The financial sector is under immense pressure from consumers and businesses alike. Customers demand reliable services and effective communication, and anything less is a reason for them to take their business elsewhere. That’s why financial institutions are doing everything they can to make their processes slick, and their services flawless, and for this, they’re turning to SharePoint workflows.
Described by Microsoft as pre-programmed mini-applications, SharePoint workflows provide the automation and streamlining of financial processes to bring efficiency and consistency across critical tasks including document management, approvals and signature collection.
Banks, financial institutions, and creditors are often paper heavy businesses containing vast quantities of data, for which the management can be both labour intensive and time-consuming, with the added risk of error human error.
Task Automation
SharePoint workflows improve efficiencies and productivity, plus they streamline those labour-intensive manual processes, reducing the risk of human error.
Automation scenarios include:
Workflow mailboxes help with the management of work-related emails. They can be stored in separate locations improving accessibility and search functionality, and for greater security, only those with relevant permissions can view the emails to protect sensitive information.
Workflow notifications alert relevant employees of new changes and tasks, or updates, freeing teams from having to check manually.
Using workflow task management, managers have the ability to assign tasks and set deadlines, as well as track workflow progress. Employees, on the other hand, benefit from an efficient and robust structure allowing them to plan their time better and focus on urgent work.
Additionally, out-of-the-box task automation workflows also include approvals, feedback channels, signature collection and document publishing. And if that isn’t enough, custom workflows can be developed specifically for teams or individuals.
Project Management
SharePoint workflows centralise project processes and present the information in a single dashboard. This allows finance teams to identify inefficiencies in the processes, and opportunities for further improvements.
Stats displayed on graphs and charts provide greater reporting with more transparency. The SharePoint Kanban Board helps with visual task management.
Using the data provided by SharePoint workflows, project and program managers can monitor projects with ease, identify bottlenecks, and improve the project delivery.
Benefits of SharePoint workflows in project management include:
- Greater time and resource management
- Better visibility of project processes with the dashboard and Kanban board
- Improved process and project management
- Reduced risk of human error through eliminating manual processes; and
- Advanced auditing and reporting creating better decision making at stakeholder level.
Document Approval
Finance teams often work with huge numbers of documents with various stages of approval. Before being signed off, documents are created and verified, budgets are checked, and then finally, the documents land on the desks of senior stakeholders to give the go ahead, often being placed at the bottom of a large pile.
This doesn’t need to be the case. The document approval process managed with SharePoint workflows, allow for those individuals creating the documents to see where the document is within the process, and allows for the stakeholder to manage their workload on a priority basis.
How to get started using SharePoint Workflows in the Financial sector
Using SharePoint workflows to streamline processes requires very little upfront investment for businesses already subscribing to Microsoft 365. Microsoft Partners, such as Core, can provide the professional services. Alternatively, for businesses looking to develop processes on an ongoing basis, Core’s Smart Services are an ideal fit.
Click here to request a consultation with one of our experts or email us at hello@core.co.uk or call us on +44 20 7626 0516 to learn more.
