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
The focus of providers and payers is now, more than ever, on delivering enhanced patient experiences through multi-channel platforms to leapfrog competition given the growing individual-based and highly competitive market landscape. Healthcare organizations are exploring ways to leverage technology to achieve high rates of patient engagement in healthcare.
Let us take a look at how providers are making the most of this recent trend in healthcare to accelerate health outcomes Continue reading
Once again, Pegasystems put together a world class PegaWORLD event this week at the Rosen Shingle Creek Resort in Orlando, FL. It has become the industry’s largest BPM event, but it’s more than its size that matters. There are very few events in the industry where you can find this type of ecosystem of customers, partners, analysts and thought leaders coming together seamlessly in one location. The collaboration and community that is created during the event is simply outstanding and really unheard of in the industry. PegaWORLD has grown to such proportions that it is quickly outgrowing traditional conference venues. This year there were over 2,500 attendees, spread out between multiple hotels. Even the Wifi couldn’t handle the load and crashed under the pressure of the multi-device audience. I personally hope we don’t end up in Vegas too soon. And I hope the intimacy of the event can be maintained as it continues to scale.
This year’s theme was around ‘Discovering the Return on Excellence’. The opportunity for customers to use the Pegasystems ‘Build for Change’ methodology to deliver innovation and business transformation is inspiring. But the ability to have customer after customer show up each year at the event and share real world examples of how business agility, customer centricity and operational excellence are all driving transformative business results is amazing. It’s more than inspiring, it’s downright impressive. Continue reading
The majority of large IT programs are expected to deliver a business or process change. These are major change management initiatives that will alter the way an organization operates, including what work it performs, by whom, where and with what processes. However, it has been observed that most large IT projects are usually delayed and go over budget. Have you ever heard of a multi-million dollar project, that did not run into problems that resulted in budget and schedule overruns? This is especially true for projects that deal with new technologies or multi-million/multi-year/multi-country rollouts, as well as business transformation projects where technology, geographies and partners are integrated.
A recent McKinsey report analyzing 5,400 IT projects summarized: “Our research, conducted in collaboration with the University of Oxford, suggests that half of all large IT projects massively blow their budgets. On an average, large IT projects run 45 percent over budget and 7 percent over time, while delivering 56 percent less value than predicted. Software projects run the highest risk of cost and schedule overruns.” Continue reading
We are looking forward to attending Pegasystems’ PegaWORLD 2013 event next week in Orlando! It is sure to be a very interesting and exciting event this year with many organizations sharing their challenges, successes and desires to change the way they do business. Each year, I find it interesting to hear about companies embarking on the BPM journey and how they are using BPM and supporting technologies to transform their business. In today’s world, there is so much disruption from pure technology changes as well as consumers’ behavior and desire to transact business on their terms, that organizations are facing constant pressures to change the way they do business. Executives are challenged with the dilemma of how to position their organizations, not to mention enable their teams to execute. Continue reading
Recently, I had the pleasure to be present during a webinar with Tony Young, Director of Financial Services Solution and Brad Foohey, Solutions Consultant, from Pegasystems. The webinar “Derivatives Client Onboarding Solution – Transforming Your Business and Compliance Process” was attended by numerous bank on-boarding and compliance leaders from various financial institutions.
The hour-long session included presentations and a solution demo to provide compliance with the recently enacted Dodd-Frank rules. However, the larger purpose of the webinar was to illustrate how a financial institution can leverage technology to transform their business process while also achieving regulatory compliance. Mandates in regulatory compliance such as Dodd-Frank have not only created need for change but have also created opportunities for transformation. In order to drive business transformation, an organization needs to fundamentally change the manner it approaches the market. A holistic client on-boarding solution can help provide compliance with regulations such as Dodd-Frank, KYC and FATCA in addition to causing a transformation by removing the data silos that isolate lines of business and discourage up-selling and cross-selling while improving an inefficient process. The additional positive impacts of the same on speed-to-market and customer satisfaction can be profound and can provide the basis for positive transformation. The ability to solve immediate tactical issues while overcoming strategic challenges is the ultimate win-win. Continue reading
Picture this. You are a part of a multinational retailer of consumer electronics and you decide to quickly develop and deploy a social application to achieve your goals for the shopping season. You are confronted with a very aggressive time line, meaning that your social application may have to scale up very quickly. The timeline may not even be possible through your company’s traditional IT channel.
Wondering how to tackle this? Leverage cloud computing to deploy the social app to gear up for the shopping season. The cloud computing paradigm presents many options including:
- Using Platform-as-a-Service (PaaS) to build this application quickly
- Building the application using traditional technologies, deploying it on an Infrastructure-as-a-Service (IaaS) platform and scaling on demand
The bottom line is that you can rapidly deploy scalable applications in the cloud, by leveraging the key features of flexibility, scalability and on-demand resources. No doubt, cloud is re-inventing the way IT can rapidly enable business outcomes. Gartner has found that by the end of 2013, the size of the cloud computing market worldwide will reach $150 billion. Additionally, by the end of 2016, more than 50% of Global 1000 companies will store customer-sensitive data in the public cloud.
It is time for your organization to consider adopting cloud computing if you have not yet already. But, where do you begin? And, what benefits can you expect? Continue reading
As we approach the third anniversary of the Dodd Frank Wall Street Reform and Consumer Protection Act in July, it is worthwhile to take a look at its impact on banks and their respective IT departments so far.
The implementation of the rules has been fraught with delays and confusion. The regulators who were entrusted with the job of proposing the rules and transforming the guidelines into policies have struggled to reach consensus with the industry, and have therefore been forced to repeatedly revise and delay compliance dates. The ongoing process prevented the initial implementation of strategic solutions, since firms were not willing to risk investing in new technology until the final rules came into better focus. If we accept the inevitability of these new business requirements, we can try to look at the regulations in a different light — that of an opportunity for businesses to leverage regulatory change to improve their efficiencies and achieve strategic goals. Continue reading
The Dodd-Frank act has stirred emotions as well as opinions from those both inside and outside of the financial services space. While there are still ongoing debates on the merits of the legislation, there is perhaps more consensus on the fact that the rules have been implemented in a less than optimal manner. However, at this point it is clear that the rules are here to stay — at least for now. As financial entities plan and implement their answers to the regulations, it is worthwhile to take a look at the benefits these regulations potentially have for business transformation. Continue reading