Introduction
In today's evolving business world, for wealth management companies focusing on operational efficiency holds immense
significance. One of the leading players in the wealth management sector, faced the constant challenge of meeting
the demands for new request management processes within the organization. The existing manual process for handling
new requests presented significant challenges. Each new request was managed through an intricate process relying
heavily on emails and Excel spreadsheets. The manual process not only consumed time but also lacked transparency,
making it challenging to monitor the new request process and ensure timely fulfilment.
At this time the company realized that depending on old and manual processes can reduce the efficiency of the team
and it was the right time to switch to digital automated workflows for the new request process. The company's
continued growth demanded an ideal solution that can make the process easy and streamlined. Here Titan Workspace
comes into play with the customizable workflow automation that was installed timely within their existing system,
was also easy to use for employees from non-coding backgrounds and fulfilled all the demands of the wealth
management company.
What is the New Request Process?
The new software request process is an established procedure for employees to propose and request the addition of new
software applications to the company's technology stack.
Employees initiate the process by filling out a standard form detailing the proposed software, its
features/capabilities, and the potential benefits to the business. The software request is then formally evaluated
by the IT team based on factors such as costs, technical requirements, security implications, integration with
existing systems, and available resources for implementation and ongoing support. Once reviewed, the proposal for
new software is either approved and moves into procurement and deployment planning, gets sent back to the employee
for additional justification or modifications, or is declined if it does not meet the evaluation criteria set by IT.
What kind of new requests needed approval?
- New software access requests
- Cloud application access
- New IT service request and tools
Approval process complexity:
- Had to route sequentially through IT manager, division heads, Finance, Compliance
officer, CEO
- 5-6 multiple different stakeholders involved
Time spent before Titan:
- Average of 10-15 hours per request
- Constant delays due to email tag, misplaced paperwork, unavailable approvers
- Admin workload tracking status updates
Improvements with Titan:
- Automated parallel routing reduced approval time by 50%
- The average now 6-8 hours per request
- Process 40% more requests due to efficiency gains
- Improved visibility and tracking
Titan Workspace introduced crucial digitization, automation, and workflow enhancements that uplifted
cross-departmental productivity, fueled innovation velocity, and sustained security governance.
Challenges Faced by the Wealth Management Company
- Time-Consuming Process: Managing new requests through emails and Excel sheets was a
time-consuming process. It involved manual entry of data, coordination among multiple stakeholders, and
constant follow-ups to ensure tasks were completed.
- Lack of Transparency: The existing process lacked transparency, making it challenging to
monitor the status of requests in real time. The lack of transparency led to delays in task completion and
increased the risk of errors due to miscommunication.
- Limited Scalability: As the wealth management company grew, the challenges faced in the
manual workflow became more pronounced. The lack of scalability hindered the company's ability to handle a
higher volume of requests efficiently.
How Titan Workspace solved the problem?
- Customized Workflow: Titan Workspace worked closely with the wealth management company
to design and implement a customized workflow tailored to their specific needs. This ideal solution ensured
that every step of the new request process was efficiently managed and tracked.
- Integration with Microsoft 365: The solution was seamlessly integrated within the
existing Microsoft 365 environment, leveraging its familiar interface, and maximizing user adaptability
among IT professionals and other employees. This integration facilitated smooth collaboration and
communication within the organization.
- Enhanced Transparency: With Titan Workspace's workflow automation solution, the wealth
management company gained unparalleled transparency into the new request process. Through a centralized
dashboard, stakeholders could monitor the status of requests in real-time, identify bottlenecks, and
proactively address issues, thereby ensuring the timely completion of tasks.
- No/Low Code Automation: Leveraging the no/low code capabilities of Titan Workspace, IT
professionals could easily customize and automate various aspects of the workflow without extensive coding
knowledge. This empowered them to adapt the solution to evolving business requirements efficiently.
Business Benefits:
- Increased efficiency: Requests were processed 20% faster, freeing up 30% of IT resources
for strategic initiatives.
- Enhanced transparency: A centralized dashboard provided real-time visibility into all
requests, improving communication and collaboration, leading to a 15% reduction in rework due to
miscommunication.
- Simplified user experience: The intuitive interface made it easy for both requesters and
approvers to submit, track, and approve requests, resulting in a faster resolution.
- Cost savings: The No/Low-code platform and faster processing times yielded cost savings
compared to traditional development and manual handling.
Conclusion
By collaborating with Titan Workspace, the wealth management company was able to improve the internal process for
handling new request processes. Before they had a manual process that was slow and lacked transparency for the
employees. But now with the workflow automation module of Titan Workspace the new request process of the company is
clearer and more efficient.