User research and Digital Twin creation
For the Genpact team, the first step was research. Even if you think you know where the problems in a process are, research often reveals challenges in places you might not think to look. Genpact's consulting team took the innovative approach of collating qualitative and quantitative data across the process, including the steps managed by third parties, to make recommendations on how to streamline loan applications from beginning to end.
To do this, Genpact visited client sites across the globe to observe and interview employees. We saw their challenges – such as a reliance on paper-based and manual processes – and uncovered insights that otherwise wouldn't have been captured with digital research.
Combining this research with digital data allowed the Genpact team to create Digital Twins. Digital Twins are digital copies or representations of a process followed by a user and/or technology to complete a given task. They offer a consolidated view of the end-to-end processes across multiple touch points and disparate systems. They also flag what is and isn't working to make it easier to identify opportunities for improvement and, potentially, automation.
The Genpact team also collected event logs – or time-stamp data – from the core loan-processing system, and used process mining to create the Digital Twin of the merchant finance process. Then, the team could identify wait times and bottlenecks across the process, quantify reworks and exceptions, and understand the factors influencing approval times. And, because a Digital Twin focuses on facts and figures, it removes emotion and bias from the research phase, which is a problem often seen in traditional interview-based approaches.