News & Industry | M-Files

M-Files Recognized as Silver Winner in the 14th Annual Best in Biz Awards 2024

Chris Davidson — Thu, 09 Jan 2025 18:59:08 +0000

We are thrilled to announce that M-Files, a global leader in information management, has been named a Silver Winner in the Company of the Year – B-to-B category at the prestigious 14th Annual Best in Biz Awards 2024.

This recognition is a testament to our dedication to empowering businesses with innovative knowledge work automation solutions that transform the way they work.

What Makes This Award Special?

The Best in Biz Awards are the only independent business awards program judged by top-tier journalists and editors from some of the most respected publications in North America. This year’s competition featured an impressive lineup of public and private companies across industries, ranging from innovative startups to iconic global brands.

The 2024 judges praised winners for their:

Visionary leadership
Innovative use of technology
Commitment to employee diversity, inclusion, and workplace best practices
Corporate social responsibility and community engagement

Driving Innovation in Information Management

At M-Files, we believe that the way organizations manage information can make or break their success. Our solutions empower businesses to find, share, and secure information more effectively, enhancing productivity and ensuring compliance. Being recognized in the Best in Biz Awards validates our mission to drive smarter, more connected business operations.

A Shared Achievement

This achievement wouldn’t be possible without the support of our incredible team, customers, and partners. Together, we continue to lead the way in shaping the future of information management.

Check Out the Full List of Winners

We are proud to stand alongside other innovative companies recognized in the Best in Biz Awards 2024. Explore the full list of winners and discover the remarkable organizations driving change in their industries: View the Winners.

About Best in Biz Awards

Since 2011, the Best in Biz Awards program has celebrated business excellence by recognizing companies, teams, and leaders for their achievements. Judged by renowned journalists and editors, the awards span a wide range of categories, including company, team, product, and corporate social responsibility.

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Blue Bell Creameries Finds New Ways to Streamline Operations

TomTang — Mon, 18 Nov 2024 14:49:07 +0000

M-Files is thrilled to see Blue Bell Creameries' success story featured in Food Manufacturing. The article highlights how M-Files' knowledge work automation platform has helped streamline Blue Bell’s operations, from centralized document management to enhanced employee training on the production floor.

Discover how M-Files is driving innovation in food manufacturing, helping Blue Bell improve productivity, streamline compliance, and maintain top-tier quality standards.

Read the full story here. Story highlights include:

"M-Files, the leader in knowledge work automation, announced Thursday that Blue Bell Creameries, a top ice cream manufacturer in the United States dating back to 1907, has enhanced its operational efficiency with the M-Files knowledge work automation platform.

Known for its diverse array of over 40 ice cream flavors, frozen snacks, and health claim products, Blue Bell needed a solution to streamline operations across their three manufacturing plants. The company faced challenges during audits, as locating necessary policies, procedures, charts, and forms was time-consuming and inefficient.

The existing processes for Blue Bell for managing documentation were fragmented, with no central location for supplier documents, making it difficult to streamline essential procedures and manage approvals. Furthermore, the company desired improvements to its teaching and learning techniques for training across its large workforce."

To read how Blue Bell overcame these challenges utilizing knowledge work automation capabilities to centralize, standardize, and automate its processes, read the full story on Food Manufacturing and our press release on the M-Files website.

Published October 11^th, 2024.

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How AI Transforms Customer Service in the Financial Industry

TomTang — Thu, 07 Nov 2024 21:32:03 +0000

Yohan Lobo, Senior Manager, Industry Solutions, M-Files, has been featured in Global Data to discuss how Artificial intelligence (AI) has emerged as a crucial enabler of such transformation in the financial sector.

Read the full article on How AI is transforming customer services in the financial industry - GlobalData.

"Data and trust are at the heart of delivering efficient services and contributing to business longevity; however, inconsistent customer service can erode this progress. The latest UK Customer Satisfaction Index (UKCSI) reported customer satisfaction now sits at its lowest level since July 2010, warning that persistent low levels of satisfaction has the potential to undermine the already challenging economic recovery.

