Reflecting on my last column, the parallels between data strategy and process are striking. Most notably, a firm-wide approach to process, as with data, represents transformational opportunities to drive insight and efficiency across the business, which will ultimately enrich the client experience.

Our observation in many firms is that many processes remain disjointed — often this phenomenon is exacerbated in global firms where there is a disconnect between the same process at group, regional and local levels.

The opportunity — as challenging as this may seem when managing business as usual — is to map firm-wide processes from matter bidding through period close to understand the intersections. This exercise will highlight where significant efficiency savings can be achieved, which is likely to be delivered through automation.

Importantly, process mapping will also identify any risks that exist with the duplication of critical processes, and any instances of key person dependency on the understanding and delivery of a process. This, in our view, will enable firms to identify where process improvements can be made with minimal investment.

Many processes remain disjointed, and often this phenomenon is exacerbated in global firms where there is a disconnect between the same process at group, regional and local levels

My view is that all process roads should lead to finance. An accurate understanding of how the firm operates, delivers revenue and the nuances that exist across the firm will provide the foundation to produce an effective investment strategy.

As I’ve discussed in previous columns, a holistic investment strategy will unlock firm data and identify where technology innovation can enhance client and employee experience. Critically, a strategic approach to data, technology investment and process reengineering will help to retain talent across the firm by eliminating manual, time-intensive and none-value adding activities, thereby supporting a progressive workplace strategy.

To comprehensively map and reengineer firm-wide processes is a daunting thought given the practicalities of delivering such an endeavour. However, I strongly believe that a firm can start by ensuring they have mapped the processes that are to be supported by any new technology investment, ahead of making the investment. This will not only drive the technology selection, but also facilitate the implementation project being delivered on time and on budget.

Another opportune time to review processes is when firms are actively engaged in acquisition or merger. The exercise of process reengineering presents an opportunity to significantly reduce onboarding timelines and the inefficiencies associated with M&A activities.

The value that can be created by investing in a holistic approach to understanding and reengineering firm wide processes is one that I believe should be considered as a key component of a firm’s investment strategy.