Pega has been helping organizations rapidly deploy, extend, and update applications to meet business needs for over 30 years. Hyperscience is thrilled to partner with Pega to provide a powerful and flexible offering to automate increasingly complex document processes, from input to actionable data. Our joint solution delivers increased value to enterprise organizations spanning the government, banking and financial services, insurance, and healthcare sectors by providing the highest levels of automation and accuracy in intelligent document processing, increased efficiencies, and reduced costs. We sat down with Rupen Shah, Vice President of Global ISV Alliances and Strategy at Pega, to discuss the partnership and how together, we’re helping organizations “make decisions that enable work to get done faster and more efficiently and to drive better customer engagement.”
What excites you about the partnership between Pega and Hyperscience?
The ultimate goal of this partnership is to drive efficiency for our clients with greater end-to-end automation while making employees more productive. A great example of this pertains to case management. A case is a piece of work that delivers a business outcome, or a meaningful deliverable provided to a customer, partner, or internal stakeholder. That deliverable could be processing an auto insurance claim, or new mortgage application, or designing and releasing a new product. In all these examples, the work to be done can be defined in terms of its resolution – an insurance claim is paid, a mortgage is approved, or a new product is released. By incorporating Hyperscience’s best-in-class intelligent document processing with Pega’s case management workflow, we can extract high-quality data from more diverse formats. Together, we’re helping to streamline operations, accelerate application time-to-value, and unlock efficiency and reduce costs for our clients and their end customers.
Document and process-heavy industries like insurance, financial services, and healthcare should see significant benefits from our joint solutions. Customer Service, Smart Claims Engines, and email bots are tightly integrated with Hyperscience to automatically extract document details from the likes of customer invoices, claims, and patient reports. Having Hyperscience directly populate Pega workflows and data models with key data from these documents reduces, and even sometimes eliminates, time spent viewing documents, manual data manipulation, and additional customer touchpoints.
Now that we’re emerging on the other side of the pandemic, what was the biggest surprise from a business and technology perspective? What are the greatest opportunities & risks that lie ahead for organizations and executives?
At Pega, we have been a proponent and an advocate for our clients to embrace digital transformation. The pandemic accelerated the opportunity to advance digital transformation initiatives within our customer organizations. The largest risk for organizations and executives is not planning for the future today. Successful companies need to think ahead of where their customers’ needs will be, and then be agile and flexible to adapt to those demands and needs. We saw this in the consumer space with grocery delivery and food delivery as well in financial services with banks having to be able to serve their retail and business customers completely online.
In our opinion, technology will always be an augmentation or assistant to humans. With continued advancements in AI and ML, technology has improved greatly to take on more of the mundane work and to assist humans so they can focus on more complex problems, which results in better customer experiences overall. With new generations and in this app economy, customers want a seamless and contextual experience regardless of the medium or channel they engage with brands or businesses. Many consumers have faced the frustration of authenticating themselves with personal identifiable information, such as an account number, via an automated system and then having to repeat the same request with a live person as the data was not passed appropriately. With applied AI and ML, enterprise organizations can connect or leverage multiple systems to generate context so that individuals are not just a consumer but rather a “valued customer.” This applies both in the B-to-C and B-to-B worlds.
What should business leaders be thinking about when it comes to future-proofing their operations?
Last year reinforced that the world moves too fast – and that change comes too quickly – to slow innovation. Business leaders should reflect not only on the impact of the recent pandemic, but also on other economic risks that they have no control over, such as what we saw with the subprime mortgage meltdown in 2007. In reviewing events, business leaders need to “expect the unexpected” and prepare their business to be more agile and adaptable to extraneous factors. This means thinking long-term about technology investments. In other words, make a list of immediate technology needs, such as marketing automation to drive customer acquisition, but also think about how to use technology to best service, retain, automate customer experiences. Some examples are companies like Zappos and American Express.
What advice do you have for organizations looking to kick-start their digital transformation initiatives?
Digital transformation is critical for the survival of most businesses, and companies need to accelerate these initiatives to meet rising customer demands. But digital transformation can feel like a massive, overwhelming undertaking, so it’s helpful to start by focusing on the near and longer-term and breaking priorities into smaller, achievable units.
CEOs, CIOs, and IT leaders are making critical investments to keep pace with new and emerging digital technologies that not only capture and make better use of data but also optimize processes and provide intuitive user experiences for customers and employees. A combination of focusing on your people, your processes, and your tech systems is the best approach to modernize enterprise architecture.
Is there anything else you’d like to add?
While there are many pundits studying the next big predictions about intelligent automation, I would like to share my thoughts based on my experience and observations in the market. Intelligent automation proposes clear and justifiable solutions to businesses now and more importantly in the future. It includes systems such as Pega’s business process management, RPA, AI, and integrated offerings such as intelligent document processing, biometrics, ID verification, and many others, which will give rise for businesses to make investments and prioritize high-value workflows.
In addition, automation workloads will move to the cloud in order to process at scale and drive more agility for businesses. By 2023, according to analysts, 40% of all enterprise workloads will be deployed in cloud infrastructure and platform services, up from 20% in 2020. Hence, we will continue to see a rise in the app economy — enterprise organizations need this to deliver unique, personalized customer interactions, which lead to superior customer experience and satisfaction.
With this partnership, Hyperscience and Pega are working together to identify ways to innovate how we think and build efficient systems of engagement to transform the customer experience.
Rupen Shah is the Vice President of Global ISV Alliances and Strategy at Pegasystems. Follow him on LinkedIn here.