Automation can transform your business, improve productivity, and drive faster growth. But with so many options, it’s hard to know which automation is right for you. This guide breaks down the types of automation and shows how they can benefit your organization.
Why Automation Matters
Automation reduces repetitive work, frees up employees for strategic tasks, and improves accuracy. From simple task automation to AI-driven decision-making, choosing the right level is crucial to success.
Key benefits include:
Increased efficiency and productivity
Reduced errors and operational costs
Better decision-making with real-time data
Scalable solutions for growing businesses
Types of Automation
1. Robotic Process Automation (RPA)
What it is:RPA automates repetitive, rule-based tasks using bots or scripts.
Why it matters:
Frees employees from manual data entry
Reduces mistakes caused by fatigue or boredom
Quick to implement – often within 3-4 weeks
Low cost and minimal training required
Example use cases:
Entering data from documents into systems
Re-keying information across non-integrated applications
Processing standard transactions
RPA is not meant to replace employees. It empowers them to focus on higher-value work.
2. Intelligent / Business Process Automation (IA / BPA)
What it is: IA and BPA use RPA combined with AI and business process management (BPM) to support knowledge workers and complex processes.
Why it matters:
Speeds up decision-making for exceptions or complex tasks
Reduces operational inefficiencies and costs
Scales up or down based on workload
Example use cases:
Healthcare: Reviewing claims for exceptions or suspected fraud
Banking: Reconciling accounts or posting journal entries
Mortgages: Processing applications and supporting documents
IA/BPA gives employees the right information at the right time, improving accuracy and efficiency.
3. AI-Powered Automation
What it is: AI-powered automation leverages AI/ML to analyze data patterns, predict outcomes, and make decisions automatically.
Why it matters:
Handles complex, data-driven decision-making
Identifies trends and predicts future outcomes
Provides proactive insights for strategic business actions
Example use cases:
Predicting loan defaults in financial services
Recommending customer purchases
Predictive maintenance for equipment
AI-powered automation supports strategic work, enhancing competitive advantage rather than replacing employees.
4. Enterprise-Wide Automation
Hyperautomation: Combines multiple automation tools (RPA, AI, BPM, low-code/no-code) to automate end-to-end business and IT processes.
Extreme Automation: Integrates disruptive technologies such as cloud, AI, blockchain, and NLP across all processes for a new operating model.
Process Mining: Visualizes how data flows through your organization by analyzing digital footprints in systems.
Benefits:
Identifies inefficiencies and gaps
Ensures compliance and process standardization
Guides automation strategies with real data
Process Mining allows businesses to confidently implement automation with measurable results.
How to Choose the Right Automation
Start small: Begin with RPA for repetitive tasks.
Scale intelligently: Move to IA/BPA for knowledge workers.
Leverage AI: Use AI-powered automation for predictive, strategic decisions.
Optimize enterprise-wide: Apply hyperautomation and process mining for maximum efficiency.
How We Can Help
Prolifics offers free discovery workshops to assess your automation needs. Our experts can design, deploy, and customize solutions, from RPA to AI-powered automation, delivering measurable improvements in time, efficiency, and decision-making.
Join our next Innovation Sandbox: BOTS – Taking on Today’s Challenges. Learn how automation improves healthcare experiences and supports employees’ mental health. Register for the live online event on Prolifics TV.
Made up of six smaller colleges, a research-intensive post-secondary institution (PSI) boasts some of the best educational experiences in the world.
Challenge
PSI recently celebrated 30 years of equipping students with the skills and knowledge they need to change the world. With six schools – chemical and biomedical; civil and environmental; computer science and engineering; electrical and electronic; materials science; and mechanical and aerospace – it has established itself as one of the leading post-secondary technology institutions in the world.
For PSI, success lies with “specificity”: the six dedicated schools that help students find and explore their passions. But this same specificity creates challenges with student management systems (SMS) continuity. Disparate SMS created unneeded complexity and costs around data handling, reporting, and management, making it harder for staff to manage student data at scale.
How Prolifics met the PSI Challenge
The university decided to streamline the student experience with a single, cloud-based offering – while ensuring the continued specificity that sets PSI apart from other post-secondary options. However, with no expertise in data migration or testing, PSI needed a partner capable of managing this SMS shift.
