In an era where efficiency is paramount, employee benefits consultants must embrace the technological advancements in cloud computing and Artificial Intelligence (AI) to streamline executive board management. Zeldeen Müller, CEO of inSite Connect and creator of AgendaWorx, highlights the transformative power of these tools in enhancing board operations.
First off, why cloud computing and AI?
If you look at a historical perspective on data storage, in 1956, a five-megabyte hard drive weighed one ton. In 1980, a one-gigabyte hard drive weighed 250kg and cost US$40 000. Contrast this with today, where one gigabyte of extra data costs merely R4.50 when hosted on large data centres. This dramatic evolution underscores the incredible advancements in technology that have reshaped how we manage and store data and interact with information.
Traditional board data management involved complex, costly internal servers provided by employee benefit (EB) firms, with limited, if any, access to board members and reduced flexibility. With the advent of the Internet and accelerated by the COVID-19 pandemic, a shift towards digital tools for remote board management occurred.
Consultants and boards adopted various digital platforms for tasks such as document sharing, email communication, meeting arrangements and tools for signing, voting and evaluations. However, the proliferation of these different tools often resulted in disjointed experiences for board members and heightened security risks due to the fragmented nature of tool usage.
How can employee benefit consultants and boards use cloud computing to reduce the number of tools needed for everyday board operations?
Cloud computing addresses this by offering integrated application solutions, reducing the need to juggle multiple platforms and enhancing data security. It takes board management to the next level by consolidating various tasks into a single, efficient platform.
At AgendaWorx, we ensure that a single tool now enables rapid agenda preparation, minute creation, signing, board resolution approval, follow-ups, evaluations and comprehensive library creation with intuitive folders and action reminder automation, eliminating the need to navigate multiple tools.
How is AI utilised to leverage more efficiencies?
AI enables intuitive interactions, such as conversing with it to format and integrate inputs into agendas or minutes. This removes the need for typing, copywriting, copy editing, collating, formatting and many other time-consuming tasks for employee benefits consultants. Additionally, AI’s analytical capabilities are becoming invaluable in tasks like comparing investment returns and analysing service provider quotes. The integration of cloud computing and AI is revolutionising board management.
That sounds great. Why should employee benefit consulting houses consider these tools?
For employee benefits consultants, adopting these technologies not only saves valuable time but also elevates service quality. In a competitive landscape, leveraging the efficiencies of AI and cloud computing is essential for staying ahead and providing top-tier consultancy services. We have seen a marked increase in the uptake of our platform since January this year, as consultants are beginning to understand the benefits of leveraging these technologies to stay relevant.
