Recently, a panel of experienced professionals, including Tamarack's Director of Professional Services Chad Carlson, joined together at the ELFA Operations & Technology Conference to discuss structuring your organization to thrive in the digital era. Spoiler alert: No matter how digital you go; you cannot replace the human effect.
Every company is at a different stage on their way to becoming digital competitors. Both customers and employees have increased digital expectations that are waiting to be met. As technology and expectations continue to change, it is vital for companies to be able to respond.
“The term “digital” used to refer to technology.
Today the term “digital” is a way of being.”
- Denis Stypulkoski
Companies who strive to become agile must become a composable enterprise, enabled by composable architecture.
What is a Composable Enterprise?
A composable enterprise is made up on three components. The first is composable business architecture, this ensures that a business is built to be flexible and resilient. These are the structural capabilities giving you mechanisms to use when architecting your business.
Second is composable thinking. This includes combining the principles of modularity, autonomy, orchestration, and discovery. Doing this allows you to conceptualize what and when you want to compose.
Third is composable technologies. These are the tools of today and tomorrow. The pieces and parts to bring everything together. In today’s environment, this means the use of Application Programming Interfaces or API’s.
APIs allow the sharing of secured data across cloud services, business systems and mobile applications. They are used for connecting business, vendors, and partners and are crucial for developing a composable enterprise. The example given to us by Andrew Cotter is that APIs act like the studs on a Lego brick connecting your organization together. With APIs you have the ability to build almost anything your mind can conjure.
Low Code Development Platforms
One key to providing framework implementing a composable architecture is low code development platforms. Low code platforms have been around for years but have recently gained popularity as companies focus on evolving digital experience. This platform helps you build workflows and connect all business capabilities together. Low code platforms also give you the benefit of being a drag and drop interface. This broadens the ability for anybody to participate. Anyone in your organization can become a developer.
Other Benefits of Low Code Development Platforms:
- Drag and drop interface allows for a quicker development time
- Easy integrations create a quicker way to connect business integrations
- Great user experience
- Modern Architecture
- Bullet Proof Security
- Flawless deployment
Low Code Platforms are currently being used and implemented by many businesses. Ncino has chosen to utilize the Salesforce platform for documentation requests, ad hoc approvals for document changes or process exceptions, servicing requests to shared services team, and document management enabling a paperless closing file. John Deere on the other hand built their own platform instead of going through a third party so they could cater it to their exact specifications. These are just a few of the ways that a low code platform can be used to improve your organizations workflow.
You Can’t Digitize Humanity
Can your company be digital and enhance person-to-person engagement? While, it might seem like an oxymoron, when you look outside of equipment finance who have gone digital and used technology to their advantage.
Here are some examples highlighted:
- Notarize.com – With this service you can legally sign and notarize documents one hundred percent online. They have taken on the task of meeting the customer where the customer exists. Notarize has preserved human engagement with the bonus of the entire process being recorded for the recipient of the notarized document
- Personal Capital – This company began as a digital first company but has embraced digital capabilities to track financial data. Technology tracks the data while a person handles the relationship.
- Wysa – This company has revolutionized day to day mental health care. AI is utilized to chat with the user daily. The chat bot is able to learn and grow with the user on their journey. They also understand that technology has its limitations and offer professional therapists via live chats & sessions.
Disruption is occurring all around us. There are new entrants in other markets making major waves in the way that industry functions. Things are gearing up for major changes to occur in equipment finance. Are you positioned to respond to these changes timely?
Start now. Bridge the digital-person divide. A composable architecture gives you the platform you need to deliver a digitally enhanced human experience to partners, customers, and employees.