New technology can help organizations alter their workflow to become more efficient and productive than ever, something The Trade News said could benefit futures commission merchants. According to the website, a recent white paper from Fidessa stated changes to the business model should be made to help deal with the incoming derivatives regulation, which workflow technology, such as business process automation, may be able to help with.
Fidessa’s director of group strategy, Steve Grob, said old business models will likely not work in the future, as there is a mass move to multilateral trading and central clearing.
“Technology in and of itself is not necessarily the answer; a multitude of different systems creates too many joins that drive up cost and inhibit freedom to respond to change,” said Grob. “Instead, a workflow approach that provides a single centralized spine connecting the different parts of the firm together provides the only really workable solution.”
Business process automation software from Binary Office can help organizations and professionals speed up their workflow by taking paper out of the process. Properly implementing this software the first time will allow enterprises to cut costs and provide better customer service, which can only help business improve.
TechTarget said having a workflow engine that knows all of the steps of a procedure and is able to automate it can help improve business operations across many industries. With the technology moving forward at a quicker rate than it has in previous years, businesses may be able to do more with this software than they have imagined. As an example, the website said an insurance company could use workflow automation to ensure a form is handled properly from the start of the process to the end.
“The workflow application would ensure that each person handling the claim used the correct online form and successfully completed their step before allowing the process to proceed to the next person and procedural step,” the news source said.