Today’s dynamic and fast-paced businesses look for quick and informed decision-making, powered by real-time analysis of huge volumes of data. Not surprisingly, banks and professional services firms are investing heavily in information management. But like any other business, they want ‘more for less’. This creates new challenges for both in-house and external business information services (BIS). Fortunately, a little help from data-focused technologies is making it easier to come up with solutions.
How can BIS become competitive?
The answer appears simple – cost and workflow optimization. A closer look at the specific demands of financial and professional services industries reveals the focus areas for BIS.
Database spend
Centralized knowledge management eliminates duplicate spending and enables content re-use. Companies want applications that 1) track database usage to assess the relevance of subscriptions, 2) identify cost-effective sources, and 3) provide quick information for informed decision-making.
End-user experience
The young professional BIS end user is a technology enthusiast who routinely uses smart devices and applications. They want equally intelligent and intuitive workplace tools that offer high user satisfaction, leading to enhanced productivity.
Seasonality of workflow
The peaks and troughs experienced by financial services companies call for a sophisticated BIS.
Automation
About 45% of BIS activities can be automated using existing technology (McKinsey: Four Fundamentals of Workplace Automation). An additional 13% automation is possible through cutting-edge natural language processing and artificial intelligence technologies. Automation in BIS is now almost a hygiene factor that should accompany any manual intervention.
The answer to BIS challenges
Companies can increase efficiency by using solutions for smart data usage monitoring, and automation of routine tasks and market research. For example, Evalueserve’s propriety BIS workflow management tool enabled a 15% reduction in turnaround time for data requests for a major client, realizing savings of almost USD 50,000 in the first year. Another tool automates the necessary, but time-consuming task of downloading company filings for publicly listed companies.
However, automation alone cannot address all BIS needs. Companies need the right balance of technology and human expertise to overcome complex challenges.
In these uncertain times, one thing is certain – traditional data management is becoming obsolete in the financial and professional services space.