Separating Fact From Fiction In Digital Transformation ROI.
December 22, 2022
By Neal Oswald.
Today’s finance chiefs are probably getting told many Alice-in-Wonderland stories about the benefits of digital transformation. Promises are made, assumptions are compounded, and time money, resources are allocated and spent. Many CFOs are justifiably skeptical of “digital transformation promises.” Digital transformation business cases generally have a poor track record of benefits realization flowing through to the results you are seeing in your monthly P&L. In fact, according to a 2021 report by McKinsey & Company, approximately 70% of all major transformation projects fail...
...Fully automated process mining and task mining tools are available from companies like StereoLOGIC – a company I’ve been recommending and using as a consultant for years. This software can generate and visualize a digital twin of the actual work that is performed in the value stream. The result is a fully transparent landscape of timings, statistics, cost estimates and process documentation that will change the dialogue within and across teams...
1. Employing the Right Customer Journey Diagnostics.
The first step in proper customer journey orchestration is diagnostic, not programmatic, and it comes in the form of integrated process and task mining, according to Sofia Passova, Ph. D., StereoLogic founder and CEO.
There is a known “gap” between what customers expect from their interactions with companies and what those companies deliver, yet often companies wait for the complaints to pour in before they can make a strategic adjustment, Passova said.
“This is too late. With ongoing, unattended task mining software running in the background, companies can have a finger on the pulse of how employees in multiple departments are interacting in real time with customers.”
The software will evaluate trouble points like customers dropping out of online tasks, employees engaged in non-value-added tasks and sitting for too long on verified sales leads and lag times for customer service agents, etc.
"For customer journey orchestration to work, companies need to first evaluate and diagnose their internal processes and tasks that may take the whole project off the rails,” Passova said.
By Sofia Passova, Ph. D., StereoLogic founder and CEO.
The headlines abound: Business automation software (a.k.a. Robotic Process Automation, or RPA) has helped thousands of companies save money by automation of repetitive, tedious tasks and enabling employees to focus on mission-critical operations.
Many business process tasks can be automated, but not all of them need to be.
An Ernst and Young study found 30% to 50% of RPA engagements fail, citing poor planning as the difference between success and failure. These planning challenges typically occur when business processes are evaluated manually – via a lengthy procedure involving employee interviews and random spot-checks – resulting in inaccurate process discovery, task frequency and time metrics. Manually discovering processes not only takes too long, but it also generates incomplete data for RPA planners and developers. As a result, RPA bots are often implemented where it is “easiest” to apply the tools, not in most critical areas that would maximize ROI.
RPA brings no value if you do not know exactly what to automate. Quite simply, you can’t automate stupid.
New Case Study Reveals How Wyth Financial Improved Client Experience with StereoLOGIC Task Mining.
Within two months of deploying Task Mining, Canada’s leading digital bank identified numerous opportunities to accelerate back-office processing.
Neal Oswald COO of Wyth - StereoLOGIC Immediate Task Mining for better Client & Employee Experience
May 18, 2022
Press Release: Toronto – StereoLOGIC, Ltd., a leader in integrated process and task mining technology that helps companies discover inefficiencies in their business processes and suggests solutions to improve workflow and revenue, has published a new case study that reveals how Wyth Financial, Canada’s leader in digital-first banking, was able to leverage StereoLOGIC software to improve customer service.
In the case study, found online here, StereoLOGIC demonstrates how Wyth Financial used its proprietary business intelligence software to quickly identify where client services could be accelerated through automation or by redesigning employee work processes.
“StereoLOGIC took less time to diagnose and present solutions than it would have taken a business analyst to assess the problem. It only took a couple of use cases to reduce our learning curve,” said Kelly Sanheim, VP of Digital Servicing and Operational Excellence for Wyth Financial. “As we automate more processes, we remove friction in our processes, which creates capacity for our employees and improves our speed of service and the overall experience with our clients.”
StereoLOGIC’s founder and CEO, Sofia Passova, Ph.D., noted that banks and insurance companies are some of her best customers.
