COVID-19 pandemic has been a watershed of investment on technology and innovation. Banks have been laser focusing their IT budget towards technologies that can ensure quick adoption to new market trends and implement revolutionary business strategies. In the same course, remote working has de-accelerated the pace digital transformations that otherwise might have been a quick thing to achieve. Financial institutions are facing mounting pressure to re-structure their product offerings to survive the pandemic.
So where does this leave the role of BPM?
The Banking Industry is anticipated to evolve with the changing business processes across the organizations. The need of automating redundant tasks and giving the control in hand of end customers is expected to drive the market over next few years. We see our clients focusing on the following four area: Quick Automation, Auto Decisioning, Data Security, Instant Scalability. We also observed that the Financial Institutions that are derived by IT heads, have a inclined focus on high application’s throughput with low Hardware configurations.
It’s a wonderful feeling for Technology & Business heads to see their Product rising from the papers and taking shape of an actual offering. The Businesses have always been about working out same things differently, and this by virtue requires the ability for quick trial and error methods. With the adoption of BPM platform, processes that depend upon human intervention are streamlined and automated, and the workforce can now focus on their core competencies. The ratio resource utilization to desired business goal is well maintained.
Cloud compatibility and support to Continuous Integration & Continuous Deliver (CI/CD) pipeline are important factors so as to allow quick roll-outs.
The power of BPM platform makes you the controller of your own game.
BPM offers efficiency to deploy business rules that ensures compliance to regulatory & operational guidelines. The major purpose of any BPM deployment is to create a centralized think-tank that regulates the transition of data set through various stages of process lifecycle. Another advantage of implementing a BPM powered process is that the seamless integration capabilities allows use of all the trending niche technologies like AI/ML and computer vision. It also handles the extensive data from multiple sources, including aggregator platforms, NLP enabled messaging, emails, and other intranet portals.
Few of the inherited benefits include:
1) Improved workforce productivity
2) Elimination of the need for micromanagement
3) Faster go-to-market time
4) Accountability through audit trails
5) Agility and scalability
6) Enforcement of rules and compliances
7) 360 degree view and Drill down reports
8) Easy to use and fault resistant
The cloud compatibility helps rising FIs to enjoy the advantages of BPM at a reduced price.
The Business Process Management popular across:
1) Banks and Financial Services
3) Healthcare and Pharmaceutical
4) Government and Defense
6) FMCG & Manufacturing
Want to explore more on how BPM makes you the master of your business?
Get in touch with our solutions expert at email@example.com
ServoStreams, which is a home grown BPM platform of Servosys, is managed by a team of industry veterans and thought leaders. We empowered the quick roll-out of Covid products and moratorium guidelines for many of our customers.
Views expressed in the article are the personal opinion of Hareish Gur, Director, Servosys Solutions.
Hareish Gur holds more than 24 years of experience in leading techno-business roles and solving industry problems. He’s has served as the President Outreach at the world-famous BITSAA International and authored columns for top publications. He is a BITS Pilani & AIM Manila Alumnus.