Many family offices recognize the need to operate more efficiently but don’t know where to start. Some feel set in their ways, with long-time staff who are used to doing things a certain way, and the industry as a whole is vulnerable to the same talent shortage seen across the wealth and asset management sector. These challenges can leave family offices using valuable resources to perform repetitive tasks when those resources would be more effectively deployed in other areas.
Robotic process automation (RPA) can quickly free up staff for higher-value work. As artificial intelligence (AI) permeates more and more areas of our daily lives, words like “robotic” sound more familiar and less like science fiction. The “bots” used in RPA are pieces of software that can be installed on computers that can be trained to perform repetitive, rules-based tasks. These tasks can range from fairly simple, like running payroll, to more sophisticated and complex, like compiling tax forms or due diligence reports. Instead of a team of employees downloading information from multiple portals and data feeds and then collating, formatting and otherwise processing that information to generate reports, the process can be automated.
By automating the repetitive portion(s) of a process, employees have more time to spend on higher-value areas, making them more productive and effective in their roles. However, deciding which processes to start automating and how can be daunting. You should carefully consider which processes require little or no thought, which ones take the most time and which ones are highly repetitive. A process assessment tool can help by showing which processes would be easiest to automate and deliver the biggest impact.
Technology is another consideration. Rather than trying to find something that fits your process off the shelf, work with a technology provider to tailor a solution to your specific needs. The right technology partner will back its solutions with service to help you implement the solution as well as troubleshoot issues that arise. It’s also important to choose a provider that understands family office processes and multi-asset class investment operations. Outsourcing the process altogether is another option—one that helps you minimize your internal IT footprint.
SS&C’s Family Office Services team offers fully outsourced technology, operations, and co-sourcing solutions for single and multi-family offices, endowments and foundations. We collaborate with your office to deliver a comprehensive suite of services that reduce the cost, risk and time to integrate disparate systems. To learn more about implementing RPA in your family office operations, download our "Robots in the Family Office? Not as Sci-Fi as it Sounds" whitepaper.