Prolifics’ pedigree as a testing and automation partner for one of the world’s leading SIS providers put us in the perfect position to assist. The university invited our teams to provide a complete managed service that covered all functional and non-functional testing – along with performance, security, and integration.
After an initial consultation to determine the scope of work, Prolifics deployed a team of 20 to handle the large-scale requirements of this cloud SMS move. Functions included everything from initial outset assessment to complete network scoping to creating a test strategy, with a planned completion date in October 2022.
Prolifics leveraged a three-way process:
Provide and configure necessary software
Make sure it was fit for purpose
Provide the chance to accept the system as presented or suggest changes via a user acceptance testing (UAT) phase
In practice, this end-to-end management approach often meant combining functional testing with two-week sprints across multiple Prolifics scrum teams. In some cases, up to 12 sprints happened in parallel to ensure function models worked together and new system frameworks were capable of handling access requests from thousands of students simultaneously.
Results
Cloud-based SMS systems help schools deliver student success at scale. The move to more agile offerings isn’t just about reducing costs – it’s about staying competitive in a global marketplace that leverages digital frameworks to enhance the student experience from application to enrollment, to records management and career opportunities.
For PSI, making the move to cloud SMS was critical to help lay the foundation for the next 30 years. For Prolifics, the project was an opportunity to showcase end-to-end management that included data mapping, cleansing, testing, and validation.
Along with increased efficiency and streamlined processes, the university has recognized competitive benefits that help drive sustained student success.
Learn More
To learn more about what we can do for your organization, connect with a Prolifics expert today. For more details about the University’s move to cloud SMS, download the full case study.
About Prolifics
Prolifics is a digital engineering and consulting firm helping clients navigate and accelerate their digital transformation journeys. We deliver relevant outcomes using our systematic approach to rapid, enterprise-grade continuous innovation. We treat our digital deliverables like a customized product – using agile practices to deliver immediate and ongoing increases in value.
We provide consulting, engineering and managed services for all our practice areas – Data & AI, Integration & Applications, Business Automation, DevXOps, Test Automation, and Cybersecurity – at any point our clients need them.
“Hope,” recently won the third-place prize in the prestigious IBM Build a Bot Challenge. Hope is an AI powered, automated mental health assessment tool. To read more about Hope, click here. This video provides an overview of how Hope works.
Watch an overview of the Hope mental assessment tool
ABS is one of the world’s leading ship classification organizations, committed to setting standards for safety and excellence so that the marine and offshore industries can operate safely, securely and responsibly. For more than 150 years, ABS has worked alongside its partners to tackle the most pressing technical, operational and regulatory challenges.
Challenge
The American Bureau of Shipping (ABS) collects a substantial amount of data from customers and business partners through its operations in 70 countries. ABS needed to understand what laws applied to them and how best to move toward compliance. But, instead of waiting for each government mandate to roll out, ABS needed a bigger picture solution – one that was applicable, repeatable and would address a large percentage of whatever government data privacy rules come next. ABS also needed the solution to help distinguish its brand in the marketplace as being a good steward of its customers’ data.
Action
Prolifics provided data integration and data management solutions that helped ABS modernize data delivery and data consolidation for its 200 offices around the world.
Prolifics’ initial partnership with ABS focused on modernizing applications and reducing dependency on data silos. As part of a yearly rolling contract, Prolifics was responsible for both platform and product upgrades to help ABS streamline digital transformation initiatives – no small feat for a company that has been in business for more than 150 years. By modernizing data operations, Prolifics helped ABS pinpoint key data sources across the organization and create a framework capable of collecting, curating, and storing this data securely.
Next, ABS asked Prolifics to assess their GDPR-readiness. We worked with ABS to deploy our rapid Data Privacy Assessment, to identify issues and opportunities for data integration and a larger data solution for continuity. Prolifics determined that while existing processes and policies were effective for structured data management, their unstructured data handling needed work.
The success of this project led to a follow-on services engagement that focused on developing a comprehensive and in-depth data governance strategy, using Prolifics’ Data Governance Framework solution. This gave ABS a unified platform to deliver data governance, analytics and compliance on a global scale. With this insight, the company can target sensitive data for action, move toward better compliance, and avoid regulatory infractions that impact both the bottom line and the brand’s image.
Result
Bolstered by robust data handling and armed with a roadmap from Prolifics, ABS was able to identify gaps, processes, and technologies that put them at risk of GDPR noncompliance, implement new policies to reduce regulatory risk, and develop in-depth data governance capabilities to help meet evolving compliance requirements.
