What is Process Intelligence?

FortressIQ is the process intelligence platform for the modern enterprise. That’s how we describe our platform, and process intelligence is what we deliver to our customers. But what, exactly, is process intelligence?

Your business runs on processes. How you recruit, onboard, and train new employees, for example, is defined by the processes, subprocesses, and tasks that make these actions a reality. And processes extend to every area of your business. It’s how your products and services are sold, made, packaged, priced, shipped, delivered, invoiced, and inventoried. It’s how you invoice customers, pay suppliers, cash checks, publish reports, change production, maintain equipment, upgrade software, and, obviously, everything else that makes your business go.

Every step that makes up each individual process is important to not just delivering the end result, but in the quality, risk, cost, speed, and other attributes they introduce into your business. Therefore, having a deep understanding of your processes is critical to improving the quality, risk, cost, speed, and other attributes of your business. And, any business transformation requires first understanding what it is you’re expecting to transform. You must decode the work that’s being done today to understand what to improve, automate, or optimize tomorrow.

But how do you uncover the details that make up your business processes?

The Traditional Methods for Understanding Processes

Most businesses, especially those of enterprise scale, don’t truly understand how their processes work on a granular, day-to-day level. This is at the level of how workers, applications, and data interact. The traditional methods of understanding processes are process mapping, process mining, and process discovery.

  • Process mapping is a manual method for documenting processes. Teams of consultants interview and monitor workers as they track a process from start to finish. It’s slow and expensive, and the sample size is limited and incomplete, especially for larger businesses.
  • Process mining is a back-end, software-centric technology that records the narrow, step-by-step workflow based on user interaction with specific systems. It requires access to application log files, but it’s limited in coverage because it misses steps performed in separate applications or applications (like email clients) that do not produce log files.
  • Process discovery is a modern alternative to process mining. It tracks workflow at the software user interface level, no matter who performs the task or which application is used. It is good at capturing discrete sub-processes, but has trouble scaling because it requires a manual evaluation of the results.

Each of these traditional methods return an incomplete view of processes and a snapshot of how the process was executed at a single point in time. Manually monitoring a process will undoubtedly disrupt and alter how workers perform that process. You do things differently when someone is looking over your shoulder. Application log files can be captured automatically, but they miss process steps performed manually or outside of a limited set of applications. And, manual process mapping and evaluation methods can show what happened today, but that data is then stale tomorrow.

Stale, Incomplete Data Leads to Ineffective Transformation

The pressure is on enterprises to become more data-driven and less reliant on intuition and incomplete, siloed data. We live in an always-on, connected world, yet businesses make billion-dollar decisions using estimates and gut instinct. When it comes to business transformation and the lack of accurate, current, and complete process data, it’s no wonder McKinsey & Company found that just 14% of business transformations return any sustained performance improvements and 70% of enterprise-scale change programs don’t reach their stated goals. The result of that failure is $900 billion in wasted effort.

The traditional methods of understanding processes leave businesses struggling to paint a complete picture of how processes are actually being run. In order to make effective decisions, you need 100% of your process data at your fingertips, whenever you need it. Not just a snapshot, but complete data. Not from last year, but from today. Not with gaps, but capturing every discrete step along the way.

The data also must provide granular process details, down to time durations, frequencies, and the people and roles involved. It must provide the metadata to reveal how identical processes are completed differently across regions, teams, or applications. And, it must allow for drill-downs into the screens, data fields, and actions to clearly highlight (or rule out) opportunities for automation and process redesign.

Process Intelligence to the Rescue

Process intelligence is the automatic and continuous acquisition of process data at scale across any system in your enterprise. It provides clear and accurate visibility into the current state of your organizational processes to improve business process automation, digital transformation, and enterprise optimization. Process intelligence helps you understand today, so you can plan for tomorrow.

Process intelligence uses AI and computer vision to automatically create a detailed blueprint of the digital processes across all applications and departments, and across your entire enterprise. It does it without disrupting workers or the process, and can automatically create detailed process definition documents (PDD). By capturing this process data at scale and providing the details needed to understand it, you get instant visibility into the context and meaning behind your process data.

Process intelligence empowers you to then utilize your process data to improve every initiative and every decision. By collecting, aggregating, and cleaning this process data, you’re left with a centralized system of record for work.

This process data nirvana—real-time, comprehensive, usable— was not technically or economically feasible…until now.

The Real Impact of Process Intelligence

Process intelligence finally allows the traditional guessing game of process understanding to be replaced with a fast, accurate, data-driven alternative. In turn, it makes your transformation and process optimizations initiatives also fast, accurate, and data-driven. Using process intelligence lets you respond more quickly to internal and external pressures, and empowers your teams to make better decisions in real-time.

More specifically, process intelligence brings process data to every worker, interaction, and decision. By adding human-in-the-loop functionality and data agency, your workers can use process intelligence data when and where they need it. By integrating process data into your existing data landscape, you can eliminate gaps between existing systems, processes, and customers to accelerate your transformation initiatives. It also streamlines automation efforts and the creation of bots by providing all essential elements necessary.

