As enterprises ponder their future in this new normal of all things being transformational or digital, there is a dual pressure weighing on them – one of having to keep costs down while continuing to provide services consistently, and the other of having to innovate showing tangible results aligned with the business, and they are seeking to navigate this duality successfully. Design Thinking – with its tenets of identifying challenges before they occur while being customer-centric – offers us a way to approach this duality. it’s all about focusing on creating experiences that are more imaginative, more relevant and more ‘desirable’ to end users with direct impact to a future state objective. On the other hand, with the emergence of more intelligent, more automated systems that can execute more and more sophisticated tasks, there is a great feasibility to enable end-to-end effectiveness enabling a deep ‘straight through processing’ – stripping away needless manual interventions and intermediate layers. This has the effect of bringing down costs dramatically with realistic innovation.
To appreciate the scope of process renewal in a meaningful way, one needs to look at it in this context.
The search for better, more efficient processes is hardly new. Especially when it comes to renewals. The scope of process renewal has now become simple, more of an organizational/business priority than just being integral to the technology agenda. It is a practical process that is mostly viewed as a gradual transformational transition forward while mitigating risk at the lowest possible cost. This calls for an important shift in the overall organization’s mindset – as well as that of the IT organization within – to a state where the process is seen as a strategic business resource that can elevate innovation, create competitive advantage, make or break a new business model, and maybe even disrupt an established one.
But for that to happen, process renewal, much like human or capital resources, must be freed from its ‘drudge work’, so it can focus on higher pursuits. So, it makes sense to let software-powered systems take over those repetitive, manual activities from men, to do them faster, better, at lower cost and with fewer errors. And let the people in the technology and business organization work in tandem to dream up unprecedented, exciting and innovative new ways of working (with the processes to match) to make a massive and meaningful impact on the future of the business.
I am moderating an exciting chat, with leaders from Fidelity Investment Management, Comcast and Telstra, to discuss experiences, tricks, tips, what works and what doesn’t in this domain. Join us on April 28 between 15:15 – 15:55 hrs @ Infosys Confluence to figure out how process renewal can truly pay off.
To start a conversation around process renewal, connect with me on Twitter @chernandez3901