As a result of the Data Governance Framework solution, ABS is closer to compliance with GDPR, CCPA, and other regulations as they emerge.
Learn More
At Prolifics, we provide end-to-end data analytics services, at any point you want them, for whatever condition your data is in. Visit our Data & AI page or email us at solutions@prolifics.com.
To find out more about ABS’ success and the technology behind it all, download the full case study.
Prolifics is a digital engineering and consulting firm helping clients navigate and accelerate their digital transformation journeys. We deliver relevant outcomes using our systematic approach to rapid, enterprise-grade continuous innovation. We treat our digital deliverables like a customized product – using agile practices to deliver immediate and ongoing increases in value.
We provide consulting, engineering and managed services for all our practice areas – Data & AI, Integration & Applications, Business Automation, DevXOps, Test Automation, and Cybersecurity – at any point our clients need them.
ORLANDO, FLA., Feb. 17, 2022 – Prolifics, a global digital transformation leader, is pleased to announce that the Prolifics’ robotic process automation (RPA) and intelligent document processing (IDP) solution “IntelliDocs for Healthcare” won the grand prize at the prestigious IBM Build a Bot Challenge for best RPA solution.
This IBM Build a Bot event, held between Dec. 15 and Jan. 31, was subtitled “Automation for the Common Good,” and challenged participants to broaden the vision of what RPA can do, specifically in collaboration with data sources, artificial intelligence (AI), and systems like business rules, document processing and workflow. The event drew more than 2,100 sign-ups, 70 envisioned projects, and 35 IBM robotic process automation applications submitted. IBM saw participation from 116 countries and engagement from business partners, customers, other technology firms, and academia. Prolifics is an IBM Platinum Business Partner.
Our grand prize-winning entry, “IntelliDocs,” is a digital worker solution that automates the healthcare prior authorization process. Prior authorization is normally a time-consuming, inefficient, and error-prone process that often leaves physicians and patients in limbo. IntelliDocs extracts and classifies data from authorization forms, checking for accuracy; enters the information into the payer’s electronic health records system; provides status updates and hotline support via chat and phone. The result is less data-entry time, less manual work, fewer errors, and lower administrative costs, with patients getting the treatments they need, faster.
Salem Hadim is Prolifics’ Head of Intelligent Automation Consulting Practice. “We’re very proud of this achievement, and it reflects Prolifics’ leadership in the AI Powered Business Automation and Intelligent Automation space,” said Hadim. “Many thanks go to our digital engineering teams that brought our ideas and designs to life with this winning solution”
A second Prolifics submission, called “Hope,” won the third-place prize. Hope is an AI powered, automated mental health assessment tool. Companies use Hope to collect survey data through forms or chat sessions. The program analyzes the data and uses a scientifically proven scoring system to identify and contact those who could use assistance – with early detection being the key to better outcomes.
Prolifics’ third submission, “ResuMan,” made the finalist list. ResuMan is an AI powered candidate screening tool that automates the application review process. It collects applicant and job posting data, applies machine learning to filter the information, and then matches the right candidate with the right job.
Prolifics is a digital engineering and consulting firm helping clients navigate and accelerate their digital transformation journeys. We deliver relevant outcomes using our systematic approach to rapid, enterprise-grade continuous innovation. We treat our digital deliverables like a customized product – using agile practices to deliver immediate and ongoing increases in value. We provide consulting, engineering and managed services for all our practice areas – Data & AI, Integration & Applications, Business Automation, DevXOps, Test Automation, and Cybersecurity – at any point our clients need them. Email solutions@prolifics.com or visit us at prolifics.com.
Our client, a medical and dental supplies company (MDSC), is based in Long Island, New York. It ships products across the globe through more than 25 distribution centers.
About our Client
Challenge
Older Systems Don’t Attract New Talent
The accounts receivable department at MDSC is run by a group of long-term employees who expertly use one type of now-outdated software to track payments. Although the software wasn’t particularly user-friendly and its style had become obsolete, the professionals in the accounts receivable department had spent years becoming intimately familiar with it. They knew every one of its shortcuts and could operate it at lightning speed. The problem MDSC was facing, however, was that these employees were nearing retirement, and the company needed to attract new talent.