In light of this, business leaders need to better understand the evolving expectations of their customers and cultivate a customer first culture. Artificial intelligence (AI) has emerged as a crucial enabler of such transformation in the financial sector, demonstrating consistent results in boosting customer support while contributing to employee productivity.

By strategically reallocating IT budgets toward AI innovations, businesses can effectively counter the competitive need for efficient consumer-centric services and cultivate a customer first culture and efficient operations.

Blending AI and Human Agents for Document Efficiency
Firms typically produce a variety of documents – client correspondence, reports, contracts - which can be difficult to organise. Compounded by the variability in document structures and formats, managing this data is challenging resulting in slower decision-making and decreased productivity.

With labelled examples of historical data, AI-powered document processing can automatically recognise patterns and structural similarities to classify these documents into relevant categories.

Firms can tailor the AI tool to maintain document version control and ensure compliance by tracking revisions and access permissions and flagging all potential non-compliant clauses that doesn’t align with industry policies.

This blend of AI and human agents can elevate compliance in financial processes while eliminating potential human errors and excessive time spent on document processing tasks.

Turning Data into Strategy with AI Insights
Access to trusted and personalised financial advice is a main priority for many customers and using an integrated AI model, firms can analyse industry trends, capital market trends and customer behaviour to identify insights and highlight relevant products offering and recommendations that would be otherwise time-consuming for human agents to gather.

These data analytic results can also offer customer targeting strategies that employees can implement to increase customer trust and loyalty and position the business as a leader in strategic and accurate financial insights.

Using AI to Evolve Customer Onboarding
The onboarding process for new clients is a pivotal phase for financial institutions as it sets the stage for the ongoing relationships. The infusion of AI technologies can analyse creditworthiness based on historical data, credit scores, and transaction patterns provided by the customer as well as meticulously analysing biometric data against databases to ensure secure identification.

This minimises the risk of fraud and significantly enhances the overall efficiency of the onboarding journey without the need for back-and-forth between human agents and customers. Furthermore, these tools can use this information to create customer profiles that contain personalised investment preferences and recommendations in a fraction of the usual time it would take workers. This approach enhances the customer experience and aligns individual needs.

Optimising Customer Interactions with AI and Chatbots
Using a combination of artificial intelligence and chatbots, financial firms can allocate routine requests to AI that redirect users to human agents as needed, ensuring instant and efficient support for customers. Using both chat and voice, AI can provide advice and cross-sell opportunities based on interactions as well as forming audio transcriptions that gathers key details from conversations to create a knowledge base for staff to access and obtain precise information easily.

This not only cuts down on time spent by human agents but also equips them with the tools needed to understand the context of customer queries and provide accurate responses for a positive customer service experience.

By removing the friction out of processes where speed is of essence, firms can strengthen process efficiency to provide instant customer support and free up agent time to focus on complex queries without compromising accurate service levels.

Speeding Up Detection and Slowing Down Fraud
For many employees, uncovering fraud and risk is a time-consuming process and financial firms had one of the highest breach costs of any industry, partly due to the extended average time of 168 days to identify and 51 days to contain a breach.

Sophisticated AI algorithms can analyse vast amounts of transactional data more quickly to identify patterns indicative of fraudulent activity and flag it for review. From these interactions, it can learn to continuously improve their detection capabilities, staying ahead of evolving fraudulent schemes.

The combination of human expertise with a digital workforce to help financial institutions scale and adapt quickly creates a unique advantage in the battle against financial crime and develop areas of the business that not only protects customers but builds their confidence and trust in the firm's ability to protect their financial assets and data.

Overall Business Empowerment with AI
It is evident that the role of artificial intelligence will continue to accelerate, offering opportunities for financial firms to streamline processes and amplify their competitive edge. In today’s fast-paced and regulated business landscape, the traditional methods of relying solely on human expertise and manual processes are no longer sufficient.

Embracing AI can result in easier fraud detection, data quality assurance, and process efficiency that outperform competitors in acquiring customers and delivering a superior customer experience.

If integrated correctly, AI in customer services can produce time-efficient and personalised experience resulting in higher levels of customer satisfaction and loyalty. Firms embracing these technologies can pave the way for a data-driven future where insights lead to innovations for both customers and the business."

