Adapt, evolve, respond, thrive…become a Live Enterprise
As the world gradually emerges out of the pandemic, organizations are increasingly wanting to accelerate their digital journey to navigate to their next with pathbreaking innovation. To be ahead of the rest, in a highly competitive market, today’s successful enterprises must model themselves as a Live Enterprise, drawing inspiration from living organisms that proactively adapt, evolve, respond, and thrive amid changes from external and internal stimuli to become the best in their industry. The animal kingdom is rife with examples of evolutionary tweaks in DNA and genetic adaptations which can easily be adopted and leveraged by the modern enterprise. Just like organisms mutate to develop new muscles and characteristics as a response to external and internal stimuli, organizations too are well positioned to evolve as the fittest and lead their industries.
Over the last 2 decades, we at Infosys BPM have partnered with clients across industries, enabling them to not just accelerate their digital journey, but to go beyond by enabling and building a Live Enterprise, imbibing the sentient responsiveness of a living organism. Our human-ware (the best combination of digital and human) strength of over 45K people working with over 250 clients, has been instrumental in enhancing experience, leveraging the best of digital technology and Cloud along with business domain expertise, design thinking and data contextualization. This helps our clients innovate their business models across their industry and enterprise process, technology, people, and partner ecosystems. Some of the key characteristics that we have enabled in our clients are:
- Collaboration and Connectedness
- Speed & Agility
- Hyper Productivity
- Sentient (sense, feel, learn, and respond proactively)
- Enhance Anytime Anywhere Any-Channel Experience
Living organisms, as we know, survive, and thrive through collaboration and connectedness. Fish swim in schools with great synchronization to survive and thrive by scaring away predators and finding foraging opportunities, with increased hydrodynamic efficiency. Organizations too need to create and maintain a network ecosystem of connectedness, both upstream and downstream with their suppliers and customers, to be able to collaborate, be resilient, and grow. In a pure business sense, this connected ecosystem can effectively integrate end-to-end processes, people, and systems, not only within the enterprise but the entire ecosystem. If we were to extend the analogy of fish to organizations, we would find parallels in how Blockchain technology is helping us optimize Supply Chains end-to-end for the exchange of information, or how the Digital One-Office concept in Customer Service or Quote to Cash services is creating a feedback loop that creates not only enhanced experience, but also new and improved products and services.
Our partnership with a large global company helped the client improve working capital and create a hyper-connected Procure to Pay (P2P) ecosystem across operations, processes, and IT systems. Delivering end-to-end visibility of AP and Buy performance, implementing On-Time supply, and maintaining >90% Payment-On-Time, also helped the company comply with procurement guardrails effectively, while enhancing supplier experience.
The Live Enterprise backbone benefits organizations with greater speed and agility, with data at the center of this transformation. As large incumbent organizations are continually being disrupted by digital native challengers, the agility to respond to market changes are essential for not just adapting but also to thrive and succeed. We have enabled organizations to do this, by simplifying processes, enhancing straight-through transactions, cascading data signals across and continuously learning to minimize exceptions, leading to significant scaling of speed and agility.
For a leading U.S loan servicer, we shortened the Loan Boarding and Audit Review time by 70% and increased accuracy and compliance to 100%, by automating the loan documents extraction, business rules validation, and audit review processes. We deployed a human-ware approach (machine + human), to deliver 3X operational scale of loan boarding and an effort reduction of 50%. This digitally driven approach helped them scale their business, while being 100% compliant.
The other key characteristic of a Live Enterprise is about creating hyper productive organizations by curating reusable digital components saving millions of hours in manual effort, enabling at-scale and cognitive automation that drives touchless processing across heterogeneous processes.
We partnered with a leading health technology solutions company in one of their largest and most complex automation programs witnessed in the Finance function. With optimized technology augmenting the digital quotient and amplifying service delivery, we have enabled Phillips to significantly accelerate its decision-making ability, thereby leading to hyper productivity and greater realization of business value in their Finance processes.
The ability to sense, feel, learn, and predict demand signals proactively underpins an organization’s preparedness to respond with agility. In our learning from the implementation of Live Enterprise, sentient, and proactive responsiveness, is best enabled with the coming together of the cognitive digital and the human brain. A higher order of business domain skills, along with design thinking, empathy and data visualization and contextualization is a must to enable sentience. This will enable understanding exceptions and to continuously learn and evolve.
We reduced post-invoice disputes by 40% for a worldwide leader in IT and networking, by proactively identifying gaps in upstream processes, capturing data signals, creating a virtuous cycle through analysis of unstructured data from millions of invoices, and leveraging analytics, automation, and digital change management.
Being a Live Enterprise means enhancing Anytime, Anywhere, Any-Channel Experience for all stakeholders who interact with the enterprise ecosystem. A connected enterprise would equip organizations to gather proactive responses and create a continuous feedback loop that can drive design and process changes, further enhancing the experience for all stakeholders.
Expediting credit disbursal process for a top US Retail Bank using the agility in their connected ecosystems, reengineering of their underwriting and loan closing workflows, with reduced cycle time and optimization of the contact center team, that exponentially improved customer experience and satisfaction for the client.
Becoming a Live Enterprise is an ongoing and continuous journey of transformation and not an end destination for any client organization. Infosys BPM continues to partner, consistently enable, and build for our clients a Live Enterprise, helping them navigate through their digital journeys towards becoming innovative, intuitive, proactive and agile leaders in their segments.