Automation is increasingly becoming a bigger part of the working world. It’s something that most of us take advantage of without even realizing. You use a lot of automation tools in your email client alone; for example, setting your out-of-office response for when you’re going on vacation or the auto-responder, which automates a notification to your potential leads advising them that you are out of the office.
This is just a small example of what automation can do. In reality, with the right software, automation will completely transform your business processes. This 6-part blog series will walk you through the ways that automation can support the growth strategy of your business.
Is outdated technology holding you back?
If your foundations aren’t stable, it can be hard to build on them. The more you add, the more likely the whole structure is going to collapse. As your business grows, it’s imperative that your software tools can scale to support you.
Growth is the core goal of every secured finance business. But it’s not a straightforward one – there are many different pieces of the puzzle that need to fall into place for sustained growth. Technology is one of the biggest pieces, as the right software will be core to your business’ success.
The amount of data we store continues to grow exponentially. IDC predicts that by 2025, there will be 175 zettabytes of data. To put this into perspective, if you tried to download that much data on the average US internet connection speed of 25 Mb/s, it would take you 1.8 billion years.
Your technology solutions need to not only have the space to store your data but also store it securely in a way that’s accessible for your team and easy to maintain and update. Monolithic architecture, whilst benefiting from simplicity when it comes to deployment and testing, can become a roadblock later down the line. Updating and expanding legacy systems can be costly and time-consuming, requiring a large amount of resources that many businesses simply do not have. You then find yourself with two options: keep operating on outdated software that doesn’t meet the needs of the team, or lose resources and profits continuously maintaining an archaic system.
What is monolithic architecture?
These are applications that are hosted on-premise and require a lot of time and resources to install, maintain, and keep up-to-date. They are installed onto your own servers and often have high upfront and ongoing costs, requiring a dedicated IT team, licenses, and integrations. They can be deployed quickly, which is why many businesses are drawn to them. Unfortunately, they don’t have much room for growth, with slower development times and little flexibility or scalability. There is also limited room for automation, meaning more work for your team.
It’s not always easy to predict the future. Getting the balance right can be tough, whether you’re a smaller business trying to find your feet or a larger business that’s found themselves riding a wave. Software that is reactive will position your business best to handle whatever the market throws at you.
What’s the alternative?
Technology that is built on a robust microservices architecture is much more flexible, cost-efficient, and scalable. Microservice architecture allows you to independently deploy services that are tailored to suit your needs. You have access to the latest tools, frameworks, and technologies for the services you need, up-to-date at all times. And most importantly, you’ll have the opportunity to benefit from automation.
The Solifi Open Finance Platform is deployed as SaaS, meaning you only pay for the features you need and use. This also means that automated upgrades are delivered straight to you, so you always have access to the newest features and capabilities without the need for any extra resources. This is made possible by microservices architecture, which allows the flexibility you need to grow your business.