At the most granular level, process intelligence reveals exactly which tasks employees are spending time on within a particular application. This allows you to focus on specific segments of the process that could return the most value, impact, or time through redesign or automation. If, for example, employees are spending an inordinate amount of time in a text box on a particular screen, process intelligence will help you determine if you can drive text entry standardization through a drop down box, or even if that text entry is required at all.

Process intelligence is the data enterprises need to fuel intelligent automation, value engineering, process redesign, system optimization, and employee experience. It’s also used to improve compliance, expand governance, and improve operational efficiencies across the enterprise.

The Enterprise Benefits of Process Intelligence

Enterprise transformation efforts frequently fail because of the simple magnitude of the impacted processes. You’re trying to produce change on an enterprise scale using a snapshot of data that cannot possibly reflect the realities of the actual process. But process intelligence changes your perspective by giving you the detailed process data necessary to see how your decisions will impact your business.

Process intelligence goes well beyond traditional process mapping, mining, and discovery methods in six essential ways:

1. Scalability. Process intelligence quickly captures the granular detail in all business processes across your organization so you can find those improvements that provide the most impact.
2. Accuracy. Process intelligence combines cross-application data collection and AI modeling to provide a level of data-driven detail that allows you to confidently make strategic decisions for the most impact on your business.
3. Speed. Process intelligence eliminates slow, manual steps, making it up to 90% faster than traditional methods, and improving your time-to-value and return on your digital transformation investments.
4. Unbiased. Process intelligence uses intelligent, automated, and non-intrusive business process capture to eliminate bias or errors of manual capture, and enables workers to continue without influence or distractions, adding accuracy to avoid the rework that slows digital transformations.
5. Continuous. Process intelligence eliminates small sample sizes and estimations to continually capture process variances that happen across different shifts, locations, roles, and more, helping you refine or tailor processes for unique needs.

Of course, we believe FortressIQ Process Intelligence is the best way to capture these benefits. Our platform offers accuracy and insights unattainable with traditional methods and creates a system of record across your entire enterprise. The result is better, faster decisions on process automation, digital transformation, compliance improvements, and more.

Learn more about our Process Intelligence Platform here or check out our most recent press release.

Love at First Insight

With Valentine’s Day around the corner, it only makes sense that a lot of people have love on the brain. I know it’s a Hallmark holiday and I don’t put much weight into celebrating on a specific day. But, I do think it’s worthwhile to compare falling in love with a person, to falling in love with insights. At the very least, it makes for a pretty interesting blog post. 

Does “Love at First Sight” really exist? The concept actually dates back to the Greek and Roman empires where, if one was struck by Cupid or Eros’ arrow, the recipient would fall madly in love with the first person they would lay eyes on, even if it was a stranger. Since then, it’s been the basis of many books, movies and even songs. Styx sang about it in 1991, proclaiming ”Love at first sight. So rare, and so exciting.” 

Love at first sight has also been transferred to inanimate objects like cars, houses, and so well epitomized when Carrie Bradhsaw saw a pair of Manolo Blahnik shoes in a NYC store window. Or the now infamous quote from Jerry Maguire: “You had me at hello.” It’s that overwhelming feeling the first time you see something, you just can’t stop loving it. The butterflies in your stomach, the sweaty palms of your hands, and usually the inability to form complete sentences. 

Come on, we’ve all had that feeling!

So what on earth does this all have to do with process intelligence? A lot actually.

Like a First Date with Your Business 

Process intelligence brings work into an entirely new light. It gives you a fresh perspective on what you’ve previously seen as just “process.” Think of that person you’ve never really been interested in or didn’t know at all. Suddenly, you find them irresistible once you get to know them. That’s process intelligence. It takes every process inside your business and turns it into something truly open and interesting…and valuable. 

If you’re involved with enterprise transformation, operational re-engineering, or process automation, this is true love. Process intelligence makes processes attractive by opening up the details of every task so you’ll want to learn more, do more, and use it more. And, just like love at first sight, you’ll yearn to be with process intelligence all the time. It all just clicks.

The more you discover about your business and the underlying processes, the more you’ll want to explore. Process intelligence lets you spend time learning how your business really operates, how teams work differently to achieve the same ends, and where workarounds introduce risk or compliance issues. You’ll also uncover surprises that make you that much more curious, along with the ability to explore even more. 

Keeping the Spark Alive

When FortressIQ customers talk about our platform, they frequently use the word “love.” They love putting it to work, seeing the data, and getting real value from these never-before-possible insights. 

With love, unfortunately, sometimes those feelings fade. Not with FortressIQ. It’s common for customers to use the word “love” more often the longer they use our platform. The insights it provides gives them more opportunities to bring more value to their business, in more areas, and in more ways. 

