Businesses today are more focused on harnessing their data in all possible ways to capture full value from it. The new innovations in every corner are revitalizing the digital world and state-of-art technologies in decoding the most agile operating models for effective business. This reality is transforming companies across the industries in successfully achieving more with their sound strategies in place. But the real question is how far businesses are leveraging cognitive models to improve productivity and move up the power curve. In this article, we discussed a few cognitive models to build an effective business operating model in the digital world.
Cognitive Models Mapping State-of-Art Business Strategies
When it comes to integrating cognitive models and extending digital services is all about disrupting how your business works today and is necessary to put in place a next-generation operating model that can sustain new levels of speed, agility, efficiency, and precision. And to map state-of-art business models, organizations should three facts:
1) Designing the next-generation operating model and transformation roadmap.
2) Transforming the customer journeys that matter through a combination of capabilities and approaches.
3) Building up cross-functional foundations to scale and sustain the benefits of the transformation.
Organizations typically use five key capabilities or approaches to improve operations that underlie journeys.
Five Strategies to drive cognitive operating model
The five approaches discussed below help your business in discovering the best applicable individual approaches or capabilities to drive a compound impact on the business outcomes.
Digitization is the process of leveraging cognitive tools and next-gen technologies to improve business performance. Digital tools have the potential to transform critical business challenges into powerful ways to drive business, often by creating agile service mechanisms. Digitization can also rephrase time-consuming transactions and manual operational internal tasks when multiple systems are involved. For instance, digitization in the manufacturing industry reinvented the shoop floor assistance, machine break-down, and ideal time in the production processes.
2. Advanced Analytics
Advanced analytics is the autonomous process of using sophisticated tools and advanced mathematical algorithms to breakdown the available data to discover facts, insights, and make recommendations. It provides the opportunity to scale artificial intelligence to build efficient decision-making, especially enhance models where nonlinear thinking is required. Decoding the capabilities of the data and leveraging it at business advantage accelerating processes in areas such as smart claims triage, fraud management, pricing, brand management, etc.
3. Intelligent Process Automation
Intelligent process automation or cognitive intelligence is an emerging set of new technologies that combine and redesign the robotic process automation and machine learning. Integrating intelligent process automation replaces human effort in processes that involve manual tasks in coordinating and harnessing data from multiple systems. This approach helps businesses in managing their higher-level tasks more seamlessly. And the intelligent process automation is the engine at the core of the next-generation operating model.
4. Business Process Outsourcing
The business process outsourcing approach typically works best for business processes that are manual, are not primarily customer-facing. And adopting this model do not influence or reflect key strategic choices or value propositions of the business. The most common example is the back-office processing of documents and correspondence.
5. Lean process design
Lean process design helps companies or organizations streamline processes that are vital and mitigate those processes that required continuous improvement. This versatile methodology applies well to short-cycle as well as long-cycle business processes, transactional as well as judgment-based processes, client-facing as well as internal processes.
These are different types of approaches for building effective business models leverage cognitive intelligence in the digital world and we hope you understood their importance for your business to boost your growth and increase market presence. If you resonate with our article please share your thoughts with us.
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