Over the past year, chances are you’ve heard about, or may have even participated in, the act of “unplugging.” But if you’re like me, the thought of seeing that pesky red icon on the email app creep dangerously close to triple digits makes you rethink tossing aside your phone for a game of capture the flag at the next digital detox camp.
Let’s face it; the de facto system of choice for storing data is email. How long do you spend managing your email inbox daily? I’m guessing awhile. But it isn’t just email, and it isn’t just you or I. Most people in wealth management are realizing that efficient organization of all data is necessary to be competitive in the industry, including Joe D’Angelo, Vice President and Portfolio Manager at Signature Global Asset Management. “We spend a significant amount of money getting access to information as quickly as possible,” he says. “Creating hierarchical filing systems and saving electronic documents was becoming increasingly cumbersome.” Signature Global is one of many firms that ran into this problem: time is literally costing money, and a lot of it.
Since the data deluge isn’t showing any signs of slowing down, the next best thing is working with technology to manage it. Implementing an effective research management solution (RMS) doesn’t just help cut those costs but can also centralize research data from local drives, cloud based storage, and email, index it, simplify search and retrieval, and reduce compilation and formatting time.
Ask yourself these questions:
- How much time do my most valued employees spend trying to find the basic information needed to do their job?
- What proportion of time is spent searching for information vs. analyzing it?
- How much money is discovery costing your company each year?
If you stopped to pause on any of these questions, then check out this client story from Signature Global Asset Management. D’Angelo explains how switching to a centralized knowledge bank can foster collaboration and allow your teams to spend more time on the decisions that matter. And maybe even give them a little time to “unplug.”
Since joining Advent earlier this year, Kendall has leveraged her passion for writing along with her background working with enterprise cloud technologies to strengthen Advent’s external communications.