When creating a business strategy, considering expectations against reality can be challenging. The management team is tasked with integrating all processes of the business, aligning them with the goals of vision of the organization.
In a previous blog we talked about how organizations are striving to digitally transform the way they do their business. In order for them to successfully transform, they need systems that serve the different functions their businesses operate on.
Given the current circumstances, companies should learn how to mature and progress regularly to keep up in this digital age. However, change within established organizations isn’t easy and sometimes seems downright impossible. Keeping in mind that we are only focusing on changing one aspect, encompassing priorities and processes and overlooking the core habits that employees have honed overtime. Taking into account that changing ones habits is one of the most difficult and long term tasks; if the organization does not have the engine or the platform the employees need to facilitate the change, then, the transformation will never be successful.
Setting up your performance management system is a complex process that requires a huge amount of time and effort, and the involvement of multiple functions to ensure that your system is comprehensive and covers all required aspects of performance, including financial, people and processes.
We saw in a previous blog post the power of Artificial intelligence in enhancing customer insights.Using these customer insights, AI can help in creating a faster and smoother on-boarding process by eliminating multiple steps required from both the customer and the bank. For example, chatbots can enhance the on-boarding experience when they take the role of help-desk or customer care agents.
During a meeting with one of our customers, where the account payable and procurement team were both present an issue arose. The account payable team was blaming the procurement team for delay in processing the supplier invoices they had received. A majority of the invoices they had received, they had done so by hand.
The capabilities and potential of Artificial Intelligence are huge. They are the most evident in the banking and finance field. The real benefit is in financial institutions’ ability to understand where and how it makes sense to apply these tools first, and where they can derive the greatest value in the fastest way.
It’s here - the future of smart team collaboration. This news comes as no surprise, given that iDenedi app has been a product of Exceeders for the past few years. We kept it all to ourselves. Testing the value it can add to employee retention rates by encouraging participation and transparency as an integral part of any company’s culture. The time is now though, to share our success with others.