Our platform also lets customers easily explore areas of their business they may not have considered. Since it’s fast and easy to use, customers can spread the love to more teams, regions, projects, and opportunities. Wherever there’s a need to decode work, FortressIQ can be quickly deployed to uncover real-time, accurate, and detailed process intelligence. 

The more it’s used, the more customers fall in love. Even after a process is optimized or re-engineered, FortressIQ offers continuous monitoring in the background so customers get continuous visibility to see adoption rates, workarounds, roadblocks, or opportunities for increased efficiency. It also shows variances across different teams, regions, or shifts so customers know where to focus their efforts on continuous or incremental improvements. 

Intelligence is Sexy

Process mapping, process mining, process discovery; they’re all like a bad relationship. You deserve better. You’re wasting your time being unfulfilled. It’s painful. Worse yet, you’re devoting effort and resources to traditional techniques that return limited visibility and limited value. You’re then basing transformational decisions on that limited data. It’s no wonder nearly 9 out of 10 enterprise transformations fail to deliver sustainable value and result in $900 billion wasted annually.

It’s time to move on. You’re better than those traditional methods.

Change your perspective with FortressIQ Process Intelligence. It delivers detailed, documented visibility into the processes that drive your business…or hold it back. FortressIQ Process Intelligence insights can be used to enhance the employee experience, redesign processes, optimize operations, and accelerate your business. Complete, enterprise-wide data is available in days with FortressIQ, as opposed to incomplete data that can take months to gather and analyze with traditional methods. 
Sounds attractive, right?  “C’mon, let’s process intelligence and chill.”

We’re Bringing FortressIQ to Japan with Hitachi Solutions, Ltd.

We’re very excited to announce a new relationship with Hitachi Solutions, Ltd., a Tokyo-based provider of digital transformation solutions and services. Hitachi Solutions, Ltd. is now using FortressIQ Process Intelligence as a customer, and will also offer the FortressIQ platform to their own customers to visualize and modernize complex business processes. This relationship marks our entry into Japan’s market at a time when regional demand for migrating work to the cloud is accelerating.

Our partnership with Hitachi Solutions, Ltd., enlists the company as a reseller of FortressIQ Process Intelligence in Japan. The platform will help our joint customers decode work and make data-driven decisions to improve competitiveness well into the future. Internally, Hitachi Solutions, Ltd., is already using FortressIQ to identify, analyze, and visualize business processes as they work to eliminate bottlenecks and gain efficiencies. 

Transformational Growth for Process Intelligence

Hitachi Solutions, Ltd., has long been a conduit for quickly moving enterprises along their digital transformation journey. The company’s use of cutting-edge digital technologies, such as artificial intelligence (AI) and Internet of things (IoT), successfully guides customers as they renew and modernize business processes and speed their move to the cloud. 

Modernizing work and shifting more effort to the cloud is particularly important in Japan. The country’s aging workforce is forcing companies to seek out dramatic increases in efficiency and productivity to sustain market growth. But, companies must first understand how their business operates today. That’s driving huge demand for process intelligence across Japan. ITR, a Tokyo-based market research and consulting firm, projects this industry to grow from ¥400 million ($3.8 million) in 2019 to more than ¥7.5 billion ($71 million) by 2024. That’s an increase of 1,775% in just 5 years. 

Japan’s market offers a greenfield opportunity for process intelligence, and this new partnership will position us to take a commanding lead with a strong, first-mover advantage.

Adding Microsoft Power Platform

Hitachi Solutions, Ltd., is using the insights gained with FortressIQ to help customers migrate business applications from on-premise to the cloud, which is further accelerated by their partnership with Microsoft and their use of the Microsoft Power Platform. Power Platform brings together Microsoft solutions, from Office 365 and Dynamics 365 to Azure and hundreds of other apps, to enable the creation of end-to-end business solutions. Component tools, such as Power BI, Power Apps, Power Automate, and Power Virtual Agents, empower companies to build custom apps without coding and automate processes to streamline how their business operates. 

We’ve been working with Microsoft Power Platform for quite a while as our integrated solution helps organizations increase productivity by automating repetitive, time-consuming tasks. Our end-to-end solution for intelligent automation provides cognitive process intelligence, AI-enabled workflows, and deep business insights, and does it all faster than the traditional alternatives.

Leveraging the Speed of Process Intelligence

The AI power behind FortressIQ provides unmatched speed and accuracy over the typical process discovery and mining methods. This gives Hitachi Solutions, Ltd., and their customers a faster path to realizing the benefits of process modernization. According to Hitachi Solutions, Ltd., using FortressIQ has made it possible to automatically analyze end-to-end enterprise business processes and visualize real results in as little as 2 weeks. And, that’s without disrupting workers or conducting tedious analysis of application logs.

You, too, can have that speed, whether you’re based in Japan or anywhere else in the world. To learn more about our new partnership with Hitachi Solutions, Ltd., and how the company is using FortressIQ and Microsoft Power Platform with customers across Japan, visit hitachi-solutions.co.jp/wsi/sp/.