Published October 14^th, 2024.

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How Premature GenAI Integration Can Derail an AI Strategy

Tom Tang — Mon, 07 Oct 2024 15:19:52 +0000

Our Senior Manager, Industry Solutions, Yohan Lobo, spoke to Startups Magazine about the importance of patience, preparation and automation when it comes to AI integration.

The past year has seen a rapid acceleration in the rate of adoption of Generative AI (GenAI) solutions.

McKinsey’s ‘State of AI in early 2024’ report revealed that the number of organisations that regularly use GenAI has doubled within the past year, with this figure now at 65%.

However, despite the growing popularity and wholesale integration of this technology, companies that rush to implement GenAI to maintain pace with rivals could see unreliable solutions hinder, rather than improve, business performance.

Read the full article on Premature GenAI integration can derail an AI strategy | Startups Magazine.

According to Yohan Lobo, Senior Industry Solutions Manager at M-Files, organisations should ensure the necessary building blocks are put in place before GenAI takes up a central role in business processes.

Yohan said: “After the meteoric rise of this technology, we’re seeing people begin to question whether GenAI solutions truly deserve the level of hype and attention they have received over the past two years. While there is certainly an inflated sense of what can be achieved with GenAI, there are still a number of tangible use cases that can add genuine value to businesses across industries."

“Summarising documents, creating content from scratch, and even performing translations are all ways that GenAI solutions can be deployed to drive improvements in efficiency. A GenAI strategy that respects security and compliance policies and allows businesses to leverage their data to its full potential can yield enviable results, improving the experience of both employees and customers in the process."

“Where issues arise is when management teams are over-eager and rush into GenAI implementation. Any effective AI strategy should be built on a foundation of structured data that is searchable and organised using metadata, as this is the only way the outputs of a GenAI solution can be fully trusted."

“Getting ‘AI ready’ by conducting a thorough data audit and ensuring that the business has an extensive and reliable store of internal data that its GenAI tool can collate responses from is essential. Any GenAI solutions that are dependent on external information to provide answers simply can’t be trusted – a lack of understanding of where data is coming from is the most common pitfall of GenAI deployment.”

Alongside the development of GenAI, it is crucial that organisations continue to invest in technology that automates processes.

Yohan continued: “With such intense global interest in GenAI and how this technology can be utilised it’s easy to become blinkered, but there are a whole host of alternative ways of improving efficiency businesses should consider.

“For example, automated systems can handle large volumes of work without fatigue, enabling organisations to scale operations more effectively, and perform repetitive and time-consuming tasks, freeing up employees to take on more strategic and creative work. Greater automation also means less manual error, with businesses benefiting from improved security and a better experience overall for the end customer.”

Yohan concluded: "Once organisations have tended to their internal data and made sure that it is properly ordered and maintained can they deliver a GenAI strategy with confidence. Balancing this with automation that ensures routine tasks are handled efficiently, accurately, and consistently is a clear recipe for success moving forward."

Read the full article on Premature GenAI integration can derail an AI strategy | Startups Magazine.

Published September 13^th, 2024.

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Incorporating AI Into Your Knowledge Management Strategy

Tom Tang — Mon, 07 Oct 2024 15:08:10 +0000

M-Files Founder and CEO Antti Nivala shares practical insights on how to incorporate responsible Artificial Intelligence (AI) into an organization's knowledge management (KM) strategy in his newest contributed article published in Forbes.

Antti shares, "Knowledge is power. It holds the context and insight required to drive business forward. However, knowledge is often trapped in data silos—stuck on a server or lost in a forgotten folder. That valuable information, such as a deep understanding of customer preferences or unique trends, holds enormous potential only AI can likely uncover."

Artificial Intelligence (AI) has the capability to uncover deep insights and information dispersed across documents, emails, and conversations. For many organizations, it serves as the intelligence that drives problem-solving and enhances the efficiency of knowledge workers. However, with greater intelligence, comes significant responsibility.

With many feeling the need to keep up with the latest advancements in AI as a competitive advantage, it is necessary organizations take their time to understand its impact on the business. As the pace of innovation increases, so does the need for a balance between innovation and security.

