Back-office departments are often overlooked when it comes to investment. However, firms can make significant efficiency gains by adopting technology. Automating operational processes, for example, can revolutionise efficiencies, improve data control and consolidate data management. However, with any major change, planning is crucial for success. In this blog, we break down the 3 key steps firms must take to reap the full benefits of operational automation.
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Review the operational landscape
When considering where to deliver automation, firms should first review the operational landscape. This will allow firms to:
- Identify and prioritise the areas in need of automation – a full review of operational processes will determine where reliance is placed on manual processes. Firms can then prioritise across those requirements by considering the current challenges and risks presented by each.
- Maximise investment value – with a full understanding of all current manual processes, you can identify the solutions that deliver the most value by addressing current gaps. Importantly, this should also ensure that any solutions adopted do not inhibit future plans for automation across other areas of the business.
- Implement automation strategically – creating a phased and strategic plan for automation will ensure firms can plan accordingly and prioritise competing demands. While complete automation is the ultimate goal, this will take time to achieve.
Importantly, any decision to invest in automation should align with a long-term strategy to leverage data and technology across the firm.
This is because financial services are becoming increasingly data-driven, so firms need to be ready to meet that demand. Access to high quality and transparent data can enhance processes, foster collaboration and help meet regulatory requirements.
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Take the time to prepare properly
Once you’ve decided which processes to automate, thorough preparation is crucial for successful implementation.
While there can be an urgency to see quick results, especially under regulatory pressures, taking the time to prepare will ensure the project is successful and delivers value.
Effective preparation involves:
- Fully understanding the process – a clear and detailed understanding of the process you plan to automate is key. This knowledge helps build a vision for what automation should achieve.
- Defining your objectives – clearly defined objectives are essential for outlining what the automation should accomplish. Detailed requirements can then be captured to provide a comprehensive view of the desired results, offering crucial visibility into the project’s success.
- Clarifying data needs – effective automation relies on access to necessary data. Firms must be clear about the data they use and ensure it can be obtained from source systems, including internal and third-party data. Validating this early can reveal any additional changes needed before proceeding with automation.
Taking this meticulous approach ensures you have a strong understanding of your goals and the path to achieving them, which is crucial for delivering targets and assessing implementation success.
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Implement change
After reviewing, planning and preparing, your firm will be well-positioned to implement automation successfully.
To implement change, firms must find the right third party to partner with to deliver high-quality automation. Key to this, is working with a solution that can grow as your firm scales and help you achieve the automation objectives you have set as an organisation.
By following the guidance outlined in this blog, you can avoid common pitfalls caused by pressing ahead with change before you are ready.
Key takeaways:
- Understand all areas of operations which would benefit from automation
- Prioritise the areas you want to deliver automation in terms of the benefits they can deliver and the risks they present
- Be clear on the objectives you want to achieve and how they should be delivered
- Understand, in detail, your current processes and data requirements
- Partner with a trusted provider and solution that can scale as your business grows