Three Key Imperatives for Today’s Enterprises 

Back to Blog

Three Key Imperatives for Today’s Enterprises 

Running a successful business in today’s highly competitive market is tough. To compete, business leaders must balance three competing imperatives – continually exceed accelerating customer expectations, doing more with less, and managing business risk. 

To succeed, businesses must deploy intelligent automation and AI across their customer journey to become: AI-driven, automated end-to-end, and self-optimizing. 

The Three Imperatives 

1. The AI-Powered Path to Revenue Growth 

Today, millennials and Gen Z make up the largest group of business customers. Not only is customer behavior changing, but customers themselves are changing also. Today, customers are immersed in digital and AI technologies. To compete, businesses must figure out how to deploy Artificial Intelligence (AI) at scale to create real value. 

Pega’s Customer Decision Hub™, an AI-powered marketing stack, unifies businesses with different sales and marketing channels, freeing businesses to focus on customers and not channel strategies. 

Pega’s Next-Best-Action approach uses Artificial Intelligence (AI) and Machine Learning (ML) to identify unique customer needs, preferences, and context. With Customer Decision Hub™ as the backbone, customer interactions become omnichannel, and businesses can make data-driven decisions through the Next-Best-Action recommendations. 

For example, when Commonwealth Bank of Australia (CBA) needed to develop deeper, more meaningful relationships with each of its 10 million customers, they deployed the Pega Customer Decision Hub™. By leveraging Pega’s omnichannel AI marketing solution, CBA created a Customer Engagement Engine. This allowed the bank staff to intelligently suggest and personalize the next best conversation to engage with each customer, regardless of whether they are in branch, on the phone, online, or on a mobile device. 

With over 50 million next-best conversations, CBA achieved a 12-point lead in Net Promoter Score over their competitors. This approach delivered the results CBA was hoping for.

Businesses need to deliver more better and faster (Source: Pega)

2. Boosting Productivity and Reducing Costs with Automation 

Economic pressures and geopolitical uncertainties have forced businesses worldwide to rethink their hiring strategies and find ways to keep their operating costs as low as possible. Every business leader now needs to continually reduce the cost of doing business and help their existing workforce be more efficient and productive. Now, while that may seem like an organizational curveball, it is a reality that every business needs to address. 

Fortunately, there is a way to deliver more for less. Businesses must adopt automation and AI solutions. Automating operations and processes will result in a more intelligent and efficient business, which in turn will make employees more efficient and effective. 

Thanks to Pega’s enterprise-grade AI decisioning, workflow automation, and low-code solutions, businesses can work smarter, not harder, and deploy AI and low-code solutions at scale, instantly. Automation can execute repetitive and tedious tasks, freeing up the existing human workforce to focus on tasks that necessitate human judgment, critical thinking, or creative thinking. Automation and AI eliminate the need to hire an ever-increasing number of employees, resulting in more agile and innovative businesses. 

When First Citizens Bank needed to streamline and optimize their operations, they reached out to Pega. Due to their reliance on systems and platforms designed for specific functions, the bank faced a range of operational issues. Different systems stored customer information, necessitating human intervention to reconcile the data, making the processes error-prone and time-consuming. To resolve these operational challenges, the bank needed a one-stop-shop for customer interaction. 

Pega Platform™ enabled them to integrate multiple systems, automate processes that required manual intervention, and improve the employee and customer experience. The deployment of AI-powered workflows allowed customer service representatives to resolve customer issues with improved data-driven decision-making. 

Pega’s solution enabled the bank to analyze each customer’s requirements with natural language processing, AI-powered decisioning, and continuous machine learning. In addition, using Pega’s intelligent automation solutions, First Citizens created an orchestration system that eliminated the need for manual data entry, saving valuable time and reducing errors. 

The RPA-powered data reconciliation automation system significantly reduced both the time and effort required, while the Pega Platform enabled the First Citizen’s existing workforce to respond more efficiently and effectively to meet customer needs. One platform, many solutions. 

3. Mitigating Risk, Maximizing Growth: The Power of AI-Driven Decisions 

To deliver business goals, grow profitability, and maximize shareholder value, business leaders must minimize risks. However, businesses make millions of decisions each day, and each carries risk—be it a decision on customer, product, supplier, operation, or transaction. 

This is where AI and low-code solutions can play a crucial role. AI-powered tools can analyze vast amounts of data, identify patterns, and generate insights that can lead to vastly improved decision-making. 

On the other hand, low-code solutions can fast-track product development and simplify the process of automating workflows and decision-making. Taking the low-code approach enables businesses to keep costs in check and mitigate complexities by bringing people, processes, and systems together to deliver value quickly. By integrating AI and low-code solutions into decision-making processes, businesses can achieve their strategic goals more efficiently, while keeping risks to a minimum. 

For example, Optum, a healthcare services provider, leveraged Pega’s low-code solutions to simplify their complex licensing procedure for clinicians. Optum’s clinician-employees did not undergo the typical credentialing process as they would if they were in a hospital system. This led to challenges in updating and documenting all licenses and ensuring the accessibility of mandatory files during an audit. To overcome this, they required a solution for obtaining, maintaining, and tracking clinical licenses without switching between platforms. 

Optum swiftly developed a license tracking application using Pega’s low-code app development platform, which was adaptable, transparent, and enabled the sharing of clinician data across multiple platforms. 

With this solution, Optum can now verify over 80,000 nursing licenses on a nightly basis. 

The Future of Work Is Intelligent and Autonomous 

In 2024, there will be one undeniable fact: AI and automation are the future of work. McKinsey research shows that between now and 2030, AI and automation could automate up to 70 percent of business activities across almost all occupations. In turn, this will add trillions of dollars in value to the global economy. 

Leveraging AI, low-code, and automation solutions are the only ways for businesses to deliver on their organizational goals. Businesses everywhere must simultaneously balance all three competing narratives: increase revenue, decrease costs, and mitigate risks at scale. 

Pega’s AI-powered decisioning, intelligent automation, and low-code capabilities enable businesses to do just that. The future is bright. But only for those who embrace these transformative technologies and adapt their strategies accordingly. Problem-solving is not just about finding answers, but also about asking more questions. Pega’s solutions help businesses drive the right course of action and dispel ambiguity by bringing the best of AI and analytics together. 


Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Blog