Over the last two years, we’ve seen many businesses quickly adapting to a Work-from-Home (WFH) approach for their teams, lifting and shifting their current processes from a centralized office into a decentralized world.
While this was achieved for most businesses to varying degrees of success, it begs the question: are their current processes still the best way to go?
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Poor data accuracy rates, real-world data challenges like poor image quality and handwriting, and slow turnaround times are a constant source of frustration to COOs and CTOs alike—whether for new business workflows or back-office workflows servicing existing customers.
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Many organizations have accelerated their plans for digital transformation, driven largely by the COVID-19 pandemic and remote work conditions that appear to be the “new normal” moving forward. In the face of the “great resignation,” there is an increasing emphasis on and benefit from adapting to hybrid models of employees working both in the office and from home on a more permanent basis. The growth of those hybrid workforces is in turn driving the need for more efficiency. As a result, organizations are relying more heavily on process mining and AI to achieve their operational goals.
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While the COVID-19 pandemic ushered in many changes across the asset and wealth management industry, some of them had already been gaining attention—the pandemic simply accelerated the trends. Recent months have brought new or intensified attention to issues like dated or old operational models, regulatory risks and an imperative to reduce costs.
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Robotic process automation, or RPA, can be an effective way to reduce costs while improving the quality of repetitive tasks. Because there is so much opportunity, the RPA software market grew more than 63% between 2017 and 2018. However, an astonishing 50% of RPA implementation projects fail. What sets the successful projects apart? Business process management.
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According to a recent article in The Guardian, “As soon as a vaccine is approved, it’s going to be needed in vast quantities. In a best-case scenario, mass manufacture probably won’t arrive before 2021 – and many of the organizations in the Covid-19 vaccine race simply don’t have the necessary production capacity.”
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In these challenging times, businesses both large and small have made, and are continuing to make, adjustments to how they work on a daily basis. Through speedy work-from-home transitions and major process overhauls, SS&C AWD clients are continuing to maintain business-as-usual operations while providing the highest levels of customer service.
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As the COVID-19 pandemic continues to take its toll across the globe, more and more companies are mandating that their employees work from home to ensure their safety and help flatten the curve.
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