Businesses looking beyond the immediate impact of the pandemic are strategizing their way towards recovery. They are increasingly looking for ways to build a connected enterprise to harmonize their people, processes, and technology while reducing manual intervention.
Digital transformation is a necessary disruption
An IDG Research on COVID-19 impact shows that 59 percent of survey respondents are accelerating their digital transformation efforts in response to the pressure stemming from the pandemic. For several businesses, especially in financial services – banking and insurance, there is a huge push for improving productivity and cost efficiency through digital transformation. In fact, a recent digital transformation in financial services survey notes that 97 percent of firms are making some sort of inroads to digital transformation to regain their competitive position. But the transformation journey is challenging. McKinsey notes that only 16% of businesses report performance improvement and have long-term sustainable plans. According to PwC, only 45% of businesses have the right technology to implement a digital transformation strategy.
The role of RPA in digital transformation
In the past few years, Robotic process automation (RPA) has been a major enabler of digital transformation. RPA helps enterprises leverage automation to streamline their business process across various systems and increase the life of the legacy systems. RPA can automate 90% of mundane and repetitive manual tasks, helping reduce full-time equivalent (FTE), human-induced errors, turn-around times – all of which directly contribute to the cost.
While RPA is critical to advance in the path of digital transformation, without intelligent automation, it will only become a short-term fix and band-aid solution that fails to scale in the long term. The piecemeal approach to automation will result in costly disruption.
Process discovery as a catalyst for improved digital transformation
To implement any change program with confidence, you first need to understand how your internal processes work in real life. Process discovery helps you uncover “AS-IS” processes without having to waste time and resources. It helps you to automatically identify where your most profitable improvement potential exists across your people, process, and technology.
A strong case for business process discovery stems from the need to identify the right processes for automation. In fact, a recent industry survey by the Shared Services and Outsourcing Network (SSON) revealed that identifying the process not fit for automation is one of the top causes for RPA performance failure.
Process discovery brings transparency down to granular processes, giving organizations powerful insights required for cognitive capabilities that can accelerate intelligent automation and digital transformation. A deeper understanding of processes sets the stage for redesigning operating models from the scratch and provides the agility enterprises need to meet the evolving demands of the market and customers.
Unlock true digital transformation with SurfaceAI
SurfaceAI is a new-age process discovery tool that leverages powerful AI capabilities to provide X-Ray-like transparency into your end-to-end business processes. Whether you’re in a finance, insurance, manufacturing, or healthcare organization, SurfaceAI uncovers AS-IS processes to identify inefficiencies in your front-office and back-office business process that need to be fixed today. So, before you invest heavily in retiring and replacing your existing tech stack, use SurfaceAI to make better decisions. Talk to us today to learn how we can enable your digital transformation initiative.