M-Files bested all competitors in this year’s edition of the Nucleus Research Content Management (CM) Technology Value Matrix. Similar to the Gartner Magic Quadrant, the matrix places vendors in four regions — assessing them on two key factors: functionality and usability. M-Files earned the top spot for both criteria, placed in the Leader quadrant for the seventh consecutive year.
As an independent third-party analyst, Nucleus Research has logged twenty years in the technology research and advisory space. Their website boasts: “By following an ROI case-based, investigative approach, our research delivers factual analysis and insight that helps organizations present the financial, and operational value of a technology solution.”
This year, by necessity, companies have gravitated to technology solutions that can help facilitate a remote, flexible workplace. Content management technology has been thrust into the spotlight to help provide the same work experience at home as at the office. Simple file-sharing or cloud storage solutions just aren’t enough.
As Nucleus mentions in the report:
“The shift to remote work has strained the limits of traditional, monolithic Content Management solutions, forcing companies to focus on defining a strategy to deal with the growth of volume in content, data, and document needs, rather than traditional document storage.”
The Nucleus report can be invaluable for technology reviewers in determining which enterprise content management solution is best for their organization and the explosion of data, documents, and information.
To make the most well-informed decision, get the inside track on top CM solutions from an impartial third party with a complimentary copy of the 2020 Nucleus Research Content Management Technology Value Matrix. It’s a must-read report where you can find the strengths of each vendor and match them up to your organization’s needs.
Click the link below to download Nucleus Research’s assessment of 17 top vendors, including the following highlights:
The Technology Value Matrix and the market positioning of ECM vendors in terms of usability and functionality
An analysis of the strengths of each vendor’s solution and the value that is delivered to the client
Insights on overarching ECM market trends and challenges
Toronto, Canada— Oct 27, 2020— Cementing its position as an industry trailblazer, Fiix has launched a new addition to its game-changing AI platform, Fiix Foresight.
The new solution— called work order insights— is an industry first, and uses AI to automatically analyze 1000s of maintenance work orders to make it easier than ever for maintenance and asset management professionals to get insights from work order data.
The announcement comes just three months after the maintenance management platform provider launched Fiix Foresight and parts forecaster, the only AI-driven parts and inventory management solution on the market.
Work order insights runs in the background of Fiix’s CMMS, which means customers can use the software like normal while the AI uses an array of machine learning algorithms to automatically comb through 1000s of work orders to surface insights and pinpoint problem areas to drill into. Customers can opt to received a daily or weekly report identifying problematic work orders, and this detailed analysis helps maintenance teams predict asset failure and reduce downtime, optimize maintenance processes across teams, eliminate waste and rework, and find efficiencies across the board.
“To be able to look into our data instead of just keeping track of work orders is really exciting for us. We can start seeing things we have never seen in the past, like patterns of failures. And instead of just fixing the issues and moving on, we can now ask ‘why are those issues happening’? To identify that is hugely important,” says Fiix customer Jose Yorba, US Asset Management in the Fire Safety Group at Perimeter Solutions.
“We’re beyond excited to bring such a game-changing technology to market. Most predictive solutions focus exclusively on asset health by using sensor data to determine asset operating condition. But this is only one piece of the puzzle. Downtime is deeply influenced by the work being done on equipment which is why we’re using AI to supercharge work orders and connect maintenance teams to the full array of data they need to cut downtime and improve asset performance,” says James Novak, CEO of Fiix.
Work orders represent a significant resource in terms of data and insights but it can be difficult for maintenance teams to manually analyze work orders due to the volume and variability of the data. Through AI, Fiix’s work order insights solution can look at all that information and understand what’s normal for a specific team and use that to flag anything out of the ordinary, replacing hours of manual work order analysis with one simple report.
Early beta customers are already seeing huge improvements from the work order insights report, notably:
80% decrease in asset downtime by identifying where maintenance routines aren’t working or where routines aren’t being adhered to, causing assets to fail needlessly.
33% decrease in maintenance costs by identifying where maintenance work is not being executed correctly, where there is excess waste in maintenance processes, and where excess re-work is happening.
50% increase in asset performance by analyzing all historical work order data in seconds, identifying performance trends affecting asset performance, and extrapolating those for all future work.
AI-powered work order insights report.” width=”300″ height=”409″>
An example of the AI-powered work order insights report
“Our goal is to remove the barriers that stop maintenance and operations teams from adopting sophisticated IoT solutions; barriers like time, cost, and effort. Fiix Foresight and our AI solutions are a great example of this in action— by fusing the benefits of industrial AI with our maintenance platform, we’re able to instantly connect customers to a no coding required system purpose-built to help them proactively detect problems, identify opportunities for improvement and make quick, data-based decisions,” says Novak.
Fiix has long been on a mission to build better maintenance teams with easy-to-use, AI-driven maintenance software, an open ecosystem, and pre-built integrations to meet the unique needs of maintenance and operations teams today and in the future. 2020 has been a big year for the Toronto-based software provider, seeing the launch of Fiix Foresight, the first and only AI engine purpose-built for maintenance as well as the company’s app exchange— a vetted network of IoT partners and out-of-the-box connectors. These new additions to Fiix’s platform, alongside its Integration Hub, make Fiix the most comprehensive and extendable maintenance solution on the market.
