It took me exactly a day to write this blog. In the same time the following happened.
1. 1 billion pieces of content were added to Facebook.
2. Zynga processed 1 petabyte of content for players, a volume of data that is unmatched in the social game industry.
3. More than 1 billion searches were performed only on Twitter
4. More than 2 billion videos were watched on YouTube
That is not all. According to IBM, every day we create 2.5 quintillion bytes of data. That is a unit of data I never thought existed even in the dictionary and for me an Urban Legend so to speak. The amount of data created each day has increased to such levels that 90% of the data in the world today has been created in the last two years alone. This data is big data. An understatement to say the least.
Big Data will be of no use till the time it remains Data. The Big Data needs to be converted to Big Information.
The term Big Data is used to describe voluminous amount of unstructured and semi-structured data a company creates — data that would take too much time and cost too much money to load into a relational database for analysis.
So how do we manage the so called “big data“? What is the objective of managing it? What is the expected outcome of this extremely tedious exercise? The massive size of Big Data goes beyond the ability of average database software tools to capture, store, manage, and analyze them effectively.
Bill Hoggarth, speaker at the ITWeb BPM Summit, says “Unlike any other IT catchphrase, big data is here to stay because it’s being led and sponsored by business thought leaders.” From a BPM perspective, he also adds “It’s not so much how BPM helps with addressing big data, but rather how big data helps to address BPM challenges”. As companies shift towards more customer-centric approaches to managing their business, they are looking for frameworks to manage their business processes that can actually predict customer behavior.
Organizations have increasingly started thinking in terms of business processes rather than individual applications. The combination of BPM and advanced analytics tools that have ready access to massive amounts of data creates intriguing possibilities that could serve to automate any number of business functions.
Senior Management want businesses run on data-driven decisions. They want scenarios and simulations that provide immediate guidance on the best actions to take when disruption occur, disruptions ranging from unexpected competitors or an earthquake in a supply zone to a customer signaling a desire to switch providers. Management wants to understand optimal solutions based on complex business parameters or new information, and they want to take action quickly.
Of course, many business executives have been reluctant to attempt to automate many of the processes for fear that the data those decisions are being made on is either incorrect or incomplete. But as the volume of data for those decisions increases, the confidence in those decisions increases because the level of extrapolation being made based on the available data is significantly less.
It’ll be interesting to see what impact Big Data ultimately has on BPM adoption or vice versa. It is of utmost importance they complement each other to contribute to the growth of the organization. It is not just a matter of what came first – The egg or the chicken.
Name: Swapnil
Bio: Swapnil is part of Newgen's Presales team, working for the company's Regional Office in Mumbai.
Last night I participated in a webinar titled “Banking Transformation Needs Smart Automation”. The webinar highlighted BPM and ECM as catalysts for financial services transformation and how business benefits could be accrued from their implementation. The speakers included Derek Miers, Principal Analyst of Forrester Research and Mridul Sharma, Senior Vice President, Solution Delivery Team, IndusInd Bank and Ritesh Verma, Head, CoE Banking Practice.
Mr. Derek Miers talked about “Driving Transformation in Financial Services.” He began by stating that most organizations today are in the midst of one of the most disruptive shifts in economic history. The shift has been from producers and those who hold capital to consumers. Consumers he said had a plethora of choices today and even more so in the finance and banking industry. He went on discuss the gradual transition from the way banking services were delivered on paper to the 360 degree approach that is followed today. He stressed on the fact that since customers had so many choices, the greatest differentiator was how customer experience was delivered to customers. If customers were dissatisfied, they would invariably jump ship. To keep in tune with customer needs, organizations had to evolve and transform themselves. Mr. Miers spoke about how processes were at the center of this transformation from Traditional Line Management to Processes and Services Management. He argued that this did not warrant a Band-aid approach where specific systems or parts of the organization were changed but more like a “Wellness Program” which brings overall vitality, rejuvenation and business transformation. He felt that customer centricity should become the default behavior of the organization and especially its front line.
This approach reminded me of the term “Big Process” that I read in an article by Connie Moore titled “Embrace Big Process Thinking” where she said, “Big Process is when senior-most business and technology leaders embrace business process change by shifting the organization’s focus from isolated BPM and process improvement projects to a sustainable, enterprise-wide business process transformation program that is then supported and driven by top executives.” I think this aligns perfectly with what Derek was trying to explain.
Derek went on to elaborate on how organizations should build their transformation plan by focusing on outcomes and working backwards to the processes it needs to deliver that outcome. He concluded by highlighting that organizations should look at this as an opportunity to shine and take the lead rather than waiting for change to happen.
