Lessons from the Pandemic- Banking on Technology

Lessons from the Pandemic — Banking on Technology

Lessons from the Pandemic — Banking on Technology

When push comes to shove, most of us indeed thrive in chaos. We channelize our competencies to overcome barriers and come out the other side victorious. This time though, it’s different. With social restrictions in place, businesses are finding it a lot harder to show results for even basic administrative tasks. Coordinating front-end and back-end operations in any firm is difficult with shortage of personnel and closure of physical spaces.

This pandemic has pointed to some vital shortcomings in enterprises, especially SMBs, and begs us to review and reconsider the way we do business. Maintaining business momentum has never been more important than now — it’ll help if we could have in place a few instruments that would ensure business continuity even in uncertain times.

Shifting Mission Critical Operations to the Cloud

The Cloud brings agility to businesses and business operations. We’ve known this all along but failed to capitalize on it. There wasn’t any great immediacy to adopt cloud solutions as manpower was always guaranteed. This has however, changed during the pandemic. Social immobility and economic constraints have put a dent on traditional work methods and culture. Today, there is a real need to mobilize operations from anywhere, and Cloud is your answer. Cloud offers the flexibility and connectivity to work-from-anywhere. Most back-office functions in accounts, payable, order processing, medical claims processing, etc. have shifted operations to the Cloud.

Robots are Always Ready!

A simple thought like getting routine work done became a focal point of discussion during the pandemic! Lack of manual input due to social restrictions meant low productivity, and consequently revenues. A lot of routine, repetitive tasks can be automated. Robotic Process Automation (RPA) can do all the heavy lifting in back-office without a pause!

Intelligent Bots

RPA covers routine, repetitive tasks. But more and more companies are today elevating their office automation to include intelligent bots that can take care of their mission critical operation, without the need for user intervention. Document-based processes like accounts payable, sales order processing, medical claims processing, etc. can be automated using intelligent process automation solutions that employ digital transformation technologies like AI and Machine Learning. Sectors including supply chain, logistics, mailroom, banking, insurance, healthcare, etc. have invested in AI-enabled services to get work done. This IPA technology saves companies a lot of labor costs as operations can be scaled swiftly without the need to add to personnel. Intelligent bots with AO and machine learning facilitate unattended RPA.

Bid Adieu to Brick & Mortar for a while

Bid Adieu to Brick & Mortar for a while

A string of collaboration software tools have popped up during this pandemic and are helping businesses maintain momentum and connectivity from the comfort of their homes. Collaborative documentation platforms enable real-time compositions and revisions to documents by multiple users, from anywhere. Additionally, workforce collaborative systems have popped up that enable emailing, video conferencing, task management, and application sharing by two or more individuals, ensuring business momentum and progression at all times.

Low Code for Rapid Application Development

The pandemic has necessitated the creation of novel customer interaction methods, which means creation of new applications that will facilitate continued customer engagement. Technology providers didn’t waste time building agile applications to suit business needs during these uncertain times and a certain low code automation has come as a major boon for enterprises. Low code models use graphical user interfaces to build business applications and rely less on coding. This saves companies the need to retain or rely on skilled workers and enable staff with little forma programming skills to also develop applications on the go. Low code ensures fast development and deployment of need-based business applications, a much needed lever to ensure business continuity in these times.

Finding Support in Social Media

Social media platforms, by far, have been the biggest support system for people hit by the pandemic globally. The world has come several steps closer through social media. Almost every socio-demographic, industry, and business has found a way to communicate, necessitate action, question, and learn through various social media platforms. In fact, even technologically challenged individuals have signed up on some platform or another to ensure connectivity with the rest of the world.

For the most part, this pandemic has prompted us to review our relationship with technology as a bare necessity, rather than just an upgrade from the traditional ways. Even the notion that technology will isolate communities and create deeply self-involved social beings has been busted. Communities have indeed found a way to come closer and be connected with the rest of the world at all times. There are lots of lessons to be learnt from the pandemic, but the key takeaway is that technology has, for the better part, been an enabler. The only trouble is, why didn’t we adopt these novel solutions soon enough?

Are you involved in a business that demands heavy document-based processing work? Talk to Artsyl to learn how we help companies take on intelligent automation technology, and mobilize operations even in these uncertain times.

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