Introduction
Change request management is a pivotal process for companies in the dynamic wealth management industry. Change request means impact on timelines, cost, and ROI etc. This must go through many stakeholders for their review and approvals. However, relying on manual and disjointed processes for change requests can hamper agility and innovation. One of the leading wealth management companies recognized this growing need within the organization to have an efficient system for internal change requests to upgrade technology, modify resources or amend ongoing strategic projects.
The over-reliance on email communication and spreadsheets was no longer sustainable with the growing volume of change requests. It called for a streamlined automated solution to seamlessly manage the end-to-end change request lifecycle.
The leading wealth management company demanded for a solution that can be seamlessly integrated within their exiting M365 subscription in a budget friendly price and in a short span of time. In the quest for the perfect fit, they discovered Titan Workspace – a solution that not only met but exceeded their demands and criteria.
Titan Workspace emerged as the ideal choice due to its unmatched ability to integrate seamlessly with Microsoft 365 and customized workflow automation module.
What is Change Request Management?
Change request management is a process used by organizations to propose, evaluate, and approve or reject modifications to existing software applications. Employees submit requests detailing the needful change, which are then assessed by stakeholders for potential impacts on factors like cost, security, and alignment with company objectives. After carefully observing the changes, the request is either approved for implementation or rejected, ensuring that software modification undergo proper vetting and control rather than occurring in an uncoordinated, haphazard manner.
How does the Change Request Process of the company work?
Change requests typically involve things like changes within the existing software. The IT team of the wealth management company was getting overwhelmed by the volume of requests coming from all business units.
The approval process was quite complex, requiring signoffs from multiple stakeholders like the CIO, department heads, security officers, procurement team, etc. Each request had to route through 4-5 people before final approval.
On average, 15-20 hours were spent getting a single change request approved. There were often back-and-forth questions and clarifications needed between the multiple approval groups across email threads and meetings.
With Titan Workspace’s automated workflow capabilities, the time for the completion of the process was reduced by over 60%. The request portal collects all relevant information upfront, routes request dynamically based on risk rules, and allows approvers to interact seamlessly on a single system.
Challenges Faced with The Manual Change Request Process
Solution Implemented by Titan Workspace to Transform their Manual Workflow
To address these challenges, the wealth management company partnered with Titan Workspace to leverage their customizable, no-code workflow automation platform integrated into Microsoft 365. The key features of this solution:
Business Benefits
Conclusion
The workflow automation solution by Titan Workspace helped the wealth management company to transform the time-consuming manual process for internal change requests. It significantly improved efficiency, communication, and transparency around change request management. As the leading wealth management company focuses on agility and innovation to differentiate itself in the market, partnerships like Titan Workspace can be considered as invaluable in supporting its growth journey.
Learn more about
Titan workspace
Get in Touch