In the article, Antti discusses how assessing three specific aspects of data - Connectivity, Curation and

Confidentiality, should be considered by organizations to make informed decisions when implementing AI across their information management strategies. Read the full article in Forbes Tech Council.

Connectivity
"AI can help overcome the challenge of information overload head-on and unlock the value of unstructured data. But to be effective, we must ensure AI is working as intended and relaying accurate information.

Identifying vendors committed to deploying accurate tools to minimize AI hallucinations can also help your enterprise from falling victim."

Curation
"With the influx of information generated across an organization, it’s important to understand what data AI models are trained on to ensure the information being leveraged is current, accurate and valuable.

Having a better understanding of how your data is curated and interacts with AI can ensure you are confident in the way you leverage the context of documents and interact with your organization's knowledge."

Confidentiality
"Even though adopting AI has many benefits, it inevitably raises concerns about data privacy and confidentiality.

Enterprises shouldn’t be afraid to examine vendor AI usage policies to make sure AI models can comply with their organization’s information security protocols and aren’t being trained on their data without their written consent."

Ensuring Guidelines
"To get the most out of AI in your information management strategy, it’s important to establish clear guidelines and standards around AI’s usage while enabling successful AI deployment with capabilities for connectivity, curation and confidentiality. A metadata structure within your information management system also supports the need for data consistency and helps you identify, manage and enforce AI data policies as it provides an information model specific to each customer’s content."

Progressive organizations need to leverage their capacity to assimilate information and extract insights. AI has the power to revolutionize our knowledge work processes, liberating employees from monotonous, time-consuming tasks and converting information into a catalyst for growth. However, it is crucial for us to evaluate and oversee the impact of our AI and information technology to avoid potential pitfalls.

For the full article, please visit Forbes Tech Council.

Published August 27th, 2024.

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Laura Carson’s Top 5 Timeless Marketing Strategies

Tom Tang — Thu, 29 Aug 2024 20:22:23 +0000

We are excited to showcase a recent interview with Authority Magazine featuring M-Files Chief Marketing Officer (CMO) Laura Carson. Interviewed by Rachel Kline, Laura shares her insights into her key marketing strategies as a part of Authority Magazine's series, “CMOs Share Their Top 5 Tried + True Marketing Strategies,” featuring various CMOs in NA.

Laura Carson, CMO for M-Files, the leader in knowledge work automation, is responsible for the company’s go-to-market strategy, demand generation, brand positioning, product marketing, and channel marketing. Laura is a high-impact leader with more than 20 years in B2B technology software and services and has a proven track record in helping organizations accelerate growth.

When asked by Kline about her role at M-Files, Laura opens up about the company culture, sharingwhat she thinks makes M-Files stand out,

"The culture at M-Files is the best culture I have ever experienced. We live by a set of guiding principles that drive how we work and interact with others. Those guiding principles are the “DNA” of M-Files. They provide us with a solid, shared foundation that supports and celebrates the diversity of our cultural backgrounds and unique personalities. By deploying these principles every day, we build trust and collaboration.

M-Files’ leadership is intentional about transparency. We systematically share information about company performance and our future in an open and honest way in company-wide meetings even though we are a private company.

For me personally, M-Files is a melting pot, bringing together many people that I have worked with in my career. People have joined M-Files directly because of my recommendations or because I previously managed them, and I joined when there were already people at M-Files from a past employer. It feels like family!"

Laura discusses the omni-channel approach that is integrated with M-Files as an effective long-term strategy to successful marketing, explaining how several touch-points of the customer experience and journey require different points of brand awareness and engagement in the sale process:

"Take content marketing, for example, which focuses on creating valuable, relevant content to attract and engage target audiences and build trust, establish authority, and drive organic traffic."

