Smart Process Apps – the key to unlocking operational efficiencies and enhancing the customer experience

Smart Process Applications

In an increasingly competitive and globalised marketplace, attracting new customers and retaining existing ones has become one of businesses’ biggest challenges. Since the majority of products have become highly commoditised, the only real point of differentiation available for organisations to leverage is the service and customer experience they deliver. Delivering excellent customer service and an outstanding customer experience requires that operations be streamlined and business processes to be optimised, ensuring every customer engagement leverages technology to its best advantage. Smart Process Apps (SPAs), which improve information-intensive processes, are one aspect of addressing this challenge. Smart Process Apps (SPAs) enable organisations to improve real-time customer interaction, enhance business management and gain an important competitive advantage.

Attracting and retaining customers has always been a cornerstone of any successful business. However, in today’s market this is increasingly difficult to achieve. Not only are customers faced with a multitude of choice when it comes to service providers and products, they are more knowledgeable on competing offerings than ever before. Customer service is therefore often cited as one of the major reasons customers stay with an organisation or take their business elsewhere. Ensuring optimal customer service, therefore, is of the utmost importance, and this in turn requires that operations and business processes be streamlined and optimised to ultimately improve customer service.

Improving customer service requires organisations to firstly ensure their internal and external processes are in line. The demand for Smart Process Apps (SPAs) arose out of a growing chasm between the internal enterprise software applications organisations use to manage their business, or their systems of record (ERP, CRM, ECM systems), and the ways organisations interact with customers today, or their systems of engagement (email, SMS, fax, snail mail, call centres), which increasingly require support for mobile devices. Smart Process Apps (SPAs) provide the essential link between an organisation’s systems of engagement and systems of record, enabling businesses to be more agile and responsive to customers, without the need to modify their ERP, CRM, ECM, line of business and other enterprise software applications.

Smart Process Apps (SPAs), according to global research and advisory firm Forrester Research, are ‘a new category of software that supports business activities that are people intensive, often unpredictable, loosely structured, collaborative and subject to frequent change’. Smart Process Apps (SPAs), in effect, provide the flexibility and adaptability organisations today need to deal with an increasing number of unpredictable processes and collaborative activities. In addition, Smart Process Apps (SPAs) support the mobility that has become critical to doing business.

Within many organisations, one of the most significant customer-facing business processes is the capturing of information. This can be a tedious, time-consuming process that is prone to human error. As a result, it is also a prime candidate for transformation through Smart Process App (SPA) technology. Examples include new customer onboarding applications such as account openings, loan applications, healthcare patient admissions and insurance claim submissions. These information-intensive processes are typically slow and are an endless source of frustration for customers and employees alike. Improving this particular customer engagement will enable businesses to leverage improved real-time interactions to increase responsiveness and provide a higher level of service.

Smart Process Apps (SPAs) have the potential to greatly enhance the way organisations interact with employees, suppliers and customers. By putting an Smart Process App (SPA) strategy and platform into place, businesses are positioned to effectively deal with large volumes of information and data originating from different sources, ranging from online applications to walk-in customers. Smart Process Apps (SPAs) help organisations to meet capture, process management and mobile goals without having to make changes to existing systems, which will help keep cost of ownership down.

Organisations can leverage the latest technological innovations with regard to data capture, business process management (BPM), dynamic case management (DCM), data integration, analytics and mobile capabilities on a single, unified platform. From capturing content and images on mobile devices to the management of the related structured and unstructured business processes, from document process analytics insights to collecting the “wet ink” signature from a customer using their smartphone device, a single, fully unified platform for the development and deployment of Smart Process Apps (SPAs) has the potential to revolutionise business. In addition, customers can easily be kept informed, engaged and up to date on the process at every stage, which vastly improves the customer experience.

Smart Process Apps in summary

In an increasingly commoditised global market, customer service is the cornerstone of competitive advantage. Improving business processes is therefore essential. In order to achieve this, organisations should look toward leveraging the power of Smart Process Apps (SPAs) through a unified, integrated platform. This radically transforms and simplifies the processing of real-time, information intensive communications from customers and dramatically improves an organisation’s customer experience, while greatly reducing operating costs, thus driving increased competitiveness, growth and profitability.

Elevating the Finance Function with Automated Accounts Payable solutions

With automated Accounts Payable solutions, organisations can expect to see a return on their investment within the first six to twelve months. From that point onwards, the solution starts generating increasing returns for the business.

In fact, there are many benefits when automating the processes of receiving invoices, automated reconciliation of invoices against associated statements, and making timely payments to suppliers, business partners, tax agencies and other creditors.

In essence, it allows the finance function to become more proactive and strategic in their approach and ultimately transform the role from a cost centre into an area rich in innovation and new efficiencies.

Surprisingly, not all mid-size and large companies have recognised the value of automating this function. Consequently, they are not deriving the most possible value from their Finance operations.

In traditional thinking, the finance function was regarded simply as a cost centre to the business, an admin-intensive area that was fated to growing in scale, in proportion with a growing organisation. Even worse, it seemed to add more layers of manual processes as it grew.

Now, with automated Accounts Payable solutions, the finance division is re-framed as a strategic team that drives process efficiencies, ensures the optimal use of financial resources, improves balance sheet effectiveness, and focuses on relationships and engagement with key business partners.

The direct, tangible advantages of an automated Accounts Payable solution start with the benefits of early-payment discounts, and avoiding any late-payment penalties. In cases of more complex conglomerates and federated organisations, automation enables the finance teams to see where the same suppliers are being paid by different business units, and consolidate the invoices into one – often benefitting from bulk discounts.

Other direct advantages are found in areas like tax penalty avoidance, reduced chances for erroneous payments, and savings on smaller administrative costs like couriering, paper, ink, and physical document storage for example. Over time, it all adds up to a huge saving for the organisation.

And, as automation takes over much of the ‘low value, high volume’ activities in invoicing, there is less need to grow the headcount in the finance team. In fact, many of the team members are redeployed to higher-value, more strategic activities.

Finally, by handing over much of the day-to-day processing to an automated solution, the finance team is better able to plan, forecast and budget. In this way, for example, they can select the suppliers who are offering the most attractive early-payment discounts and structure the accounts payable function around generating the most value.

In general, it is the visibility and control which makes automated Accounts Payable so attractive. Being able to track the status of an invoice, from receipt all the way through its lifecycle, to the eventual payment, is a huge boost to the organisation.

Some of the other key features of automated solutions include full compliancy with the relevant legislation – this is primarily the South African Revenue Services (SARS) Act, and the National Archives and Records Service (NARS) Act – as well as conformance with governance recommendations such as King III.

Added to this, quality Accounts Payable solutions also cater for automated statement reconciliations, and effectively deal with any exceptions, queries, errors, inconsistencies and duplications through a flexible case management system.

Ultimately, all of these benefits help the Finance team to elevate its role within the organisation – and focus on the higher-value aspects of supplier relationships, enhanced engagement and communication with suppliers, and financial forecasting. Top-class Finance skills are retained in the organisation, as it adopts a leaner and more strategic guise. The benefits to the organisation are quick to realise, and very sustainable in the months and years that follow.

See more at: http://www.intervate.com