Business Process as a Service
Trend 4: Enterprises increasingly use process mining solutions to fix upstream root causes to prevent downstream issues
Most enterprise resource planning solutions focus on seamless processes within the boundaries of the organization/functions. However, the fallouts at the boundaries lead to massive inefficiencies.
Enterprises need to adopt process mining solutions that provide visibility across the value chain beyond functional silos, enabling upstream root cause fixing to prevent downstream issues. Process mining is about applying data science to discover business processes. Mining helps teams understand process performance in terms of key business metrics and highlights process steps contributing the most to inefficiencies. Taking this a step further, many forward-thinking firms have used process analysis to identify parts of their supply chain that are falling foul of ESG commitments and rectify them in real-time using a sense-analyze-respond-evolve digital backbone that acts on insights to meet business SLAs. These solutions also help understand customer journeys and identify friction oints, optimizing business processes.
A leading process mining technology vendor partnered with Infosys for end-to-end visibility of several business processes, including order to cash, purchase to pay, accounts payable, accounts receivable, production planning, quality management, and manufacturing execution system. End-to-end visibility of finance processes helped the firm reduce lost cash discounts from 85% to 60% in just months.
Business Process as a Service
Trend 5: Industry data exchanges and vertical/enterprise outcome-based platforms gain prominence
More enterprises now prefer stack-based solutions to address industry problems. Delivered as a managed service, businesses utilize a domain with digital LEGO blocks and an operations approach. Evolving from function-focused transaction platforms on the cloud, these industry platforms now focus on touchless processing and enhanced customer experience.
Industry platforms and exchanges will significantly enhance stakeholder experience while accelerating process effectiveness. This will enable organizations to stay current on the technology roadmap while improving cost efficiencies in their IT spend and operations management.
Enterprises need to identify areas that can drive endto- end user experiences and business outcomes that can be moved to cloud-based industry platforms.
European mortgage providers increasingly adopt digital mortgage platforms stacks, as customer preference shifts toward digital and self-service capabilities, with simple, transparent, personalized, and consistent journeys in an omnichannel environment.These platforms deliver scale and efficiency through fully interconnected digital applications. Stater NV platform in Europe manages 1.7 million loans and a €310 billion primary residential servicing portfolio. It drives adoption as a European mortgage full-service provider, with balanced assets across the mortgage lifecycle — origination, servicing, and collection.
Business Process as a Service
Trend 6: Cognitive, extreme automation, and digital worker management with a focus on risk and compliance
Enterprises rapidly move beyond rule-based automation and adopt AI/ML-based automation and manage an extended bot landscape. Businesses now focus on AI/ML-enabled monitoring and the prevention and control of risk and compliance.
Companies have evolved from task, bot, and robotic process automation (RPA) to extreme automation and digital worker management. They will soon move to cognitive bots such as real-time, sentiment-based response systems, AR field-service assistants, and automated process optimization.
Extreme automation, combined with decision-making effectiveness and a better understanding of outcomes, will continue to create an agile and evolving process landscape. It helped enterprises reorient focus from efficiency to service recovery and business resiliency during COVID-19.
With the help of HumanWare assistive technology, we expect seamless interaction across AI and subject matter experts. However, organizations need to identify key outcomes, engage in a reimagined design model, and create new ways of working.
A global healthcare devices major, with the help of Infosys, created a resilient and efficient BOT-enabled process landscape to become cognitive and responsive. On the first day of the pandemic outbreak, 97% of the 1,132 live BOTs remained effective and worked seamlessly, demonstrating the solution's effectiveness.