Forrester, Microsoft, and the Future of Automation on the hello, Human Podcast

Our podcast, hello, Human, features the leading builders, explorers, and warriors of AI. Together, we investigate how they’re putting AI to work to transform enterprises and make sustainable progress on automation, privacy, business disruption, human-bot teaming, and much more. We strive to make each episode intelligent and engaging, with the ultimate goal of improving your understanding of the opportunities AI can bring to your business and our world.

Episode 5 – Understand Today, Automate for Tomorrow

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Episode 5 - Understand Today, Automate for Tomorrow
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Hyperautomation and Building a Resilient Digital Core on the hello, Human Podcast

Our podcast, hello, Human, features the leading builders, explorers, and warriors of AI. Together, we investigate how they’re putting AI to work to transform enterprises and make sustainable progress on automation, privacy, business disruption, human-bot teaming, and much more. We strive to make each episode intelligent and engaging, with the ultimate goal of improving your understanding of the opportunities AI can bring to your business and our world.

Episode 4 – Building a Resilient Digital Core

FortressIQ | Intelligent Insights for the Modern Enterprise
Episode 4 - Building a Resilient Digital Core
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In episode #4, my guests were Abhinav Kolhe and Sudhakar Pemmaraju, both from Cognizant. 

Abhinav is the firm’s Technology Director for Robotic Process Automation and Machine Learning, and he’s been with Cognizant for more than 20 years. Sudhakar is the North American Head of Cognizant’s Digital Strategy & Operations Transformation Consulting Practice, and he has deep consulting experience across digital marketing, customer management, and operations transformation and automation. Cognizant, if you’re unfamiliar, is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era.

We jumped right into our conversation talking about the pandemic and its impact on automation. Every business function has had to make adjustments this year to keep up with the chaos. Yet organizations remain under pressure to digitize and automate more and more as the uncertainty continues. Some companies are doing very well in this regard, with Abhinav pointing specifically to bright spots in banking, healthcare, and education. But for most companies, it’s going to take a continued commitment to digital transformation and process agility to be successful.

“First of all, companies will need to ensure that their digital channels are on par to succeed in the current environment,” said Abhinav. “Secondly, I think as the economy comes back in the next few months, demand recovery will be unpredictable. There will be the uneven spread of recovery across geographies, across products, customer segments, and whatnot. This will complicate matters for leaders.”

“Automation-first, or a digital-first mindset, will be an absolute essential center stage that companies will have to prepare for. We are seeing an upsurge from a lot of customers in terms of hyperautomation use cases.”

Hyperautomation is the application of advanced technologies, like AI, machine learning, RPA, and process intelligence, to automate both repetitive tasks and more cognitive business tasks. Gartner named it to their 2020 and 2021 “Top Strategic Technology Trends List,” and it’s on the radar of most progressive organizations. 

“Hyperautomation goes beyond deploying bots for individual tasks,” explained Abhinav. “We are talking about a connected, enterprise-wide change program that connects multiple teams, multiple work streams across an enterprise. One of the most key attributes of that platform would be the ability to loop in humans into the process.”

Of course, organizations need to understand their processes before they can be hyperautomated, or even automated. But just simply understanding your processes and preparing for potential scenarios helps your business perform at a higher level. Then, when a scenario comes to fruition, like, say, a pandemic, you already know how to react and respond. A recent article in Harvard Business Review points to process mapping as a catalyst for building resilience. “You’ll manage a crisis better if you’ve analyzed and discussed your processes—and done at least some reinvention—before you’re in the thick of things.”

Abhinav gave several examples of how companies that already had deep process intelligence were able to quickly react once the pandemic took hold. An airline used virtual agents to process refund requests. A financial services institution used natural language processing (NLP) and automation to quickly implement a government-mandate loan program. And, an insurance firm used NLP to quickly assess the pandemic’s impact on customers to determine how cancellations would impact their business. 

So where do you begin? If you have little or no process intelligence, how do you attain this deeper understanding of how your business works so you can start to optimize, streamline, and automate?

To help, Cognizant offers six building blocks for a resilient digital core, which Sudhakar explained in detail during the podcast. The framework starts with understanding your processes. 

“The very first one is to establish a service demand catalog to understand the end-to-end value chain of the processes across all the departments,” said Sudhakar . “(This includes) process mining, process simplification, process standardization, and business improvement techniques.”

Only after you map how your business works should you seek to actually start championing the initiative and executing the transformation. Success is built on that initial process intelligence gathering. And it makes sense, since it’s difficult to change what you don’t know.

We discussed much more about hyperautomation, the misplaced fears around automation, and the go-to web resources for both Abhinav and Sudhakar, but you’ll have to listen to the full conversation on the hello, Human podcast. Or, if you’re more of a text-based person, feel free to read the transcript.

