2020 has been a different year than anticipated, as COVID-19 disrupted business operations globally. Although many large scale transformation initiatives were well underway, the pandemic accelerated the pace of transformation for many companies that required a practical solution that can be easily scaled as needed.
More than that, businesses look for support in their innovation journey — one that can improve their operations at a lower cost while bridging the divide between digital and traditional processes. In these uncertain times, resilience is being tested thoroughly, and goals must be repositioned to move forward in the new normal.
Our T.A.P.™ framework elevates transformation initiatives.
Often, people confuse digital transformation as the be-all and end-all of innovation. However, it is only one aspect of the overall efforts companies must implement to achieve real large scale transformation.
Leveraging Lean Six Sigma and Design Thinking, our Technology, Analytics, and Process Excellence (T.A.P.™) framework is our bedrock for creating innovative solutions for clients, which support the customer journey. T.A.P.™ combines the stages of Lean Six Sigma while using Design Thinking elements to re-engineer the entire operational process and define target operating models, identify business cases, and build implementation roadmaps for clients.
As our go-to framework for driving transformation, T.A.P.™ consists of three major phases for successful innovation.
We use technology to deliver productivity benefits through intelligent automation. It is correct that much of transformation involves using technology to simplify operations, such as digital assistants, chatbots, and email bots. But we also aim to improve processes and deliver productivity benefits to clients. One example is TP Unify, which is a powerful way of unifying various screens into one platform. This tool helps our interaction experts respond quickly and better serve end customers by eliminating the need to toggle multiple screens. For one banking client where we recently implemented TP Unify, the tool helped reduce handling time by 30%, fraud by 50%, and human error by 60% — benefits that surfaced in a matter of weeks.
With analytics, we generate actionable insights from vast amounts of customer interaction data and speech analytics to provide descriptive, predictive, or prescriptive analysis for clients. This helps us predict customer sentiment, define focus areas, and build recommendations that assist in the decision-making process. In India, a banking client recently saw the benefits of predictive analytics as we delivered a 56.9% decrease in call volumes and a 4.8% increase in collections, improving sales conversions and collections effectiveness.
Process excellence remains relevant for transformation as it involves designing strategic and practical solutions that drive continuous improvement in a steady-state environment. With process excellence, we can apply multiple interventions without requiring technology. A recent example is for a healthcare company wherein we used process re-engineering to fix incorrect reconciliations and duplicate invoices, reducing accounts receivable aging and resulting in $1.1 million in savings.
We put client needs at the heart of large scale transformation.
As clients focus on rapid transformation and solutions that are easy to implement, choosing the right partner that focuses on quick and practical solutions with maximum impact can ensure sustainable business operations in the new normal. Contact us to learn more about our business transformation services.