But finding new talent was easier said than done. Gen Z – whose oldest members are now college graduates – don’t want to work on legacy, outdated software. It’s not exciting to them, nor does it help them build resumes that show modern skillsets. In addition, recent surveys of working Gen Z-ers show they expect to remain at a job for fewer than three years. MDSC knew that training someone to use their legacy applications took at least six months. So, even if MDSC could attract the talent, it might not give them much time to get the benefit from the training investment.
Between looming retirements and difficulty bringing on new staff, MDSC was facing a worker shortage, and they knew they had to modernize. Because Prolifics successfully leads organizations of all sizes and industries through the modernization process, they turned to us to guide them.
Action
Thorough Modernization Alongside Legacy
When Prolifics began working with MDSC on their modernization goals, they already had purchased a software called LegaSuite. LegaSuite is a tool that acts as a bridge between a company’s existing applications and a user-friendly, web-based interface. The benefit of using LegaSuite is that a company doesn’t have to abandon its trusted, existing application in favor of something new, but the downside is that the software installation isn’t simple. That web-based interface has to be built and needs an expert implementation team to do so. That’s where Prolifics came in.
Before we started building the interface, we held in-depth design meetings with the MDSC team to make sure we had a substantial understanding of what they needed the interface to do and how they wanted it to look. Next we finalized the interface design and assigned two of our senior architects to build, test and configure the interface. The team stayed laser-focused on the implementation until it met all the needs and was ready to go.
Result
The web-based interface is now functioning in the accounts receivable department. Since the rollout, MDSC has experienced greater success hiring people into the department who can help the business grow – and the worker shortage crisis has been averted. These new hires appreciate the user-friendly, modern tool, and MDSC has fewer training requirements, which means more time to focus on business growth. Because Prolifics was able to implement the new system along side the existing software, senior staff at MDSC continues to work on the old application. That allows the company to continue to benefit from their efficiency while bringing on the new talent.
As additional benefit to MDSC – it’s now using the new interface as an internal sales tool for the company’s modernization efforts. As other MDSC departments witness the success of the new interface, MDSC expects to secure those departments’ buy-in for modernization, using Prolifics.
About Prolifics
Prolifics is a global digital transformation leader with expertise in Data & AI, Integration & Applications, Business Automation, DevXOps, Test Automation, and Cybersecurity across multiple industries. We provide consulting, engineering and managed services for all our practice areas at any point our clients need them. Vision to Value. Faster. It’s not just the Prolifics’ tagline, it’s what drives us. Connect with us – solutions@prolifics.com.
Prolifics, a global digital engineering leader, announces its “India Initiative” to extend its service offerings and solutions to Indian business conglomerates and global capability centers (GCCs) of multinational corporations (MNCs) based in India.
Prolifics recognizes the technology disruption in India and a compelling need to facilitate rapid innovations in digital engineering. Also, the surge in demand for technical expertise is impacting these businesses. Prolifics is uniquely positioned to address these challenges, utilizing its intellectual property, Indian technical Center of Excellence (COE), Global Innovation Center, and more than three decades of experience in serving Fortune 1000 customers in North America, UK and Europe.
Shantanu Choudhary, Prolifics Head of India Business, said, “Indian companies across industries and GCCs need a trusted partner to help them drive digital transformation to gain the agility and efficiencies that enable them to quickly respond to business demands. We believe Prolifics is perfectly positioned to be that partner, utilizing our experienced global workforce.”
Prolifics CEO Satya Bolli added, “We know the value companies will see when they utilize our expertise in India. Companies will be able to focus on their business initiatives and projects, not finding people. And beyond this, these companies will realize the additional benefit and safety net of having the entire expertise of Prolifics just a phone call away.”
Prolifics’ India Initiative is already under way at the India centres of several large organizations. Contact Shantanu Choudhary, Prolifics Head of India Business, at shantanu.choudhary@prolifics.com for more information and details.
About Prolifics
Prolifics is a global digital engineering leader that provides consulting, engineering, and managed services for all our practice areas at any point our clients need them. Our digital engineering expertise includes platforms and the cloud; data & AI, integration and applications, automation, and quality assurance/testing; all across multiple industries. Vision to Value. Faster. It’s not just the Prolifics’ tagline, it’s what drives us. Visit us at prolifics.com.
