Web2.0 has revolutionized the internet world and offered a seamless transition from paper forms/document to online web pages. The industries across the globe invests in IT projects to cut costs on postal and paper charges by offering the solutions online through the websites.
The telecom industry has eliminated the paper submission of application forms for new telephone/wireless connection to online submission and paper bills to electronic bills. The form submitted online is integrated with the Ordering system whereby the orders are keyed in for a customer. The created order flows through the provisioning system where the order is assigned to a network technician for physically establishing the connection to the home. Once the technician completes the order, the call charges are calculated in the Rating system and supplied to a billing system where the bills are generated and posted online for customers review and payments.
The financial services [banking] industries has integrated online submission of mortgage forms with the business process of credit approval. When the customer submit the mortgage form online, the process flow through validating credit history & residential address. Upon credit approval, the business process is coupled with the quote generation for customers review. Once the customer approves the quote online, the customer will be recieve the credit and the bills for mortgage payments are generated online for customers review and payment.
The other major financial services industry is insurance and the business process is tightly integrated with the technology. The insurance companies are promoting the sales online by selling the products through websites. When the customer requests for quote for a policy, the customers primary medical details are collected online. The medical history is verfied with medical information board and the underwriting engine generates the quotes for underwriters review based on mortality/medical history. The quotes are released by underwriters for online review of customers/policy owners. When the customer agrees for the insurance quote, the quote is converted to a policy and the policy is available online for the customers.
We can speak a lot about Web 2.0 and integration of business process management. But the ultimate benefit to the businesses are:
> Reduction in expenses incurred for paper mail
> Quickers sales
> Faster realization of cash/payments from the customers
> Reduction in manual intervention in the business process & hence decreased errors.
> Effective collection of data for generating potential leads
> Environmental friendly business
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