As the highlight of the interview, Laura is asked about her Top 5 Tried + Tested True Marketing Strategies:

"Global PR strategy transformation. When I arrived at M-Files, we had PR agencies around the world and the budget and execution management was executed locally and none of the agencies were talking to each other. We have since shifted to a model where the global PR strategy is owned centrally at the corporate level, and we still use regional agencies, but we conduct monthly reviews with all of them. This provides us with amazing information sharing regarding best practices, successes and lessons learned, which has helped us achieve greater outcomes within the supply chain.
Revitalized trade shows approach. Trade shows are making a comeback not just in the United States but also Europe, and this is becoming a successful marketing strategy again. Of course, like all things in marketing today, show participation must be done in an integrated fashion and the key is to be prepared with pre-event marketing, a booth, speaking sessions, and follow-up marketing and outreach.
Utilization of Software Advice platforms. We leverage a platform called Software Advice that provides us with highly qualified potential customers that convert to pipeline exceptionally well. Buyers can connect with their advisors which leads to a recommendation of vendors that match their specific technology needs. These leads are highly qualified and convert exceptionally well.
Value-based omni-channel messaging. Businesses pay for software that brings value to their enterprise. Our omni-channel, value-based messaging across digital properties, from promoted landing pages to blogs and social media posts, drive messaging to our ideal customer, highlighting impact and benefits to the knowledge workers across industries. Customers and prospects respond to this value-based, impact-driven messaging even in paid digital channels such as the Google Ad platform.
Targeted marketing across diverse user groups. The M-Files platform is well-suited for a diverse range of technology user groups, spanning from accounting to human resources. These audiences are seldom on the same marketing channel at the same time. By staying on top of digital analytics, marketing key performance indicators (KPIs), campaign analytics, and survey results, we continuously evaluate new ads, messaging, and graphics, as well as marketing collateral placement on multi-channels. We reassess and strategize to stay ahead of the competition and anticipate customer needs while striving to reach these user groups at the time they are looking for a solution like ours."

Laura also recommends decision-makers to "hire the best people" when focusing on strategic planning for their marketing efforts. "With the right team, you can build an effective strategy alongside well-defined KPIs to deliver impactful results to the organization."

"Today, successful marketing is about leveraging all the channels in an optimal way through execution, testing and refinement. CMOs need a team of specialists who focus on specific areas, such as SEO, social media marketing, content creation, or public relations, to enable success in those channels."

For the full interview and to learn more about Laura, please find the article on Medium. You can learn more about M-Files on our website, or follow us on LinkedIn.

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Unleash the Benefits of Work Automation and GenAI experiences

Chris Davidson — Wed, 07 Aug 2024 14:35:16 +0000

Antti Nivala, founder and CEO, M-Files, was profiled as an AI 100 Trailblazer in the July 2024 issue of KMWorld. In the feature, "M-Files: Unleash the benefits of knowledge work automation and superior GenAI experiences," Antti shares how the advancement of GenAI is revolutionizing knowledge work, with M-Files at the forefront with its knowledge work automation platform.

From document creation and management, to workflow automations, supporting security & compliance, and more, M-Files leverages artificial intelligence (AI) and automates processes to remove the need for time-consuming tasks that require human interaction.

M-Files' GenAI assistant, M-Files Aino, provides real-time, context-aware support to process large amounts of data. This problem-solving tool within M-Files helps knowledge workers tackle complex queries and reach conclusions faster among many benefits.

M-Files Aino also features a multi-language model, summarizing documents of any language and saving these insights as searchable metadata.

The metadata foundation of M-Files powers superior AI experiences by creating a unique, client-specific information model, providing secure and high-quality results. M-Files provides organizations with the necessary components for successful AI deployment: connectivity, confidentiality, and curation.

Connectivity: M-Files Aino seamlessly integrates data from all main storage systems and software platforms, automatically classifying it. This supplies AI with the high-grade data it needs to produce significant value.
Confidentiality: M-Aino Files places a high priority on data security, ensuring that all interactions are in line with company policies. Its advanced metadata tagging enables detailed access controls, using the highest standards of data security and regulatory compliance.
Curation: M-Files ensures that AI has the most current information by managing versions automatically. It also governs content and provides precise business context. Adding context to data provides helps search engines and AI produce more accurate results compared to traditional methods.

M-Files was recently named to KMWorld's AI 100 List in 2024. This year's issue - "The companies empowering intelligent knowledge management," brought attention to innovative knowledge management (KM) vendors that are infusing their offerings with AI systems. With its metadata-driven architecture, M-Files also offers competitive advantages beyond textual information.

