An organization depends on its financial institution to complete a major transaction, but a glitch holds up funds, negatively impacting cash flow. Meanwhile, regulators fined a different financial institution for failing to catch fraudulent transactions.
In both situations, better business transaction monitoring could have helped prevent negative, costly outcomes. In the former, more seamless monitoring would have ensured the bank client’s transaction was completed faster, maintaining and even boosting customer satisfaction. For the latter, it could have prevented regulatory fines.
Today, especially, as modern applications and systems have become more complicated and IT infrastructure more complex, seamless business transaction monitoring is crucial. Enterprises need the proper tools to detect incidents early, automate wherever they can to make processes more efficient and free up IT workers for more complicated tasks, and be able to automatically solve any issues quickly.
“Business transaction monitoring is transitioning from a support function to a critical element in any organization’s operations,” says Digitate CEO Akhilesh Tripathi.
French utility company ENGIE, for one, needed a solution that could monitor its workload automation processes across its extensive IT infrastructure and business applications, and reduce dependency on manual issue resolution.
One of the world’s largest independent power producers, ENGIE conducts some two-million meter readings and generates over 150,000 invoices nearly every day. ENGIE approached Digitate for help to digitally transform its billing and payment process. The company wanted to move away from manual monitoring and remediation, which were both inefficient and risk-prone, increasing the operational cost and often leading to inaccuracies and delays in revenue generation.
Within 18 months, ENGIE was able to transform its workload process through a closed-loop solution that uses intelligent automation to automatically identify and solve any issues, further cementing its transformation into a digital enterprise. Digitate collaborated with ENGIE to provide a layered solution for monitoring workload processes to create a “blueprint” of the company’s entire batch system.
Now, ENGIE spends less time and effort on manual monitoring. It has reduced impacts to downstream processes like billing and payment communications by 80%, realized a 95% reduction in customer complaint tickets, and prevented €5 million per day ($4.87 million) in revenue loss. For its successful digital transformation, powered by Digitate, ENGIE was named Order-to-Cash winner in the Hackett Group’s 2022 Digital Awards.
With better business transaction monitoring as a part of their digital transformation, companies find business processes are well supported to generate cash, while transparency increases enterprise-wide. Financial institutions completing tens of millions of transactions daily can feel confident they can detect high-risk and suspicious activities.
Regardless of industry, business transaction monitoring has a critical impact on enterprises with tangible results. For instance, utility companies monitoring hundreds of thousands of bills have peace of mind that delays can be quickly remedied or prevented from happening at all. Yet, to be successful, organizations working to become digital enterprises must have the right technology.
“With the complexity of more and more systems in place, companies need tools to create visibility and confidence in IT to execute fast and protect the business,” Tripathi says.
With its closed-loop solutions, Digitate helps companies monitor all events across their IT infrastructure to create an integrated view. Tools detect anomalies, investigate, and self-heal to correct. Routine activities are automated, doing away with repetitive manual tasks and freeing up valuable IT workers’ time.
“We close the loop and we resolve problems to create value proposition for our customers,” Tripathi says. “They’re able to do this in one-tenth of the time it would otherwise take them.”
To learn more about better business transaction monitoring and how Digitate’s products can help you, visit Digitate.