Ümlaut

31/03/2023

With all the talk of the "great return to work", it's interesting to see 69% of global finance leaders plan to maintain or increase remote work this year.

The biggest factor driving this is staff attrition. With the majority of employees wanting the option to work from home, candidates are actively seeking out firms with remote or hybrid work arrangements.

While many smaller businesses in the finance space have already embraced remote work (and the benefits of lower overheads), harnessing the right technology and processes to support a hybrid workforce is still a challenge.

Does your finance firm need help to make the leap? Get in touch because we're here to support you.

As full-time office work has become a non-starter for potential candidates, executives aren't making drastic changes to work environments.

30/03/2023

What does human-centered automation mean in practice?

It's something we're passionate about here at Umlat, but what do we mean when we talk about it?

For us, human-centered automation is about harnessing the strengths of people and machines to drive efficiencies and unlock the full potential of your business.

To do this, we don't just focus on the latest technology. We work with you to understand where we can make the most impact. This involves listening to you, getting to know your processes and understanding the needs of your business, your employees and your clients.

The goal is to enhance your people, not replace them. By leveraging the accuracy, speed and efficiency of AI and ML, we reduce manual handling, eliminate human error and allow employees to concentrate on higher value (and more motivating) work.

This not only boosts employee morale, engagement, retention and performance. It also delivers an enhanced experience for your customers and clients. Plus higher margins, healthier profits and greater innovation for your business.

Over the years, we've found the best results come when humans and machines worrk together - with automation handling the bulk of manual handling, freeing up people to make better decisions and drive busines innovation.

That's why human-centered automation lies at the heart of what we do here at Umlaut.

29/03/2023

Technology doesn't drive digital transformation - people do.

Technology is a tool for digitising, automating and integrating processes and systems. But technology itself can't drive change or organisational transformation.

The tools are out there - right now (ChatGPT anyone?)

But if your executive team, adminstration staff or teaching faculty aren't ready to engage with the technology or explore new ways of doing things, true transformation is not possible.

Digital transformation is more about people and change management than technology.

So, if you're keen to embrace AI, automation or integration, start by focusing on your people.

Because, without their support and buy-in, even the best technology won't be able to make a real difference.

29/03/2023

How much can AP automation save your business in time, money and labour?

⏰ Time
- Based on IOFM benchmarking results, the average accounts payable practitioner wastes 84% of their time on manual tasks.
- According to PYMNTS, 87% of businesses with automated AR/AP tasks report shorter processing times.

💰 Money
- IOFM says that it costs $6.20 per invoice without automation, with end-to-end automation bring that cost down to $1.45 per invoice.
- Supporting these findings, Kofax research suggests that automation may reduce expenses by 81%.

👩🏻‍💻 Labour
- IFOL found that 56% of respondents in the accounting sector said they spend more than 10 hours each week handling invoices and payments to suppliers.
- According to Kofax, automation may increase efficiency by 73%.

It's pretty hard to argue with these numbers. If you're interested in learning more about the potential benefits of AP automation for your business, let's have a chat.

28/03/2023

After chatting to schools and higher ed institutions, it's clear there are 5 main challenges when it comes to document management in education.

1. Managing and organising the growing amount of data and documents - like student records, lesson plans, and administrative paperwork (including invoices).

2. Ensuring secure storage and protection of sensitive information - like personal data, academic records and financial information.

3. Finding ways to effectively collaborate and communicate on documents across faculties and among teachers, leader and administrators.

4. Keeping up with changing regulatory compliance requirements for document retention and disposal (especially across state jurisdictions).

5. Adapting to new technologies and digital formats while juggling legacy systems, existing manual processes and leading people through change.

If you're a school leader, administrator or teacher, which one of these is posing the greatest challenge to you right now?

27/03/2023

Is your firm struggling with document processing and management? You're not alone.

2.5 quintillion bytes of data is created daily. By 2025, it's estimated that 175 trillion gigabytes of data will need to be managed globally.

With compliance obligations growing, finance and insurance firms are feeling the heat. Intelligent Document Processing (IDP) could be your ticket to freedom if you're spending too much time on administration.

Here's how IDP can help you save valuable time, money and resources.

More compliance means more documentation. Intelligent document processing offers a way to automate data collection while safeguarding information accuracy.

27/03/2023

Do you know how much you could save by introducing document management to your financial firm?

PricewaterhouseCoopers estimates that it costs:

💵 $20 in labour to file a paper document
💵 $120 in labour to find a misfiled document
💵 $220 in labour to reproduce a lost document.

Multiply those figures with the number of files you have and I bet you'll get an eyewateringly high amount!

For financial firms, a document management solution like Umlaut's Connect can automatically sync the financial documents from your SharePoint and OneDrive desktop folders to Xplan.

No manual processing. No lost files. No wasted productivity.

