Technologies that underpin digital change have reached a tipping point for value creation. They facilitate the deployment of smart connected processes, which in essence enables all of us to join the dots.
Contextual Actionable Report + Workflow Generation
Leveraging these modern technologies means that transactional handling is very practical with very much reduced friction, as well as ensuring that controls for compliance are fully integrated into the process. The use of ranked contextual actionable reporting and workflows that can be driven @anywhere @anytime with payments @anywhere + simulations, provides deep flexibility and proactively drives management to focus on key areas that are in need of attention and facilitates deep ongoing agility. In essence moving time from transactional data handling to management activities.
Eradicating Spreadsheet Errors
Ongoing errors that have occurred through extensive use of spreadsheets can be removed as these tasks become fully or partially automated, thereby making them repeatable and auditable. Additionally, data can be further enriched to provide greater levels of data traceability. Successful processes can be leveraged in other entities.
Disruptor or Disrupted
Technologies from above are being deployed in Fintech, Insurtech and Retail and there have been many positive outcomes reported in the press or maybe even experienced by you on a personal basis. The core drivers here, that enable such change, relate to having ultra-granular control of your processes as well as the practical compute speed for them to operate, the latter being more about data throughput at any one point in time.
Think of your own business leveraging the above process and payment technologies to become a potential disruptor to your own competitors, or in fact using them to leverage your existing business strengths to enter a totally new business stream.
Project Team Structure
Worthy of deeper reflection, is that all of the above is relatively easy to handle on a practical basis within functional domain areas under common management, but it becomes much harder when these processes go across multiple domain and separately managed functional areas. For example, think of compliant processes being of paramount importance to one functional team, but not to the same extent being on the radar of another. Solving this challenge will unleash unprecedented value.
Do not Underestimate Systems Integration
X-application and x-ecosystem business flows, which underpin digital transformation, can be fully or partially automated but selection of your software vendor is very important here. Why? Because to make this happen, data will be moving across both your older legacy as well newer digital technologies.
Cybersecurity and Privacy
Vendors build in controls for software security including encryption. Corporates ensure that servers and employee machines are always patched with latest software updates, plus that underlying programs are within lifecycle, and that secure point to point communications are in place. Continued education of employees at all levels re cyber threats (particularly the C suite) is also of paramount importance here and often missed, or not prioritised enough. In essence all parties have a role to play.
Data Classification
As part of the above, all data should be classified, particularly PII (Personally Identifiable Information), and also considered in the context of the logical, legal, physical and now taxable location of data (including the very nascent but fast emerging BEPS 2.0).
Full On or Iterative Actions
Granularity of deployment options today means that your digital transformation moves can either be aggressive or iterative. Think of them as being a combination of apps (iOS, Android, or progressive web apps) + applications + processes as well as being the operational glue to make your organisation more seamlessly work together at all levels.
FlexSystem is a business software vendor to 1 in 10 Forbes Global 2000 (May 2020) and 1 in 5 Global Fortune 500 (August 2020), operating at the intersection of new process and payment technologies to provide you with iterative opportunities for value creation with or without AI at both gross and net margin levels.