New Technology for a New World: Lessons from ProShare 2020

The ProShare annual conference is an opportunity for leaders in the employee share scheme industry to share new information and ideas. 

In normal times, it can also be a chance to mingle and network. This year’s conference was conducted entirely online, for obvious reasons. 

As Silver Sponsors of the 2020 ProShare conference, ShareForce was proud to share our insights into how the latest technology is transforming the way businesses operate, even under challenging conditions.    

A challenge, but also an opportunity

In his virtual address, ShareForce MD Michael Ketz reminded delegates that upheaval can also be a source of opportunity. 

The Covid19 pandemic has tested businesses’ resilience and revealed weaknesses.

On the plus side, this unplanned global stress test has highlighted the need to implement more robust, automated systems and plan for the unexpected.   

Flexible solutions for complex problems

Technology is the key to enhancing resilience, providing powerful new tools to manage and coordinate workflow, even when operating remotely.

However, as Ketz pointed out, technology needs to be implemented as a flexible, holistic system, designed to be adaptable to new realities.

Merely incorporating a patchwork of tools that perform quick fixes does not comprise a sustainable solution, nor will it give companies the flexibility they need to grow and adapt to new opportunities. 

The right tools for the job, always 

Cloud-based technology solves many of the issues involved with centralised networks and cumbersome legacy software and eliminates the need to invest in expensive servers and other network hardware.

With traditional software, users have to wait to install periodic updates. Cloud-based software is dynamic, constantly evolving to meet current requirements.

That’s great for the end-user, who always has access to the latest tools. It also means that the system is automatically configured to conform to shifting regulatory requirements and data security laws, in real time. 

In other words, you are always using the right digital tools for the job, from a workflow and a regulatory perspective.

With cloud computing, data can automatically be stored remotely, and accessed from anywhere with a secure internet connection.

The decentralised nature of these systems means that even sensitive data can be accessed and managed securely, even when the end users are dispersed in different locations. 

Coordination from the cloud

Ultimately, managing complex operations is all about coordination. Especially when work is performed remotely or through decentralised systems. 

The true value of specialised technology specifically designed for managing incentive schemes, sits in its power to coordinate workflow. 

These integrated systems are able to clearly assign access-based roles, and offer users simple, step-by-step task management. Task management that leaves an audit trail so there’s no “who dunnit” mystery when changes are made. 

By giving different users varying levels of access rights, you can ensure that the relevant people always have access to the information they need and can perform their functions without seeking additional authorisation.  

Communication between and within teams becomes much simpler and more transparent, and there is a clear record of all transactions.

In short, each person has clear and precise access to the resources and requirements they need to perform their tasks, and each person’s task is seamlessly integrated into the larger flow of operations. 

Enhancing human capability

As Ketz pointed out, these tools are not designed to replace human involvement. Rather, the new technologies have been designed with their users in mind. 

Strong attention has been paid to user experience, to provide more user-friendly interfaces. After all, new technologies can enhance efficiency on aggregate and still frequently be annoying at micro level.

By contrast, the new generation of workflow tools applies advanced game mechanics, creating a more immersive experience that is far less tedious than traditional manual processing, while also generating exponentially more efficient work patterns.

The best of all worlds

Technology that simultaneously makes work more enjoyable, more accurate and more efficient might sound too good to be true.

Requiring employees to perform repetitive routine tasks with complicated inputs from multiple sources makes human error inevitable. By automating these processes, you also drastically reduce the opportunity for error. 

And with less time dedicated to tedious data entry and administrative processes, team members can focus more on strategic decision-making, developing new skills and expanding the scope of their responsibilities. 

Ultimately, that means a more engaged workforce that can focus on delivering real ongoing value to your firm.

ShareForce is an integrated cloud-based solution that makes share scheme management more secure, more efficient, and much more dynamic. These powerful digital tools enable your company to adapt and thrive, whatever the future has in store. 

Book a demo today to find out more.

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