Interested in finding out more? Just click on the link below (and feel free to get in touch if you have any questions).

Automatically sync the financial documents from your SharePoint and OneDrive desktop folders to Xplan.

27/03/2023

Many people talk about the role of AI in streamlining tasks and speeding up processes on the ground. But, what can AI do to help reduce the load on leaders and executive managers?

1. Harness data and insights - through predictive analysis and data mining, AI eliminates data disorder and identifies patterns and trends that leaders can use to seize opportunities and ward off potential threats.

2. Enhance decision-making - access to AI's more complete and ordered data allows leaders to make faster and better decisions, minimising decision fatigue and promoting a more strategic approach for organisations.

3. Reduce multi-tasking - at the most basic level, AI can streamline processes, automate tasks and eliminate manual handling, allowing leaders to focus more fully on setting the overall vision and strategy for the business.

Leaders, how does AI help you right now?

24/03/2023

With financial markets on high alert following several high-profile bank collapses, your financial planning clients may be feeling nervous.

You may already be fielding questions about the stability of their investments and the likelihood of more shockwaves to come.

No-one has all the answers but you can build confidence with your clients by making a few tweaks to your client management approach.

1. Increase communication - anticipate common questions and allay fears with targeted communication. This might be a short email, quick phone call, simple letter mailout or a pamphlet or newsletter. In a time of financial uncertainty, a calm message can go a long way.

2. Tighten processes - demonstrate that you have everything under control with clear and visible processes. Receiving an instant message acknowledging their request, followed up with detailed information, instills confidence and trust in your clients and cements your authority.

3. Provide insights - collate up-to-date information on financial performance and detail the current risk profile in a visual report. This will help clients understand any potential issues and give them the confidence to continue working with you and follow your chosen investment strategy.

In times like these, automation and integration are key for financial planners. Imagine how easy it would be to send out a quick report, touch base with a targeted email or handle more enquiries if you had access to a fully automated system?

Want to make it your reality? Give us a call.

23/03/2023

Automating time-consuming processes makes so much sense - not just for your business, but for your employees too.

Just check out theses stats:

⁉️ 90% of employees feel burdened with repetitive and boring tasks (Camunda)

⁉️ 51% of automation initiatives are taken to boost employee efficiency (Camunda)

⁉️ 66% of companies experience increased revenue with AI technology (McKinsey)

So, how does automation benefit your business and your employess?

🟢 Automation removes the burden from employees, allowing them to focus on high-value tasks.

🟢 Working at a higher levele improves productivity, efficiency AND boosts staff satisfaction.

🟢 A happier and more productive workforce feeds into business growth and higher revenue.

How far along are you in your automation journey?

22/03/2023

You can't acknowledge the benefits of automation without addressing the barriers.

For every business success story, there's another where businesses fail to get automation off the ground.

After talking to businesses here in the US and back home in Australia, it's clear that some barriers are difficult (but still not impossible!) to overcome.

Here are the five biggest barriers to automation.

1. Cost - it can be hard to invest a significant sum into an organisation-wide automation project - especially if your business is on the smaller end of the scale. Will there be a return on investment? Will the solution meet our needs? Will automation be the answer?

2. Change management - it's not easy to bring others on the change journey, especially if there's a fear that the automation solution will end up replacing some of the workforce. Without effective change management, no automation project can find success.

3. Complexity - the thought of replacing multiple systems, integrating new and legacy programs and overseeing a large-scale IT project is often cited as a reason to push back on automation. The thought of managing AI is also seen as a significant barrier.

4. Data disorder - ironically, the issue that would benefit the most from automation is often the reason for putting it off. A combination of data silos, a lack of end-to-end visibility, inaccurate information and insufficient data can stop businesses going all in.

5. Skills & training - there's a perception that training staff to manage an automated solution is too hard, too costly and too time-consuming. Some businesses also feel they don't have the capability to manage the transition to intelligent automation on their own.

These are all valid concerns and need to be part of any conversation about automation. But, the good news? They can all be addressed by working with the right technology service partner.

22/03/2023

What's your biggest business challenge right now?

Is it the economy? Staff shortages? Rising costs? Supply chain challenges? Growing compliance obligations? Shrinking margins? Systems compatibility? Manual processes? Employee morale? Lack of visibility? Quality assurance? Attracting and converting leads? Something else?

There's no getting around the fact that life is tough right now for business owners, whatever your industry.

But intelligent automation could be the answer to your current challenges.

Think about it.

Intelligent automation has the potential to:

✅ cut costs
✅ streamline processes
✅ enhance visibility
✅ support compliance
✅ eliminate manual tasks
✅ boost employee morale
✅ increase margins
✅ reduce exceptions
✅ ensure quality
✅ attract and retain staff
✅ improve your position in the market
✅ grow your business.

Share your biggest challenge and let's see how intelligent automation can help!