automation

Two facts play against custom software development:

• The market is full of comprehensive software solutions such as Oracle, SAP, IBM, Salesforce, etc.
• Horror stories are on the side of major software development projects

Considering these facts, over the years companies have chosen to install commercial software solutions (CRM, ERP, accounting software, loan management system, etc.) instead of custom software development.  And in many cases, they replaced a “home” application whose technology was obsolete.

Of course, a lot of time and effort has gone into tailoring these business solutions to “your” reality to turn into customized solutions that really meet your needs. If you encounter one of the two situations below, rest assured, you are not the only one in this situation:

• You have different systems that do not talk to each other
• You still have specific business needs that are not met by your commercial software solutions

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At the base of any IT initiative, there is the need of profitability for the company, this is the objective. And this goal is facilitated by IT, mainly through the implementation of more or less automated processes.

Business processes are as varied as there are business sectors and departments in companies. And the role of IT in most processes is mainly driven by automation and optimization. Ranging from the automation of simple and repetitive tasks to that of complex calculations, all running between multiple systems, multiple entities and users; this generates complex processes, often heavy, and not always effective.

In short, there is a need to get back to the basics and re-examine business processes to evaluate their performance; now, more than ever!

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In a MuleSoft survey of 651 IT decision-makers from enterprises with more than 1,000 employees, respondents said integration was a major barrier to digital transformation.

And organizations have a lot to integrate; on average, companies with more than 1,000 employees use more than 1,000 individual applications in all of their businesses.

Integration between systems, the pitfall of digital transformation

A common way for businesses to connect applications to each other is to custom code their applications and APIs, often referred to as point-to-point integration.

However, for a company with more than 1,000 applications, this level of tight coupling can create problems when changes, evolutions, or updates occur.

IT decision-makers say that on average, only 29 percent of their business applications are currently integrated or connected.

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Digital disruptions continue to weigh heavily on businesses of all sizes and in all sectors, as consumers, customers, employees and partners now expect everything to be accessible on demand, at all times; in short, everything needs to be fully connected.

If your business is already in tune with the digital age, great!

Otherwise, “it’s time to wake up” because we are no longer in the era “the biggest eats the smallest” but rather “the fastest eats the slowest”.

In this second post, which relates the MuleSoft (Connectivity Report) survey of 650 IT decision-makers from companies, more than 1,000 employees, from the US, Australia, Germany, England, Netherlands, Singapore and China, we will focus on the challenges faced by IT decision-makers in their digital transformation project.

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The fact is that legal documentation is one of the main challenges in the process of loan or leasing origination.

The reason is very simple, not only are there many types of contracts, clauses, restrictions and constraints but also, each organization has its own legal texts and especially, its own rules of application.

The challenge of automating the legal documentation of a loan origination process is both a productivity and a financial institution’s profitability challenge as it greatly reduces the financing cycle and the number of loan errors. In addition, automation allows the organization to truly take a digital turn by eliminating paper from the process.

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In a financing process, the module that supports the creation of quotes plays a big role because most of the work is happening there. If we consider that we win one out of 10 quotes, it is clear that the calculation of these quotes must be fast and flexible.

In general, the financing process goes as follow:

Thus, we will explore in this 2nd post, the functions Automation of Calculations for Quotation, Approval of Credit and Pricing.

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So the combination Big Data plus IoT will enable predicting and personalizing in real-time Clients Relationships, do risks analysis, redesign products by extrapolating the impact of some functionalities, offer custom heath care, reduce maintenance costs, up date your website in real-time, identify new opportunities, etc.

Or so they say!  Why?  How?

Big Data is basically the analysis of astronomical quantity of data so to extrapolate patterns and therefore predict behaviours, be it consumers or machines, consumer behaviour and satisfaction or performance and durability, etc.

So if you put together,  Big Data plus IoT, you now have access to the physical world of connected objects, and to data from M2M (Machine to Machine) relationships but also M2P / P2M (Person to Machine).

The more Big Data plus IoT will accumulate data over the longer period of time, the more its predictions will be right and sound…

And this formidable combination of Big Data plus IoT is already running at full speed as we speak, changing our lives even though we are not aware of it. Having doubts?  Well, read this carefully:

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