Collaborative Platforms fueled by a Tech for human approach are good for both business development and team motivation.
Increasing complexity to manage the various stakeholders of your ecosystem, higher requirements for data and information quality to feed decision making process and performance oversight, need for real time information becoming the standard, more transparency and stronger audit trails required by compliance rules, … Does this sound familiar?
According to a global survey across several industries, 52% of interviewed companies will invest in Collaborative Solutions in 2020
If yes, you may have started considering new Technologies to re-engineer your core processes. You may also be considering the opportunity of rolling out Digital Collaborative Solutions within your organization and beyond. In addition to usual “Process Automation” enhancements, Collaborative Solutions may indeed bring significant benefits not only to your organization but also to your staff. Higher motivation, improved flexibility and market leadership are some of them. You are not alone to think about it, according to a global market survey across several industries performed by the advisory firm Ovum, 52% of interviewed companies will invest in collaborative solutions in 2020. No need to say that, as we,unfortunately, experience those days, Digital collaboration makes even more sense to secure day to day Operations in a crisis situation. It is expected, then, that focus will grow further in the coming months.
The need for collaboration is not limited to your company. At some point, you will need to involve at least some of your ecosystem external stakeholders. This is where you have to switch from pure Collaborative tools, as sophisticated as they can be, to Collaborative Platforms. Those platforms leverage collaboration features, network effect and dedicated co-design to support the players of a specific ecosystem.
For the last two years, at Ffyn we have developed and rolled out a Collaborative Solution dedicated to Fund Distribution Business. The value chain of this business covers the process by which a Mutual fund Promoter collect new cash from Investors/Wealth Managers by selling them fund shares. It means a “many to many” type of collaboration. It also involves many data and information sharing not only at the inception when a decision to invest is made but also all along the investment period, as the Investor/Wealth Manager will need to monitor the performance of the fund and the Asset Manager will need to provide with the best quality of services. Improving collaboration between both but also within their own respective teams requires not only technology but also user focus. This is what we call “Tech for Human”: Mixing new technologies such as: smart messaging, data management and Artificial intelligence, with a user centric approach aiming at delivering improvement and simplification of the day to day individual working environment.
From our experience, implementing this type of Solutions goes also with some challenges to take care of. One will need to put enough focus on the specific targeted working environment, as too generic solutions may often be disappointing. The implementation of such a solution, if well designed and developed, can be extremely easy but the roll out of good practices and collaborative set of rules depends on the company culture and requires the clear involvement of users and their managers.
Ability to navigate this new space will be a key differentiator in the coming years. I am strongly convinced of the potential magnitude of changes brought by this “Tech for Human” approach for the Wealth Management industry of course but also for other industries. By following this “Tech for Human” path, companies will demonstrate their ability to not only roll out new ways of working but also foster new business models.
In part two, next week, I will be exploring further the key drivers for collaboration, its benefits and how platform model opens new opportunities. In the meantime, let’s be collaborative! Your feedback and experience sharing are welcome.