Read this article about Bancolombia, one of our finalists, in the category Best Achievement in Technology Enabled Process Automation (Robotic Process Automation, Machine Learning, Cognitive Learning, Blockchain,etc) Excellence, selected by the independent judging panel, for the 2020 Business Transformation & Operational Excellence Industry Awards program.
Introduction
The financial industry is currently facing many challenges which include customer experience, sustainability, operational excellence and responsibility to all stakeholders. Bancolombia is working on all these challenges and the present corporate strategy is specifically focused on sustainable growth, identifying and transforming human talent and maintaining high profitability. One of the key factors in the execution of our strategy is the transformation of our processes, especially in terms of digitalization and automation.
Business problem: Digitalization and Automation.
For the last 4 years Bancolombia has been incorporating automation into all areas of operations and we have made great progress in overall operational efficiency, operational risk reduction, increased productivity, and new and improved products generating new income. Figure 1 shows the financial and operational results of the new strategy during 2019.
Figure 1. Financial and operational results
However, process intervention is not an isolated strategy. We use methodologies such as Lean and Six Sigma to eliminate inefficiencies in the processes. We also use a set of capabilities including BPM, RDA, RPA, and AI that leverage the achievement of the organization's strategic objectives within our Talent Transformation Framework.
Derobotization of employees.
Bancolombia is committed to developing and implementing a digital workforce in which human, robotic, and cognitive capabilities are combined to enhance working conditions and customer experiences. By relieving our human talent of mundane and repetitive tasks, we seek to foster an environment of empowerment that facilitates creativity and intellectual growth. Thus, in removing employees from robotic tasks we have coined the term “Derobotization”.
Some of our most notable successes of 2019 include a ROI of 1:14, the increased number of RPAs along with the number of end users who are RPA trained and the number of robots implemented (see fig. 1). The digital workforce has also created new incomes and increased collections, for example through charging fees which if charged manually would have been unprofitable.
We are using technology as a driving tool to improve and increase human capabilities and we call this the new digital workforce (Figure 2). We foster an environment where employees can become a better version of themselves, be more productive, and have more opportunities to focus on activities of greater intellectual value. To make this possible, our processes include principal tasks that are subject to continuous improvement using various capabilities.
Figure 2. New virtual workforce.
Lessons learned
Enabling a digital workforce demands a continuous strategy that evolves in conjunction with technology and business. The path to developing a strong and solid workforce is still full of challenges that we need to overcome.
The biggest challenge is to transform processes and create an environment where technology and human capabilities can be integrated. This allows us to add value to our customers, the organization and improve our employees’ quality of life.
Transformation is about transforming people, not just about implementing a set of tools and capabilities. The development of a digital workforce is not a strategy by itself. It is a component to support the organizational strategy.
About the Awards
The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.
The winners will be announced at the Awards Ceremony at The Business Transformation & Operational Excellence World Awards (BTOES) on Wednesday, March 25th, 2020, from 6.30pm in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort.
The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.
The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2020 in the beautiful Venetian Ballroom on March 25, 2020 at the Loews Portofino Bay Hotel at Universal Orlando™️. Click to access the agenda, view the current speakers, and watch the highlights video from last year.
BTOES.com
The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry
BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.
It also hosts the Business Transformation & Operational Excellence Awards, which showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.
The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.
With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.
Quick Links
There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.
The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including
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All-day Refreshment & Themed Breaks
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1¼ Hour Hot Breakfast Networking Sessions
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1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables
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1½ Hour Roundtable Sessions by Topic & Industry Sector.
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Keynote & Themes Panel Sessions
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Hosted Welcome Receptions from 5.30pm
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Expanded more lavish Awards Program
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Newly launched Night Summit for attendees to meet after dinner
For more information or to discuss the summit in more detail please schedule a call below,