We recently designed a cloud-based workflow management solution for a depositary firm in London, who needed something completely bespoke to their working processes. The main driver for the piece of work was to bring efficiencies to the business, but we quickly realised that there were other benefits, which weren’t as immediately obvious, which would help the client to justify their investment much faster than they’d anticipated. In my opinion, the key benefits of a cloud-based workflow management are as follows:
1) Automating workflow = saving time + driving efficiencies
Financial services firms are no longer making huge profit margins and commissions, and are always looking for ways to trim costs and make the business more profitable. By automating back office functions and
The finance sector, and other highly regulated sectors have a huge number of mandatory reports to run. If your software can automate reports for you, this is a very valuable feature. If reports can be generated to show who is doing what and when the next task is likely to be accomplished, this is not only a useful tool for monitoring activity, forecasting and improving efficiencies, it can also be used to inform clients and investors.
in best practice and meet compliance requirements
Regulatory reform and a requirement for greater transparency mean that finance firms are facing
4) Drive employee
Workflow management software can enable you to
5) Grow with your business
Cloud workflow management solutions are cost-effective, easy to scale up or down, and offer employees the flexibility of working on a variety of devices and locations. Remote workers, or virtual teams can easily use a cloud based workflow management system and additional users can be added easily. Cloud systems ensure the latest patches have been installed by the vendor, and that software version control is kept up to date.
Workflow management can reap great benefits for financial services firms, but it needs to be flexible enough to meet your specific and unique needs as a business. Find a reliable partner to co-design your solution and ensure that you can change it if your business needs change.
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