As the digital age continues to advance, bringing with it a new generation of technologically-savvy successors and ‘switched on’ stakeholders with activist mindsets, family offices are increasingly seeking new software solutions to help them keep up with the growing demands of their businesses. If this sounds familiar, you’ll know that selecting the right software for family office management can feel like a daunting task. It might also feel increasingly intimidating as operational requirements increase, as well as matters surrounding data security, transparency, user accessibility and permissions. Then there’s the issue as to whether or not you’ll end up with a system that encourages productivity and collaboration within the organisation, instead of obstructing it. There’s a lot to consider and it can be overwhelming, especially when you know that choosing the right software upfront is not only necessary to ensure productivity continues, but that it prevents unwanted surprises and switching costs in the future. To help you navigate this process, here are a few steps to take before carefully selecting the software for your family office:
Step 1: Identify which processes could be streamlined by family office software
With the right software, functions that traditionally involve manual inputs and administrative tasks like document management, schedule planning, task assignment and monitoring can be easily streamlined.