How Financial Services Firms Can Achieve Hyperautomation Using the Power Platform

Microsoft’s Power Platform provides financial services firms with the tools they need to increase productivity. It’s drag-and-drop low-code/no-code features let users create useful apps, automate business processes, and perform complex business analysis without complex or technical resources.

Now, financial services firms are applying these same low-code/no-code capabilities to meet their large-scale, enterprise-wide goals.

What is the Power Platform?

The Power Platform refers to a set of easy-to-use tools designed to address the needs of any business. Included in the Power Platform are:

• Power BI: Consolidate data from multiple sources for perform complex business intelligence analysis. Used for reporting, visualization, and decision-making.
• Power Apps: Used by technical and non-technical users to build custom applications quickly. These apps integrate seamlessly with other Microsoft products and can be made to work on computers, browsers, and mobile devices.
• Power Automate: Simple drag-and-drop tools let users automate business processes and streamline repetitive tasks.
• Power Virtual Agents: Create smart chatbots to engage with customers and provide helpful resources.
• Power Pages: Lets users create, host, and administer secure, external-facing websites.

Using the Power Platform to achieve Hyperautomation

Gartner describes “Hyperautomation” as achieving large-scale productivity gains, such as expanding into new markets or managing growth, through automation across the enterprise.

Financial services firms can realize the gains promised by hyperautomation by effectively managing the tools in the Power Platform. However, to achieve those gains requires a disciplined design approach to the firms platform and enterprise architecture, software lifecycle management, and data and user security.

Real-world example: How hyperautomation was used to position one financial services firm for success

An investment banking firm with over $10B assets under management was struggling with several issues that prevented it from achieving digital transformation in the cloud and contacted HSO for help.

HSO worked with key stakeholders within the firm to identify their unique requirements:

• Information Security: Maintain necessary data and user security and governance throughout the project.
• Development Staff: Provide a framework for developers to create the tools necessary for internal and external customers.
• Business Users: Supply easy-to-use, easy-to-adopt technology that lets them be more productive.

HSO configured the Power Platform to meet each of the constituent requirements and still scale at the enterprise level using the following hyperautomation design process:

• Develop a minimum viable platform and deploy the infrastructure, governance, and security to start developing Power Platform solutions.
• Design and develop Power Platform integration to the firm’s Master Data Management.

• Expand automation for data integration for apps to replace spreadsheets and to embed canvas apps to Salesforce.

• Move data from existing spreadsheets to the Dataverse with apps using the new data model.
• Create automations for over 45 workloads and move them to the Power Platform.

Learn more about how HSO helped this asset management firm improve service to their clients and prepare for growth using the Microsoft platform.

Contact HSO today to explore the capabilities of the Power Platform for your firm.

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