A recent article by McKinsey Quartley suggests getting back office processes running automatically can give your business a competitive edge. The article focuses on the back office processes in banks.
One particular bank in Europe looked at their account-switching process. A detailed analysis and implementation of an automation process resulted in a ROI of 75 percent and payback in just 15 months of the project start.
Barriers identified as preventing banks from taking action included;
- Lack of enthusiasm to take a hard look at their procedures
- Mergers, acquisitions, products launches and regulatory changes create complicated IT architecture
- IT departments have different agendas to the potential business priorities
- Lack internal capabilities to introduce automation
- Look at your business priorities to simply processes
- Use multilevel integration technologies and solutions
- Don’t be afraid to use off-the-shelf solutions
You may not be a bank or think you need automation in your business. The fact still stands, businesses need to work smarter today and one way to do it is to carefully consider your back office processes and simplify them. Can you save money by simplifying, automating or trashing some processes? Laminin Solutions looks at your business as a whole and helps you understand where the leakages are. Contact us if you are interested to have a chat.