Would you like to streamline any business process making a 40-click workflow become, let’s say, 1-click? We would for sure and that’s the reason of the effort we’re putting on Actio in these days.
Actio is Objectway’s new platform for Business Process & Document Management, specific to Securities Back Offices. Its first go-live was in Objectway’s own BPO arm in Italy and is poised to become a big success.
It’s BPM season for the Middle & Back Office
Back Office applications manage a company’s books and records. They keep to their solemn duties featuring traditionally austere single-transaction screens, with users having to switch from one screen to another and keep track of their own task lists. If they need to check what is happening in other systems, up- or downstream in the processing chain, they must enter and navigate their way in those other systems.
All this takes time and requires users to navigate repetitively through screens. Yes, you could ask your Back Office application supplier to build that one function that links them all… but how does that compare in priority with their implementing the latest FATCA / taxation / fee calculation requirements / etc. ? Usability improvements can always be postponed, right ?
Fortunately now there is a solution. Business Process Management provides a way to assemble new capabilities from existing Middle- or Back Office functions and accelerate processes.
Whenever there’s a lot of optimization to be gained, BPM makes sense as it is quicker and less costly to implement.
ACTIO is based on a simple idea: encapsulate a BPM engine, in this case Webcon BPS of our partner and award-winning Microsoft Partner WEBCON, integrating it with several Objectway products via reusable plugins, and… define the time-saving workflows as you like.
How it works
Let’s see how this worked in the case of Objectway Securities Services. According to standard operating procedure, users processed an advisor recommendation by creating several trading orders — often up to 40. Order details were already entered automatically in the system, but still users had to create orders, fill in counterparty and transmission information and send each order to the market.
With our our magic (well, configuration work), we created a new workflow so that all order details could be inspected together in one screen and transmitted with a single click. One click, rather than thirty or forty; not bad, for an improvement.
Even more, the tool periodically checks the state of orders and can automatically give to the recommendation the “closed” status once all related orders are complete. Or signal exceptional cases that need to be handled.
Half an hour of work saved every day, end-to-end process management unifying Front- and Back-Office sounds good. But it also comes with visually appealing, easy-to-comprehend process definitions that Back Office users and management can discuss with IT. Several small improvements were suggested and immediately adopted during the User Acceptance Testing phase.
Actio made the difference between the old and the new, making everyone happier and free to deal with important stuff.