Fiix, a Toronto-based asset management software provider, today announced the launch of Fiix Foresight, the first and only AI engine for maintenance.
Foresight fuses the benefits of industrial AI— data capture, pattern detection, analysis, and real-time insights— with Fiix’s market-leading maintenance platform into an easy-to-use, no coding required system purpose-built to help maintenance teams proactively detect problems, identify opportunities for improvement and make quick, data-based decisions.
“Industry 4.0 technology like software, sensors, and mobile apps are generating piles of data, which has only increased over the past few months as COVID-19 accelerates digitization across the board. But the companies that are going to thrive now are those that can put that data to work and Fiix is answering that call,” says James Novak, CEO of Fiix.
The launch follows an incredibly strong June for Fiix, with the company seeing significant momentum both in customer and revenue growth as maintenance teams globally look to modernize their operations.
Foresight represents the next step in Fiix’s mission to transform the MRO market by connecting tens of thousands of organizations, millions of assets, and an ecosystem of solution providers. It follows the introduction of Fiix’s Integration Hub and acquisition of industrial asset intelligence company Alchemy IoT in Q3 of 2019.
The first feature released on Fiix Foresight is the parts forecaster, an easy solution for manufacturers struggling to balance storerooms. It works by analyzing historical data in Fiix to predict parts needs, eliminate stockouts, and reduce the amount of working capital tied up in the storeroom.
Early beta customers using the parts forecaster are seeing a 50% increase in parts forecasting accuracy and up to 40% reduction in stockouts. Additionally, some customers have seen a 50% reduction in working capital reserved for parts— a significant number for manufacturers who, on average, keep $3-5 million in MRO parts on hand at a time. These cost-savings represent a leg up for manufacturers in a post-COVID world where any expense will be under scrutiny.
“We’re working on several different projects right now aimed at right-sizing our maintenance and right-sizing our storerooms. To do this, we’ve integrated Fiix with Majik Systems and are now integrating Fiix with our SAP. We’re really excited to get rolling with the new parts forecaster tool this year. There are going to be many benefits for us including reducing our carry costs – this could be huge for us globally,” says Tony Leombruno, CMRP, Corporate TPM Champion.
“The Fiix AI team is working on some pretty incredible stuff! And the more it runs, the better it will become at forecasting for us. This speaks to the convenience and ease of use of the Fiix system,” he says.
Parts forecaster is just the beginning for the Fiix AI engine, which will ultimately help industrial organizations coordinate and understand their people, parts, and assets and make proactive decisions that yield real business results.
“This isn’t AI for the sake of AI. In developing this solution we’ve been hyper-focused on solving big problems for our customers. The best part is that Foresight makes the Fiix solution smarter and more powerful without adding any complexity for the end-user— they just see the results,” says Novak.
Wealth management has oft been regarded as an elite sector of banking, however, as financial institutions step into the 21st century by focusing on implementing new-age technologies, it sometimes seems that delivering a superior experience to high net worth investors has taken a back seat.
What makes me say so?
Imagine, for example, that Mr. WIlliams, a CEO of a private company, is an elite customer of XYZ Investment Company and relies heavily on his wealth manager, Andy. Mr. Williams chose this investment firm for its great network of relationship managers and talented investment advisors.
On Friday evening, Mr. Williams called his investment manager, Andy, to request a portfolio report analyzing tax information throughout the year for tax optimization and planning purposes. He requested this report on a deadline of two days.
Andy called his colleague, Mark, in the back office, to check if they already have a template ready for such a report, but Mark replied that the team would have to create a brand new report from scratch after collating data from a number of different systems—this process would take weeks of effort. The result? Despite having a great reputation and investing significantly in customer-facing systems, XYZ Investment Company still cannot provide the required communication to their clients, thereby bringing down their overall customer experience.
Bridging the gap
This disconnect stems from the inability of many wealth management firms to adopt a wider repertoire of communication styles and a broad technological toolkit. Instead, wealth managers often fall into the trap of prioritizing the previously successful face-to-face financial advising strategy. Communication is the bedrock of any wealth management business and customers expect top tier communication, including personalized content that is delivered on a range of platforms and interfaces.
The way forward for wealth management firms seems to be embracing and prioritizing customer experience by employing advanced communication technologies and seeking more innovative approaches to delivering tailored, content-rich communication to their clients.
Right Communication Strategy Goes a Long Way in Delivering a Superior Customer Experience
Deliver tailored and insightful portfolio reports
Customers expect many types of reports (portfolio, market performance, analysis chart, etc.) to help them make informed investment decisions. The content of these reports requires data collation from various systems and visual representation through charts and graphs for tangible and applicable insights.
Wealth management firms must commit to making these types of reports available, based on a repository of templates, with a low turnaround time after the request. Further, these complex reports should be personalized and delivered on a regular basis, beyond in response to on-demand requests.
Enable wealth managers to deliver great customer service
Historically, customer service in the wealth management industry has come in the form of face-to-face meetings and advisement. While these conventions are still valuable, wealth managers would be remiss to discount the value of digital communications delivered across many touchpoints using advanced communication technologies.
