There’s no question that technology is changing the way businesses in every industry are run. Perhaps in no field is this more evident, however, than that of finance. Practices such as electronic banking, mobile payment applications and digital check cashing are quickly replacing traditional transactions and financial institutions are finding themselves in a race to adapt as quickly and effectively as possible in order to remain competitive while also keeping expenses down. IT process automation can provide the missing puzzle piece that brings everything together and lowers costs. Here’s how.
Quick, Efficient and Adaptable Workflow Creation
The financial sector is riddled with complex and strict regulations. The ability to quickly adapt to the changing climate while also remaining compliant is critical to any financial institution’s ongoing success. Unfortunately, this used to involve the use of custom scripting and other manual tasks, which took a great deal of time and resources. Furthermore, having to modify processes based on changes to policy and/or regulations meant even more labor-intensive work.
The widespread adoption of advanced IT process automation tools, however, is completely revolutionizing the way these things are done. Instead of manual scripting, automation can be customized to handle everything from simple tasks to complex workflows. No more time wasted researching, developing, coding and testing. This also dramatically reduces errors. Additionally, these tools are designed to be modified in just minutes. As company and regulatory changes occur, business processes can be adapted with ease. All of this results in a tremendous savings of both time and money.
The Power of Big Data
It seems the term “Big Data” was just coined recently, but in fact, it’s been a huge part of the finance industry for a very long time. The challenge has always been the ability to take the inordinate amount of data and information coming in and fleshing out what’s relevant in the most timely and efficient way possible. To this day, IT personnel are charged with this hefty task. How they accomplish it, however, is changing.
In simplest of terms, Big Data requires that all data (both structured and unstructured) be passed through a transfer application. The information is then stored in a data platform from which it is later extracted, translated and loaded so it can be accessed via a business intelligence (BI) platform. IT process automation is the tool that brings everything together by acting as the central hub of all systems and applications. This facilitates end-to-end execution of workflows and ensures that all processes run as scheduled.
Organizations in every industry are making the shift toward hybrid cloud adoption to help reduce expenses and gain the scalability and flexibility needed to adapt to changing resource needs. The challenge still exists, however, in managing and monitoring these resources. In short, IT personnel must keep a close watch on who has access as well as which systems should remain up and running and which idle systems should be turned off to avoid costly waste.
IT process automation can help financial institutions to maximize their resource usage by automatically provisioning and de-provisioning cloud systems. The ITPA tool can be programmed to detect when systems are idle and subsequently scale back. Conversely, as additional resources are required in order to ensure successful workflow execution, IT process automation can automatically free up the appropriate amount. And all of this can be done without the need for human input, saving the organization money.
As you can see, IT process automation has the potential to significantly improve operations of organizations in the financial sector (and beyond) while also minimizing costs. Could your firm use a little help in this department? Download your free 30 day trial today and see what a difference automation can make.