Designing and implementing superior processes supported by top technology may yield valuable business results, but taking a “set it and forget it” mentality can lead to process drift. The deterioration can be subtle and happen slowly, but over time erodes margins. Because that erosion is not noticeable until it reaches a level of emergency, the importance of preventative maintenance can get lost in the argument of “if we’re hitting our goals, everything is fine.” However, even small improvements can have a big impact and allow teams to not only hit goals but surpass them.
Examining process drift can seem like a daunting project, but it helps to break it down into smaller steps.
- Start with focus—Choose the areas that are the highest priority and select a single area to focus on.
- Create a process map that includes the cognitive process steps—A process mapping document can direct Artificial Intelligence technology to automate the process and create huge efficiency improvements.
- Take inventory of your technology—Older systems are often patched many times over the years to add functionality to the original design. Those patches are not always as efficient as they could be and are good areas to investigate for technology drift.
- Assess your IT leakage into the business—When end users don’t have the functionality they need, they find workarounds and build their own desktop tools to supplement the core system.
- Assess your efficiency—Start with manual processes and then move to those processes considered to be automated, and determine whether each process is efficiently serving the business.
- Measure twice, re-engineer once—Consider the downstream impact of a process or technology on other workflow processes. This helps determine whether the impact of an upgrade to a process will outweigh the cost.
The new SS&C Fund Administration Platform, SS&C GoCentral, is a more modern approach that amplifies our processing and technology efficiency. SS&C GoCentral lends traditional fund accounting and financial operations processes with AI, seamlessly integrating all NAV components to create the most efficient process in the industry. To learn more about the importance of evaluating process drift and how SS&C GoCentral can help with the project, download our "Six Key Steps to Combat Process and Technology Drift Within a Services Firm" whitepaper.