You’ve no doubt heard the famous Tom Goodwin quote, or a riff on it:
“Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.”
It seems that every company wants to be “the Uber of X [insert industry here].” These digital disruptors are today’s cool kids, to be copied and envied.
Yet, for many enterprise-level—often highly traditional—global organizations laden with various levels of bureaucracy and clinging to entrenched operating models and processes, achieving this goal is a near impossibility.
Traditional (think insurance companies, banks, mortgage firms, etc.) businesses are placing customer experience and transformation high on their strategic agenda. However, they seem to be at a distinct disadvantage when compared to newer, highly nimble, technology-based competitors. If they fail to innovate and evolve, there is the risk of being left behind, as their market share is stolen out from underneath them.
Hurry Up & Wait
The first, and most glaring hurdle is the need to find new ways of conquering the disadvantage of globally unlinked legacy systems/infrastructures and an embarrassment of manual processes.
Customer-centric front-end digital initiatives —like online payment or online mortgage applications —often link to older core and legacy back-office processes like cash applications and loan processing. If the back office is the “slowest common denominator”, efforts to transform the business or deliver better customer experiences become a game of hurry up and wait.
One way for well-established, traditional companies to respond to the threat of digital disruptors is to partner with a process transformation business that can eliminate paper-heavy, manual tasks and automate new streamlined processes.
The Secret Weapon
One of the most overlooked tools in a traditional company’s arsenal to wage battle against digital disruptors is their wealth of experience.
Large, enterprise-level organizations amass an enormous amount of collective knowledge and historical data—about their clients, their operations and their industry. It’s often locked up in disparate systems, or in the tribal knowledge of their human talent. Unraveling insights from these sources can empower innovation, new business models and faster, timelier decisions.
As their business partner, we can turn that expertise into something they can use to their advantage. Through the implementation of knowledge systems, collaborative tools, analytics, and robotic process automation (RPA) combined with machine learning, we can capture and extract value for our clients.
From resolving customer issues more quickly to improving billing accuracy, tools like RPA can assist in helping to transform an organization.
Our RPA Approach
Sutherland is a pioneer in RPA, with major successful deployments. We use our RAPID (Robotics Automation Process Identification) methodology to pinpoint the process and sub-process activity steps that can be automated resulting greater velocity, greater accuracy and a smoother transactional back office environment.
We also identify other technology tools that can be implemented to enhance operations. This is non-invasive and does not place a large burden on our client partner’s IT departments.
If you’d like to know more about our approach to process transformation and smart automation, please schedule an appointment today to speak to one of our F&A and technology experts.