What’s flowing in and out of organizations isn’t the complete picture of what today’s data looks like. From sensors, tags and scanners to mobile devices, social media and machines; the total amount of data generated through these in 2013 was approximately 3.5 zettabytes and by 2020, it’s predicted to cross 44 zettabytes annually, and this being a conservative estimate. However, this isn’t the complete picture!
This data will drive a new revolution – one that’s driven by accurate, real-time analysis, alerts and actions. And interestingly, such a revolution is only possible with automation where humans are just notified for them to take necessary action. And again, for all of this to be made possible, data needs to be streamlined and analyzed, keeping cybersecurity, fraud, predictive maintenance, customer experience and general management in mind.
So the big question for us:
How are companies harnessing data to streamline their company’s processes?
1) Intercepting fraud
Often companies see IT stopgaps as a solution to prevent frauds and deter employees from committing them. However, what they don’t realize is the false-positive ratio it creates which doesn’t even help fraud teams to prevent misrepresentation or duplicity in real-time.
As per a survey analysis by Gartner, over 15% of world’s most important CFOs will invest in governance, risk and compliance in the next 3 years to minimize revenue loss due to fraudulent activities. And such will only be possible if the company has access to real-time data for intercepting and preventing false claims.
2) Reducing risk
Market and employee risk reporting and its exposure to financial and reputational assessment is fast gaining momentum in the corporate circle worldwide. Increasing number of companies are investing in automated risk reporting system that not only consolidates but also captures data to safeguard companies from unpredictability.
By simply automating the process of creating rules to the workforce and market news, companies can manage risk and its messaging costs effectively and efficiently. In addition, such services offer the added benefit of real-time crisis communication also.
3) Competing through optimization
It’s no rocket science for companies to know that their service levels just cannot drop. So how does one optimize operations and ensure steady service delivery? By capturing, categorizing and analyzing client data based on events and situations as they happen. Such data also comes handy to forecast or predict future business volumes.
Optimizing business processes such that revenue volumes can be predicted; this too happens to be a primary reason for more and more CFOs to continue investing in solutions that simplify these processes. Going by an analysis by Gartner, over 21% of world’s most important CFOs are doing just this: investing in automated solutions to optimize processes.
4) Raising alerts
Can raising timely alerts trigger timely actions thereby lowering cost of care which otherwise would have been much more because then it wouldn’t have been action but reaction. This is where real-time data can help analyze recurring patterns to alert concerned teams on time, for a better outcome.
Wonder why a study analysis by Gartner also tells us that in the next 3 years, 30% of world’s most important CFOs will invest in analytics and more than 23% will make sure they pump in money to capture and store data.
5) Detecting resource wastage
What will a company be without its resources at work? From cash flows to its workforce, all levels of company assets work towards minimizing cost for the company and maximizing revenue at the same time. How possible is such a scenario without capturing data and studying it to make necessary corporate changes?
This is where cloud business helps companies store data for better processing. Here too Gartner survey points at more than 21% of CFOs predicted to be investing in cloud solutions over the next 3 years. Solutions like that of Concur ensure resource wastage is curbed at the start itself so as to infuse changes that maximize resource efficiency rather than draining them.
It’s clearly been established that data and its interpretation is driving business decisions, if not for all then majority of companies worldwide. How does such data affect a company’s Travel and Expense process so much so that investing in an automated solution is less of a cost but more of an incurred revenue?