Medical claims processing is the foundation for any health insurance provider since it is the point when the insurance business begins to process medical data, preparing to deliver on its agreement with and commitment to customers by reviewing, approving and paying out on a claim. Businesses and employees invest in the insurance process, and the medical claims process allows them to collect their rightful compensation when the time comes.
Since Americans spend $8,000 annually per capita on healthcare, and much of that money goes into health insurance, it is important for insurance companies to find solutions to manage the volume. The fact is that, among all the areas where technology takes the lead in healthcare, claims processing remains dismally behind, still manual, prone to error and inefficient.
An increasing number of companies are searching for solutions to reduce the inaccuracy and inefficiency of manually processing claims, which entails arduous research and reviews and inputting data by hand. Businesses are exploring medical claims processing automation resources to measurably decrease loss adjustment expense (LAE) and offer customers a streamlined experience that ensures satisfaction.
What Is Medical Claims Processing Automation?
Medical claims processing automation falls into the arena of business process automation (BPA). With BPA, businesses rely on technology to automate regimented, repetitive and often redundant daily processing tasks. The automated process speeds up the way work gets done by distributing data to the right person in the processing chain, relying on user-defined actions and rules.
Health insurance organizations use BPA to streamline processes such as those related to medical claims, accounts payable, contract management and employee onboarding. Top companies specializing in medical BPA use specialized methods to capture of information found on paper claim files and digital medical claims. This step alone helps companies process claim forms more accurately and cost-effectively. Ideally, automated systems support all standard medical claim forms, such as HCFA/CMS-1500, along with any relevant attachments. BPAs use precise data extraction technology to ensure peak accuracy and accountability in reviewing a customer’s billing, accounting and related healthcare data. Paired with automatic validation rules, businesses can ensure that their customers’ billing, accounting and healthcare claims management applications receive correct data, with a minimum of human involvement.
Learn the Basic Structure and Progression of the Medical Claims Process
To learn why investing in the automated medical claims process has become so attractive, it helps to understand the complexities of the manual claims process in the healthcare industry.
1. A Healthcare Provider Treats a Patient
Each time a healthcare provider sees and treats a patient for anything from an annual visit to major surgery, the medical billing insurance claims process begins. After each patient visit, the healthcare provider sends a bill to the designated payer, which is most often a private health insurance company engaged by the patient’s employer, or a public insurance provider, such as Medicare or Medicaid. The payer then relies on its team of medical coding and billing employees to evaluate the claim, based on various factors to determine reimbursement.
2. The Policyholder Pays Their Share
The policyholder, or the patient, becomes financially responsible for the insurance deductible after each visit since their employer has paid their share. The deductible is amount that the policyholder agrees to pay before their insurance kicks in and starts. By giving the provider their insurance information, the transaction between the healthcare provider and policyholder is complete.
3. Medical Billers and Coders Do Their Work
The healthcare provider keeps a record of all the healthcare services and costs they have provided to the policyholder. The record is also known as the bill, or the medical claim. Medical coders and billers begin the manual claims process, creating the official medical record and sending out claims to the policyholder’s insurance company.
Who Are Medical Claims Processors and What Do They Do?
It is important to remember the people who have performed these daily tasks for several decades to provide an idea of what automation will do to streamline processes. Today’s medical claims processors have a strong working knowledge of medical billing and coding. They know the current procedural terminology and classification of injuries and diseases. Medical claims professionals ensure the accurate and timely adjudication of healthcare claims. using a software program, such as Windows. Medical claim processors look at several factors when making a determining, such as co-pays, co-insurance maximums and provider reimbursements. The final and most important step for the medical claims processor is ensuring the resolution of each claim, which may include:
Review and accept each service and agree to pay the bill in full.
Deny the claim because of a billing error, such as a piece of incorrect patient information. In such cases, the medical claim staffer returns the bill to the healthcare provider to make appropriate corrections.
Reject the claim completely in cases where services do not fall under coverage within the policyholder’s health plan.The policyholder must then pay for the services out-of-pocket.
Identify markers for potentially fraudulent medical claims, which most often are perpetrated by a small number of dishonest healthcare providers, according to then National Health Care Anti-Fraud Association (NHCAFA).
What Are the Benefits of Investing in Medical Claims Processing Automation?
