I’m excited about participating as a panelist at the FSOkx BPM Innovation Forum on September 17th.There is so much change currently happening in the financial services industry and BPM is perfect to help meet the tremendous challenges ahead.
In my 20+ years in the financial services industry, I have not seen so much change and pressure to meet regulatory requirements before. It is an upheaval of processes and systems. Making these large, complex changes to processes and systems are tough enough as it is, but when you see the number of regulatory changes coming down the pipe in the next 5+ years, it can be especially overwhelming! For example, there are more than 10 major regulatory/legislative changes happening in the next five years like Basel III, FATCA and Dodd Frank, all of which will have a direct impact on the way financial institutions do business. How can anyone keep up with these changes? In addition, how do businesses plan for these changes when there is still an influx of regulatory changes? How do you get visibility into your business to make these changes? Continue reading
Legacy Media Businesses Get Trapped in a “Millennial Dilemma”
In our whitepaper, “Making the Shift to a New Millennial Enterprise”, we highlight how companies can avoid becoming extinct by embracing the changes and market disruptions brought on by the advent of two major forces; digitally-savvy consumers and key technology enablers such as the “SMAC stack” (i.e. the application of Social, Mobile, Analytics and Cloud technologies). Adopting a proper “millennial enablement” strategy is key to survival in the modern age. Failure to execute on millennial enablement has resulted in many of these long-term, established companies going out of business or being sold for a fraction of their peak value.
Never has this been more prevalent than in the Media industry. For starters, does anyone want to buy a newspaper company? Continue reading
Fortune 1000 IT departments are facing huge time and budget pressures from their business stakeholders to deliver faster, cheaper and better solutions. According to a recent study by Project Management Institute, organizations risk on an average $135 million for every billion dollars spent on projects due to deficient project and program management. As the findings from the study indicate – “high performing organizations that implement proven success indicators can mitigate risk by improving their project and program outcomes. 90% of their projects are meeting original goals and business intent, and they risk 14 times less than their low performing counterparts – creating a significant competitive advantage.”
My expertise has mainly been in managing and delivering large mission-critical and life-critical applications. Some of the most common pitfalls that I have experienced, that other program managers need to be aware of and prepare for, when dealing with large programs are Continue reading
Mobility is the next frontier of the enterprise. As millennial consumers in a digital age, we are driving change to our employers, business partners, and even clients to allow for the same flexibility, speed, and interaction with data that we have in our personal lives. This applies to device usage as well as software development, access, and usability.
While we may play ‘Angry Birds’ or check in at locations on our personal devices, we are demanding the feature rich capabilities of GPS and camera integration, access anywhere, and mobile peripherals that exist in today’s devices. The expectation of technology and its capabilities has surpassed the enterprise’s ability to roll it out quickly, maintain, and customize it. Continue reading
Successful organizations are not known for being complacent. They strive to improve themselves continuously. But that raises an issue; how does an organization identify weaknesses in their compliance, delivery and customer focus? In Frank Palermo’s recent blog Making Sense of Your Big Data with BPM: Turning Insights into Action, he discusses the convergence of Master Data Management (MDM) and Business Process Management (BPM), and how the two can be leveraged to tackle the challenges of Big Data to achieve business transformation. Frank points out that BPM can be used to derive intelligence from the collected data and, once the issues around data processing have been solved, can also perform a governance role. Continue reading
Today’s young workforce is virtually all part of the Millennial Generation, also known as digital natives. This is a generation that is comfortable collaborating on social networks, and because of this, they expect their organization to provide collaboration tools and a highly “social” environment. Consequently, those organizations which have adopted these new collaboration tools are expected to see better productivity from their Millennial employees. Listed below are five ways in which enterprises can leverage present day social collaboration technologies to successfully and productively engage with the Millennial generation Continue reading
Marketing teams and corporate strategists are constantly on the lookout for online user behavior reports to both facilitate effective decision making, and enhance customer experience. Web properties are the best way to reach customers and to collect this information first hand. There are a myriad of both open source and commercial tools for such web analysis. Some of these products are SaaS based, whereas some can be implemented in-house. A few of the products available in the market are -
- Adobe SiteCatalyst
- Google Analytics – Standard and Premium
- IBM Coremetrics
- Open Web Analytics
- Digital Analytix
While choosing one of these products, enterprises should keep in mind the following as part of their selection process Continue reading
It is important to keep in mind that most problems have more than one right answer; the challenge is to determine the best answer. The challenges raised by the Dodd-Frank Act provide the opportunity to determine which of the many potential solutions would be the best answer for your organization. Many of the banks that have had to respond to the new rules, processes and data requirements have done so in a tactical manner. This is mainly due to the uncertain nature of the implementation of the rules; for example, the repeated delays and rescheduling has made investment in strategic solutions difficult. However, as these institutions plan the next stage of solution deployment, it is important to continue striving for the best answer. Understanding what the best answer is for client onboarding starts with the ability to solve the obvious challenges brought on by the need for regulatory compliance. Beyond that, it is important to prioritize all of the other issues that may arise during the onboarding process to achieve true transformation. Among these issues is the time spent on-boarding a customer, efficiency, and data management and governance. The best answer to the challenges of Dodd-Frank, KYC and FATCA or any other regulatory mandate is to determine how many critical business needs can be solved by the best answer: a holistic solution. Continue reading
Last week I was fortunate to be able to moderate a fantastic webinar, “Extending BPM across Your Organization” with some of the world’s best BPM experts, including Michele Cantara, Research VP at Gartner Research and Stuart Chandler, the Worldwide Head of BPM at Virtusa. Between them they have 50 some odd years of BPM experience so when they get together, I generally recommend listening (BPM is like dog years, you need to multiply by at least 7 to get the true experience!). Continue reading
Before attending the recent Pegasystems’ PegaWORLD 2013 user conference, I asked the simple question: Is Business Process Management (BPM) really changing the game? I personally believe it has, proven by many of the organizations that I work with. Better yet, at PegaWORLD 2013, there was a much broader and greater acknowledgement of how technology is shaping the BPM journey.
We all recognize that today’s business environment is dynamic and demanding. The rapidly evolving millennial consumer market, coupled with the rate at which disruptive technologies are revolutionizing the way we live and work, staying ‘current’ translates to staying ‘alive’ for most organizations. Companies are increasing their focus on adapting their businesses to meet current market challenges through technology enabled BPM. Capturing and encapsulating business rules, processes and situational decision making is enabling organizations to both leverage and optimize their capabilities.
Throughout the two day PegaWORLD event, several organizations shared their stories about how BPM is bringing reality and visible outcomes to strategic and operational shifts to meet today’s demands. Stories describing how operational efficiency has improved by about 20-40% (sometimes even up to 60%!), how organizations are reconnecting with customers, providing improved customer experience and globalizing best practices. Additional stories were told about how organizations are embarking on not just BPM projects but large transformational programs in rapid fashion to differentiate their business and change the game. Continue reading