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What’s Next for Process Intelligence: 5 Predictions for 2021

The hype around process intelligence kicked into overdrive in 2020. From investments to acquisitions to products, it was an exciting year by any measure. But 2021 promises to be filled with even more hype – and confusion – in the market as vendors look to capitalize on the growing interest from major companies.

Fueling this interest in enterprise process intelligence is the continuing focus on digital transformations. The COVID-19 pandemic forced companies to rapidly modernize how their businesses operated. As early as April, the massive shift to remote work and education turned previously manual processes into digital efforts. Microsoft’s CEO Satya Nadella said that the company saw “two years’ worth of digital transformation in two months.” But that transformation obviously didn’t end in April. And, now that managers and executives have experienced this level of speed and flexibility from their teams, there is no way they’ll move backwards once offices reopen in 2021.

But it’s not just digital transformation that’s going to drive process intelligence in the new year. Enterprises are finding more process automation opportunities to accelerate the shift from low- to high-value tasks for their workforce. Cybersecurity teams are putting suppliers under the microscope, especially as the number of vendors claiming process intelligence capabilities continues to grow and data privacy concerns increase. That growth is driven by market demand too, as more business functions seek process automation solutions and more innovative technologies are appearing in the market.

To help distinguish the 2021 signals from the noise, here are five predictions for process intelligence in the coming year.

  1. Process intelligence growth rate will exceed that of RPA.
    For the past three years, RPA has been the fastest growing software category in the enterprise market. It exploded from $518M in 2017 to $1.6B in 2020, and is expected to hit $1.9 billion next year, according to Gartner. While the spending arrow will continue to trend upward and the overall market size will dwarf process intelligence, the new king of enterprise software growth in 2021 promises to be process intelligence. Companies are quickly realizing that RPA without process intelligence limits the value, blocks sustainable benefits, and typically requires rework. Process intelligence will become the natural prerequisite to RPA, and the annual growth rate will approach 50% next year with the overall market size exceeding RPA in 2025.
  2. Data privacy concerns will influence vendor selection.
    As the market transitions from point process intelligence deployments within a specific business unit to wider adoption across an enterprise, the issue of data security and privacy will become a bigger issue. CISOs and security teams will be involved in more evaluations and suppliers will face greater scrutiny. It will not be enough to simply offer allow and deny lists of applications. Suppliers will be required to mask sensitive corporate data and personally identifiable information (PII) to meet requirements.
  3. Big enterprise software vendors will jump into the process intelligence market.
    One of the major enterprise software leaders, such as Oracle, SAP, Microsoft or Salesforce, will begin adding process intelligence technology natively into their platforms. This past year witnessed substantial interest from these companies in RPA technology, and 2021 promises a similar response in process intelligence. Their major customers are looking to address the process gap that exists in their own organizations, and the leading software vendors will look to fill the need as they have done in the past with ERP, CRM and RPA.
  4. Process intelligence will converge with complementary tools.
    As process intelligence is essentially a diagnostic solution, it requires connections to other solutions to deliver the expected outcomes. Companies are looking to piggyback on the excitement in the software category with complementary solutions to drive exponential results. Each product can deliver value, but more total value is achieved when the solutions are used together. Workflow and AI/ML providers are the most logical partners as companies look to accelerate strategic initiatives with process intelligence. RPA is the most logical connection, and we already see solutions like Power Automate and Blue Prism establish connections. Valuable integrations will be made with customer experience and compliance technologies as well starting in 2021. Companies now have a unique and previously inaccessible data set of operational activity to search for patterns and streamline tasks across a variety of initiatives.
  5. Enterprises will move beyond financial and accounting opportunities.
    Nearly every process mining demonstration or case study available is centered around financial and accounting services. Whether it is Order to Case (O2C), Procure to Pay (P2P) or Record to Report (R2R), process intelligence vendors seem unable or unwilling to expand their vision. What’s more likely is their technology struggles to address less structured business activities. To truly support the enterprise and grow the market, vendors will need to provide benefits for both front-office and back-office activities. This coming year will see more examples of process intelligence in new and novel areas of the business, such as talent management and data analytics.

What Do You Think?

That’s what we think is going to happen in the new year. We’ve put a lot of thought into these but would love to hear what you think. Do you disagree with any of our predictions? Are there others we missed? Don’t be afraid to let us know what you think 2021 has in store for process intelligence. Share your thoughts with us on Twitter and we’ll be sure to respond, or send us a note at hello@fortressiq.com.

Happy New Year!

How Process Intelligence Accelerates GRC Efforts for Financial Services

The focus of all organizations and leaders this year has, rightfully so, been to protect its customers and employees. Over 90% of the workforce is now working remotely, outside the boundaries of the traditional office, while customers forge ahead into uncertainty. Indeed the world now looks very different from what it did at the start of the year. But one thing is clear: this is the new normal.

