Prior to the outbreak of COVID-19, it was undeniable that the world was going through a technological revolution. The impact of this disease has caused an abrupt acceleration in the need to operate in a paperless, contactless world. At SS&C, we have found success in focusing on four main dimensions—Policy, Process, Platform and People as highlighted in a recent video produced by AIMA.
Each of those four dimensions has been impacted by COVID-19, where there is an almost entire inability for people to work together directly in offices.
From a policy perspective, electronic signatures are more popular than ever before. What was once used rarely as a convenience feature, electronic document signing is now a necessity in the business world. Businesses have adapted by investing in technology solutions to effectively manage employees and customer requests in a remote environment. These investments will foster remote working policies for employees post-pandemic, thus also impacting the future of commercial Real Estate.
From a process perspective, data aggregation and cleansing and remote processing are valuable ways to manage and analyze the vast amount of information that is gathered by your business every day. Businesses are leveraging technology to adapt their processes to operate in a paperless, contactless world. Processes like Operational Due Diligence or Data Room Walkthroughs that were once done only in person have now adapted remote solutions.
Technology is immensely important within the platform dimension. It is essential to ensure that your business has straight through processing, so data is entered once in your platform and it propagates through the entire process. This saves you countless hours of time managing and manipulating data, and enables simple high-level analysis as well as complex understanding of the information at your disposal. Data is only valuable if you can organize it, measure it, understand it and apply it to improve decision making, improving client satisfaction and profitability.
As has been the case for decades, the people within every organization drive its success. Your employees have a major impact on controlling the other three dimensions, and subsequently, the future of the organization. Transformation can also include people as the changes in policy, process and platforms might require people with different skill sets to maximize the benefits of the transformation.
Here at SS&C, we are seeing a major influx in demand for both our outsourcing and technology platforms across the banking, insurance, alternative assets and asset management sectors. SS&C’s ability to succeed has been a direct result of our focus on the four dimensions.
Since inception in 1986, SS&C has been at the forefront of the technology industry. For over 34 years, led by chairman and CEO, Bill Stone, the company has evolved and prospered through the rapidly changing technology landscape. While COVID-19 has had an unpredictable and unimaginable effect on the way the entire world operates, dedication to policy, process, platform and people has helped drive continued success.