Most organizations are involved in some kind of effort to go digital, to stay digital, or to optimize their digital workplace. In a three-part blog post, we will share lessons from the front-lines of digital transformation. These key takeaways from our work with over 90 percent of the Fortune 500 will provide you with important lessons to help your digital transformation succeed.
1. Digitized processes can deliver a lot more than the sum of their paper parts
When you move any business process into the digital realm, it opens up possibilities for process improvement that may not be obvious at first. The most successful digitization efforts are the ones that fully realize the gains and new value made possible by digitization.
For example, say your digital transformation involves scanning paper collections to make them more easily available to the workers who need them – ideally in a cloud repository which is accessible any time, anywhere.
While this is a great start, digitization can offer more possibilities.
Now that the documents are online, ask yourself what kind of additional value or process improvement you can create by connecting those documents to other digital systems. For example, several of our energy clients are doing this, connecting their digital repository to a separate land management system. This extra step allows workers to view accounting information alongside scanned land files, reducing several unnecessary steps when reviewing the details of a land file.
2. Robotic process automation is a reality, and very relevant to digital transformation
Building off the previous lesson, bringing information into the digital world opens up exciting opportunities to drive more value with your digital transformation. One of those possibilities that requires special mention is robotic process automation (RPA).
RPA involves a few basic activities that can benefit your organization including:
- connecting multiple information systems
- automating manual processes
- manipulating data to create value
- triggering outside actions
Digitized information creates a perfect environment for RPA. For example, our banking clients are using TAB FusionRMS as a platform to bring RPA to their lending operations. To start, FusionRMS is configured to connect to the lending system to automate the creation of loan records for tracking and management purposes. FusionRMS then augments those records with retention information and automatically creates lists of tasks for workers to carry out. It also automates portions of the loan certification process by checking which loans are missing important documents required for compliance and producing exception reports.
In part two of this three-part post, we discuss the reality of having a hybrid records environment and the questions to ask before embarking on a digitization project.