Elevate Operations by Empowering Your Teams
Technology has carved its niche into almost every aspect of modern business, offering individuals across multiple roles the opportunity to put advanced capabilities to use.
The ability to leverage technology for improved collaboration and efficiency is no longer just a competitive edge — it's a necessity. Access to advanced tools means employees can now do more with less and continue to make progress toward that north star of “working smarter, not harder.”
As technology progresses and becomes more accessible, companies have an opportunity to optimize their operations. This isn’t about relying on a handful of tech experts; it’s about empowering people across your organization to use advanced capabilities on their own. By doing so, your firm is in a stronger position to design streamlined, automated operations that support high-quality data, risk mitigation, and better collaboration between departments.
At the core of this transformation is self-serviceability — giving teams the tools and autonomy to manage their own workflows, without depending on IT departments or other specialized experts.
The complexity of data management
Managing data within large organizations can be incredibly complex, especially when multiple departments and external entities are involved. In a typical investment management setup, for instance, various data sources are continually updated in near real time, both internally and externally. Teams across the organization need to collaborate and contribute to the data management process, but manual interventions and varying permission levels often complicate the process.
Moreover, different departments within the same organization may rely on different data sources, leading to discrepancies that make it difficult to maintain consistency and accuracy in data. These challenges can create bottlenecks that slow decision-making, create costly, hamper teams from working efficiently or lead them to overlook key insights.
The cost of inaccurate data
Inaccurate or outdated data can have some pretty negative consequences. A 2020 report published by Gartner found that poor data quality costs organizations an average of $12.9 million per year.1 Estimates from MIT Sloan suggest that bad data is the norm for many institutions, costing firms anywhere from 15% to 25% of their revenue.2 Mistakes, inefficiencies, and errors caused by incorrect data are not just frustrating — they are expensive.
Here are some of the risks businesses face when working with inaccurate data:
- Flawed decision-making: Inaccurate data can lead to poor choices, which may result in financial losses or missed opportunities.
- Time-consuming and expensive error correction processes: Correcting errors caused by inaccurate data is costly and detracts from valuable time that could be spent on just about anything else.
- Compliance issues: Without reliable data, organizations may be slapped with regulatory fines or penalties or even lose investor trust.
So how can firms get ahead?
Embrace the digital employee experience
Today’s business users demand more options besides Excel to manage their data. Fresh grads entering the financial services industry with more advanced technology skills, such as the basics of Python and SQL, expect analytical tools to keep pace with their own capabilities. By making data and the tools to use it widely available, organizations can develop a tech-savvy workforce prepared to confidently leverage the tools available for their role.
The digital employee experience encompasses how employees interact with their organization’s digital tools and systems. In many ways, it runs parallel to how companies create seamless, high-quality experiences for their own customers. Users comfortable working with data will be stronger positioned to solve the challenges that clients are calling them about and they’ll also be able to use the information to generate their own insights.
Source: Gartner
As the Gartner image above shows, the digital employee experience consists of three main elements: digital skills, personal and team growth, and organizational culture. As an employee improve their digital skills, they are also able to build on their own personal and team growth, which has a direct impact on organizational culture, including employee communications, transparency, and their experience within the workplace.
The demand for seamless and efficient processes across functions — from building trading models to uncovering data-driven insights — will only continue to grow. Self-service tools allow users to filter, sort, analyze, and visualize their data, giving them more control over a growing volume of information. User-friendly tools put the ability to better manage data directly in users' hands and very well may help propel how swiftly a firm is able to reach its transformation goals.
Implement a golden source of truth
Traditional siloed structures within organizations are one of the key barriers to fostering collaboration. A common complaint for many firms is that teams operate independently, relying on outdated or inefficient processes. Self-service technology can break down traditional silos, allowing employees from different departments to collaborate and share data more effectively. Cross-departmental synergy only improves team communication and drives innovation by allowing departments to share insights and resources in near real time.
A centralized “source of truth” is an essential foundation for any modern operational strategy. It ensures that teams across various departments work from the same set of accurate, up-to-date data, eliminating inconsistencies and discrepancies that often arise when information is siloed or manually managed.
Ensure self-serviceability
Organizations face a big challenge when it comes to managing complex data workflows. A platform that enables true self-serviceability while maintaining transparency and accountability can help teams manage their own workflows, eliminate communication barriers, and foster cross-department collaboration.
Here are key features we recommend as you evaluate the systems that will help streamline your operations:
- User-configurable workflows: Enable your teams to create and manage their own workflows, ensuring data updates are carried out systematically and asynchronously.
- Independent yet collaborative work: Looks for systems the help you break down silos so that your teams can work independently and are not tempted to revert to offline or error-prone solutions.
- Granular permissions: Security is a top priority for many organizations. Configurable access levels can ensure sensitive data is only accessible to those who need it.
- Version control: A clear audit trail can help you and your teams know who made changes, when they made them, and why.
- Secure collaboration: Consider tools that simplify collaboration and still keep data within a secure platform so that you remove the need for external discussions or email exchanges.
- Flexible process setup: Tailor processes to match your team’s structure so that any new system you implement enhances operational efficiency while ensuring compliance with internal policies.
- Simplified reporting and reconciliation: Simplify how your teams trace data, generate reports, and reconcile discrepancies without the need for external intervention.
An example of how Arcesium facilitates self-serviceability is our Trade Charge Rule product. This tool empowers different teams — such as treasury, middle-office, tax, and asset-specific desks — to manage and apply charge rules independently.
- Decentralized rule management: Teams independently set up and manage their charge rules, without waiting for approval or support from other departments.
- Smart integration: The system combines rules from various categories and applies them in real-time, allowing for more efficient trade booking.
- Transparent yet controlled access: While users can view all rules, they can only modify those that pertain to their domain, ensuring that access remains controlled and secure.
- Instant Implementation: Changes to rules are immediately implemented, which reduces delays and enhances operational efficiency.
Self-service as a drive of cross-departmental collaboration
When teams across marketing, finance, or operations roles all access a shared source of data, they are more likely to make decisions that align with broader organizational goals. Moreover, having one reliable data source allows for the integration of various platforms, systems, and processes. Strategic alignment streamlines workflows and enhances collaboration across different business units, ultimately fostering smoother operational dynamics.
The value of a centralized source of truth and self-service tools extend far beyond basic data sharing by through transparency and accountability that creates a solid foundation for tracking data lineage and ensuring regulatory compliance. When accurate, real-time data is easily accessible, it not only helps businesses run more efficiently but also safeguards against costly mistakes and compliance risks.
As the technology knowledge curve flattens, empowering your people with technology has never been more important.
Sources:
1. Data Quality: Best Practices for Accurate Insights, Gartner, 2020
2. Seizing Opportunity in Data Quality, MIT Sloan Management Review, November 27, 2017
Share This post
Subscribe Today
No spam. Just the latest releases and tips, interesting articles, and exclusive interviews in your inbox every week.