But as financial services institutions (FSI) look to overcome ongoing challenges to managing risk, the need to improve governance and exert control over processes and activities remains critical. Add in digital transformations, upgrades to aging technology, and dealing with increased regulatory scrutiny, there is immense pressure on governance, risk, and compliance (GRC) teams. Between 2019 and 2020, regulatory fines and penalties on FSIs have exceeded over $11 billion, largely due to financial crimes, a lack of adequate supervisory controls, and governance and risk management failures.

Managing GRC in our new normal requires a new approach. Detailing the interconnectedness of people, process, technology, and data is crucial to mitigating risk, improving compliance, and aligning governance with business goals. Leveraging artificial intelligence, computer vision, and deep learning models, also known as process intelligence, is now an important tool in the toolkit for the GRC practitioners, and officers across multiple lines of defense.

Where Process Intelligence Makes the Difference
Only by understanding the reality of your business processes can you be effective in improving internal controls. FortressIQ decodes work to provide the detailed current-state assessments, which give you the process intelligence to make data-driven decisions. It captures tasks at the most granular level, with no bias or digital blind spots. It works across all applications, through each department across the enterprise, and for every single process. It’s also faster and less expensive than traditional process mapping and mining methods, yet provides much higher accuracy to reduce rework and accelerate improvements.

Process intelligence provides GRC a powerful tool, and extends into financial crime, audit and assurance, operations, lending, and many other areas requiring execution of manual, repeatable tasks and usage of multiple systems and applications. With a deeper understanding of how your business actually works, strategic and tactical changes can be implemented effectively and efficiently, and with better oversight.

Converting Process Risk into Data Transparency
Below are key areas where process intelligence helps FSIs understand their current-state processes at the most granular level, and which can be leveraged effectively at scale:

  1. Enterprise-wide Risk Management (ERM): Process intelligence provides a detailed understanding of end-to-end processes at the enterprise level across key functional areas. This detail improves how risks are identified, captured, aggregated, and reported. Specifically, end-user computing tools are identified to highlight when and where manual workarounds occur. Examples include complex compilation and computation tasks performed by Risk Management, Operations, Finance, and Treasury to calculate market risk, credit risk, liquidity risks, capital and liquidity ratios, and more. Additionally, these granular process insights can then be leveraged for operational risk and control self-assessments (RCSA).
  2. Data Governance: To ensure effective management of BCBS standards, the Data Management office can leverage process intelligence to track which data points are captured manually. That’s essential to running the business and managing risks. Understanding the key sources of data (internal or external, such as regulatory websites or third-party data) and how the data is consumed (data inputs and outputs) within the organization can be tracked and measured.
  3. Compliance Risk Management: Compliance officers can leverage process intelligence to ensure adequate procedures are in place for process governance. In addition, simplified and standardized regulatory reporting processes. For example, a leading FSI mapped its trade reporting (blue sheets) processes, which included heavy user intervention and dependency on multiple applications and platforms, to execute regulatory requests. The number of regulatory requests had quadrupled in just a few months due to market volatility, which slowed down efforts and created a constant backlog. Within 7 days of deploying FortressIQ, and without disruption or utilization of a compliance officer’s time, the FSI was able to map end-to-end processes from request receival to submission. Compliance is now fully aware of the current state procedures and its complexities, and the output is being used as a business requirement document for process re-design and automation.
  4. Internal Controls: By understanding business processes at the most granular level, as well as detailing how key applications and platforms are used at the user level, internal controls can be strengthened and validated by all lines of defense. The procedure documentation, analytics, and insights can then be leveraged by Compliance, Risk Management, and Internal Audit to understand processes, manage risks, and validate and strengthen internal controls.

Process Intelligence for Every Line of Defense
Process intelligence brings visibility into each line of defense within an FSI by following the human and the process instead of application logs or consultant interviews. Advanced computer vision, machine learning, and artificial intelligence capture every process step quickly and accurately, with zero integration and universal compatibility. This automated business process discovery, modeling, and documentation surfaces data and insights unattainable with traditional methods, but instantly usable by GRC across their purview and across the enterprise.

Three Lines of Defense Model

Process Intelligence is a valuable tool that uncovers the real usage of all governance, risk and compliance workflow tools and technologies. FSIs require transparency above all, and FortressIQ delivers real-time, data-driven insights that create a detailed map of your business – across all applications, through each department, and for every single process.

We can help your GRC efforts, too. Just click here to let us know how to get in touch.

FortressIQ Awarded a Top 3 Ranking in Process Intelligence

Just three years ago, FortressIQ embarked on an ambitious journey to build AI that can decode work. The long days and nights are paying off as industry analyst firm HFS Research recently ranked FortressIQ in the top three to be an “HFS Podium Winner” for 2020.

Interest in process intelligence has surged this year as enterprises realize the critical role operational understanding plays in driving success across key strategic business initiatives such as workflow automation, analytics, operational excellence, experience, and compliance. You have to understand today to improve tomorrow, and most companies lack the granular understanding of their business necessary to successfully transform.

