Digital technology continues to drive massive change throughout the financial sector, including Alternative Investment Funds. Software increasingly handle back-office process, leaving human employees to focus on value-adding, relationship-based and strategic activities. How technology can augment the human skills that professionals have, empower them to think creatively and collaboratively, solve complex problems and attract talents is what we’re exploring in this post. Enjoy your human tech trip.
Technology is an important force driving value creation in business and society at large and we are at a crossroads in our use of it. So far technology has centered around process automation and integration — the steps required to complete a task. Widespread automation is, contrary to initial doubts, actually creating more value for people, and specifically employees as it is facilitating a focus on accelerated, high-value work. As a matter of fact, the best results come from a combination of both technology and human touch. In other terms, human creativity, planning, and intuition paired with tech proved the smartest match. Human tech is the right way.
Watch what we mean by human tech in our video (1’02”) :
Technology to enhance human ability and …
Human ability is the capacity and capability of digital technologies to address individual, task, situational and human needs to create a new direction for value creation potential. Basically, we use technology to do more in ways that make sense to us. As such, we are experiencing an increase in our human ability.
The move to human ability goes well with the capacities of digital technologies. Human ability affects multiple aspects of how we work — what we do and how we create value rather than executing processes. We have seen the initial ripples of this wave in the form of digital transformation investments over the past few years.
… to attract talents
Not only does technology help with getting work done, but it is also increasingly considered a top factor to stay with or join a company. With the current talent shortage, specifically in the AIF segment, we need to show digital fluency.
According to recent research papers, most of employees believe digital skills are crucial to their future growth. In fact, most of them place the skills needed in two categories: technical and human.
While concerns over a machine takeover of our jobs hit the headlines, they are no longer true. As human beings, we have a history of wanting to learn and grow as a species. These human drives and needs when paired with the powerful computational powers of technology make a competitive element to attract talents.
Empowering AIF professionals with human tech
Domos web solutions present data in ways that eliminate some process-based tasks, freeing up Alternative Investment Fund professionals to spend more time on what they do best.
Risk Managers can save up to 70% of their time in automating low added-value tasks, such as collecting, importing and formatting data or issuing reports in any specific required formats.
When it comes to bringing more transparency to the whole value chain, from investment to investors, portfolio managers can take advantage of technology to ease information flow. As such, portfolio managers will bring the human intelligence into the investment decision process and into the management of the asset while technology will allow to upstream information on performance to the investors.
As for compliance, it is not an internal matter any longer. Actually, it’s a lot more about managing external counterparts to make sure that they behave as you expect. Typical tasks include collecting data in a smooth way and check its quality. The challenge is to provide your stakeholders with a smooth process. Compliance officers can then focus on applications and technology to facilitate data exchange making sure that compliance remains business-friendly.
Domos web solutions maximise all resources involved: human creativity and questioning; data search, speed, processing and recall; an iteration involving all parties; and the recognition that efficiency is not an end in itself, but simply a catalyst of velocity.
Using technology, AIF professionals operate closer to the ‘top of their practice’. Actually, they make more informed choices, and their actions engage a network of players to give them what they want. All stakeholder, including professionals and clients, enjoy exceptional service — deeper relationships, seamless interfaces and faster workflow.
All in all, technology gives AIF players the opportunity to perform challenging, and rewarding jobs. Combining human-centered design techniques with technologies, new interfaces are transforming the way we engage with machines, data, and each other. Another aspect of it lies in talent attraction. An organisation with the right technology will also be more attractive.