By reviewing the tasks of medical claims professionals, it is clear that the claims process is multi-faceted and, in some cases, complex. Medical claims processing automation can revolutionize the way everyone receives the appropriate services and payment for such services in full and on time.
Take a look at some additional benefits to investing in medical claims processing automation:
Reduces overall costs and increases efficiencies at every point in the process and for all parties.
Helps healthcare organizations achieve goals in improving patient service excellence and cost-efficiencies.
Decreases human involvement in mundane tasks, such as the monitoring of services.
Executes tasks faster and more effectively through technological solutions.
Allows the organization to focus on core tasks that require specialized and clinical experience.
Provides a clear and detailed claim entry process, allowing for greater control over the process and improved visibility.
Reduces need for reconciliation intervention by stakeholders.
Diminishes manual tasks, paper-based transactions, hard copy filing and telephone interactions.
How Can Medical Claims Processing Automation Make a Business More Productive and Profitable?
Most business leaders are looking for ways to streamline processes for improved productivity and profitability. Many are finding solutions through various BPA options, with medical claims processing increasingly at the forefront.
Here are a few ways health field-related automated processing boosts productivity and profitability.
Reduces Spending Through Reduced Human Resource Costs
Since health insurance sits high at the top of the list for insurance processing costs, everyone is looking for ways to tighten their budgets. While businesses value employees, one way to minimize expenditures is to reduce staff. Before BPA took center stage, such a consideration was not possible. However, through improved automated medical claims processing, businesses can work toward lowering headcount while still strengthening their market position and maintaining, or even improving, cycle times.
Consider the findings of an America’s Health Insurance Plans (AHIP) study in which it was found that electronic automation was nearly 50% less expensive than the cost of processing paper claims. (8) Enhanced processes and accelerated time cycles—automated processing times reduced to a week or two from the 30-60 days it takes to process manually—can ensure proper payouts, clean the slate and move forward in record time.
Increases Accuracy and Reliability
Key factors in claims processing are accuracy and reliability, and automation ensures that a business performs all the necessary tasks in the proper sequence and on time. The simple fact that the automated process carries on, regardless, compared to times when a key employee in manual processing is out for vacation or illness. Further, workers can become stressed, tired and burned out, which often results in a decrease in reliability. Even if businesses only reduce staffing while introducing automation, it provides relief for workers, giving them a chance to boost work-life balance and concentrate on tasks better.
Raises Customer Satisfaction Levels
The combination of speed, accuracy and reliability associated with automated claims processing benefits customers, which is always a boon. Any time a business can provide peak customer service, clients remain satisfied since it allows them to stay on course and on budget. With satisfied customers, businesses can enjoy increased loyalty and the benefit of good word of mouth marketing.
Allows for a Reduced Need for Storage
Businesses may find that they can open up new space in the office, thanks to the reduced need for as many paper files. Since much of the data from automated processing stays in the cloud or in an electronic filing system, the traditional file archiving system is moving closer to large-scale reduction and eventual obsolescence in many industries.
Is Medical Claims Processing Automation for Every Business?
As the healthcare industry continues to grow exponentially, with no signs of slowing, it becomes increasingly important for businesses to streamline as many complex processes as possible. Medical claims is historically complex, paper-heavy, time-consuming and expensive, making it a prime process for automation.
As individuals, we’ve all known the frustration of the package that comes late or, worse yet, never arrives. As business people, we know what it’s like to deal with customer or client complaints, and the frustration that comes from not being able to figure out how to readily correct the problem.
Our client, an international package delivery company, was having trouble uncovering and identifying the source of delivery problems, such as equipment or system breakdowns, and then was spending too much time finding answers and implementing solutions. Their current workflow SaaS system was not providing the insight they needed. They turned to Prolifics for help.
Action – The Prolifics Process Mining Workshop to the rescue
Upon discussions with the company, we felt that our client would be an excellent candidate for our Process Mining Workshop, a half-day to one-day, free, interactive meeting to identify operational challenges and determine the best plan to jump start the corrective action. Here’s more on both Process Mining and the workshop:
More simply, Process Mining uses your company’s own data to quickly identify inefficiencies, where to improve operations and how to get your desired business outcomes.
Your workforce, customers, vendors, and others generate data in the form of digital footprints any time they use your internal systems to perform work. These digital footprints are recorded in ERPs, CRMs, databases, log files, audit tables, Excel documents and other systems and applications. Process Mining follows this digital trail through a system to discover what’s happening and automatically creates a visualization of the process from the data.
