By: Stephen Chadwick MD of Dassault Systèmes EuroNorth
Innovations in finance are no less important than innovations in science and industry. However the efficiency gap between commercial production, and banking and finance, has increased considerably over the last few years. Participants in the financial process are wary of sharing information that they are responsible for, and are often unwilling to exchange it with one another. From the point of view of Dassault Systèmes, banks and insurance companies should focus on innovations in order to improve compliance with regulatory norms, and to increase productivity and profitability.
Innovations in finance are a company’s strategic asset. Innovations help them to get a better return on investments and to improve the satisfaction of clients and employees. Among such innovations are solutions that control the life cycle of financial products, from idea to marketing. They allow investment managers, banking and insurance companies to use market opportunities and quickly react to market or regulatory issues. For example, my company created Product Innovation Factory, a specialized IT application which helps to achieve a 20–30% increase in the efficiency of financial companies by saving time for data acquisition and organization. This application facilitates automation and standardization of information exchange processes in banking and finance throughout the lifecycle of financial and insurance products, making it easier for financial experts around the world to exchange and use intellectual property data to analyze financial information.
An important factor for international banks and financial companies is the existence of a social and collaborative environment where receipt, transfer and shared use of data is possible by employees around the world. Analysis and understanding of information about clients, competitors and regulations result in creative ideas on new products and services. Through access to this source of knowledge, business operators can choose profitable business areas and maintain productive professional relationships. In this way the full lifecycle of innovative products can be measured and optimised.
Divisions of financial corporations, regardless of their specialization and hierarchy levels, must not give in to the so-called “silo mentality”, when departments and expert teams do not want to exchange information. This mentality reduces efficiency and compromises corporate culture. According to current administrative trends, companies should fight the unwillingness of their employees to exchange information in order to motivate them for higher productivity and better teamwork. Company’s departments cannot be independent; they should cooperate. Business innovations are needed that connect specialists who were not previously connected. Companies that use such platforms can achieve a clear vision of their corporate strategy.
Dassault Systèmes’ clients use product lifecycle management solutions so that their employees can create, produce and cooperate and, in the long run, offer better products and services to their customers. However, innovations are so much more than just an instrument to increase business efficiency. Innovations must serve our society and improve people’s lives. Many clients of Dassault Systèmes have long given preference to social innovations which, given the rise of social networks and socially responsible business platforms, helped them better communicate with their customers because informed and trained employees are the best force to promote innovation.
Financial processionals are becoming more mobile, and they now populate the market not alone, but together with marketing, sales managers, business people, all of whom have an effect on the solutions financial experts use. Applications that greatly reduce production times, help develop and offer new services to customers, improve information transparency, increase profits and reduce operational risks are available today. These join these often-disparate disciplines through social media.
Dassault Systèmes recently conducted several studies to find out how employees feel about innovations introduced in their companies. According to the results, employees were proud to work in a company that helps creates the future if they feel that their work can change the world. Employees and managers like the idea that the company where they work uses innovations to improve business efficiency.
For further information: http://www.3ds.com/industries/financial-and-business-services/