6 Ways To Use Process Analytics To Increase Operations Efficiency and Margin Fin Analytics
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6 Ways To Use Process Analytics To Increase Operations Efficiency and Margin


In this post, we’ll explore how process analytics can help leaders reduce their operating expenditures by hundreds of basis points through data-driven process improvements.


The Challenge:

Most companies are unable to understand the actual processes being followed within their organization, which prevents them from knowing whether to invest in improvements, where performance problems exist, and what variance looks like. According to market research firm IDC, companies lose 20-30% in total operating costs each year due inefficient processes and siloed, hard-to-use business systems.

How Process Analytics Helps Solve This:

Based on this, implementing a data-driven process management system is low-hanging fruit for driving efficiency and massively reducing operating expenditures for CX and back office teams. Process measurement tools enable organizations to easily capture behavioral information across all enterprise systems and provide detailed — and data-driven — insights about how key processes are performing.

This allows teams to understand how work actually happens including how long each task took, the number of handoffs required, variance of work within processes, magnitude of inefficiencies, and behavioral trends within tools.

6 Ways Process Analytics Helps Drive Efficiency and Productivity:

1) Implement Data-Driven Process Improvements. Segmenting work by case type gives Process Leaders a granular view into what each workflow actually looks like across every agent on their team — including variance of work and behavioral trends within tools — to help surface and prioritize the exact issues slowing down a process.

2) Prioritize Opportunities and Demonstrate ROI. By tracking the magnitude of issues across agents, you can calculate the true operational cost of team, process, and system inefficiencies to scientifically rank team priorities by impact and achievability, and measure the efficiency ROI of the changes you make.

3) Optimize Real-Time Capacity and Utilization. Process measurement enables you to track the hours your team is online, actively working, and focused on support cases, locally or remote. See how much time is spent idle during the day or throughout the week to improve workforce management and ensure you are using your capacity effectively.

4) Update SOPs To Match Best Practices. Once you know what every process looks like, you can use the best practices and workflows from your top performing agents as your documented SOP and easily identify process discrepancies across different performance quartiles, sites, and vendors.

5) Shadow Processes Remotely and Target QA. Build a targeted review queue that surfaces performance outliers and process anomalies, so managers can QA video sessions that present the highest leverage opportunities, debug the root cause of issues remotely, and deliver personalized coaching to drive quality improvements.

6) Improve Tools and Drive Intelligent Automation. Learn how agents interact with tools and softwares like ERP systems to surface inefficiencies where tools are taking too much time or are confusing to your team. You can also calculate the exact volume and cost of each work stream to prioritize the most expensive ones and then identify the repetitive behaviors that make the most sense to automate.

Conclusion:

Using process analytics to drive continuous performance improvement will be the biggest opportunity in operations over the next five years. There is a fundamental relationship between measurement and performance. When you can properly instrument and scientifically analyze a system, you can nearly always continuously improve it - and when you can’t you cannot.

Every other part of modern organizations already leverage continuous measurement, feedback loops, and rapid iteration to optimize their decision making and execution process. Without this, the best leaders can do is make intuitive best bets to drive their KPIs and companies will continue to miss large and costly opportunities to boost their bottom line.

Get In Touch:

If you’d like to learn how Fin’s process analytics can help your org unlock opportunities and reduce operating expenditures, email founders@finxpc.com to schedule a time to meet with our team.


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