As the world continues to digitize further and further, it is more crucial than ever for asset managers to adapt to changes within their industry in order to keep up with competitors and serve their clients as effectively as possible.
To succeed in 2021, asset managers need to embrace new business strategies and innovation. Three of the most important things asset managers will need in the coming year are cloud technology, DevOps environments, and success-driven managed services providers.
In this article, we will discuss each of these three considerations and delve into what makes them so important in the asset management industry.
Cloud technology is taking all industries by storm, but especially businesses and professionals within the financial sector. For asset managers, cloud technology presents several beneficial opportunities to improve everything from operational costs to centralization of data.
For those unfamiliar with the cloud, cloud computing works through a process known as virtualization in which a computer system can exist entirely virtually, rather than physically. Instead of relying upon physical servers, the cloud functions on the Internet using digitally based software and services.
By utilizing the cloud, asset managers can achieve both much greater control and greater access to important financial data and information. This is because the cloud works from one remote and central server, allowing all data to be stored in the same location. Additionally, authorized personnel or clients can access this information securely from anywhere at any time.
Moreover, as the world becomes more digital, the need for a strong and efficient IT department has become essential for most financial businesses. Cloud technology can greatly decrease the operational costs of IT infrastructures, eliminating the need for costly on-site technology and hardware.
Ultimately, the cloud presents asset managers with the ability to place much less focus on their digital systems, as cloud technology can handle much of the data storage and management activities automatically, especially when paired with artificial intelligence (AI) and machine learning.
Adapting to changing technologies can be a grueling process, especially if an asset management firm has not yet begun to update their systems from older and more traditional processes and operations. As such, the digital transformation that is becoming more and more of a necessity with each passing year has become harder to achieve for businesses and firms just starting out – particularly those who may be working with small IT departments and legacy technology.
DevOps is the marriage between software development and IT operations that can pave the way for asset managers to evolve their systems to be more technologically advanced with enhanced efficiency and productivity. The philosophy of DevOps focuses on the importance of connectivity within a workspace and the necessity of establishing practices that greatly improve the speed of delivery of software releases and updates.
Though asset management is not directly related to software development and delivery, understanding the importance of speed of delivery is critical for ensuring customer and client satisfaction. DevOps helps asset management firms in a variety of areas, including:
- Keeping their software and systems up to date and running smoothly
- Identifying and managing security risks with speed
- Optimizing the efficiency and productivity of a working environment
- Enabling growth at a much larger scale
At its core, DevOps is a mechanism for fostering better communication and collaboration between departments in a business. DevOps can help asset managers greatly improve their professional agility and the scalability of their firms.
Success-Driven Managed Services Providers
As mentioned, the quest to digitally transform an asset management firm’s workspace can be arduous, especially if there are not already strong systems or communicative channels in place to help optimize the transformation process and get the firm up to speed with innovative technologies.
This is where managed services providers come in. Managed services help businesses of all kinds to complete their digitization under the supervision and guidance of trained technical professionals that can ensure the new technologies and systems of operation are being implemented as effectively and efficiently as possible.
Here at CPQi, we offer success-driven managed services to help with every aspect of digital transformation, from cloud migration and DevOps to working with artificial intelligence and developing omnichannel communication.
CPQi’s team are trained in both technology and banking. For asset managers, this means that our teams understand how to employ new technologies for a firm that also meet all financial regulations, legalities, and requirements.
CPQi has all the tools necessary to ensure a firm experiences reliable and successful implementations and developments. Plus, CPQi has the expertise and resources to create customized solutions that meet each individual client’s specific needs.
The world is changing, and the financial industry is changing with it. Embracing new and innovative technologies is key for asset managers to continue to grow and find success as the industry shifts towards more digitally-based expectations coming from consumers and the markets.
Utilizing DevOps, the cloud, and managed services are all extremely helpful for getting an asset management firm where it needs to be in terms of technological advancement and service – and CPQi is here to help with all three.
This article was written by Mani Raposo. For more information on how our teams here at CPQi can help with custom solutions or to speak to Mani personally, contact us today and schedule a free consultation.