Will embracing robots help you embrace your future?
A new wave of innovation is upon us, and the way your business operates may never be the same.
The influence of robotics is upending many industries, and family offices are no exception. Traditionally built around complex service-related tasks and processes, this new class of solutions can fit into daily tasks without disruption to the existing workflow, using the same applications and interfaces as their human counterparts while improving speed, accuracy and output.
The future – how will robots support your legacy?
Many family offices have adopted a “100-year outlook,” a multigenerational vision that foresees challenges extending well into the future and tries to anticipate and plan for these to support a business’s longevity.
Such plans, which are built around generation skipping or perpetual trusts, require constant attention to detail while maintaining a connection to the past. This requires the creation and storage of an enormous amount of data, and often an onerous amount of complex research, storage and data reorganization. As artificial intelligence (AI) and cognitive technology advance, they may prove to be a family office’s ideal companion, continually refreshing and keeping accessible the information that defines and shapes the business’s legacy.
What should you do next?
RPA and cognitive automation are rapidly being deployed throughout the world of financial services. It is expected that family offices will soon follow suit and adopt robotics processes for their own purposes. This has the short-term potential to help family offices achieve new levels of efficiencies in their often diverse and highly customized processes, while supporting them in creating services for the long view. The emerging capabilities of AI and cognitive technology have enormous promise in helping families draw the rising generation into engagement with their legacy, but also in managing the uniquely long game of transferring a legacy that will endure for multiple generations.
- Start small and grow your capabilities over time.
- Consider establishing a pilot program that draws on the strength of an experienced partner. Professional services firms are acquiring experience with most of the technology providers in this space, and have the specialized skill set needed to make RPA processes work in tax, accounting, administration and other specialized workflows.
- Involve your team. Employees often hear about the promise of robotics replacing white-collar workers, but the real-world experience has been that robotics allow workers to focus on more valuable tasks and employers to build higher-functioning teams.
- Make RPA a business-led initiative, not an IT-led initiative. Bots can be configured within the teams that are close to the business processes and have the expertise required to make them work.