The asset management industry continues to face intense pressure to quickly adapt and transform due to the unique challenges that are now present across funds’ internal operations as a result of the remote work environment. Due to an inherent lack of operational transparency and control functions, managers have begun to significantly increase their attention on building efficiencies around their core processes by accelerating their digital transformation to achieve long-term success in the new normal.
With many still in the early stages of their data journey, funds need to first begin their transformation by upending their traditional way of operating to best tackle the new data, communication and coordination challenges that have emerged from the pandemic. To help mitigate the impact of these challenges, funds can utilize systems and tools that are built to enable data optimization and efficiencies through seamless communication, centralized access and detailed audit trails between teams. But, as these systems are deployed and implemented, innovation must also emerge in order to create added efficiencies that allow for tasks that were once performed in-person to become remote and repeatable.
Although those that are further along on their data journey will ultimately emerge stronger, become more profitable and see heightened levels of growth in a post-pandemic world, fund managers, no matter their size or where they are on their journey, still hold the power to propel themselves forward during uncertain times by applying the consistent logic of heightening outsourcing processes to the right providers. By doing so, managers will continue to find themselves in a better, more agile position to manage capital, trade and communicate with end investors.
Ultimately, as we move closer to 2021, traditional and alternative managers must continue down their path by accelerating their digital transformation through digital-first outsourcing providers, native cloud platforms and data management core competencies. To learn more about IVP’s Digital-First Managed Services, visit IVP MANAGED SERVICES or contact firstname.lastname@example.org.