“Smart technology” in today’s terms is an advanced technology that can communicate and work with other networked technologies to allow automated or adaptive functionality. But many organizations continue to be bogged down with older, more traditional (pre-intelligent) systems, which don’t provide good visibility into processes and problems across the operational landscape. With a system powered by smart technology, these firms could reap large-scale efficiency improvements, gaining more visibility into processes, outcomes and opportunities for optimization.
For asset and wealth managers, the intelligent functionality that smart technologies offer, as outlined below, can drive significant operational improvements.
- Configurable Workflow and Alerts—Notification-driven workflows alert users to issues and actions. With user-defined tasks, standards and operational objectives, a smart system can track tasks, assign ownership, recognize bottlenecks and identify patterns.
- Continuous Improvement and Optimization—Machine learning can identify operational patterns that can be anticipated and automated. After the automatic resolution to an issue becomes a default workflow, the system simply notifies users it has been performed.
- Leveraging Artificial Intelligence—An AI-powered “central nervous system” enables the system to direct user activity by logging events, triggering workflows and escalating issues.
- Unified Data Model with Automated Connectivity—Employing a unified data model can eliminate the need for intersystem integrations. With one representation of each key entity available to any system user, operational silos, data delivery delays and processing failure points are eliminated.
- Big Data Analysis—Transformation tools embedded in the system put power in the hands of end users. Smart tools can harness real-time data and present it through interactive dashboards and self-service reports for operational status, insights and improvement ideas.
Smart technology is not a replacement for human intelligence—rather, it enables a firm to realize the full potential of its human talent. At SS&C, machine learning, operational chatbot and natural language processing work together throughout SS&C Aloha, our advanced cloud-native, zero-footprint investment operations platform. Aloha identifies problems and suggests solutions through its native artificial intelligence and automated workflow. Built on a single, unified data model, Aloha eliminates the need for multiple systems and integrations to serve different operational functions, all of which are covered through a single solution.
To learn more about how smart technology like SS&C Aloha can transform and propel your investment operations, download our "Smart From the Start: Leveraging the Power of Smart Technology" whitepaper.
Written by Dominic Flanagan
Chief Development Officer, Institutional & Investment Management