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Document Automation for Asset Management

Creating thousands of pages of regulated marketing, compliance and standardized financial forms can make you feel like a cardiac surgeon performing high-stakes surgery on a patient. Though a surgeon may be repairing a heart valve that is 97% similar to hundreds of prior surgeries, the remaining 3% is unique for each individual patient. Well, if you regularly generate troves of standardized documents, you understand how this requires meticulous care. It can be an anxiety-ridden process. Even though 10 clients may require reports that are very similar, the devil is in the details. Whether you are a surgeon or a compliance manager, miniscule human errors can lead to monumental headaches and late nights.

If you are in an asset management business, chances are you are managing many documents that often need to be repurposed and recycled. Whether you work at a mutual fund, hedge fund, or investment bank, starting from scratch each time is time consuming and wasteful. By implementing a document management software platform, you will be able to maximize the value of content across your enterprise by:

1) Mitigating risk
2) Automating repeatable tasks
3) Reducing costs
4) Scaling your business

Constantly generating new documents consumes time and resources yet it is only one aspect of the annoyance. Another is the increased chance of human error that creeps in every time someone has to rewrite sections of a prospectus, contract or report. By simply adding an extra “0,” leaving out a comma, or using the wrong legal term, the company could land into hot water with a client. In case you think this is an exaggeration, there’s an ongoing contract lawsuit taking place in Maine, in which a company may be forced to pay its truckers millions in overtime pay because the Maine law lacked an Oxford comma.

Simplifying and streamlining document production will increase business efficiency by reducing the chance of error. Just to give you a point of historical comparison, Johannes Guttenberg’s moveable type printing, invented in 1452, was a piece of document automation hardware. Before Guttenberg’s printing innovation, books were written by hand (yep, every word). As a result, books published prior to the printing press revolution were filled with typos.

In the asset management space, repurposing content and generating new content are not mutually exclusive. If you have to produce a document for multiple consumers in five different languages, you will want an (ECM) enterprise content management software that translates across linguistic boundaries. An ECM like this will not only save you time but also help your company scale. Managing vast amounts of content at an asset management firm grows is essential for its business model.

 

An ECM That Does Document Automation

Following the wake of the 2008-2009 global financial crisis, compliance and risk management is even more indispensable. Investors want to be assured that the asset manager has a streamlined process for documenting and storing information. Think about it this way. If you are a compliance manager at a mutual, hedge, or insurance fund with billions in assets in, you want to ensure that the chance of human error is as small as possible. The best way to accomplish this is with a component content management platform that will automate and intelligently manage your production of mission critical documents.

Though many often think of documents or pages as content, it is the individual snippets of text that can be granulized. By granulized, we mean that they can be transformed into content components, which can then be linked together to form larger more coherent thoughts and ideas (or regulatory notes) automatically.

How many components? As many as you wish! EVERY SINGLE WORD, number, image, etc… in a document could be tagged as a variable. Granted, few asset management employees would want to dissect a document into such minute parts. However, a mutual fund might need to send out 100’s of reports in the second quarter. In each of those reports, 100’s of variables will be utilized between them. Further, with a sophisticated ECM platform, this granularization is done automatically. All you see is your content in its appropriate context. All of the atomicity is hidden, behind the scenes. You work on the documents you are used to. The platform does all of the work – and subsequently all of the conversion to other formats (HTML, iXBRL) when filings are also required (more on this to follow)

A great tool for a mutual fund manager in a compliance department is an ECM (enterprise content management) and publishing platform. This technology will automate repeated tasks, use intelligence to inform content decisions, and reduce risk and cost.

At Appatura, we developed DocuBuilder as part of our suite of solutions to automate business’ content production. This Enterprise Content Management tool will empower asset management companies to maximize the value of content across their enterprise..

Want to learn more about DocuBuilder, our component content management platform? Let’s have a conversation.