AI business process optimization with Navigate
Benjamin Franklin famously remarked that taxes and death are life’s only certainties. For companies, we can also add the constant search to optimize processes. Companies are always looking for ways to do more, be productive, and, at the same time, find ways to reduce their costs.
But to do more while spending less means it is necessary to find the right tools and strategies, and that isn’t easy. With this in mind, we at Globant we decided to answer some important questions and show how we can help.
What are the main challenges in optimizing business processes?
Firstly, identifying cost reduction opportunities is a typical, ongoing challenge for businesses. Different stages are common, such as recognizing rework, inadequate use of resources, quality problems, and manual activities that could and should be automated. After identifying these areas, the next step is determining and implementing solutions. In many cases, it’s in identifying the areas for optimization that a third party can significantly help – by providing a) technology expertise and b) a fresh external perspective.
How can Globant help you with your process optimization?
Over the past few years, we have become experts in providing technological solutions to facilitate the optimization process. Our Process Optimization Studio and Data & AI Studio have worked with companies worldwide to reduce costs and deliver results. The Studio offers a team with methodologies for analyzing and improving processes, combined with process mining and RPA tools. We’re also fortunate to have the power of Navigate to help us make these decisions.
What is Navigate, and how does it work?
Navigate is Globant’s process mining and artificial intelligence (AI) platform that helps executives make data-driven decisions. It provides the following to businesses:
- Possibility to build a digital twin of your business processes.
- Reconstruction/mapping of business processes through transactional logs of registration systems (such as ERP, CRM, SRM).
- Systematic analysis of processes by identifying bottlenecks, sources of errors and rework, and activities that don’t add value.
- Dashboards for analysis of metrics and KPIs, processes, and the development of models for identifying deviations and AI-based event prediction.
- An AI/data science algorithm library for advanced business process analysis.
What are the benefits of using Navigate?
By using Navigate, executives can utilize AI business process optimization. It’s a way to simplify and accelerate analysis and improve the quality of assessments. Executives can make decisions faster and better identify what gets in the way, what operations are unnecessary, what needs evaluating, and what generates costs.
However, optimizing business operations is just the start. Navigate is a platform that improves your understanding of your business, for example by:
- Supporting everything from implementation projects and upgrades to planning and test automation. It reduces risks and identifies business needs.
- Increasing operational efficiency through process harmonization and performance analysis by developing alerts based on deviations or scenario predictions. This is done by identifying process variants, bottlenecks, rework, and processing times.
- Implementing audit and compliance processes for internal controls, compliance, fraud identification, and due diligence. Navigate can compare real-time initiatives with predefined reference models and KPIs of unwanted processes and activities.
- Discover, prioritize, implement, measure, and monitor process automation with RPA solutions, recognizing the activities with greater volume and less variability. It can even build automatic business cases to guide RPA initiatives.
Understanding the true value of each process in your organization
As Navigate links to each stage of operations, we can connect financial information with documents and processes to finally see an analysis of the actual value generated by each process and improvement opportunities. For example, when you reduce rework in one process, we can measure and assess how this impacts workloads in other business areas. Another common example is accurately measuring excess inventory and its financial impact across an organization.
We hope that with this article, we have answered some key questions about process optimization and the value that technological solutions can provide. To find out more, don’t hesitate to get in touch with us.