This month I’d like to review the topic of improved business processes through the delivery of agile solutions and dual twin systems, offering even greater functionality through tailored optimisations.
Business processes have transformed immensely in the last century. From manual record and bookkeeping to entering information via a typewriter, to word documents and excel spreadsheets, to database creations, to today’s disruptive solutions offering intelligent data tracking and automatic notifications through machine learning.Step one: Digital disruption through agile solutions
Business data has grown up. Larger volumes being collected need innovative solutions to unify and manage this data, applying business rules to it and churning out tailored reports based on it. Traditional solutions have taken years from concept to implementation, costing businesses huge amounts of time and money.
Not so anymore. Disruptive digital solutions are on the move. Completely customised applications that will follow business processes – down to the finest level of detail – are being delivered rapidly, in weeks and months not years. Accelerated development tools are giving solution providers, the opportunity to have a core application which can be rapidly configured and delivered to businesses. One such example is infoFINIUM. The benefits to businesses? Simple.
Efficient business processes driven by an integrated solution and quicker access to true data for reporting purposes. Today, many companies are already gaining competitive advantage as business units work collaboratively, bringing greater insights to senior managers and board level stakeholders.
Let’s take the new (well, now not so new) FCA and PRA regulations for approved persons as an example; SIMR, SMCR SM&CR. Many enterprise & SME businesses in the finance and insurance sector encountered difficulties when implementing a suitable solution, both in terms of regulatory compliance and internal business processes. As larger organisations typically have larger infrastructures and other – potentially incompatible - applications in their networks, any new system integration is costly both in terms of time and expense.
We have had the opportunity to work with some finance and insurance houses on projects which adopted a more innovative technology route, namely a custom solution (infoFINIUM for SIMR), which managed the regulatory compliance process as well as internal business processes – all delivered rapidly through accelerated development.
The benefits to businesses? Improved collaboration of business units through process improvements driven by innovative workflows. Businesses become more efficient.
In the example above relating to SM&CR, the business benefits of implementing an infoFINIUM solution were as follows:
The rapid implementation of a solution offers further proactive opportunities to businesses. Purely by having a dual twinned system, IT teams are able to:
As the project kicked off a data mapping exercise was conducted. This resulted in data being analysed as it was uploaded. The resulting analytics for the document management system was set up within a workflow process. These steps included elements such as yes/no rules which would trigger events.
In the case of a custom regulatory system the value to businesses proved to be the assessment of real-time employee statuses and impact analysis. As and when a new regulation was released the twinned system could test the newly required workflow process to auto notify stakeholders and (in this case) training coordinators. Any external influencers on the regulatory compliance solution (such as email address failure etc).. could be proactively managed before transitioning into the live environment. The end user has never been aware of this problem.
Another core example was the implementation of a new business process, to include regulatory changes from the governing body. A further workflow has been set up and tested to ensure there was no impact on the compliance process. This optimised development took days rather than months, giving the business greater assurance of maintaining their compliance tracking.
This agile approach to a custom solution can only be offered with innovative technologies such as infoFINIUM.
TechFINIUM is a leading trusted software and solutions provider. Our aim is to enable businesses to efficiently manage business critical processes, corporate governance and compliance - globally.
We are proud of our team of highly experienced & well connected professionals, who have been successfully delivering business solutions across diverse technologies and in multiple industry sectors.
Our particular expertise is in the financial services and insurance sectors.
Along with this, we are able to call on our extensive network of consultants, partners and associates to augment our delivery capacity. TechFINIUM currently has operations in the UK, South Africa, and India.
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