Benjamin Franklin famously remarked that taxes and death are the only two certainties in life. Well 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. This isn’t easy. Thinking about this, here 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 where costs can be reduced is the most typical, ongoing challenge for businesses. There are different stages involved, 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 to determine and implement solutions. In many cases, it’s in identifying the areas for optimization that a third party can provide significant 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, has worked with companies around the world to reduce costs and deliver results. The Studio provides a team equipped with methodologies for analysis and improvement of processes, combined with process mining and RPA tools. We’re also fortunate to have the power of Navigate to help 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 in general?
By using Navigate executives have a deep view of their business processes. It’s a way to simplify and accelerate analysis and improve the quality of assessments. Executives are not only able to make decisions faster but can better identify what gets in the way, what operations are unnecessary, what needs to be evaluated, 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, upgrades, to planning and test automation. It reduces risks and identifies business needs.
- Increasing operational efficiency through process harmonization, performance analysis through the development of alerts based on deviations or scenario predictions. This is done by identifying process variants, bottlenecks, rework, and processing times.
- Implementing audit and compliance processes, whether for internal controls, compliance, fraud identification, and due diligence processes. 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’re able to connect financial information with documents and processes. This means you can finally see an analysis of the true value generated by each process and how it can be improved. 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.