“Financial and healthcare institutions are burdened with many processes and redundant employee-level tasks, often required by regulatory mandates, that are designed to validate and protect sensitive data and information,” Passova noted. “Most such companies know they have productivity or process gaps, but they don’t know how or where to look for them. Our unique technology platform not only identifies these problems quickly, but often identifies cost savings of up to 50% in the first week. We look forward to continuing our journey with Wyth Financial.”
StereoLOGIC, a leader in integrated process and task mining, helps companies transform the way they discover, analyze, optimize and automate their business processes, resulting in significant time and operational cost savings, improved revenue streams and reduced compliance risk.
Its patented technology solutions, developed by former rocket scientist Sofia Passova, Ph.D., and her team, have been recognized as a “Gartner Cool Vendor” and successfully implemented at companies including Pitney Bowes, Texas Life Insurance Company, Concentra Bank (now Wyth Financial), etc.
The technology is software- and platform-agnostic and can be applied to small businesses or large enterprises, providing immediate implementation and actionable results within the first week. Learn more at www.stereologic.com
StereoLOGIC platform has been featured as the member firm of the month in Canadian RegTech Association.
August 5, 2020
StereoLOGIC technology involves a non-intrusive process discovery capability and delivers accurate, end-to-end business systems mapping.
This approach reveals process & data gaps, how systems interact with each other, processes that increase the risk of error, where manual intervention exists, and how the manual intervention impacts system accuracy and efficiency.
Process and Task Mining can now be used by non-technical business users with a new release of StereoLOGIC 2020
March 10, 2020
Toronto, Canada – StereoLOGIC, Process and Task mining in Real Time software, announces next generation version to its Process and Task Mining platform.
The new version packs a streamlined interface and AI-driven process and task mining based on cognitive approach. Intelligent Computer Vision algorithms are able to learn user actions, delivering 100% accurate depiction of processes and tasks, regardless of the application, system or connection type.
These enhancements have been driven by our clients’ feedback and business needs to support Business Activity Monitoring, RPA, AML and Digital Transformation use cases.
Intelligent Screen Recognition
Introducing AI-driven mechanism providing complete semantic recognition of screens. This enables business stakeholders to perform reliable and fast process and task mining without reliance on database logs and supporting IT engagements to interpret and map business processes. This data is perfectly suited to assist in accelerating RPA and associated ROI to fast-track prioritization and delivery of critical robotics projects.
Remote Business Activity Monitoring
Introducing mechanisms for visualization of Business Performance Indicators in real-time. This enables business leaders to gain immediate high-level process insights and understanding of which operational areas impact employee’s productivity and benefit from in-depth task mining.
SaaS Cloud with Enterprise-grade Security
Introducing enhanced support for Cloud-based installation complying to International Enterprise-grade security requirements. This enables StereoLOGIC deployments as a SaaS subscription model in StereoLOGIC’s secure cloud. To further enhance security, support for Multi-Factor Authentication and ability to integrate with enterprise-grade SSO solutions has been included.
Enabling full support for PII (Personally Identifiable Information) compliance, allowing users to obfuscate all captured resources containing private data as well as providing ability for custom obfuscation based on user’s defined rules.
Exclusion of recording of user-personal applications (Facebook, Gmail, etc.) is fully supported.
Introducing mechanism for noise removal which typically distorts task mining. Events like user interruptions, distractions, performing activities irrelevant to the task in question and potentially other “wasteful” activities that have no impact on the task outcome can now be intelligently identified and automatically removed.
Enabling business user-friendly mechanism for dynamic extraction of data characterizing specific tasks or processes. The distilled data allows for obtaining powerful and extremely granular insights about the task/process in question.
Empowering External BI & Process Mining Tools
Introducing a mechanism for automatic log generation that could be directly fed to variety of BI tools to produce powerful dashboards about the process or task in question. Similarly, the log could be injected into variety of Process Mining Tools based on ProM framework for instant process simulation.
Linux-based Server Support
Support for Linux-based servers has been added allowing StereoLOGIC server installations on Linux as well as on Windows-based operating systems.
Support for Open JDK
In addition to Oracle JDK 1.8+, the new version now supports installations for Open JDK v. 11+
The new release is available immediately and we will be happy to discuss how these latest enhancements can help accelerate to action.