Regulatory and pricing pressures in recent years are forcing wealth management firms to seek greater efficiency and economies of scale in their operations—particularly in the back office. Workflow transformation is often the most promising option, but it can also be the most expensive, requiring significant upfront investment.
Four steps to maximize ROI
Accenture has identified four guiding principles to help firms maximize the return on investment (ROI) from their workflow transformation initiatives:
- Keep one eye on business and one eye on technology. Investments in technology infrastructure should go hand in hand with business-driven changes. Instead of taking an ad hoc approach to workflow transformation, consider conducting an end-to-end review of your company’s processes. A “target-state” business architecture will help clarify your objectives and prioritize efforts to achieve that vision.
- Simplify and standardize. Attempting to implement industry-leading practices across the board is a lofty—and ultimately misguided—goal. Instead, focus your limited resources on optimizing and innovating the key processes that matter most for your business. Keep in mind that industry best practices will yield sufficient returns for nearly 80 percent of your processes.
- Zero in on exchanges between front and back offices. Our experience suggests that the most significant returns come from improving hand-offs between departments and geographies that share work. Eliminate complexity by integrating common functions, enhance transparency by introducing tracking, and improve productivity by extending workflow capabilities to the front office.
- Formalize the process. A structured change management framework and clear governance are essential for establishing credibility and creating value in the long run. This upfront planning can help increase the pace of rollout, accelerate adoption and establish a platform for future change.
With these four principles in mind, your wealth management firm will be well on its way to a successful back-office transformation.