In my previous post, I spoke about Business Process Management (BPM) as a means to deliver consistent journeys for customers across channels, based on unified data. But, BPM can harness the value of customer data far beyond using it as a repository.
Insights are there, nested in the reachable data.
Companies have access to large and increasing amount of information about their customers, via their databases and content management systems, Web and social media, and not to mention, the future multiplication of connected objects. This is especially true for financial institutions storing detailed records about transactions revealing their customers´ lifestyle.
This raw material is the promise for profitability drivers such as adjusted risks models, extended share of wallets, churn prevention, and upsell to existing customers and the network they influence through personalized offers. In other words, companies can use the available customer data to surprise customers by going the extra mile for what counts just for them. In our 2014 Word Insurance Report
, we particularly found that customers with positive experiences are nearly twice as likely to refer friends to their insurer.
Bringing these insights to business operations is key.
While CFOs have historically been supported with structured reports for financial reporting and communication to the market, business operations have long been left with raw historical data and manual ad-hoc queries resulting in manipulations of endless Excel sheets. The consequence is, there are as many wasted opportunities as missed insights.
Technologies allowing real-time processing of data (in-memory) and increasing capabilities to collect, understand, and analyse data (complex events processing, social analytics) are now flourishing.
But what is the point of spending time and money scanning all this data:
If the researched correlations and effects are not being defined?
If the insights revealed are not leveraged fast enough by decision-makers in their daily business?
Thinking BPM to transform insights into new actions or better decisions.
Here are two different patterns showing how BPM enables the generation of tangible outcomes from data:
Instead of manually scanning data, the business team defines and refines the behaviours they want to detect, such as financial crime or fraud patterns, and the processes to act on them. This work is modelled as a set of scenarios, business rules, and executable business processes. As soon as there is a new match, a case is automatically raised and processed.
In their business process activities, the team identifies what their customers would like to hear, or what process actors they would like to know but cannot today; and connect these activities to data processing. By using BPM technology, the full context of each situation is instantly connected to data analytics and pulls insights. Process actors can immediately benefit from the lessons learnt from similar cases to provide more suitable offers or make better underwriting decisions.
So, to stay focused on actionable data value, think Business Process Management.