A couple of times every month, you might tweak your workflow, but does it boost your team efficiency? You know something is wrong somewhere and you want to fix it. But have you been able to identify what needs changing? Critical data is crucial to such decisions, and that is where process intelligence can help.
An industry buzzword today, process intelligence is often coupled with BPM or business process management. Industries like banking, insurance, and mortgage are greatly dependent on process intelligence services.
Process management is mostly a part of BPM packages. Process intelligence lives and moves around in every place that processes happen. And that is practically almost everywhere.
Process owners often need to address inefficiencies and improve processes. For that they first need to capture the entire gamut of processes inside-out. What are the types of work, who does what, what is the normal processing time for each, what are the bottlenecks faced and much more!
Quite often, one tends to introduce processes into predetermined workflows, which are based only on observation, intuition, and guesswork. Only when a bottleneck is encountered, does a revision ensue. Such revisions are again, based on intuition or guesswork. Bottlenecks keep surfacing in process management when it has been modeled on someone’s notion of the workflow. The actual workflow comprises many complicated sequences. In industries like mortgage banking, processes get really complex and intertwined.
Process intelligence software captures, monitors, and analyzes processes that run your business.The software can find out inefficiencies and bottlenecks and help you find solutions through process modelling. Monitoring and analysis can be history-driven or real-time. Mortgage and banking software solutions come handy to tackle the numerous non-linear processes having numerous dependencies.
Process intelligence software reduces the time and cost for process modelling, wards off great uncertainties, and reduces the need for guesswork. Process modelling, by the way, is the crucial first step in building a reliable BPM system. In this age of ‘big data’ and ‘social data’, smart process intelligence is essential.
When you are seeking support for your mortgage, insurance, or banking services, make sure that process intelligence programs are seamlessly integrated with process management programs. Running both as independent programs entails a lot of wastage and ineffectiveness. Properly aligning and infusing process intelligence into process management accelerates decision-making and improves efficiency. Cause-and-effect mapping become easier and decisions are made quicker. Overall efficiency and effectiveness rise steadily as result.
Proliferation of smart devices and mobility has opened many avenues for capturing and analyzing data. Some technologies generate petabytes of data, which when properly analyzed, can provide terrific insights to improve processes and efficiency levels. Once again,treating vast amounts of data with the right technology can generate new process intelligence and evenhelp reinvent the ways of lending.
Preethivagadia is currently a Senior Business architect with the Service operations practice at a well-known IT Industry in Bangalore. She has worked in several process improvement projects involving multi-national teams for global customers. She has over 8 years of experience in Mortgage Technology and has successfully executed several projects in Logistics management, Logistics Integration, Reverse logistics, Warranty software and Programmatic Solutions.