Aligning Automation and Information: Creating Acceleration in the Financial Sector
Speed as a New Value Driver
Financial institutions that are able to move quickly and respond to market changes are better positioned to succeed in the long term. This means that businesses need to focus on reducing the time it takes to complete processes, deliver products and services, and respond to customer needs.
To achieve sustainability and resilience in the future, financial institutions must focus on turning data into information that can be used to make better business decisions. While this can be a challenge in the face of ever-changing markets, there are ways to make processes quicker and more efficient. Understanding how to leverage data and automation areas is a critical strategy for increasing business speed and staying ahead of the competition. In this article, I will discuss both concepts in detail and provide actionable takeaways on how you can start building a faster, smarter business today.
Data VS Information - Turning Data into Information
One of the keys to achieving speed and agility in the financial sector is the ability to turn data into actionable information. Data is raw, unorganized facts that need to be processed. Data can be simple, seemingly random, and useless until it is organized. It is called information when data is processed, organized, structured, or presented in a given context to make it useful.
In the financial sector, where speed and accuracy are critical, turning data into actionable information is essential for making informed decisions.
To turn data into information, it is essential to follow a structured approach that involves several steps. First, ensure you have a clear line of sight and understanding to your current state and how and where you are capturing information. This involves identifying legacy processes and relevant data sources.
By identifying legacy processes and relevant data sources, you can gain insights into potential inefficiencies or areas where data is being underutilized. This information can help you prioritize your efforts and identify opportunities for improvement.
By taking a structured approach that involves assessing your current state and identifying areas for improvement, you can set the stage for effective data & process mining and turn data into actionable information. This approach can help you stay ahead of the competition, respond quickly to changing markets, and ultimately drive business growth and success.
Aligning Automation by Business Areas
Aligning automation with business areas is a critical step in streamlining business operations and achieving growth. However, it is essential to understand the differences between the various types of automation and how they relate to the idea of speed as a new value driver in the financial sector.
- Business Process Automation (BPA) - involves using technology to automate repetitive and manual tasks that are part of a larger business process. By automating these tasks, businesses can free up resources to focus on higher-value tasks that drive growth and innovation. For example, BPA can automate tasks such as data entry, document processing, or invoice management, ultimately reducing errors and improving efficiency.
- IT automation - refers to the use of technology to automate IT processes and tasks. This can include automating the deployment and configuration of software, monitoring network performance, and managing backups and disaster recovery. IT automation can help businesses to reduce costs, improve reliability, and respond more quickly to changing business needs.
- AI DevOps - is an extension of DevOps that emphasizes the use of artificial intelligence (AI) and machine learning (ML) to automate various aspects of the software development lifecycle. This can include tasks such as testing, debugging, and performance monitoring. AI DevOps seeks to improve the speed and quality by automating routine tasks and providing real-time insights and recommendations to IT organizations & teams.
- Business acceleration - is a broader concept that involves using technology to accelerate business growth and innovation. This can include automating various aspects of the business, such as marketing, customer support, or product development. By accelerating business processes, businesses can respond quickly to changing markets, improve customer satisfaction, and stay ahead of the competition.
Business process automation, IT automation, AIDevops, and business acceleration are all important concepts that can help financial institutions to achieve growth and improve performance. However, in today's fast-paced business environment, speed has become a critical factor in achieving success. By turning data into information and properly aligning automation in business areas, financial institutions can become more agile and responsive to market changes, while also improving efficiency and reducing costs.
Navigating an evolving landscape in the Insurance Sector
In the insurance industry, automation plays a crucial role in streamlining tasks and optimizing workflows. The breadth of benefits from automation are huge; from improved fraud detection and risk assessment to customer segmentation and underwriting, it's changing how many insurers operate. Understanding how to make the most of this technology, with improved clarity and alignment around automation, is quickly becoming the key to success. Below are 3 Ways Insurance Leaders are Aligning Automation in the Insurance Industry