Daily Lives Have Gone Digital – Has Your Business?
Cars that park themselves... a drone to capture your sweet ski flip... 3D printed jewellery... a selfie of your weekend in Paris that’s of broadcast quality... drink up, your Uber has arrived.
Our daily lives have already gone digital, starting when we took one single step, often on a smartphone or tablet, that created a ripple effect that now helps guide and inform our interactions with people, places and things. But what about your organization’s business processes? New research in a white paper commissioned by Cognizant reveals that by applying digital remedies to precisely targeted process areas, organizations can transform themselves. From cost reductions to better customer experience management, better digital business processes and rapid evolution, companies can relieve operational stress and go on to yield outsized results.
Digital Process Acupuncture
Cognizant describes this emerging scenario as ‘digital process acupuncture’, pulling from the 5,000 year old discipline of acupuncture, based on the belief that a set of accurately placed pinpoint treatments can impact the entire body.
“Similarly, we believe organizations can relieve operational stress that builds up by identifying and isolating processes (or sub-processes) that are materially connected to other important activities and applying precise doses of digital change”, explains author and researcher Robert Hoyle Brown.
Precision doesn’t mean half-measures, either; decisive action requires intensive, digital focus on the connective tissue that constitutes entire functional processes, he states. By using digital technologies to ‘heal’ process bottlenecks, lubricate friction points, optimize manual inputs or handoffs, and relieve systemic pressure points in information flow, businesses across industries can unlock substantial value, maximize healthier business outcomes and improve the experience for all participants — customers, suppliers, partners and employees — across the value chain.
From Drones to Digital Wallets
Examples of this highly targeted use of digital technologies include capturing images with drones to reduce insurance underwriting risk and bring insurers closer to real customer needs; using digital wallets and beacon technologies to create shopper awareness and boost retail sales; tethering touchless payments to loyalty programs to predict buying patterns and using sensors, IoT or RFID for real-time monitoring to streamline the business supply chain.
The Cognizant Whitepaper research involved a wide range of industries. This included a study of 321 executives across Europe and North America from banks to PC&L insurance companies, healthcare companies and retailers, to establish how they are grappling with business process digitization today.
“Because many businesses have different views on exactly how digital process acupuncture applies to them, we offered a tight definition of what we meant by digital process change”, says Robert Hoyle Brown. “They used digital technology to instrument, accelerate and link a seamless process value chain, often by integrating the physical and digital worlds. Process value (both in top-line cost savings and bottom-line results) is created when targeted, precision-guided digital change revises the sequencing of key touchpoints and channels in a way that improves the experience or boosts engagement.”
Top 3 Ways Your Company Can Benefit
So how can your company benefit today from Digital Process Acupuncture? The top 3 key benefits being identified are:
1. Progressive cost reduction - More progressive ways to cut costs by finding new approaches and going beyond the back office.
2. Customer Experience Management – Unprecedented levels of new value are being created by rapidly evolving to consistently deliver customer experience.
3. Digital Process Acupuncture delivers solutions to help firms adapt to change in a faster but controlled way while avoiding operational upheaval.
Read the full Cognizant Whitepaper here ‘Digital Process Acupuncture: How Small Changes Can Heal Business and Spark Big Results”.
You can also read more from author Robert Hoyle Brown, who is an Associate Vice-President in Cognizant’s Center for the Future of Work. He is a regular contributor to the blog www.Futureofwork.com