Given the noise in the market and different approaches to achieve process intelligence, it is helpful to reiterate how HFS defines the category:

“Process intelligence technologies are critical change agents, bridging the divide of siloed data, BI, analytics, AI, and automation initiatives we see sprinkled across enterprises. The products available today are helping us address process debt, identify automation ROI, improve training and development programs, scale risk and compliance initiatives, and accelerate cloud migration.”

HFS positions FortressIQ as “visionaries in unstructured data capture.” This is a critical distinction because any outcome enabled by process intelligence, such as automation, analytics or compliance, relies on good data as the lynchpin for meeting the objectives. One client reported, “FortressIQ can interpret processes with 100% accuracy.”

FortressIQ ranked third overall out of the 14 vendors reviewed. We also ranked in the top three subcategories for innovation and “outstanding voice of the customer.” A number of long-term players in the market did not even make the top 10 in the report. Key strengths for FortressIQ were noted in scalability, vision, customer references and partners.

While security was identified as a challenge, the report data was gathered prior to the recent release of the Privacy Enhanced Gateway (PEG) module that enables AI cloud benefits with on-premise deployment security, as well as the addition of Role-Based Access Control (RBAC).

Our diverse and growing customer base, as well as our extensive partner network, recognize the value achieved by leveraging the FortressIQ platform. The increased awareness by the analyst community will only help to jumpstart adoption.

“The data speaks for itself; the process intelligence market is beginning to pick up steam and enterprise leaders’ yearning for process excellence is driving demand in the space. Leveraging the real-time process data which is now available thanks to the latest batch of process intelligence tools and techniques means that reaching previously unachievable ‘process excellence’ has suddenly become a reality, making this a market to watch,” noted HFS Analyst Sam Duncan.

Access the summary report for details on how FortressIQ ranked in ten categories including Overall technology and product vision and roadmap; Partnership Ecosystem, and Ability to transform business processes and deliver outcomes.

Don’t Create a Monster, Create a Beast

Halloween is right around the corner, and nothing is scarier than transforming your enterprise into a Frankenstein of incompatible tools and techniques. 

You started with the best intentions. You thought you chose the right tools, most attractive processes, and the best minds. 

But you soon found the amalgamation birthed a hideous creature of stitched-together processes, disconnected guidance, and opposing insights. It’s turned your transformation into a nightmare of rotting results, festering budgets, and decaying productivity. Instead of electrifying your enterprise with new life, you’ve created a monster.

Download the full infographic

Consultant’s Brain

Consultants are the experts, and you would expect them to be the brains behind your transformation. But they’re working with limited resources and time, trying to capture process details and then extrapolating anecdotes across your organization. They’re bound to miss things, which leaves your project wandering between options and never really making transformational impacts.

Miner’s Arm

Process mining and discovery techniques are slow, expensive, and highly manual. It’s an outdated approach that only captures a slice of a process based on how users interact with one system. It limits your coverage, misses steps performed in separate applications, and could pull your transformation in the wrong direction.

Software’s Arm

Digging for process details via APIs requires even more connections with IT, developers, and application vendors. It adds time and expense to your transformation project, and even more opportunities for messages to get lost and connections to break. Plus, each application requires a separate API connection, delivers data in different formats, and forces you to manually reconnect and reanimate the insights, adding even more delays.

Data Guts

Most companies truly don’t understand how they operate on a granular user level, and this lack of current state understanding is a major roadblock to transformation success. Process Intelligence helps eliminate nightmares by efficiently creating a dataset of user activity not previously available to kickstart strategic initiatives. Convert your process problems into big data solutions.

Bot’s Leg

RPA is great, but every organization struggles with scaling programs. Process assessment and prioritization delays development. Vendors have promoted screen recorders for task discovery, but they fail to scale and actually create more rework than traditional methods. Scary indeed. The only real answer to scaling your RPA program is adopting real process intelligence. Deploying FortressIQ means rapid assessments, and finding automation opportunities at scale

App’s Leg

Know what’s really scary?Most enterprise processes–especially the valuable ones–require workers to hop between software, move data across screens, or use multiple apps simultaneously. Trying to combine those steps into a coherent process using just log files and APIs is a recipe for disaster. Process Intelligence can give you the insights to start correcting the issue so you can understand today to improve tomorrow.

Stop the Madness! Turn Your Enterprise into a Beast

FortressIQ goes way beyond all of these scary, cobbled-together options to capture every step of every process, without expensive and disconnected tools pulling you in different directions. It brings your transformation to life with real-time, end-to-end process insights captured with DNA-level analytics across all applications, departments, and processes.

Don’t let your transformation turn into a monster. Use FortressIQ to make data-driven decisions that successfully propel your enterprise into tomorrow.

Transforming BSA/AML and KYC with Process Intelligence Technologies

The U.S. Bank Secrecy Act (BSA) of 1970 was one of the first Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. It required companies and financial institutions to establish and report on internal controls and other measures put in place to prevent the facilitation of financial crimes. Other similar laws exist in countries around the world, creating a complex web of potential compliance issues for financial services companies.

