In today's world, time has shrunk unimaginably to become a precious resource - Minutes define whether an organization can compete in business or not. The stopwatch starts from the moment the customer places an order and ticks busily until the customer receives the delivery. In San Francisco city, if Amazon is able to shrink its delivery time from days to hours (and even to minutes in certain verticals); Walmart is forced to match or beat this benchmark, otherwise it risks its business. Isn’t it astonishing that Ubereats has set a benchmark of 15 minutes food delivery in New York City? Time-driven parameters have hence become one of the core benchmarks of measuring performance in the business landscape.
So, when you are against competition where the only determiner is the speed of action, then all your internal process have to be hundred percent agile. However, DELAY, one of the most detrimental process inefficiencies, is often a challenge to DETECT. Enterprise operations are a maze of multiple, interlinked, parallel, sequential, and intertwined processes. A blockage that causes a delay beyond a specific period at any process node exponentially increases the risk of a cascading delay across the operational process. The added complication of lack of process visibility makes it tough to zero in on the cause of the delay, further derailing the enterprise operations.
The result: unhappy customers, poor perception of your enterprise's efficiency, loss in business, and losing against competition - certainly a scenario worth avoiding at all costs.
The life-saving diagnostic device of the medical world, electrocardiogram (ECG), detects every irregular rhythm of the heart, delivering critical information about any blocks in the heart, one of the focal organs of your body.
What if your enterprise had such an effective diagnostic tool - an ECG that could identify blocks across any operational environment?
Introducing Augmented Analytics from Ramco, an innovative enterprise cardiogram that detects blocks and delays across every process, pivots critical data to reveal the source of the block, and delivers alerts and data insights in terms of multidimensional reports and forecasts to permanently remove the source of these block.
Why is the detection of process blocks and delays critical for a healthy enterprise?
Every enterprise's operation is an elaborate grid of business processes, with workflows connecting all the different stages. Hence, inefficiencies at any node of a process can have a cascading effect on the overall operational productivity.
How can process blocks and delays be escalated in real time?
Process sensitivity to delay starts with the enterprise cardiogram creating time-based benchmarks right up to the task level and defining the related stakeholders. The performance of every node of the process is then constantly measured against the predefined time-based benchmark and instant alerts are raised to the stakeholders in case of a delay beyond these benchmarked values.
This approach helps the enterprise in assessing the efficiency of each step and sub-step of the process to determine all possible bottlenecks - whether process requirements or performer skill set deficiencies could be causing a delay. It is in this context, that organizations should define key KPIs of its resources as seen from the end customer.
Let's take the example of an invoicing process, which has undergone immense automation and trimming to eliminate unnecessary delays. However, despite these improvements, the invoicing process within most organizations is often delayed. The convoluted process of raising the invoice, validation, approval, flagging for processing, and the final billing stage can have more than one node where delays can happen.
The senior management and other stakeholders within the enterprise do not have the bandwidth to micromanage this process. However, they could benefit from real-time alerts and data insights when the delay extends beyond a pre-specified limit to facilitate timely intervention.
This approach of setting off alarms when things could potentially go wrong across the board because of a significant block is indeed essential in maintaining healthy enterprise operations.
Conclusion: Augmented Financial Analytics - your enterprise's smart ECG solution
The enterprise cardiogram thus delivers complete and real-time visibility of any block or delay across key operational workflows. Once you have the visibility, you can then make well-informed decisions on the steps to take to eliminate the block - either an open-heart surgery or a stent.
The open-heart surgery option identifies the affected process that causes the block and bypasses or eliminates it so the rest of the tasks proceed unhindered with the desired efficiency. When the delayed task is a critical part of the process that cannot be eliminated, the stent options can provide long-term solutions - for example, robotic process automation of routine and repetitive tasks that suffer from performer delays, empowering performers with anytime access to work from anywhere, and decision aid systems that use indicators to highlight critical tasks that require additional support.
With such crucial advantages of augmented financial analytics, your organization will be well on its digital transformation journey.
I am also proud to mention that Ramco has recently entered Gartner Magic Quadrant for our Cloud Financial Suites. Do take a look at the report here.