Low overheads and labor costs had encouraged several large financial companies to outsource cheaper regions. Everything was fine till rapid technological advances introduced automation to the industry; outsourcing seems to have become a thing of the past.
It is estimated that cognitive automation will replace almost 75% of all outsourced jobs thereby cutting costs for the company and providing better result oriented services. Using automated technology will be very advantageous for these companies as it not only saves costs but also improves productivity and gives them a competitive edge over those who still do a lot of work manually.
Factors that will help introduce technology to your company
Before adopting new technologies take your time and identify areas that are repetitive and labor intensive and rely on low skilled employees. The factors that you must consider before using automated technology are:
- Costs: Automation will lead to faster results, lesser errors, and better analysis. Compare the cost of adopting new technology (to the savings that will follow and then make a choice.
- Better security: Automation always leads to better security from cyber-attacks.
- Will it give you a competitive edge: Assess if automation will give you an edge over your competitors and also be more productive for your customers and which area requires immediate attention.
- How will it affect staffing: By adopting new technologies will you need to hire new staff or retrain the existing ones or should you look at third parties to operate the technology for you.
Plan out the transition smoothly and identify who plays which role during the transition period to avoid hiccups at a later stage when it is too late.
Automated trading systems
Automation has taken off quite well in the trading scene where those with knowledge of trading and programming can build their own automated trading systems. These systems ensure that you do not remain glued to your computer screen to trade. There are several algorithms which are set up to exit and enter the trade according to the various price movements during the day.
To build automated trading systems like Carbon FX knowing just programming skills is not enough you must have access to market data, brokers APIs to send orders to. All this requires a large investment. Other challenges in starting your own system are how will you deal with bugs, no internet, and data mining. To be successful in this method of trading one needs to have proper experience in the field and be ready to lose money from mistakes before learning from them and making profits.