Deregulation and then reregulation – finance industry faced continuously challenges as its operations are closely knit with the regulatory environment of the country which keeps changing with global economic dynamics and so does the needs of financial sector. While regulatory compliances are demanded, there are overlaps that can add to these challenges making it difficult for a financial firm to meet a regulatory criteria for one area of business without having a negative effect on the other area. Collaborative environment and ability to have a central view of all compliances has thus become a key.
However, when maintaining these compliances, most organizations use excel sheets for maintaining and sharing data. These tools help company be organization but to the extent of brining coordination. A consistent collaboration and coordination between different departments and areas of a financial unit has thus, become a challenge.
Project Management, a discipline that has emerged just a few years back and gained much popularity can solve the two key needs of a financial organization – collaboration and centralized view of organizational processes. While excel sheets can only maintain the data with analyst teams requiring to do deep drill down on data every time they want to extract an information, project management tools simply these tasks by automatic extraction of data and development of simple reports that could be understood by the management. A single data repository can be used by bring all data sources together such that consolidated view of the organizational processes and performance can be seen.
Further, the central repository linked with the centralized system for collaboration can bring all employees on a single platform which can be used for sharing and coordination for various purpose. Overlapping and redundancies are thus, taken care of. The organization can be aligned to simplified and unified business processes.
How a Centralized Project Management System can help a Finance Firm?
A centralized system that manages data that is generated through various platforms, means and by different people into a single repository where connections can be made and redundancies can be removed. For a bank, this database may allow the bank to connect two different services from two different departments taken by a single customer such as linking of a Demat account with a savings account for a customer.
Collaboration adds value
A centralized system is a competitive advantage for a firm even that would not be sufficient in the current change intensive financial markets if the collaboration between personnel’s is not strategized. A regular effective collaboration between project team members can help an organization foresee effects of changes and manage conflicts.
How can a financial organization decide if it needs Project Management tools? Some questions may be asked to help decide if your firm is in need of a project management tool:
- Do you face integration challenges as your operations expand?
- Is adhering to all regulatory changes with time a big challenge for you?
- Do you see your people struggling with lots of excel reports that consume most of their productive time?
- Does your customer need to retell the same story to different people in your company while having a query?
If the answers to these questions are unanimously yes, then it is the right time for you to explore the world of project management.