Because it’s based on real data, a Process Mining project can guarantee the improvement to the targeted process, and monitor the process going forward against the new procedures or policies.
Gartner’s Marc Kerremans, VP Analyst for Business Automation, has stated that our bundling of Process Mining and process automation is unique in the market.
Why the Process Mining Workshop?
Our Process Mining Workshop pairs you with our process experts to identify your operational challenges. Workshop activities include an overview and demo of process mining; then together we perform a process assessment, systems overview and data inspection.
The initial goal of the workshop is to identify the “quick win” – correcting a specific, critical problem that jump starts the development of a greater action plan.
Result
Through the Process Mining Workshop, Prolifics and the client examined different problem areas, and decided to first focus on the delays in their root cause analysis (RCA) system and procedures, which uncovers the reason why a problem occurred in the first place. The long RCA response time was a major pain point for the client.
Showing dramatic results in the RCA process inspired the client to take Process Mining into other areas of their business. They are now in a position to implement the changes that will help ensure that the package gets delivered.
Technology
Prolifics combines its expertise and experience in Process Mining, systems, automation and artificial intelligence / machine learning (AI/ML) with the capabilities of IBM’s myInvenio, a process mining software.
Prolifics – Vision to Value. Faster.
Prolifics is a global digital transformation leader with expertise in Data & AI, Integration & Applications, Business Automation, DevXOps, Test Automation, and Cybersecurity across multiple industries. We provide consulting, engineering and managed services for all our practice areas at any point our clients need them. Vision to Value. Faster. It’s not just the Prolifics’ tagline, it’s what drives us. Connect with us –solutions@prolifics.com
By Gunjan Goel, Partner, Financial Services and Banking – Prolifics
The effects of the pandemic on the US financial services industry were extreme and obvious: a shift in business models, a remote workforce, fast-changing operating models, and the need to speed up the digital transformation of systems. In this blog we’ll take a closer look at the effects on the capital markets space as well as the banking space.
A little context will be helpful, as the US capital market is a significant component of the global markets and therefore often sets the path for the rest of the world.
As of 2020, per World Federation of Exchanges, the US equities market accounts for 40 percent of the $97 trillion of global equity market capitalization – 3.7 times more than the next largest market, China.
US fixed income market accounts for 40 percent of the $106 trillion securities outstanding – 2 times the next largest market, the EU (excluding UK).
The pandemic made 2020 one of the most volatile years for the capital markets – the resiliency of the entire system was put to the test. In the US, several economic packages have been pumped into the market to help stabilize the volatility and generate other benefits. I expect changes in financial regulations to reinforce these actions and promote growth. Capital markets are rightly seen as one of the critical infrastructures of the country, becoming the launch pad for economic growth. The nation has to continue to grow its capital markets to support its economic growth – navigating through systemic challenges thrown its way. The continued focus on ESG (environmental, social and corporate governance) will only be compounded through ensuring operational resiliency.
When we look at the private wealth management sector, the pandemic pushed market behavior to go remote. The banks responded and two changes started shaping up. At the consumer level, there was a rise of retail investors with increased spending power that entered into wealth management. At the bank level, institutions offered expanded services to seamlessly work with increasing volumes of remote customers. The higher the market volatility, the greater the volume of transactions. With most of the economy in lockdown, customer spending power increased, resulting in increased investing.
At Prolifics we saw this coming and started working with our clients, advising them of the expected changes ahead, preparing them via programs and creating offerings to help in the journey, such as
Helping clients more effectively utilize their data
Bringing in artificial intelligence to customize the increasing volumes – garnering customer loyalty
Becoming more agile and responding to the ever-changing market via micro-services, cloud services and others.
We believe that the banks that have taken this jump to embrace digital modernization and ballasting their infrastructures (while staying nimble) will come out ahead of the competition, realize more profits and enjoy a wider network of more loyal customers.
About the Author
Gunjan Goel is an innovator, change agent and leader, with expertise in process improvement, customer experience, analytics and security. He has been with Prolifics for 12 years and has more than 22 years of banking and financial services consulting experience for clients across North America, Europe, and India. Goel consistently identifies and executes transformational programs that help financial institutions stay ahead in our constantly changing business landscape. You can reach him at gunjan.goel@prolifics.com.
