Data, data everywhere
The amount of data created by consumers is growing exponentially, and is expected to double each year. According to the GSMA, one of the most influential organisations in enterprise mobility, by 2020 it is predicted that there will be almost 9 billion mobile connections, and 25 to 50 billion IoT devices connected. This huge network will generate data in a wide range of scenarios across different vertical industries including finance, healthcare, pharmaceutical, retail and insurance to name a few.
The sheer amount of data available presents a golden opportunity for companies to get closer to their customers, using insights to inform their strategies and models to retain and attract new business. It’s more important than ever for companies to obtain data, put it in context to understand it, and turn it into rapid responsive action.
Making data insights more accessible
This data dilemma requires the right infrastructure to be put in place, and the ability to harness data has long been the responsibility of IT departments.
However, this is changing. With the central role that data plays within business strategy, senior decision makers in the business are looking for greater visibility and control over how to process data and make it work for them.
Creating visibility and turning it into action is the name of the game. Business Process Management (BPM) software platforms are at the forefront of this movement, allowing organisations to loosen the hold that technology experts have over data analytics, and place them in hands of non-technical decision makers in the business.
Harnessing data with BPM
Data processing, previously considered as an onerous and complex task, has been made more accessible through BPM solutions. BPM can provide organisations with tools that make the capturing and analysis of data much more understandable.
Modern BPM can now unify data from multiple sources and effectively filter it into the business context, providing businesses with actionable insights to find out directly what their customers need is.
Let’s look at some of the industries that are using BPM to improve efficiencies and inform their business strategies.
Risk and compliance
Compliance and risk management are challenges faced by most large organisations. Protecting investors by improving the accuracy and reliability of corporate disclosures, and deterring corporate and accounting fraud is of critical importance in any publicly traded organisation. BPM can be used to document financial processes according to industry-specified frameworks, assign control tests, identify risks and raise and track issues. By consolidating all audit information in a single, web-based interface, BPM allows us to effectively manage financial risk and ensure compliance.
Retail banks can use BPM to support a wide range of retail banking solutions such as loan loss mitigation, retail account opening, client on-boarding, payments investigation and dispute management. The tools can also support Customer Relationship Management (CRM) enabling a 360 degree view of customer relationships, tracking customer activities and providing tailored products and services.
Customer services within the retail industry can be improved with BPM technology. Automated inventory management allows retailers to have visibility of supply and demand at all times across the supply chain. Through a single application, workers can receive information instantly across a range of devices while on the go. BPM also automates financial processing, and real-time information, providing a reliable method of ensuring that items are in stock.
Retailers can centralise data and modernise running systems to accelerate operations using BPM. Providing faster digital processes and mobility across multiple devices, allows companies to accelerate smarter decision-making. BPM can also provide better training for employees, allowing them to transfer well-documented knowledge to new members of the workforce.
The future BPM and data analytics
There’s no question that we will continue to generate larger volumes of data in the years to come, especially considering that the number of handheld devices and Internet-connected devices is expected to grow exponentially. With the increase in data flowing into the organisation, the challenge is to navigate and analyse that flood of information for the most relevant and impactful insights.
It’s important that businesses are equipped with the tools to harness new forms of data in a targeted way. Using BPM, those insights are not only discoverable – they are instantly actionable, enabling business leaders to make better informed decisions around the products and solutions they provide to their customers.
Ryan Gates, Regional Vice President of Europe, Appian
Image Credit: Shutterstock/Sergey Nivens