The COVID-19 pandemic has forced many organizations to reevaluate their business structures through both an internal and external lens in the new all-remote work environment. According to a recent IVP survey of leading alternative funds, 23% of managers claimed that they would be shifting their staff to a permanent work-from-home model in the post-pandemic world. This has not only placed an immense burden on managers but their teams as well, forcing many to make crucial decisions that may have a lasting impact on company culture, hiring processes and operations. In order to continue operating efficiently in the new environment, managers must seek to tackle key issues such as:
- Operations: Firm-wide operations need to evolve. The traditional way of operating needs to be modified to best tackle the communication and coordination challenges of an all-remote work environment. To best navigate, funds need proper systems and tools that enable seamless communication and audit trails between teams.
- Cost Pressures: Cost pressures continue to mount as economic uncertainty resumes. Investments will need to be made by smaller funds on platforms and systems that enable remote work and business continuity. Organizations need to look for flexibility in terms of cost where fixed costs are minimum. A higher fixed cost, due to large team sizes or IT infrastructure, will create a burden on the bottom line.
- Technology: Since employees are now forced to work from home, innovation must emerge in order to create efficiencies that allow for tasks that were once performed in-person to become remote such as onboarding, training and more.
- Business Models: Some firms are still operating under old models where options to work from home are very limited, which has posed an even bigger threat to companies that have confidentiality clauses.
- Deadlines: Continuous time constraints and scattered teams make the life of operations very difficult as internal communication has become delayed and fragmented.
- Clients: Due to the sheer panic and uncertainly caused by the pandemic, clients of asset managers are becoming more curious and asking more questions about their investments.
Although intimidating at first glance, let us remember that all of the above challenges can and will be solved, especially if organizations choose an outsourcing partner that has the capabilities to ease many of the burdens than these issues cause. When choosing an outsourcing provider, organizations should ensure that they have the capabilities to provide:
- Cost effectiveness
- Time management
With the assistance of IVP “Digital-First” Managed Services, companies can ease their strain and build more efficient operations by harnessing an outsourcing provider that leverages advanced technology and industry expertise. To learn more about IVP Managed Services, visit Managed Services or contact firstname.lastname@example.org.