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Financial Services | Business Process Improvement | Enterprise Automation

From Chaos to Clarity: Achieving Operational Excellence through Business Process Improvement

January 18, 2024
Business process improvement at work_Blanc Labs

Generative AI and Automation: Are you implementing them effectively?

The emergence of exponential technologies like Generative AI has sparked enthusiasm among companies and executives, who see the potential for enhancing operations and adding significant value to their businesses. In a PWC surveyÂą, 86% of U.S. executives projected AI’s transition into a ‘mainstream technology’ within their companies in 2021. Moreover, 25% of businesses utilizing AI anticipate revenue growth.

However, as highlighted by Gartner², a concerning 85% of AI projects ultimately fail to meet their expected business value. Among the numerous factors contributing to these shortcomings, common culprits include misaligned expectations, inadequate planning, and limited comprehension of the technology and its practical applications. When all these factors are considered, they collectively underscore a single underlying issue: an inadequate understanding of the process.

The Cost of No Change

Every business, regardless of its size or industry, operates within a complex web of processes. These processes, when left unoptimized, can lead to chaos, inefficiency, and missed opportunities. Employees may find themselves bogged down in manual tasks, information silos, and redundant workflows. Meanwhile, customers may experience reduced satisfaction due to prolonged or unclear processes and excessive touchpoints, potentially leading to attrition. This chaos not only hampers productivity but can also erode customer satisfaction and profitability.

 

¹ PricewaterhouseCoopers, “PWC 2022 AI Business Survey”, online: PwC
²“Gartner says nearly half of CIOs are planning to deploy artificial intelligence”, (13 February 2018), online: Gartner

Array’s researchÂł reveals alarming realities within organizations:

Financial Costs:

Inefficiencies cost 20-30% of revenue.

Time Costs: 

Employees lose 26% of their day to avoidable chores.

Recruitment Costs:

Each employee costs $4,129 and 42 days to be trained.

Amid these sobering statistics, businesses have adopted Business Process Improvement as a systematic, analytical approach to understanding, prioritizing, and measuring the impact of how to make their operations run more efficiently.

 

³Saunders, Dave, “How Much is Inefficiency Costing Your Business”, (19 November 2020), online: Electronic Data
Capture, Mobile Data Collection – Array Survey App

53% of IT decision-makers say that Cloud ERP (Enterprise Resource Planning) software is a worthwhile investment
Man working
50%
of companies spend up to $25 on each manually processed invoice
64%
of sales reps allocate their hours to non-revenue tasks
30%
of specialist IT time is consumed by basic, low-level activities

Download the Full Whitepaper

From Chaos to Clarity_Business Process Improvement_Blanc Labs

Our teams have compiled insights and best practices in this practical and outcome focused whitepaper.  Our learnings are based on numerous successful client engagements, research, and industry partners.

Business leaders seeking practical advice to advance their BPI capabilities will find value in the topics covered in the whitepaper.  These include:

  • A step-by-step approach on how to conduct Business Process Improvement within an enterprise operating environment
  • Practical implications of using Business Process Improvement with Intelligent Automation
  • Case Studies on the successful use of Business Process Improvement in mid-sized to enterprise organizations

 

From Chaos to Clarity

 

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Authors:

Luciano Lera Bossi
Luciano Lera Bossi
BPI & Intelligent Automation Lead

“Our commitment is to evolve your business processes in a way that’s both data-driven and adaptable, fostering an environment where continuous improvement is the norm, and each step leads to a more effective and empowering operational experience.”

David Liu
David Liu
Lead-CoE Consultant

“In the race for growth, inefficiencies hold companies back. Success unfolds in continuous refinement—where processes evolve, innovation thrives, and excellence becomes ingrained.”