A lot of organisations are shifting toward automated processes for time consuming and difficult business aspects. Most companies use some kind of software, made up of a number of programs to help accounting, reporting and payment systems, reducing the risk of human error.
But there’s something missing, a secret ingredient. And no, it’s not love. It’s Policy Management.
Policy Automation; it’s the process of running a decision through a set of rules to find out whether or not this outcome meets specific criteria. Sounds complicated right? But in reality, you can set up a contract or a number of legal requirements, and run an outcome and see whether or not they fit the criteria.
Some great examples of policy automation include figuring out someone’s ability to gain government financial assistance, or if they’re qualified to graduate from university. Very few of us break out paper and pen to complete our tax returns, fewer still look up sections of the Income Tax Assessment Act to work out how much of a return we’ll receive.
Policy Automation provides a powerful, natural language rules-authoring environment that can make determinations behind the scenes as part of an integrated cloud solution, or deliver dynamic self-service interviews. The person can put in their details, and the policy automation system will run these through a contract’s rules in lightning speed, delivering a yes or no (and why) they are eligible/illegible for the outcome.
Currently, a number of organisations are already using programs such as Oracle’s Policy Automation to reduce wait time and human input into decision making, streamlining entrance requirements to educational institutions, loan approvals for financial institutions, or safety requirements for others.
OPA’s integration and application
Chatbots are part of the next frontier, reducing the need for human responses and replacing it with an instant, automated response. Imagine asking an online chat how many more frequent flyer miles you need to achieve platinum status, instead of placing an inquiry or having to look up points and the criteria, you ask the chatbot and the automated system is able to look up your details, previous flight history, expiry of points and how many additional points are required. Not only can it tell you how many points you have, but how many are needed for the higher status, how long it will take you, and based on what flights you have upcoming, when it will happen.
Over the last couple of years, we at PrimeQ have worked hard to set ourselves up as the number one ERP Cloud organisation in Australia and New Zealand. Since then we have continued to expand our offering. With our recent recruitment we have attracted the most skilled and experienced Oracle Policy Automation people in Australia. They would love to talk with you and discuss how OPA can change the way you make decisions, reduce seepage and simplify your back office.
Get in contact now with Steven to talk through a solution or book a demonstration.