As stated in a recent article by KMWorld, "Gaining competitive advantage from non-textual information (kmworld.com)," Antti Nivala, CEO and founder of M-Files, shared examples of the non-text based data gen AI can provide, such as automatic descriptions of images.

“The systems that store that information, as part of the knowledge base of the organization, should be capable of making that content discoverable, perhaps by producing a textual description of the picture itself, or at least coming up with keywords or themes or topics to enable returning that image as a response to a user’s search query,” Nivala commented. Generative AI models can also create bespoke visual elements for various purposes. From image generation, to custom dashboards, visual data sets can help in monitoring business metrics such as sales targets.

Another example of non-textual data capabilities is audio data. Audio data has gained momentum as a way of monitoring customer service representatives, recording internal meetings, and more. Audio data involves speech-to-text capabilities, allowing firms to analyze and categorize the data via extraction. These capabilities are becoming increasingly accessible. “Speech-to-text or video-to-text transcriptions—we see it in video remote meeting tools like Teams or Zoom,” Nivala remarked.

To read the latest insights from Antti Nivala on AI and information technology, please visit M-Files on social media, and our latest press releases.

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How Wealth Managers Can Build Trust with Automation and AI

Chris Davidson — Mon, 05 Aug 2024 11:15:16 +0000

Yohan Lobo, Industry Solutions Manager, Financial Services, M-Files, was recently featured on unite.ai to discuss the power of trusting in automation and artificial intelligence (AI) in wealth management organizations.

Building trust between wealth managers and their clients has traditionally been credited to effective communication and understanding between the two partners. Over time, wealth managers’ have become increasingly spread thin because of larger portfolios of more demanding clients. The knock-on effect is that clients can feel out of the loop due to extended response times from their wealth managers.

The latest AI solutions now enable wealth managers to eradicate human error and secure integral daily processes, including knowledge work automation, which improve client experience and increases trust.

More time for client relations

Wealth managers don’t have enough time during the week to foster the relationships they have with clients. Over time, wealth managers have seen their portfolios expand, increased compliance responsibility and other non-revenue generating tasks thrusted upon them. In-turn, schedules have become congested for wealth managers.
Manual, time-consuming procedures have been required when handling workflow processes for wealth managers. Taking up time and energy of wealth managers to ensure workflow is properly handled and stored, has in turn, hindered their capability to improve client relations and foster new ones.
Through the power of automation, wealth managers can store and access the most up-to-date version of customer data in real time without the worry of if it’s the correct version – as it always will be.

Avoiding content chaos

For wealth managers, the handling of sensitive client data is an everyday responsibility. One false move in team members saving or sharing an incorrect file can now lead to huge data breaches and legal implications.
Knowledge work automation, supported by metadata and AI technology, ensure wealth managers are accessing the correct data every time. Ensuring only one version – the correct one – is stored, wealth managers avoid the construction of data siloes across their systems. The creation of data siloes slows down workflow and business processes, as accurate data is more difficult to come by and also increases the chances of sharing incorrect data both internally and externally.

The wealth management industry cannot afford to be viewed as taking a light-touch approach to data handling. High net-worth individuals will sooner find new opportunities to invest or store their capital if they feel wealth managers are simply not up to the task of handling their assets and data.

The AI trust-factor

With much of a wealth manager’s success relying on trust from the client, how can AI better improve relationships for both parties? With AI, building trust in wealth management is born out of these automated workflow management processes. Prior to these tools, wealth managers would be typically time poor, which would increase the likelihood of workflow being mishandled as schedules become increasingly strained.

The power of automation providing seamless and secure processes ensures client data is safely handled in a timely manner. From a client perspective, trust is only going to increase once wealth managers have harnessed these tools in a bid to eradicate human error.

Money talks

Implementing AI across workflow processes has little downside when considering the risks often involved in the processes become mitigated and automation rapidly improves delivery.

For wealth managers and their clients, a more present and interactive relationship is born out of the AI overhaul as their schedules become increasingly flexible as a direct result of automation.

