Do you remember working on class projects when you were in high school? Today, it would look something like this:
Your 11th grade instructor would partner you with two other students in the class. The assignment would be due in a month, and the easiest way for you and your classmates to collaborate would be with a Google doc.
The document’s margins would be filled with comments, suggested changes, and sentence strikeouts. After days of bickering, trying to locate the classmate who never contributed, and going back and forth, you and your classmates alas reach a consensus! By the time the deadline approaches, your document should be streamlined and ready for grading.
If it’s that difficult to come to an agreement over a high school project, it doesn’t require much imagination to see why it’s challenging to collaborate and generate marketing collateral in heavily regulated industries, such as asset management.
Marketing teams in the asset management space face the mind-numbing task of overseeing teams that are collaborating on projects across departments, state lines, national borders, and foreign languages. Compiling a fact sheet or commentary when an asset management firm’s CMO is in New York, the VP of marketing operations is in Paris, the compliance manager is in Los Angeles, and the rest of the team is in New Jersey is challenging even when working with the most knowledgeable and organized individuals. Matters become further complicated when content needs to be translated into 3 different languages and in 3 different countries with varying fiduciary regulations.
The marketing, compliance, and portfolio managers need a way to manage the vast amounts of content that they accumulate as their organization grows and evolves. This means that content governance and an enterprise content management system that enables the company to manage and assemble content at scale are indispensable. Otherwise it’s possible that stale or unapproved content can enter the publishing and distribution process of your team’s workflow and this can hinder the effectiveness of even the most conscientious of teams.
Absent a system for organizing content, an asset management company will spend workdays and nights creating manual workarounds to get the job done. If there are duplicates and errors, time will be wasted on making corrections. This can harm your messaging, inject risk and slow down the overall process. Effective scaling entails content that scales.
No matter how talented the workforce, an asset management company’s workflow will suffer without a streamlined content management system.
Let’s break the problem down into three parts:
1) You must organize and publish content on a unified platform
2) You need a real-time data analytics library management tool to constantly harmonize your content ensuring that no duplicates or off-message components exist.
3) You need a way to leverage content across the enterprise, from a single approved source
Everyone involved will benefit from a tool that promotes collaboration while reducing duplication. Additionally, this will save time, decrease costs, and increase employee morale.
Complex problems demand intelligent answers.
Content governance is a must to reduce risk, stay on message and deliver speed to market. Language across the content must be streamlined. But the larger the organization, the more siloed departments tend to become. Every marketing person becomes flush at the thought of receiving a notification at 11PM the night before a factsheet is supposed to be posted telling him/her that compliance have last minute changes that should have been incorporated from the beginning.
This is why managing large quantities of data, content and facilitating collaboration across the enterprise are key for asset management companies. Without cross departmental collaboration, the chance of duplicating effort quickly rises along with risk, and late nights and weekends.
Siloed departments can waste time and resources. Users then receive conflicting outputs which need to be reconciled in order to be first approved and then published. The chaos looks something like this:
Everyone has more work due to the lack of collaboration. However, when a complex creates a central content hub, collaboration within and between departments is smooth and workflows become simplified. A structure that optimizes the process of creating, editing, packaging and delivering content is a must. Instead of the convoluted diagram above, the content hub creates a transparent and seamless process that looks like this:
As you can see, it becomes much easier to assemble and reuse content across a wide variety of outputs and channels by simply extracting the content from a “content hub” aka “single source of truth.”
Appatura’s suite of content management solutions optimizes workflow and minimizes the hiccups that inevitably multiply without an automated system for tracking and organizing content. Every asset management company is different which is why DocuBuilder, AppaSense, and AppaHub are personalized to address the content management challenges for each client. By treating content as granular “lego” blocks, enriching it with tags and taxonomy, content assembly becomes faster, more scalable and easier to execute.
Because enterprise-level collaboration requires more than just having the right process, it requires having the right technology.