Have you ever thought about how many online searches you do each day? Here are the facts:
- Bing users do 5 searches per day
- Google users do 5.6 searches per day
- Yahoo! users do 7.8 searches per day
I have been saying for years that everything begins with a Google search. Not quite right as Google “only” controls 65% of the search market, but the point is: chances are pretty high that our problem-solving begins with a search.
So, I had a moment of clarity last week when I was in Washington D.C. at the Financial Data Conference. A group of attendees asked me about FundHive. Well, I launched into my value prop spiel and at one point an attendee turned to me and said, “I understand what it does, but what problems does FundHive solve?”
Granted, I have been asked this question hundreds of times, but this time, it felt different. I realized there were two parts to the answer. First, there is the why around day-to-day, and second, the why around strategic objectives. The importance depends on whom within the department you are talking to. Let’s start with the tactical day-to-day and move to the strategic.
Whenever we begin a conversation, we get the team to talk about their process and challenges around it. The most common responses are:
- Our data is a mess
- Our content is everywhere
- We waste too much time getting our charts and graphs right
- Our teams are spread everywhere, and we cannot control our approvals
- We spend as much time formatting our documents as we do getting the content and data right
Look at that list – there is “pain” everywhere. I want to compare this list to the organic searches that come to our website. Here are the top five searches:
- Investment data normalization
- Investment fund digital strategy
- Automate fund document workflow
- Content synchronization
- Golden source database
This is not a perfect match, but close. My point is what people are telling us are their “pain points” and what they are searching for are really close.
Look, teams have workflow and process in place. Regulatory documents are being filed and distributed; marketing documents are being produced. Maybe teams have been very thoughtful about process and technologies that they are using, or maybe these have just evolved over time. Usually, they just rock along until…
Something happens – either internal or external, and there is a “trigger.” This trigger event forces teams and departments to review their current process and see if it can be reengineered to take advantage of new technologies and workflows. These triggers could be:
- Cost issues
- Scalability issues
- Speed to market issues
- Data and content compliance management issues
- Branding consistency issues
- Output issues
To solve for these strategic issues, the day-to-day production issues need to be identified and addressed. In other words, the process needs to be reengineered. So my point is what we are solving for is two-fold:
- Day-to-day production / process which feeds
- Higher strategic objectives
Think about what you Google search for. It will tell you.