup;
  • frequent changes to transaction (unnecessarily increasing the chain)

In summary: it is important to weigh the pros and cons of Blockchain adoption and how best it aligns to the business strategy / futuristic vision & importantly financial mathematics!

Original Article: https://t.co/Hsy4sReUM5 

#fintech #insurtech #blockchaintechnology

Happy Learning!! 🙂

NextGen KYC Initiatives in Indian Financial Sector


Good to see a community formed by 27 banks

  • Hope this will reduce the overhead costs/effort of Identity verification done via BGV Agencies. And improve TAT (turnaround time)
  • It’s time for financial institutions to revisit the Global KYC Process
  • A lot to catch-up & revamp in addition to blockchain (if not yet done) → RPA, Virtual Assistant (Chatbots), IoT, Artificial Intelligence, Predictive/Adaptive Analytics, Machine learning, Omni Channel Experience, Robo Advisors/Kiosks & of course Regulatory Changes.

Happy Learning!! 🙂

Are Bots the Second Coming of BPM?


There is an interesting discussion initiated by Peter Schooff @bpm.com

Are Bots the Second Coming of BPM? What do YOU think?

My Thoughts:

Bot adoption is definitely growing exponentially (if not on implementation in many places, in discussions for real). Sometimes it is a bit chaotic too – as everyone leverages the buzz words like bots, chatbots, ML, NLP, AI, RPA and many more to reach the nirvana state instantly in their enterprise. It’s a good thought – appreciate it, but not all enterprises need a bot for their specific business scenario and it is a journey. It is important to do a reality check if Bots is what you need or just automation.

Bots do complement the processes and provide some breathing space in scenarios like:

  • Developing “Self-Healing processes“, where the system understands and learns to resolve an exception or issue (based on predictive Analytics and historical data)
  • Chatbots – for enhancing customer experience and round the clock support
    • Overcoming the mundane tasks of a customer on boarding process (monotonous & manual intensive)
  • Contact Center applications – avoiding hand-offs, tabbing multiple applications and tedious data entry
  • ..many more

Bot adoption in an enterprise is not a mandate, instead, it’s a trade-off between Customer Experience (if the business really needs it) vs Maintainability (with investment + supporting yet another set of robotic process). It should be adopted judiciously.

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Bots can be considered as a Segway for Business Processes. If the nuts & bolts of the Segway are set-perfectly-right complementing the Business Process riding it, it can help you cover a great distance swiftly – enriching the customer experience; else you never know where you will finally end up, it could even be the bumpy roads of the enterprise or customer sentiment dismantling it”

Happy Learning!! 🙂

Image Source: link1;  link2

What’s your take?? Any thoughts!

Where Do You See Robotic Process Automation Having the Biggest Impact?


Where Do You See Robotic Process Automation Having the Biggest Impact? #BPM

There is an interesting discussion initiated by Peter Schooff @bpm.com

My Thoughts:

Every Organization has two types of workforce – Head-Down Workers and Knowledge Workers
• Head-Down Workers, perform their duty based on Standard Operating Procedures (SOPs) – this gets monotonous and routine job over time.
○ Example: If we consider a Customer On Boarding Process, it will be a performed, by opening the same form over and again, filling in the details, validating and verifying the IDs and submitting it for approval. The Reviewer, on the other hand, will go through the form details and approve or reject. There is NO EXTRA INTELLIGENCE required for dealing with such a scenario. It is a defined and a streamlined process A-B-C or A-B-D.
• Knowledge Workers, on the other hand, apply intelligence for their judgment and actions. It may or may not be a standard procedure.
○ Example: If we consider an Underwriting or Healthcare Claims Fraud kind of a scenario.  Even though there are standard procedures defined, but still a Person has to validate it based on the customer’s past history, transactions, relationship, health conditions etc etc, before taking a judgment for approving/rejecting a request.

If we map it to automation techniques/terminologies for enabling Workforce Productivity. It will be something like

[Head-Down Workers] : [Robotic Process Automation] : : [Knowledge Workers] : [Cognitive Intelligence or AI]

The journey to AI (“Nirvana State” which every enterprise strives to achieve) can be broadly classified as:
→ BASIC COMPUTING [scripts + repetitive steps in a single application]
→ ENHANCED COMPUTING [rpa + monotonous repetitive job across applications]
→ COGNITIVE COMPUTING [machine learning + analytics]

Detailing it further:

  • Basic Automation :
    • Human with tools | structured data sets | Goal: Labour Efficiency
  • Robotic Process Automation [RPA] :
    • Human augmented with Robots | unstructured + patterned data sets | No Decisioning (targeted for Head Down Workers) | Goal: Labour Efficiency
  • Autonomics :
    • Robots augmented with humans | unstructured + patterned data sets | Goal: Labour Elimination
  • Cognitive Computing :
    • End to end robots with human oversight | unstructured + NO patterned data sets (targeted for Knowledge Workers) | Goal: Labour Elimination
  • Artificial Intelligence – AI :
    • Fully automated with NO human involvement | unstructured + NO patterned data sets  (targeted for Knowledge Workers) | Goal: Labour Elimination

To precisely answer the question:
Robotic Process Automation has a great impact to business in scenarios where manual/mundane and routine activities are being performed. The task force allocated for mundane activities can be utilized for more intelligent activities.
Some of the typical use cases to cite Customer Onboarding (AML, Credit Check, KYC etc); Loan Processing; Payment Processing; Financial Reporting (periodic); Reconciliation checking process; Multiple sources of data extraction & reformatting etc.

Simply put – Robotic Process Automation is primarily targeted for “Keyboard Warriors!!” – showing vengeance with every keystroke for form data entry

In addition, most of the RPA tools have a concept of “Control Room” – a dashboard similar to a helicopter cockpit with all the levers for the Robotic Process Automation defined for all business scenarios. This helps the Business have control and have a hawk eye on the system, than presuming that control & automation has completely slipped from their hands. Control Room also helps Business to have an incremental approach to enable RPA processes in a staged manner by capturing the ground info than going with a big bang approach [which may be risky – as in some cases emotional/sentimental things are involved]

Interesting point by Siva in the discussion thread:

“Applying RPA to a broken process just makes a bad process run faster”

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With recent news on Introduction of “Robot Tax” [link]. The next impact area for Robotics will be the Financial space and enterprises will hunt for Financial Advisors 🙂

The ROBOT TAX is primarily to compensate the unemployment in the market as a result of automation and meet demands for public/Govt initiatives/programs like bridge/healthcare/road development etc.

 

What’s your take?? Any thoughts!

Similar Topic:  How Do You See the Relationship and Interplay Between AI and BPM in the next Few Years?

Happy Reading:-)

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