Stereo Logic’s intervention proved instrumental in uncovering significant process bottlenecks and identifying areas for automation within the Finance department, resulting in enhanced revenue generation, improved customer experience, and reduced staff overtime.
About US
Our cutting-edge Process Discovery and Mining Solutions are designed to revolutionize how businesses manage, analyze, and enhance their processes. We take pride in delivering accurate tools for ongoing enhancement and cost-saving measures to businesses. Led by Dr. Sofia Passova and her team of specialists, our innovative technology, Stereo LOGIC™, has gained recognition from Gartner and has a proven track record of successful implementation at Fortune 500 Companies. Stereo Logic’s intervention proved instrumental in uncovering significant process bottlenecks and identifying areas for automation within the Finance department, resulting in enhanced revenue generation, improved customer experience, and reduced staff overtime. Impressed by this success, Texas Life extended the utilization of Stereo LOGIC to various other departments, including Customer Service, Case Implementation, New Business, Reporting, and even recommended its adoption to its parent company, WiltonRe.
Challenge
The billing department encountered daily challenges in distributing and reconciling premiums due to the complex nature of the process, which involved manual and repetitive tasks. Customer service experienced a slow and manual procedure for processing deposits and authorizing voided cheques, often requiring the involvement of department leads to cross-check information.
The case implementation team struggled with a complicated and repetitive process for setting up cases, which involved manual reconciliation, checking for discrepancies, and re-entering customer information. Accurately chart the Billing procedures, pinpointing any deviations and anomalies.Establish and streamline the payment processing logic to ensure seamless scalability and separate it from resolving discrepancies. Expeditiously implement RPA for manual processes.Enhance operational efficiency throughout all departments within the organization. Analyzed and quantified every payment distribution procedure discovered easily achievable candidates for automation calculated a 35% reduction in fulltime equivalent (FTE) savings across the organization
Wyth Financial
Stereo LOGIC demonstrated a faster diagnostic and solution presentation process compared to the time it would have taken a business analyst to assess the problem. Our learning curve was significantly reduced after just a few use cases. Concentra Bank, now operating as Wyth Financial, leads the way in digital-first banking in Canada. The company is committed to delivering a seamless digital banking experience to its customers. To realize this objective, Concentra Bank had to optimize the processing of client applications handled by the back-office.
Version 1: After implementing Stereo LOGIC Task Mining, Wyth quickly discovered multiple ways to enhance back-office processing within a span of two months. As Wyth Financial, known as “the Bank that Does,” looks ahead, they anticipate further improving client service by leveraging the ongoing utilization of Stereo LOGIC Task Mining.
Solution
The former COO of Wyth and his team opted for Stereo LOGIC, a leading provider of automated Task Mining software. Unlike most solutions that only analyze system database logs, Stereo LOGIC goes a step further by offering detailed insights into employees’ interactions with the company’s IT systems at the keystroke level. This allows for accurate documentation of processes and the identification of bottlenecks and failures. In their report for Wyth, Stereo LOGIC provided realtime screenshots of employees’ desktops, along with information on the time spent on each activity, client interactions, process scenarios, outcomes, and other relevant data points throughout the client service journey.
By utilizing Wyth’s dashboarding tool, Stereo LOGIC enables the company to monitor the entire client onboarding process from start to finish. This includes identifying where the process breaks down and whether the failures are due to human errors or back-office system issues. Thanks to Stereo LOGIC Task Mining, Wyth gained a better understanding of their employees’ processes, identified problems in client servicing, and determined which issues could be resolved through automation or adjustments to employee workflows.
Result
During the initial two months of implementing Stereo Logic’s system, the organization achieved remarkable outcomes by identifying numerous automation opportunities and reducing the time required for process analysis and diagnostics from 12 weeks to just 4 weeks per process. Wyth Financial is continuously exploring avenues to streamline the client onboarding process through the utilization of Stereo LOGIC. “Compared to a business analyst’s assessment, Stereo LOGIC took significantly less time to diagnose and present solutions. It only took a few use cases to expedite our learning process,” stated Kelly Sanheim, VP of Digital Servicing and Operational Excellence for Wyth. “As we automate more processes, we eliminate friction within our operations, thereby enhancing our employees’ capacity and improving the speed and overall experience for our clients.
COMPANY NAME: STEREOLOGIC LTD
FOUNDER: Sofia Passova
WEBSITE: www.stereologic.com
