At the FOX Family Office Forum this month, Danielle Valkner (Partner, Advisory Services, PwC) gave a very interesting presentation called “Key Considerations for Technology Selection and Application in a Family Office”. In the presentation she spoke about the trends to apply Natural Language Generation (NLG), automation BOTS and Artificial Intelligence (AI) tools to business needs and how that might impact the family office world.
According to a study by Accenture, the healthcare industry is leading in the application of these tools and they are followed by financial services. The application of this type of technology is all about increasing efficiency and accuracy in everyday work. They also work best in businesses that are deadline driven. This means that the faster tasks are done, the more things are accomplished, and management can concentrate on strategic activities, rather than day–to–day operational tasks.
When you look at these technologies, their impact in the family office will probably be around operations and they need a certain approach to be the most effective. They need good business processes and workflows to provide the necessary basis that make things happen when they should.
Automating business processes and workflows removes much of the human element from the equation and provides transparency. It creates a reliable process that cut costs where it matters the most. The associated tracking can allow a staff member to instantly check the status of the item.
I would suggest that once you have this in place you can then use the new technology:
• NLG to automatically generate text from a data set
• BOTS to “learn” repetitive tasks and process them
• AI to identify problems, bottlenecks and monitor end-to-end performance
The goal of business process and workflow automation, NLG, BOTS or AI isn’t to replace employees. Instead, it is to enhance work tasks and allow to add value where it really matters. To have business processes run with minimal, or no effort from a team. To automatically handle tasks, send alerts and trigger processes. The potential is there for these technologies to support and enhance businesses like a family office.