Between 2008 and 2018, financial institutions worldwide have paid an estimated US$26 billion in fines and penalties as a result of violations to these regulations. That’s an average of $2.6 billion per year. However, government scrutiny of money laundering is now at an all-time high. Financial Institutions were fined US$5.6 billion in the first half of 2020 alone for non-compliance with AML, KYC, and related regulations. If the trend continues, it would represent a 430% increase over the previous ten-year average.

It is increasingly clear that compliance with these regulations is critical to the sustainability of every financial institution. Unfortunately, the traditional means of transforming your BSA/AML processes are woefully inadequate. But there are new technologies helping accelerate and increase the success of BSA/AML transformation.

Does Your AML/KYC Process Add Risk?

While it is the responsibility of all employees, partners, and suppliers to prevent an organization from facilitating financial crimes, Client Lifecycle Management (CLM) and Compliance are the two departments playing key roles in defining and implementing the required internal controls. CLM is the first line of defense within any organization. Compliance acts as the second line of defense, responsible for policy making, escalation, and resolution, as well as performing independent risk management. Auditors, the third line of defense, ensure any risk governance framework complies with regulatory guidance.

Three Lines of Defense Model

Before taking on a new client, a due diligence process is generally conducted to evaluate the client’s risk rating. It begins with a basic understanding of the client’s identity, the risk involved, and an understanding of their financial habits. Onboarding high-risk customers and politically-exposed persons requires enhanced due diligence with additional assessments of the client’s geographic location, source of funds, and purpose of the transaction, and may require ongoing monitoring.

This is an important task that typically happens as follows:

  1. Pre-onboarding checks are conducted by working with Sales, Risk Management, Legal, Compliance, and others to collect and review relevant client data, product information, and documents as mandated by the regulatory authorities.
  2. Teams then update multiple systems of record to ensure a client’s readiness to transact.
  3. Post-onboarding processes then include on-going client reviews and continuous monitoring, managing client and counterparty data and records, and potentially, client off-boarding.

This process can quickly become complex, especially at global organizations spanning multiple geographies with various policy interpretations, competing rules and regulations, and related data housed in multiple and disconnected software applications. That last point adds risk, especially when data is not integrated, thereby forcing considerable amounts of manual, repetitive, error-prone work. The result is increased operational, reputational, and financial risk.

Additional risks arise from policy interpretations and potentially incorrect execution of processes, which both depend on the experience of KYC analysts. It is indeed demanding for analysts to make critical decisions that require focused thinking while concurrently performing important yet mundane manual data-entry tasks.

Add it all up and your AML/KYC process is exposing you to more risk, which is exactly the opposite of what it is supposed to do!

Transforming BSA/AML with Success

Transforming any enterprise process can be daunting, for good reason. A study by McKinsey & Company indicates that a staggering 70% of large transformation projects fail to deliver expected results. Reasons may include unclear objectives, lack of leadership, and lack of commitment. But looking deeper, transformation projects are frequently derailed when teams underestimate process complexity. It’s a huge undertaking to identify the appropriate processes, perform detailed current state assessments, develop business requirements, and keep an eye on budgets. Then, for any transformed process, adequate training is required, and even minimal employee turnover can add to the challenges.

When focused on AML/KYC processes, the need for a successful transformation can be critical to your organization’s survival.

But help is available from point solutions such as Microsoft Power Automate, which uses Robotics and artificial intelligence (AI) to help organizations streamline, standardize, and automate routine tasks. Many financial institutions are also leveraging cognitive natural language processing (NLP), with focused solutions such as DDIQ by Exiger, to accelerate adverse media and sanctions screening processes related to clients.

AML/KYC platform providers can help streamline end-to-end processes. But successful implementation of these types of platforms largely depends on the quality of the business requirements and clearly defined compliance policies. It’s also dependent on the prevailing regulatory rules, final user acceptance testing and training. In reality, it takes many months for organizations to fully understand and effectively leverage these platforms, which adds further delays to already complex transformation projects.

FortressIQ is playing a key role in a successful AML/KYC transformation by converting a process problem into a big data problem. FortressIQ performs detailed current state assessments to provide near real-time process intelligence. It then provides the insights to make data-driven decisions.

Using computer vision, NLP, OCR, and deep learning algorithms, FortressIQ will:

  • Capture tasks at the most granular level, with no bias or blind spots;
  • Provide faster time to value by generating detailed, enterprise-wide process insights in just 2-4 weeks and without consuming worker time; and
  • Cost much less than human consultants, including eliminating documentation errors and the related rework.

Insights provided by FortressIQ can be leveraged by functional and transformation teams to collaborate on areas that matter: process enhancement, automation, and training.

Effectively managing your AML/KYC risk is critical to the success and reputation of your organization. Process intelligence and emerging technologies can help mitigate these risks, speed up the transformation journey, and enhance the customer and employee experience. It could also prevent a AML/KYC violation, which is becoming an increasingly expensive prospect.