Automation has arrived in wealth management. However, as asserted by Accenture in its recent report, Technology Trends 2016, the only way to take advantage of the benefits offered by digital technology and workflow automation is to invest in people.
In particular, there’s one section of the report called “Intelligent Automation,” a conglomeration of the same sort of big data/artificial intelligence/Internet of Things/algorithms trends that all the other analyst firms are focusing on. The company also surveyed more than 3,100 IT and business executives to determine their interest in this trend.
For example, 82 percent of executives surveyed agreed that organizations were being increasingly pressed to reinvent themselves and evolve their business before they are disrupted, Accenture writes.
In particular, one of the compelling arguments in the report is that intelligent workflow automation has become a key enabler of the changes companies need to make. 70 percent of corporate executives reported they were making more investments in AI-related technologies than they were two years ago. In fact, 55 percent said that they plan on using machine learning and embedded AI solutions extensively.
Much of the recent emphasis on AI has been in the context of people concerned that they will be replaced by robots or software. But lest you worry that you will intelligently automate yourself and your staff out of a job, Accenture says that’s not the case: All this workflow automation is intended to put “people first.”
In other words, instead of replacing people, it is intended to augment people by doing the repetitive, boring, or unpleasant tasks that the people themselves would just as soon not do. “Far from killing jobs and creating a dehumanized future, pioneering companies are using intelligent automation to drive a new—and much more productive—relationship between people and machines,” Accenture writes.
Instead, the people’s jobs will switch to teaching, managing, and maintaining the machines that are doing these tasks, Accenture writes. For example, while Siemens has implemented a “lights out” manufacturing plant that is completely machine-operated, it still requires 1,150 employees to support it, the company notes. “They just have different roles than before, as many are now focused on programming, monitoring, and machine maintenance.”
Where all these people are going to come from, when we can’t find data scientists and other skilled technologists now, Accenture doesn’t say.
On the other hand, Accenture provides intelligent workflow automation plans that companies can implement over the course of 100 to 365 days, including some of the following recommendations:
- Take an inventory of labor-intensive business processes and identify appropriate opportunities to invest in automation. For wealth management, firms can think of ways to automate document naming, filing and routing for approval. These can help to improve operational capabilities and scale analytics.
- Map these examples/use cases against your current business processes and corporate strategy to prioritize specific opportunities—to catch up or gain new advantages.
- Map the implications of tasks being automated—the changes to roles, organization, processes and skills. Determine what needs to be done fundamentally differently once certain automated tasks are removed from the human side of the workforce.
What Accenture is describing is essentially to “Create a workflow” by looking at:
- How do users generate content?
- Where is the information from that content being recorded?
- What is the point of the content?
- Is the information source used again?
And remember that once you’ve created the workflow, you can use workflow management software to keep it running smoothly. It doesn’t have to be used only for high-end processes such as self-learning. Documents can be automated, too.
Following these methods to define the steps of a process, and then look for ways to streamline it, can’t help but improve how your firm functions. This is true even if all the steps continue to be performed by people and your firm never implements intelligent automation per se. And you can switch over that much more quickly, when AI tools become available.
Or when your robotic overlords tell you to…
Get more information on the top trends affecting today’s workplace – including cloud, mobility and workflow automation – in this exclusive IDC research, “The Future of ECM: Code-Free Integrations and Anywhere Access.”
The Benefits of Analyzing Your Client Base
10 Reasons to Preserve a Legacy
This Is What Makes Your Strategy Useless
The ABC’s of Power Spending
The Simple Little Model That Will Supercharge Your Leadership
The Important Question For Your Clients Contemplating Retirement
What’s Happened to the Art of Note Taking?
4 Habits For Responding To People That Piss Us Off
The Bad News About Record-Low Unemployment
11 Most Interesting Things About Facebook’s Libra Cryptocurrency
Research10 hours ago
The Bad News About Record-Low Unemployment
Development10 hours ago
Why Advisors Should Use Multiple Marketing Channels
Equities11 hours ago
Small Caps May Lead A Market Rally
Insights1 day ago
Facebook Libra: Weighing The Pros And Cons
Research1 day ago
Trump’s Trade War Is Paralyzing Business
Development1 day ago
7 Things Many Advisors Don’t Do and Fail as a Result
Global3 days ago
Should You Follow This Billionaire Investor Towards Gold?
Digital Strategy3 days ago
What Does the Fourth Industrial Revolution Mean for Healthcare?