Mridul Sharma then took the speaker’s role and discussed how Newgen’s BPM solution helped the bank to improve processes, reduce turn-around-times, foster transparency and lay the foundation for a paperless and green office.
Ritesh Verma concluded the presentation session by discussing Newgen’s capabilities in BPM and ECM and stressing on how Newgen is in the business of transforming banks. He went on to point out how Newgen has become a key enabler for fast growing banks. He also enumerated the company’s achievements in the BFS industry and its pedigree of 850+ installations across 45 countries. He concluded by showcasing the number of clients Newgen has worked with and how it has helped 119 banks across the globe to achieve their business goals.
The webinar was wrapped up by a Question and Answer round where participants interacted with the key speakers.
Name: Imroz Adeeb
Bio: Imroz is Associate Manager - Corporate Communications at Newgen Software.
Corporate Banking is the area of finance dealing with monetary decisions that business enterprises make. It is fundamentally an information-based business, and despite advances in electronic data management and transmission, large amounts of communication both within banks and among banks, customers, and other third parties across a range of business processes remain paper-based.
Documents like Security Documents, Trade Licenses, Chamber of Commerce Certificates, Corporate Guarantees, Agreements, Mortgages, Email Communications, and Legal & Regulatory Documents are organized by banks in some way, whether or not they use a document management system. In spite of advancements in technology, most businesses still depend on (e) registers to record, store and manage document information. More sophisticated banks have developed in house document lodgment registers and would access their documents manually from the safe vault by following a certain process of access. The question is, what are the challenges faced by these departments in managing these documents within the bank? Most banks would not realize the amount of business impact it has in managing documents manually and lodging the access in registers/e-registers. At the same time, imagine the amount of business space occupied in storing these documents at a prime location in the bank just because it helps in ease of access and fulfilling business demands.
As the business grows, it tends to accumulate millions of documents of various kinds over the years. Still the process is error prone, time consuming, less efficient and non business friendly. Just as every bank organizes their documents, so too has every bank not using a document management system spent too much time looking for immediately required documents, often when somebody has accidently placed it somewhere it should not be. So, managing an exponential growth in the volume of documents at ease will get more time to focus on core business operations. These are some of the issues that typically drive banks to adopt a document management system.
Specific to Corporate Business of a bank the document management system helps in eliminating the overburdening need of document lodgment registers. Business users find managing and releasing Common securities between various loans/customers far easier than managing them manually. Other corporate business functions like Vetting, Credit, Legal, Syndication and Relationship Branches complement each other using document management system. The need for managing documents more efficiently is both an enterprise-wide and line of business requirement for banks. Whether driven by the necessity to streamline core processes such as lending or account opening, to improve the quality of customer interactions, or to fulfill compliance mandates across the organization, document management solutions are critical for the optimal functioning of a bank.
If you are asked to take a survey question, “What is the one thing that you would like to have but never have enough of?” No, it wouldn’t be money. It would be Time. Corporate Lending and SME businesses could increase their productivity at work tremendously if they had a tool that could save their time and compliment business activities. As it has been rightly said time is money, the more time you have, the more money you can earn. Electronic document management is the best way to stay productive.
Check out the White Paper – DMS Overcoming Challenges in Corporate Banking.
This document has four agenda items divided into following sections:
First two sections of this paper have a conceptual approach towards handling Corporate and SME Loans (Document Preparation, Vetting and Legal) within a bank. Third section has a more “how” touch showcasing some of the long term benefits of implementing an enterprise DMS within a bank. Last section focuses on “OmniDocs”, since I believe it to be by far the best suited enterprise model for large and medium sized banks.
Name: Sumit Sahdev
Email:
Bio: Sumit is Associate Manager-Products & Solutions at Newgen Software. He has over 5 years of experience in consultancy and driving achievements of delivering projects related to Banking and Financial Services vertical with expertise in Retail & Corporate banking, Derivatives and CRM domains.
Newgen has earned the distinction of becoming the Finalist for the prestigious 2011 “Knowledge Management Reality Awards” sponsored by KMWorld Magazine , for its comprehensive knowledge management solution built up on its award winning document management and content management platform- OmniDocs.
Using its expertise in imaging-based document management, Newgen developed a Knowledge Management system to function as a marketing repository of its Document Management platform, OmniDocs, and imaging platform, OmniScan. Newgen’s business activity monitoring (BAM) tool was integrated with the system to measure key metrics and ensure that the most current information was available to the business users. Rights-based access is provided to access as well as to create or modify a document in the repository.
