Threat of recession? Inflation? Rising (not falling) interest rates? Stagnant or disappearing order books/ new business pipeline? Pressure on fees? Falling values and/or illiquid assets?
It must be that time again to look at the cost base. It's been a while!
With 15 years of 0-50bps interest, the developed western world has seen an unprecedented period of continuous growth and the associated demand-led economic environment.
It is exiting during those times but eventually the party ends. Let's just hope it's a soft landing!
Most businesses I talk to are now either already in or embarking on a new focus on areas such as returns on cash and operational efficiency and the associated cost base rationalisation.
So how does digitalisation help? Here are some ideas:
Consistent processing. Staff who 'do it my way because I've always done that' create an inherent risk
Automation. Digital solutions reduce the need for manual processing or double keying and the associated errors.
Oversight. Do you want to know where stuff is, who is doing what, where inefficiency lies, or simply to able to access records easily? A disparate, multi-system or manual environment makes this very difficult. Newer solutions such as the Laserfiche technology bring it together into simple user-friendly reports, monitoring tools and dashboards
Access. We all want the freedom to allow 'Work from anywhere' but we still tie staff down to single locations. Do you really need all that office space?
Straight through processing. This phrase is thrown around liberally. Technology today is making this a reality and there are many developers building simple adaptable solutions
Simple task- driven inboxes and digital processes that guide users as they work. What if you have digital processing that incorporates company policies and procedures, enforces compliance, acts as a full audit trail and becomes the evidence of completion all in one solution?
No-code, easy to learn, adaptable solutions that can be tailored as bespoke to your organisation. Do you have people who like playing with MS VBA in their spare time? Perfect. We can train them to be process heroes!
We are working with our partners to
Build out such solutions on a low-cost basis for clients,
Incorporate branding,
Adapt them to specific requirements,
Deliver training and change management,
Train staff to continuously develop and then start building your own solutions
Integrate into existing syste and new ideas that are developed
Is it time to think of fewer systems that are adaptable instead of a new system (and the built in cost risk) for every problem?
For the TCSP sector we have over 40 digital processes ready to be adapted and deployed. Those that are more widely applicable can be adapted for other sectors.
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