psKINETIC

Asset Management Series – Start With An Automation Assessment

Most asset managers will be somewhere at the mid-way point on a digital maturity curve, they are typically digitally complex organisations using multiple market data sources, systems and platforms across legacy infrastructure and business functions. The majority of tier-1 asset managers will have integrated automation into their business processes with varying degrees of success mainly as a result of the complexities mentioned above. In a survey which focused on productivity, only 18% of clients were very satisfied with their automation programs and went further still 71% of respondents cited poor implementation and 59% noted a lack of coordinated strategy as a reason for not achieving success.

So, what is RPA? RPA is the automation of manual desktop processes and is used to emulate the actions of a human interacting within digital systems to execute a business process configuring high-volume repeatable tasks such as moving files and folders, copying and pasting data, or scraping web browsers. The main drivers behind a decision to automate a particular process are typically cost and error reduction, processing speed, employee satisfaction and talent retention while mitigating operational risk and enhancing the client experience. You will note that the benefits of automation are perfectly aligned with the strategic growth initiatives of the business. It is also important to point out that RPA in most cases will achieve the intended results, but you should be aware that as a stand-alone technology it can prove difficult to scale. It is also a known fact that automation projects can become siloed in different business areas which is why the creation of a CoE may be advisable.

Intelligent automation (IA) on the other hand is used to automate complex business processes by integrating workflows and elements of cognitive technology such as NLP, ML and OCR. While RPA will deliver the operational efficiencies to the business IA moves the dial towards operational excellence and process improvement. The IA outcome for a business is the ability to automate more complex processes with increased accuracy and less human intervention which in turn drives increased business transformation and more impressive overall cost savings. We also know that to maximise the benefits of automation, your pipeline of projects must align with your target operating model. It is also essential to consider the benefits of end-to-end automation (unattended) and consider the importance of integrating elements of intelligent cognitive technologies into your business processes. We like to think about how clients can avoid falling down an automation rabbit hole.

In summary, when thinking about automation, you should start at the end by clearly defining the success criteria for each project. What are you trying to achieve? Is the solution scalable and fit for purpose? Is it an end-to-end solution? Data, business and investment process engineering, intelligent workflows should all be part of your thinking to ensure that your digital transformation strategy delivers results not just today but well into the future.

For further details contact
David Landi – Head of Asset Management
E: David.landi@pskinetic.com
www.linkedin.com/in/david-landi/

Insights

The institutional onboarding process is often ‘broken’. It is not scalable, can delay revenue, will drive up costs, and can even negatively …

For asset managers and asset servicers, intelligent automation provides an opportunity to address current challenges and create a far more efficient, effective, …

Global asset managers need to compete in an eco-system that is increasingly data-driven. Changing demographics and client expectations require leadership teams to …

Automation & Digital Transformation In Asset Management

Short on time?

Why not download the full article and read it at your leisure.