Industry sectors are shaped by their own unique mechanics and cycles, and yet the broader challenges facing business are often the same – intense competition, the necessity of innovation, government regulation, the presence of emerging technology and the influence of global dynamics.
Robotic Process Automation is a powerful tool that can alleviate the repetitive and time intensive tasks of the modern organisation, free up key personnel to concentrate on meeting core challenges and disruptions and re-allocate thought, skills and creativity to innovation, customer engagement and business development.
A selection of industries that CiGen can assist include:
- Financial Services
- Insurance and Superannuation
- IT and Telecommunications
- Business Process Outsourcing (BPO)
- Utilities and Energy
- Supply Chain and Logistics
The Financial Services industry faces a diverse array of challenges – intense competition, low customer loyalty, ageing legacy systems integrating with emerging technology and the threat of sophisticated cybercrime – all of which drive the need to differentiate, innovate and remain relevant to the customer. On top of this, the industry must navigate and respond to ever evolving standards in regulatory compliance.
Insurance and Superannuation
The Insurance industry is navigating an unprecedented shift in its function and structure. Traditional players are being challenged by new, nimble and financially stable competitors, many of whom are 100% digital, niche focused and/or seeking to value add to broader products and services, such as groceries. Consumers have become increasingly savvy, with personalised risk profiling, straight through claims processing and online-phone-tablet integration becoming the expectation, not the point of difference.
Similar to Financial Services, Superannuation incumbents are faced with the necessity of regulatory compliance, compounded by a wide ranging and very public discourse from the political sphere which only adds to uncertainty. Widening public awareness around the importance of superannuation for retirement – often the next biggest asset after the family home – is driving strong competition between funds, with sustainable financial returns, value added services and fee accountability being key concerns.
IT and Telecommunications
The digital age is well and truly upon us and the IT and Telecommunications industry has never been more central to our everyday lives. At the same time, what were once high value and specialized products and services are now commoditised and near universal – technology and services are simultaneously evolving and being superseded with extraordinary pace. Incremental innovation, an engaging customer experience and the transition to value added content and services are key battlegrounds.
Institutions at all levels of Government – from local to federal – are under renewed pressure to control and justify their expenditure, provide efficient and reliable services to the community and minimize red tape and bureaucracy. Although the competitive nature of the private sector is mostly avoided, Governments are still confronted with the issues of ageing legacy infrastructure, cumbersome and inefficient processes, high personnel count and ever vigilant taxpayers.
Business Process Outsourcing (BPO)
Professional service firms are encountering a renewed business landscape, as the labour arbitrage and off-shoring models of the past decade give way to emerging technologies such as intelligent automation, the digitisation of assets and business intelligence, and a movement towards retaining a core knowledge base and intellectual property in-house.
Utilities and Energy
The Utilities and Energy industry is facing a unique set of challenges on two fronts. Extracting, converting and monetizing natural resources, which themselves are becoming more scarce, is cost intensive and highly competitive. The significance of utilities and energy to everyday society ensures that market pricing is heavily scrutinized, leading to cost pressures on both sides. From a social perspective, governments and the public are demanding a sustainable and environmentally friendly approach to energy production.
Supply Chain and Logistics
The transport of physical goods within the economy has increased dramatically in the past 20 years, in line with the broad shift towards globalisation and the rise of the global supply chain. The Supply Chain and Logistics industry has been under pressure to modernize its operations and keep pace with the rising standards in other sectors – digitisation being the key example. With volatile fuel prices being so integral to the profitability of the industry, a streamlined & fluid operational structure is essential.
The ageing of the Baby Boomer generation brings with it an increased focus on the Healthcare industry and its importance to our society. The delivery of high quality care that is consistent in application, affordable to the public and long-term sustainable from a funding perspective will be key measurables for the foreseeable future. Not unlike Superannuation, high visibility in the media and political arenas, plus the obligations of regulatory compliance, create a recipe for ongoing change and uncertainty.
The Retail industry is now truly global in scope – from manufacturing and supply chain, to concept and trend identification, to the product itself. Consumer appetites are increasingly fickle, brand loyalty is low and minimal barriers to entry for many categories ensure that profit margins are tight. Product innovation and deep customer insights are crucial to staying ahead of the trend, while vigilant COGS management and operational excellence are necessary to protect the bottom line.