Workflow Process Transformation
The idea of a virtual workforce is not new to many industries outside of capital markets. Capital markets are under siege from countless directions and now struggle to obtain the best and brightest new talent. Quality of life, work flexibility and ease of collaboration factor into that struggle. Technology solutions now available make possible the adoption of more dynamic means of working within capital markets that will improve productivity, and attract young, exceptional talent to the industry. The primary challenges have been security related along with operational overheads, but the technology exists to address these challenges. Many non-financial services organizations are well down the road to a completely different, better, and more dynamic work environment compared to the financial services industry. This paper explores the benefits, challenges and opportunities of updating workflow capabilities in order to attract and retain a high-performing workforce.
One may be nostalgic about a number of things from the past, but the information workplace of yesteryear is not one of them. The workplace has been transforming and the next-generation information workplace is here. Unfortunately, though, Wall Street has lagged behind other industries in adopting these changes to the workplace. Financial services is under siege from the outside with the prospects of crowdfunded lending, crowdsourced data, and technological advancements such as blockchain and more. The financial services industry, once the destination for the best and brightest from around the world, is now facing stiff competition to attract the best and brightest. Instead, the top talent of the millennial generation are heading to the west and other start-up destinations—not just to wear hoodies and flip-flops to work but to be engaged in dynamic, challenging environments where their creativity thrives in a more open, virtual and energetic manner, with the prospect of changing the world.
Technology is the mechanism that transforms today’s workplace into a more collaborative, virtual, mobile and flexible environment. It provides unified and holistic access to information, enhanced collaboration tools, integrated applications and an integrated workspace where anyone can contribute from anywhere. The organization must first embrace mobile and social technologies as part of the workflow to enable a more productive workforce to exist. Technologists need to map clearly how the use of these methods will extend productivity beyond email: the professional use of social and collaboration tools can enhance the interaction of team members through multiple channel communications, transparency and integration of data that is critical to the business.
Mirroring in-person workflow, technology will unlock the interaction restrictions the virtual workforce has labored under. As an example, technology is now readily available to allow geographically disperse workers to come together using a real-time multi-device whiteboard that is touch enabled to power collaboration. Add to this, more advanced videoconferencing capabilities, and secure unified data and application access, one finds the virtual organization operating much like the office-tethered organization, with barriers to collaboration and productivity now eliminated. The tight connection of microprocessor, operating system, interfaces, and mobility is key to enabling the workforce of today and tomorrow.