Thank you for Subscribing to CIO Applications Weekly Brief
Thank you for Subscribing to CIO Applications Weekly Brief
What led to the inception of the company?
Today's marketplace is changing rapidly—be it regulatory requirements or customer preferences. The faster businesses can accommodate that change, the more likely they are to be successful. Arrayworks was founded on the idea of enabling businesses to easily manage continual change. We’ve consciously architected our solution to accommodate that change, resulting in an advanced low-code application platform that empowers our customers to achieve their ever-evolving digital ambitions without the delays and costs associated with traditional development methods.
What are the features and functionalities of your TAP platform?
Our platform allows customers to create a digital twin of their entire enterprise including the people, places, processes, documents, and “things” as they exist in the physical world, the “constituent entities”. Once digitally represented, users can easily define the entity relationships and create complex criteria-driven business rules that monitor, manage, and escalate responses across the entire digital ecosystem regardless of whether they are request driven, time-driven or event-driven. TAP’s ability to digitally represent every part of an ecosystem speeds the application development process and allows for feedback to be incorporated at any time. Combine this with our patented approach to process, actionable attribution, advanced visualization and BI capabilities, and you’ve got a platform for continuous competitive advantage.
What is the typical process that you follow while onboarding your customers?
We typically start with the end in mind, meaning what the customer defines as a successful project. We then work to identify the appropriate entity types, model workflows and processes, and define the security needed to control access to data and platform capabilities. Once we have built enough to stand up a simplified version of the final solution, we elicit feedback from users that quickly and easily gets incorporated into the initial solution.
We’ve consciously architected our solution to accommodate continual change, enabling our customers to achieve their evolving digital ambitions without the traditional delays and costs
Can you share an instance where you helped a client overcome the challenges that they faced by leveraging your TAP platform?
A recent financial services client needed to digitally transform their customer onboarding experience. Their previous model was paper-driven, involved mailing of documents and continuously required vast amounts of rework due to missing, incomplete or wrong information. This resulted in long delays and poor customer experiences. There were a tremendous amount of problems in this process. Firstly, there was no way to track where the paperwork was, except by making phone calls to their advisors and manually updating spreadsheets. This client also lacked the proper insights about who their best advisors were, how much money was in their pipeline, and where the accounts were in the opening process at the custodial banks. So much information was slipping through the cracks.
Arrayworks delivered a digitally transformed onboarding solution that enables the advisors to log into a portal, create client profiles and auto-generate portfolio proposals. These custom proposals are specific to the customer’s risk tolerance as scored by an algorithm driven by responses to questions on investment goals, time frames and tolerance for volatility. Now, if the proposal is accepted, the advisor selects the appropriate account paperwork. It is auto populated with a mix of information captured previously as well as new information provided by the customer specific to the account type. Once complete, the documents are made available for e-signing. Arrayworks also streamlined the back office by digitizing the account opening process which has allowed the operations team to easily track paperwork, resolve problems, and spot bottlenecks before they become critical. These processes were designed to alert advisors as the account opening process reached important milestones. Advisors are now kept in the loop which has given them insight into every step of the process. In turn, this has liberated the operations team from fielding continuous calls regarding account status updates. Lastly, the management team has realized the benefit of having a system that now provides them with real-time insights on operational performance, pipeline status, and advisor performance. Significant cost and time benefits were realized due to reducing the onboarding process from what was 3-7 weeks to just a few days. This has resulted in an exceptional onboarding experience for both advisors and clients. The firm now has much greater control over operations and is ready to pursue their plans for rapid growth, knowing they can scale without having to add more staff.
What are the unique value propositions of Arrayworks that helps them surge ahead of their competitors in the marketplace?
Our patented approach to process, advanced entity modeling capabilities and event-driven architecture differentiates us from our competitors. Our intuitive state-based approach to process modeling enables our customers to visually create complex processes and workflows without having to write code. Additionally, TAP’s entity modeling capabilities have proved to be invaluable to organizations looking to digitally optimize or transform their business operating models by providing richer context about the entities that participate within their ecosystems. Finally, there is a building consensus that the common thread among emerging digital platforms strategies including CRM, IoT, BPM, and Ecosystems is the need to monitor and respond to “Events”. TAP provides the perfect digital HUB to monitor and orchestrate responses to these “Events”, regardless of their origin. TAP captures critical data not only about processes and events, but also data about the changing state and condition of each entity as moves through defined processes, providing much more robust data sets for analysis and AI.
What does the future hold in store for Arrayworks?
Currently, we are doing a lot of work related to both digital optimization and transformation, especially related to BPM and DTOs. As we approach 2019, we continue to see increasing interest in DTOs providing the foundational hub to thread together and orchestrate relationships across several different ecosystems including IoT, CRM, legacy tech as well as external ecosystem participants. Arrayworks product roadmap for TAP includes furthering our analytics, BI and AI capabilities to help our customers achieve higher states of operational awareness that drive efficiencies, reveal new opportunities, and engage with customers in more focused and meaningful ways.