AI and Machine Learning for Asset Management: Better Trip Planning

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In a world where time is money, improving efficiency and productivity while strengthening your relationships and delivering value is considered a huge KPI in any business. If your asset management firm isn’t currently benefiting from all of the capabilities that come with integrating AI and machine learning to your business strategy, you are leaving a lot of extraordinary benefits on the table. While many asset management companies use traditional CRM and point solutions like Protrack, Satuit, and Salesforce, these platforms do not offer AI and machine learning as a benefit.

Utilizing an AI and machine learning technology platform for asset management grants you, and your business, all of the benefits of these capabilities (and more). From practical applications of AI and machine learning that enhance your everyday operations, to improving efficiency and productivity while strengthening your relationships and delivering value, AI and machine learning technology is a game changer for asset management firms. Here’s how you can put this technology to work in trip planning...

Trip Planning with AI and Machine Learning

Traveling to and from advisors’ offices is a task in and of itself, but while it is a time-consuming endeavor, face to face meetings are an important part of building and maintaining quality relationships. There are dozens or even hundreds of advisors and prospects in any given city, and this presents the challenge of planning a trip itinerary to nurture each of these relationships while managing time and budget as efficiently as possible--not to mention the planning involved to select and reserve overnight stay options, transportation options, and restaurant options. All of these aspects to planning a successful trip are a time-consuming and logistical nightmare to the average person. Fortunately, many great mapping software options exist to perform this tedious task in a fraction of the time, but this blog does not focus on that issue.

Our concern lies in the productiveness (or lack thereof) of these trips. With hundreds of possible choices, making your stay worthwhile to your bottom line can be overwhelming to employees of asset management firms. Who do you decide to visit? When do you visit them? In what order do you visit these prospects to get the most out of your trip? Being the humans that we are, we may not choose so wisely.

Even with set criteria, the number of variables to consider leave potential for natural human error. It also goes without saying how it is also very human to want to tackle the lowest hanging fruit first, leaving the more difficult prospects unattended to. (Us humans, so typical!)

Get the Most Out of Trip Planning with AI and Machine Learning

With AI and machine learning, algorithms help make objective recommendations that are most likely to deliver the most return on investment, considering both time and money. With machine learning, you can be assured of decisions not influenced by personal feelings or opinions.

However, there are many positive qualities to the human element. We understand that what makes the most successful account managers successful is that they are innately good at what they do. Their experience, skills, and know-how give them the one-up on any AI or machine learning tool. This is why machine learning makes unbiased recommendations and leaves the final trip planning up to asset managers.

Machine learning is not meant to replace the entire decision-making process; but instead, takes on mundane research work, evaluation, and data processing to make inferences and connections that no human could accomplish in any amount of time. AI and machine learning will process data to deliver objective decisions in a fraction of the time; decisions you can rely on to ultimately decide which opportunities to leverage for a more productive trip.

Asset Managers with AI and Machine Learning Save Time Trip Planning

We stated earlier that is money. Every moment that passes is another dollar spent, saved, gained, or earned. You can increase your chances for a bigger return on your time investment--and you can save time actually planning the trip--by utilizing AI and machine learning. Time ordinarily spent by the account manager to sort through client prospect lists, compare their lists to various criteria, research each client and prospect to learn as much as possible before and make a final decision on who to see and when to see them can be streamlined with AI and machine learning. Enable the account manager to do what they do best by utilizing their newly found time to flourish budding relationships or prepare for each meeting—which is something AI and machine learning (currently) cannot do. That in and of itself increases the chances for a better outcome for all involved. It’s a win/win.

Trip Planning is Better with AI and Machine Learning

The main purpose of technology is to make our lives easier and better; to make our daily tasks more efficient and quicker. The saying goes, “work smarter, not harder”, and utilizing AI and machine learning is a smart decision for asset management firms. You hire smart people to make smart decisions, allow AI to boost your business by sharpening those smart decisions.

This isn’t science fiction. The technology exists; it is available and waiting for you to harness its power. Stay ahead of the curve and stay ahead of competing asset management firms. Consider the possibilities and take advantage of the power of AI and machine learning now, before your competitors do. To see machine learning in action, reach out to the AKA Enterprise Solutions Financial Services experts.


You can read other articles in AKA’s three-part blog series discussing how AI and machine learning can help you tackle challenges by visiting the AKA blog.

In part one, Managing Wholesaler/Retail Line of Business, learn how the power of AI and machine learning will eliminate any missed opportunities due to lack of insight. This technology can uncover the potential for lost business due to the interactions with advisors, branch offices, or broker dealers.

In part two, Applications for Managing Institutional Pipelines and RFPs, discover how AI and machine learning can increase ROI and AUM for asset management companies by focusing on the RIGHT opportunities.

AKA specializes in making it easier to do business, simplifying processes and reducing risks. With agility, expertise, and original industry solutions, we embrace projects other technology firms avoid—regardless of their complexity. As a true strategic partner, we help organizations slay the dragons that are keeping them from innovating their way to greatness. Call us at 212-502-3900!

1 thought on “AI and Machine Learning for Asset Management: Better Trip Planning”

  1. This is quite exciting to see machine learning applied to asset management this could really shake the industry up quite a lot.

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