Last week, Roland Alston wrote a blog post for Business Process Incubator on digital transformation. In this, he stated that the key to success, to standing out from the competition, comes from putting the emphasis on the execution of a process, rather than simply the outcome.
In his post, Alston discussed challenges that face companies who implement digital transformation. With examples from options and futures trading exchange Chicago Mercantile Exchange tackling inefficient workflow by using low-code digital transformation, to wireless carriers having to reduce the deployment time of mini cell phone towers, to an Australian financial services firm automating processes to improve customer experience, Alston noted a focus on inefficient processes.
For the examples given, the companies involved investigated the outdated processes they were using, and implemented changes to resolve the issues they were having. The result of this in each case was a vastly improved system which saved, time, money and the hassle of the previous version. Naturally this gives rise to a stronger market position.
The idea of focussing on processes rather than outcomes can be applied to almost any area, including the gambling industry. In the same way that we all look to make things simpler in our own lives –broadband rather than dial-up, mobiles instead of pagers, cars instead of walking – companies can investigate the systems they have in place to see where new technology offers potential savings. This could be in terms of time, cost or simplicity, but if there is a significantly more efficient method it will often lead to long term gain, whether it is from savings or from customer satisfaction.
There are numerous possible benefits from cutting-edge technology such as AI, blockchain and IoT. AI offers methods to automate or simplify processes. Blockchain offers a host of potential savings from removing middle men, to transparency and immutability for auditing or security, or creating smart contracts and decentralised autonomous organisations to automate processes. IoT offers data collection and analysis and connectivity on an unprecedented scale with the goal of making processes simpler and more efficient. Large, multinational companies, particularly in the financial services sector, are experimenting with technologies such as these for the huge savings and opportunities they offer.
Applying this focus to the gambling industry, efficiencies could be made in a number of ways. One example could be to use blockchain to show a transparent and unaltered record of data and KYC/AML compliance for regulatory purposes. Another possibility might be using information gathered with IoT to provide tailored customer experiences or to inform future development. A third option may be to use AI or blockchain and smart contracts to automate processes or disintermediate middle men. Whatever the result ends up being, the idea that Alston brought up in his blog is valid. By looking at processes, not outcomes, areas to improve will be readily identifiable. The solutions are probably already out there.