Check out these four actions that can help you achieve end-to-end process automation for a competitive advantage.
The past year revealed key gaps in operations that accelerated digital transformation at nearly 60% of companies. To fill these gaps and remain focused on business growth in the face of unpredictability, companies adopted end-to-end process automation to deliver an uninterrupted value stream to customers and other stakeholders. And the companies that implemented automation and artificial intelligence (AI) across the enterprise before the pandemic outperformed peers.
How one financial services company is achieving competitive advantage with end-to-end process automation
An excellent example of using end-to-end process automation to grow revenue and increase efficiency is TD Ameritrade. By implementing a number of different process automations, TD Ameritrade was able to do the following:
- Achieve straight-through processing on 97% of new margin/option requests
- Become 40% more efficient after re-engineering the institutional money movement process, dropping from minutes to simply the click of a button
- Experience a 50% lift in processing time for institutional account opening and a 30% lift for retail accounts
- Save the equivalent of more than 400 full-time hours of labor
TD Ameritrade avoided significant overtime and poor customer experience by eliminating manual work. According to Michael McGraw, Director of Enterprise Process Design at TD Ameritrade, the company was able to meet customer needs while dealing with huge amounts of market volatility and trading.
“When COVID hit, we saw huge amounts of market volatility and trading. Had we not already automated the process, we would have been in a huge bind.” — Michael McGraw, Director of Enterprise Process Design, TD Ameritrade, Inc.
Four things you can do to successfully implement end-to-end process automation
Implementing end-to-end process automation isn’t always clean and simple. There are a lot of moving parts, and it can be hard to decide what to automate for the best return on investment. But it’s worth it. The following four actions are helping our clients achieve end-to-end automation for competitive advantage:
- Mine as-is processes for inefficiencies and simulate to-be transformations before investing: You reduce costs by quantifying the inefficiencies in your operational models and by making objective decisions about resource allocation.
- Invest in a complete and integrated set of essential automation technologies: You won’t be able to automate expert and cross-enterprise work without it. The essential capabilities include content, capture, decisions, tasks and workflows.
- Provide secure access to process data and enterprise content from anywhere: By making your data and content easier to find, share and work on, you make it easier to collaborate, automate workflows and improve processes.
- Use low-code tooling to quickly create business automations: You reduce the amount of time spent on manual processes and enable innovation when business professionals can easily use the software.
Register for the webinar
What if your company had a clear way to grow revenue, even in the face of unpredictability? On October 13, 2021, our guests, Forrester analysts Craig Le Clair and Bernhard Schaffrik, join IBM to discuss how companies can use intelligent automation to improve the top and bottom lines in the “Go beyond efficiency gains: Automation is all about growing revenue” webinar.