Device culture, remote employees and the burgeoning freelance marketplace will continue to drive the digital content explosion.
The availability of vast amounts of digital information makes it easier than ever for organizations to spot trends, prevent problems and gain insights into operations. As more and more information flows into and out of organizations, however, the need to improve the way organizations manage that information is increasing.
By Phase 5, you have streamlined processes, and have a solid method of collecting and organizing information. By automating and fine-tuning processes for maximum efficiency, you have integrated your larger community of clients and vendors into your processes. So what is left? In Phase 5, you are eager to take on new challenges. Your organization is agile and ready to innovate.
All of your departments have eliminated paper. You have secured your content, while still allowing for easy access. Your processes are efficient, transparent and provide you with the information you need to keep them optimized and up to date. However, that doesn’t mean you are done!
If you are still feeling the following pain points, you are ready for Phase 5:
The Journey to Predictive Analytics
In the past, organizations have relied heavily on anecdotal information when improving processes, but the data gathered from automated workflows enables an organization to accurately and granularly examine how people are interacting with documents.
Analysis of this data is called descriptive analytics, as it describes what has occurred in the past, facilitating an informed response. Descriptive analytics can reveal unnecessary activities, uncover bottlenecks and help managers identify dominant activities that take the most time and effort in a process— all information that managers can leverage to reform and improve processes.
While descriptive analytics provides information workers with valuable insight, advanced analytics can go even further. Building on descriptive data analytics, predictive analytics examines processes at a macro level, detecting healthy or unhealthy patterns in workflow based on what has occurred in the past. From these data patterns, advanced analytics helps in forecasting normal timeframes for processes and activities.
Interactivity with live data— both structured and unstructured— provides a comprehensive, real- time view of operations. Using structured data, advanced analytics can predict probable occurrences. With unstructured data, advanced analytics also provides insight into causation.
An organization that is analytically savvy can plan and build processes more proactively, creating an agile environment resources can be shifted to quickly respond to trends or changes in the market. Business leaders can ask complex questions about processes, create what- if scenarios and evaluate possible outcomes without affecting live processes and waiting for the results of their changes.
Many organizations across multitudes of industries have already begun transforming their operations with newfound insight:
Financial service institutions can analyze account activities to mitigate risk
Government agencies can geographically pinpoint usage of public services to determine where to launch strategic programs
Colleges and universities can track student performance and activities to implement interventions and prevent dropout
Manufacturers can anticipate machine failures and perform the preventative maintenance to increase production equipment uptime
Oil and gas companies can better manage limited resources by streamlining oil distribution to make it more efficient and cost- effective
Transportation and logistics organizations can make routes more efficient to increase profitability
Marketing and sales organizations can capture and analyze data to personalize shopping experiences
Achieving business maturity and leveraging advanced analytics requires planning, commitment and collaboration from all of the organization’ s content users, as well as IT and business leaders. This method will result in a robust, scalable and impactful analytics program that will ultimately enable users to engage effectively with their organization’s data in real-time and use this information to drive business initiatives.
When you embrace the innovation that Phase 5 brings, you will see the following benefits: