Modernizing Fintech Business Processes with IoT
Technology Category
- Cybersecurity & Privacy - Security Compliance
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Food & Beverage
- Life Sciences
Applicable Functions
- Quality Assurance
Use Cases
- Leasing Finance Automation
- Regulatory Compliance Monitoring
About The Customer
The customer is a global biotechnology company with divisions focusing on animal and food safety, genomics research, life sciences, and toxicology. The company operates both in the U.S. and globally, and it needs to meet stringent requirements not only for each line of business, but also compliance across local, state, and federal government agencies. The company was previously using an 'old school' system of email and paper forms, which made processes complex and time-consuming. The company's goal was to bring critical food and safety products to market faster while ensuring regulatory compliance.
The Challenge
A global biotechnology company, with divisions focusing on animal and food safety, genomics research, life sciences, and toxicology, was struggling with an 'old school' system of email and paper forms. This system made processes complex and time-consuming, leading to extended approval processes and a high probability of error. The company needed to meet stringent requirements not only for each line of business, but also compliance across local, state, and federal government agencies both in the U.S. and globally. The company initially relied on Microsoft SharePoint to improve collaboration, but soon realized they needed a low-code process automation platform to ensure end-to-end workflows were meeting the requirements of the business.
The Solution
The company decided to implement Nintex K2 Five, a low-code process automation platform, to transform its email and paper-based processes into digital and automated workflows. This allowed the company to achieve a digital transformation of processes, providing tighter standardization and increased user productivity. The team was able to make and fulfill requests easily using K2 Five forms and workflows. The company also automated its rigorous regulatory and compliance procedures using K2 Software SmartForms and workflows with different stages of approvals based on a variety of parameters. For instance, if it is an initial request for a foreign country, it needs to go through a different approval process than if it were domestic, while a state request is another approval process—all of which is configured within the form and specific SharePoint list.
Operational Impact
Quantitative Benefit
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