Organizations have accelerated digital business initiatives to help them survive and grow in response to the pandemic and ongoing market turbulence. We’re going to explore technology-enabled innovation that CIOs and their CxO peers are adopting to accelerate business growth, rapidly scale, and connect the virtual enterprise.
1. Distributed Enterprises
The rate at which digitized touchpoints and experiences became more of a necessity than a luxury shifted overnight during the pandemic. Today, “virtual first,” hybrid workplaces are the norm, and necessary to remain sustainable, hire competitively, and connect with customers. To support hybrid work, organizations are accelerating efforts to create a “distributed enterprise.”
Gartner defines a distributed enterprise as the following:
“A distributed enterprise uses digital capabilities to support hybrid and remote workers, and to deliver services to consumers or citizens — both remotely and in person. A distributed enterprise solution is a set of products and/or services that a provider offers to help their customers instantiate a distributed enterprise.
Adapting to the distributed enterprise requires solutions that can support both location-independent and hybrid work by incorporating digital and visual collaboration technologies and prioritizing technologies that provide secure access, virtual communication, and endpoint management. Information accessibility must be easy, secure, and provide a seamless user experience to avoid negative impact to the customer experience and business decisions.”
2. Decision Intelligence
In a dynamic and increasingly complex business environment in perpetual motion, decisions are often ineffective because of their execution time. Often, it takes too long to execute a decision in light of real-time observations. Adding to this problem is that business processes are siloed and disjointed, preventing the proper harmonization of various insights.
To improve their organization’s decision-making capabilities, leaders are turning to Decision Intelligence. Put simply, it is a merge of business intelligence, decision modeling, data science, and management.
CIOs can lean on Artificial Intelligence and other technology to bring all relevant information and context to the table for faster, fact-based decisions. Aim to lean on technology that drives use-case specific outcomes, and integrates seamlessly with other data sources and processes.
Increased focus on growth, digitization, and efficiency have provoked widespread adoption of hyperautomation initiatives. Put simply, hyperautomation is a strategy organizations use to automate as many business and IT processes as possible in order to supercharge productivity, reduce time to market, or optimize other business outcomes. An example of hyperautomation would be using machine learning to analyze renewal dates across your contract population, and automatically send alerts to stakeholders when they are approaching. With ‘paper problems’ taking an obscene amount of time, with extremely important information in those “papers,”automating document workflows and tasks is a clear priority for those looking to build a hyperautomation strategy.
Intelligent document processing, automatic document classification, and integrating with other systems to automate information-centric workflows are a few ways ThoughtTrace can help the CIO’s office execute on their hyperautomation initiative. Our AI platform with embedded solutions can automate virtually any document task.
Visit the ThoughtTrace platform page to understand how Document Understanding and Advanced Contract analytics can help your business scale, adapt, and grow.
Additional Resource: Webinar – Playing a Leading Role in Digital Business Acceleration