In my last blog, I talked about digital transformation versus intelligent automation, and why it’s an “and” not an “or.” I also discussed the steps required for a successful digital transformation.
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By definition, digital transformation takes place when business processes are brought together and aligned with contemporary automation technology across an organization. Workflows become more streamlined, faster, optimized and less risky. That means tasks aren’t siloed, department-specific or done manually any longer.
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There’s a lot of talk about digital transformation and how firms across a number of industries, including insurance, can use it to optimize their operations and cut costs.
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The root causes of low automation explain the lag in many financial organizations’ decisions to implement end-to-end automation. One of the primary drivers of low automation—fragmented data—is a direct result of a splintering within the financial services industry.
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Digital transformation is more than a few one-off enhancements for a business—it’s an evolution through constant change and business realignment. Businesses that introduce technologies like artificial intelligence and process automation will enjoy a competitive edge in keeping up with trends.
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Is there any industry more ready for a digital leap forward than insurance? The business is largely powered by vast and growing volumes of data and the timely, accurate execution of processes and workflows that today involve a lot of human hands.
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Process automation is critical to any organization's growth in today's rapidly evolving world of business. To achieve their goals, many companies are turning to emerging technology for help, most notably artificial intelligence (AI), machine learning and robotics.
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To deliver an optimal experience today, organizations have to navigate an increasingly complex world of blended technologies and security risks, rapidly-changing consumer demands and an expanding universe of data. How? Digital transformation.
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