Newgen to sponsor Gartner‘s annual flagship conference under “Emerging Technologies Companies” to be held in Mumbai from 21 to 23 November 2011. Gartner Symposium/ITxpo is the industry’s only event to deliver the insights, tools and relationships necessary to create, validate and execute transformative business technology strategies. The advice you hear will help position your business to move forward. Businesses rely on IT leaders — IT leaders rely on Symposium.
More than 500 CIOs, IT leaders, Gartner analysts and technology solution providers will gather at the Renaissance Mumbai Convention Centre Hotel to gain insight on hot topics including social, mobile, cloud, green IT, Pattern-Based Strategy and context-aware computing.
The conference and exhibition features four role-based tracks, plus a special program just for CIOs, focusing on the issues, decisions and actions required for CIOs to be successful. The agenda includes more than 70 sessions, workshops, how-to clinics, roundtables and more. Delegates have the opportunity to book one-on-one meetings with Gartner analysts to discuss their specific challenges.
SME is a fast growing market segment and rightly called the backbone of any economy .With the increase in IT spending, SME companies are looking for solutions which are easy to deploy whilst providing faster return on investment.
Enterprise class solutions with quick deployments and less maintenance are now replacing the high cost customized solutions.
Newgen Shrink-wrapped products OmniDocs, OmniScan and SAP Image Enablement Solution in the ECM space are some user-friendly, quick-to-deploy products, and require less maintenance. They contain all the core features as per the requirement and needs of SMB(s) with the option to customize in future whilst delivering quick returns within weeks.
Newgen is continuously educating domain specialist IT vendors via various Partner programs and events to build a proper communication channel and aim to reach SMB owners who are made aware of the existing solutions that may solve their problems.
In an era in which businesses are competing globally, government organizations seek more agility and efficiency, while being able to drive down costs and strictly follow the established Standard Operating Procedures (SOPs). In addition, the omnipresent requirement of better responsiveness to citizens’ needs is spurring governments all over the world to seek IT-based solutions to effectively address such myriad issues. As a consequence there has been observed a growing trend among Government departments at all levels to go for automation of paper based processes for faster decision making and improved efficiency.
The Indian government’s National e-Governance plan comprising of 27 mission mode projects aims at creating a framework for, and promoting long-term growth of, e-Governance within the country. The plan seeks to create a citizen-centric and business-centric environment for governance. The objective of this plan is to use the latest technologies and tools to enhance internal efficiency in the administration and provide better services for citizens, specifically in the areas of eServices, e-Courts, e-District, Land records, e-Office, e-Municipalities, Police, Transport etc.
Enterprise Content Management and Business Process Management are key technologies which provide immense value to the e-governance projects. Office automation solutions like File Movement and Tracking, Correspondence Management, Grievance Management etc allow Governments to enhance citizen services by reducing cycle time of query handling, increase coordination with various departments, reduce errors and improve responsiveness to citizens.
Key benefits of using ECM and BPM based solution for Office Automation are:
A Dynamic Case Management (DCM) solution will be effective if and only if the new business scenarios, situational complexities and exceptions are handled in a timely manner. And to do that, the process workers must be bestowed with power and authorization to take the right decision at the right time. According to the situation, the process workers may select any ad-hoc process route, they can trigger any call for action or they can escalate to higher authority for permission. It’s the individual worker’s decision making ability which will make a DCM solution successful.
A DCM solution can be BPM centric- where the workflow routing becomes dynamic, or ECM centric- where right based content access is provided to the users, or CCM centric- where the right communication channels are chosen for the right customer with right content, or purely Strategic where Business Analytics like Business Activity Monitoring (BAM) tool and Rule Management System are used to monitor the process performance and take the right decisions at right time or change the business rule on the fly.
A DCM solution can be treated as a new layer between traditional BPM, ECM, CCM and Business Analytics tool and core applications. For any given process, various process templates will be available. Process workers will not design any new process templates but they have to select the right template according to the situation. Any new scenario will demand a new process template which will become an integral part of the solution so that it can be referred to in the future, if required. This is the process discovery part which makes the DCM solution more and more effective in time.
Organizations with a strong history of providing complex BPM, ECM and CCM solutions are now focusing on developing DCM solutions. The DCM solution will become a right blend of those individual offerings. To choose a right DCM solution, you must check that:
To use a DCM solution effectively and consistently, the business owners have to be careful about the following things:
An Electronic Document Management System (EDMS) is a collection of technologies including imaging, document management and workflow processing used to create, capture, distribute, review, maintain, store, organize, index, retrieve and dispose information assets. It can offer significant cost savings and workflow improvement opportunities. The major benefits for having an EDMS are outlined below:
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