Figure 1: Identifying impactful areas for technology investment in loan origination and servicing process
To identify impactful activities, organizations can use parameters like dollar savings, reduced cycle times, market differentiator etc. Many organizations also use surveys and internal employee sentiment to understand potential opportunities for improvement. Once identified, data science can help evaluate the opportunities, impact, and the consequence of change in these activities in a more scientific manner. The output of this evaluation would be a high-level estimate of the potential value that can be generated from these optimization programs.
Sample use cases where technology can make an impact on identified activities
- Predicting demand and price of essential raw materials to optimize buying patterns
- Predicting road congestion to take proactive action in logistics
- Predicting asset health to take remedial actions or initiate negotiation with manufacturer
- Workforce planning and optimization
- Gauging impact on business in real estate in given current conditions
- Predicting revenue cycle and proactively managing operations
- Correlation of cross-sell opportunities and marketing campaigns
- Store performance and sales improvement based on social sentiments
- Supplier and customer data and behavior analysis to gauge potential opportunities
RECALIBERATE Identified Impactful Activities
Impact assessment gives the organization a clear idea on improvement bottlenecks and potential intelligent algorithms that could positively recalibrate the business. The next, and extremely important step, is operationalizing the various improvement areas that have been identified.
Augmented intelligent algorithms coupled with machine learning capabilities and an innovation-based approach help organizations move to a steady reinventing mode. Technologies like artificial intelligence, advanced analytics, robotic process automation, blockchain etc. work hand in hand to help organizations recalibrate to this new way of working.
Many organizations run design thinking workshops along with innovation labs to ensure that the best ideas are generated and tested with adequate data to identify the most optimum mode of work. Once the approach looks feasible, it needs to be piloted, the results analyzed, and operationalized.
HUMANIZE Identified Impactful Activities
While technology plays an important role in making an organization intelligent, the humanizing factors to this journey cannot be undermined. The recalibrated environments need to act as inputs for critical decision-making and should work in a controlled environment to deliver optimum results. Change Management is a key activity that should go hand in hand with such a program. Educating and coaching various stakeholders on the technology options and working with them to identify and overcome business challenges are important factors to any of these programs.
Journey towards a new paradigm
This 3-pronged approach will help companies in the Middle East reap maximum benefits from their AI and automation programs while augmenting their human potential.
Where are you on this technology transformation journey? How do you see AI and automation shaping up in the near future? I’d love to discuss your approach. Write to me at firstname.lastname@example.org