As the world of financial services progresses, wealth management too must progress and invest in smart, data-driven customer engagement based upon the delivery of personalized and empowering content.
Aim for more than customer satisfaction
Improved customer experiences, especially through effective communication, heighten customer engagement significantly, thereby generating more business and revenue. The main challenge facing wealth management firms is how to go beyond basic customer satisfaction and build interactive and visually appealing communications.
Wealth management firms should rely on customer communication management (CCM) tools which enable them to deliver rich media content, ranging from personalized, advisory videos, to interactive HTML-based portfolios communications. This content should be device-friendly and connected across multiple platforms and interfaces, allowing customers to access insights when and wherever they prefer.
This investment into a connected customer journey is one of the main differentiating factors into which wealth management firms can invest. Every touchpoint along the customer journey is important, and streamlining the customer journey, while ensuring constant and connected communication throughout, is the way to surpass customer expectations every time.
The path to top-tier customer experience
For wealth management firms to deliver the best-in-class customer experiences, they must invest in the appropriate tools, thereby empowering their wealth managers to make the shift towards a customer-centric approach.
An omnichannel CCM involves a streamlined and integrated approach to delivering all outbound, customer-facing communications—from email marketing to bill and payment notifications to personalized reports generation.
This ecosystem of new tools, incorporating technologies from artificial intelligence to data analytics and omnichannel customer engagement strategies, will inevitably empower wealth managers, thereby enabling them to deliver a great customer experience.
Imagine a scenario where your accounts department sends an invoice to your customer with a wrong address or a missing invoice number. May sound like minor glitches, but the impact could be major. It will delay the payment while leaving a dent on your goodwill. Last thing on your wish list. Right?
Well, any transactional delay in the processing of invoices hampers the production cycle, leading to revenue loss. And, when there are multiple offices of the same entity in different locations, efficient management of invoices becomes even more critical. In such cases, the invoicing users struggle to keep pace with the high volume of transactions. And, eventually, the leadership team starts facing difficulties due to lack of transparency in the process.
In order to avoid being impacted by a slow and opaque process, a reality check of the process becomes extremely important. Ask yourself:
Do you face difficulty in verifying invoices with corresponding documents in real-time?
Does it get difficult to manage mismatched data across purchase orders, invoices, and goods receipt notes?
Do you seek swift and efficient management of exceptions while processing invoices?
Do you often miss out on early payment discounts?
Do you get hit by late payment penalties?
If yes, it’s time for you to act before it’s too late! You must optimize the end-to-end lifecycle of invoices and streamline cash flow management to ensure timely vendor payments and smooth day-to-day operations.
Automation (the right kind) is important!
To go by one of the findings, depending on an organization’s size and type, it takes an average of 7 days to process a single invoice and may go up to 17 days. The time taken to process an invoice has direct implications on the cost of operations, the productivity of the employees, and the straight-through processing ratio. These are integral key performance indexes while managing the process. Therefore, automation (the right kind) is important. Soon when you’ll begin evaluating solutions, you’ll come across two neatly divided types of vendors:
Point solution providers, who would offer you a plug and play solutions to solve for your specific business requirements.
Platform-based solution providers, who would have your end-to-end enterprise-wide requirements covered.
Out of the two, I undoubtedly prefer platform-based solution. Let’s see why:
Point Solutions: Point solution, to you, may seem to be the quick and easy fix for a business need which is, in this case, invoice processing. But, if you look at the bigger picture, invoice processing is a part of a larger function i.e. procure-to-pay (P2P). And, P2P encompasses various other functions, including purchasing, supplier management, contract management, and others. Therefore, despite being a champion in one specific area, a point solution lacks flexibility and fails to drive agility in an organization. Not only that, the change management poses difficulties and in most of cases, there’s no scope for users to make alterations – all because of the predefined features set of these business solutions.
Platform-based Solution: Platform-based solution, on the other hand, helps develop multiple applications in a low code environment using a single platform. This platform empowers organizations to automate simple department functions to complex enterprise-wide solutions. Based on the drag and drop model of the platform, your users can easily design processes based on requirements and manage business activities in a seamless manner.
Invoice management solution built on a business process management (BPM) suite comprise of configurable components like the rules engine and workflows that will help run invoicing management – your way! Leveraging BPM, you’ll have a single source of record, ensuring every invoicing transaction is tracked and audited in a timely, relevant and accurate manner. The use of multiple systems and applications, over time, results in data silos. BPM will bridge these silos by connecting your organization’s people, systems, processes, and things. There will be seamless information flow, streamlined processes, and timely communications. Contrary to getting into a chaos of maintaining operations across multiple entities, BPM will scale up easily in terms of geographic expansion or in terms of internal department inclusion. In addition, you’ll be able to leverage the integration between legacy systems and other disparate applications, without having to overhaul the entire system. There will be high visibility of data across the purchase to payment cycle and better operational control.
In short, a long-term solution is better than a short-term fix. With BPM, you’ll be able to achieve service excellence in invoice processing and minimize process cycle times to less than a day.