Wealth managers must be up to date on all the emerging financial tools and investment instruments now available on the market as well. It is not just manual processes which are taking up their time – wealth managers need all the help they can get from automation as their job roles continue to evolve.

Removing the threat of human error and easing time pressures offers greater levels of trust during the customer journey. In the long term, the increased adoption of AI will revolutionise wealth management services across these crucial processes. This improved security established across wealth management products and services will result in prospects looking to the sector as a reliable channel for investment management.

Visit "How Wealth Managers Can Build Trust Through the Power of Automation and AI" and follow us on social media to learn more from M-Files.

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Cost Reduction Strategy for Financial Services Firms

Chris Davidson — Fri, 02 Aug 2024 15:25:56 +0000

M-Files highlights key cost reduction strategy for financial services firms

Yohan Lobo, Industry Solutions Manager, M-Files, speaks with Fintech Global regarding a potentially pivotal cost reduction strategy for financial services firms.

In a recent featured article for FintechGlobal, "M-Files highlights key cost reduction strategy for financial services firms - FinTech Global", Yohan Lobo, Industry Solutions Manager, Financial Services, M-Files, gives insight into how businesses are able to differentiate themselves from the vast array of competitors in the financial sector and lower their cost to serve in the process.

M-Files, the leader in knowledge work automation, which was recently named on the prestigious AIFinTech100 list, suggested that financial services organisations can secure a major competitive advantage by reducing their cost to serve.
Currently, 91% of financial services firms are already using or considering implementing artificial intelligence (AI) solutions. M-Files believes that leveraging AI powered solutions for effective automation, along with educating staff on its potential benefits, firms can drastically reduce these costs.

Lobo remarked, “As new routes to market have appealed, the financial services sector has grown increasingly saturated, raising the level of effort required to create a genuine point of difference. Despite increased competition intensifying the pressure on companies to innovate, there’s no uniform model for the successful integration of cutting-edge technology.

“The true value of AI in financial services lies in reducing the volume of manual work, which typically leads to more frequent errors, slower processes and higher labour costs. Any activity a financial services provider engages in that doesn’t directly add value to clients is a drain on costs. Not only can it end in short term cash-flow disadvantages, but dedicating more time to the needs of customers is the key to long-term profitability.

“Non-advisory, compliance and administrative tasks increase cost to serve and these processes should be automated wherever possible. For example, systems that automatically classify documents and apply granular access controls – without the need for human intervention – can be introduced to ease the compliance burden,” continued Lobo.

Education is critical in this aspect – as it will allow senior company players to make the most out of AI- making data driven decisions, and not be thrust down the rabbit hole of just trying to apply it everywhere. Instead, leveraging it in areas where it can make a greater impact.

Lobo explained, “Understanding the situation and identifying the organisational issues technology can solve is another important consideration for financial organisations. This is where education comes in: senior executives need to be shown what AI can and cannot do so they can ensure that this resource is allocated in areas where it adds the most value. Similarly, employees must be educated on how this technology exists to support them, not replace them, and that its purpose is to funnel more hours into advisory work.

“Ultimately, financial services providers need to deliver a return for their customers to demonstrate value, which is easier if more time is spent on client-facing activities. Not only does this encourage retention, but it enhances reputation and helps attract new business. Conversely, inefficient firms will have higher operating costs and longer process cycles, leading to heftier fees and a poor client experience.”

“Higher profits facilitate further investment. If firms have the capital to re-invest, they can funnel additional resources into developing effective tech solutions, reinforcing and extending competitive advantage,” he remarked.

To read the full article, please visit FintechGlobal. For more insights from Yohan Lobo, please visit our latest Industry News.

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When and How to Update Your Knowledge Management Strategy

Tom Tang — Thu, 23 May 2024 17:00:57 +0000

Thinking about updating your KM strategy? You’ll confront a plethora of considerations in the process. As a knowledge manager, you definitely want a strategy that is sustainable, cost-effective, and minimally disruptive to the business.

Aligning the KM strategy with changes to your parent organization’s strategy is essential, particularly if that strategy has changed since the last time the KM strategy was updated.

Antti Nivala, CEO, M-Files, is featured in this article. Read the full story on KMWorld.

Published May 2^nd, 2024

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