Leverage automation successfully
The loan application process can be cumbersome and complicated, which is not ideal for organizations looking for loans to fund the business during a pandemic. A bank in China invested heavily in automating its loan application process, leading to a supply chain product with online application review, verification, online lending and automated approval. This reduced the approval process time to 30 minutes, making it an attractive offering for businesses.
It’s not possible to automate every piece of the business, but look for vulnerable areas with frequent human error, slow completion time and tedious manual work. Once these areas are identified, work with business stakeholders to match them with the key automation technology. Focus on the three key technologies of robotic process automation (RPA), intelligent business process management suites (iBPMS) and integration platform as a service (iPaaS).
CIOs should consider several common areas of automation, including accounts payable, travel experiences, accounting, invoice delivery, sales operations, contract management and even payroll.
For organizations looking to establish automation during COVID-19, recognize that hiring an entirely new team isn’t feasible. Instead, look to current employee skill sets. Focus on minimum viability automations over fully comprehensive automation and keep stakeholders looped into the process so the end result focuses on key business priorities.
This article has been updated from the June 16, 2020 original to reflect new events, conditions and research.