Unlocking the hidden value of data through workflow best practices

May 22, 2023

Data is the lifeblood of a successful business, and firms are investing in data infrastructure and related technologies at an accelerated pace. According to a report by Allied Market research published in 2022, almost $5bn was spent on global data analytics in 2021, and this spending is estimated to reach $28 billion by 2031, at a compound annual growth rate of 19.4% per year.[1]

For a modern financial services firm to thrive in the Fourth Industrial Revolution, it must be able to harness data to inform decisions, enhance client relationships, improve services, and drive efficiencies. Everyone at the firm, from operational leaders to dealmakers, should develop a level of data maturity, starting with what kind of data are available within the firm and the technologies they can use to unlock that data. When it comes to business support teams and their leaders, they too have access to valuable metrics that can help inform strategies.

Here are three best practices business support teams can adopt to help harness data:

Use workflow technology to help capture data and leading indicators

When you support your process with workflow tools, you get a top-level view of your business. For an operational leader, these tools also allow for more granular views that provider greater insight into the multiple factors that drive results.

Workflow and activity data can be used as leading performance indicators, such as identifying individuals who might be overworked. If there are junior bankers or analysts consistently submitting late night or weekend requests, that data could be a red flag for management to intervene and provide support to prevent burnout and subsequent talent attrition. Using data to optimize resource utilization will allow firms to scale accordingly, move work across teams, or even upskill existing staff, so they have greater ability to support other teams.

Workflow tools can also increase process transparency, so end users can track updates in real time on job requests and step in to support where projects are moving too slowly.

Choose the right metrics

When using workflow tools, every step can be measured, and the data can be compared month-over-month or year-over-year to determine what can be optimized. It is tempting to measure everything, but that doesn’t mean you have to. In this golden age of data availability, operational leaders need to discern what to measure to improve outcomes.

A good starting point is the SMART framework (Specific, Measurable, Achievable, Relevant, Timebound), then add another layer for context, such as pertinent firm data or even firm values.

By combining data collected with an end-to-end workflow tool, support activity can be tracked and measured, giving operational leaders greater oversight on job completion, production volumes, task speed and accuracy rates.

Create dashboards that tell a story

Once key metrics have been identified, data storytelling comes next.  In order to analyze data and make informed decisions that improve processes and optimize, visualization is key. Dashboards supported by accurate data can show information in a clear and easy-to-understand format. In addition to their intended purpose of measuring speed of work completed, production volumes, and job status updates, operational leaders can use workflow dashboards as a valuable resource to support strategic internal conversations by pulling key data or insights gleaned from analyzing data in real time.

Workflow tools, if implemented correctly, can provide valuable data that drive decisions

Every organization has different ways of doing things. From an operations perspective, the differences can even be evident across departments. Teams, hierarchies, data sources, and technology can vary widely from business to business or division to division. How you use workflow tools is critical, because with the right metrics and dashboards, they can open up a new data ecosystem filled with “hidden gems” that provide a holistic perspective of operational processes and help create efficiencies for the firm. This is why it’s important to work with experts who have proven experience with best practices, gathered from working with similar organizations, and understand the specific nuances of your operating model, your unique challenges and objectives.  With thorough due diligence, data gathering, and working closely with end users and management teams, these experts can build custom and cost-effective automated workflow solutions with real time dashboards and analytics that drive process and improve data analytics.

To find out more on why investing in technology or software  is not enough to bring success to your operations, read our recent blog: Technology can improve business processes, but people determine their success.

 [1] Allied Market Research, Data Analytics in Banking Market to Garner $28.11 Bn, Globally, by 2031 at 19.4% CAGR, Aug 05, 2022