Simplifying processes for professional services firms on a digital core
Our world is rapidly changing. Today’s biggest transportation company owns no cars, planes or trains. The largest lodging business doesn’t own a single hotel or employ any bellhops. The demand by consumers for cross-platform compatibility are creating all new IT challenges. How do you keep up with all the changes? By simplifying your business so that you can focus on what you do best – run your business.
Process simplification for a consumer grade user experience
Today’s business environment is pushing professional services to provide more at a lower cost. Digital disruption and the new business models that are enabled by digital technologies are changing the way businesses work and creating opportunities. How do you satisfy user expectations while keeping your business operating at a profit? One option that many businesses are adopting is process simplification. This involves automating core processes and providing tools that provide more comprehensive insights into your business performance in real-time.
To simplify your business processes, you need a stable underlying platform. Customers who have automated and simplified accounting and financial close have reported a 20-40% reduction in general ledger and financial closing costs and a 40-50% reduction in time required to close annual books. Savings of 20-40% in auditing costs and a 5-10% reduction in analysis and reporting costs have been achieved [SAP Benchmarking]? Don’t your accounting and finance departments have better things to do with their time?
Infosys was experiencing serious delays in their approvals and needed a better solution to simplify the process. Thanks to process simplification and automation on a digital core, they changed their approval time from two days to half an hour, an improvement of 98%! This allowed the company to switch from long waits to end of period reporting to near real-time results and analytics.
Single point of entry replacing multiple apps
Part of reducing complexity in applications is getting rid of multiple apps for a single business. Back when the iPhone was a revolutionary new technology, having a different app for every purpose was acceptable. But today’s user wants apps that integrate through a single point of entry. Why? In today’s busy world, simplicity is gold. Though we may think we sell services and products, that’s not necessarily the case. At the end of the day, what we sell – what finances our business – are solutions. We need those same simple solutions for our apps.
To help make that happen, the beginning of the process must focus on the end user. Instead of working with a half a dozen different screens, transactions or reports, you can use a single-entry point to your application. This makes it much easier for users across your enterprise to work together within a single system. This includes everyone from the service personnel in the field with a mobile device to the marketing executive working in their office at corporate headquarters.
Sabre Corporation has seen the changes in the economy and has adapted from providing travel services to providing software services to the travel industry. With that change, they needed comprehensive tools to adapt to their customers’ new needs. Sabre created a workforce engagement package that works hand in hand with the rest of their system. They also added tools to drive higher revenues in a scalable system. Accounts were streamlined and flexibility added to the overall system.
Simplified architecture & data model
You would think that adding IT capability and flexibility would make an applications architecture more complex. Today’s professional services business needs to remain flexible to meet market challenges and fast scaling. But when you’re trying to simplify your business, you need a digital core that delivers stability and reliability. How do you gain the benefits of more comprehensive IT tools with a simplified architecture?
A digital core allows you to adapt and thrive in the digital economy. The platform should incorporate a simplified data model. This creates ease of use while providing flexibility for your current and future needs. Your application can quickly provide you with transaction history and analytics from a single comprehensive source. You can quickly adapt to changing business models, where the impact is determined in a matter of minutes.
Wipro needed to modernize their apps through an update to their digital core to become more flexible. By creating an adaptable core, the company can quickly onboard workers for engagements, simplify business processes and provide a digital landscape and boardroom solutions. A digital core provides real-time data for fast decision making with comprehensive analytics for a deeper look at business performance.
More and more professional services firms are simplifying their business and providing a consumer grade user experience. A solid digital core provides tools to simplify and automate your business while keeping it agile and profitable. If you wish to learn more, you can find additional information in our value paper.