An organization depends on its financial institution to complete a major transaction, but a breakdown holds back funds and negatively impacts cash flow. Meanwhile, regulators fined another financial institution for failing to detect fraudulent transactions.
In both situations, better monitoring of business transactions could have helped prevent negative and costly consequences. In the first case, more thorough monitoring would have ensured that the bank customer’s transaction was completed more quickly, thereby maintaining and even increasing customer satisfaction. For the latter, it could have avoided fines.
Especially today, when modern applications and systems have become more complicated and the IT infrastructure more complex, a complete monitoring of business transactions is crucial. Businesses need the right tools to catch incidents early, automate wherever they can, streamline processes, free IT staff for more complicated tasks, and be able to quickly resolve any issues automatically.
“Business transaction monitoring is evolving from a support function to a critical element in the operations of any organization,” said Akhilesh Tripathi, CEO of Digitate.
For example, French utility company ENGIE needed a solution that could oversee its workload automation processes across its extensive IT infrastructure and business applications and reduce reliance on manual problem solving.
As one of the world’s largest independent power producers, ENGIE carries out around two million meter readings almost every day and issues over 150,000 invoices. ENGIE turned to Digitate for help with the digital transformation of their billing and payment process. The company wanted to move away from manual monitoring and remediation, which was both inefficient and risky, increased operational costs and often resulted in inaccuracies and delays in revenue generation.
Within 18 months, ENGIE was able to transform its workload process through a closed-loop solution that leverages intelligent automation to automatically identify and resolve issues, further solidifying its transformation into a digital company. Digitate worked with ENGIE to provide a multi-layered workload process monitoring solution to create a “blueprint” of the company’s entire batch system.
Now ENGIE spends less time and effort on manual monitoring. It has reduced the impact on downstream processes such as billing and payment communication by 80%, realized a 95% reduction in customer complaint tickets, and prevented a €5 million per day ($4.87 million) loss in revenue. For its successful digital transformation, powered by Digitate, ENGIE was recognized as an order-to-cash winner at Hackett Group’s 2022 Digital Awards.
With better oversight of business transactions as part of their digital transformation, organizations are finding that business processes are well supported to generate cash while increasing visibility across the organization. Financial institutions that complete tens of millions of transactions every day can rest assured that they can detect risky and suspicious activity.
Regardless of the industry, monitoring business transactions has a critical impact on organizations with tangible results. For example, utility companies monitoring hundreds of thousands of bills can rest assured that delays can be quickly resolved or even prevented. However, to be successful, organizations that want to become digital businesses must have the right technology.
“With the complexity of more and more systems in place, organizations need tools to provide visibility and trust into IT so it can run quickly and protect the business,” says Tripathi.
With its closed-loop solutions, Digitate helps companies to monitor all events in their IT infrastructure to create an integrated view. Tools detect anomalies, examine them and repair them themselves to correct them. Routine activities are automated, eliminating repetitive manual tasks and freeing up valuable time for IT staff.
“We close the loop and solve problems to create a value proposition for our customers,” says Tripathi. “They can do this in a tenth of the time it would otherwise take.”
To learn more about better monitoring business transactions and how Digitate’s products can help you, visit Digitate.