The growth of capital assets in the laboratory has led to an expansion of the focus on asset management instruments. Despite this, most labs are still reactive in their management of these assets. That’s why they need to embrace the digital revolution if they want to continue to grow. But why should asset managers pay attention to these instruments? This article examines the importance of such tools and why they are growing in popularity.
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Increasing complexity is hard to manage, and many firms are trying to minimize it by patching or expanding legacy systems. This is a strategy that is costly in the long run because it doesn’t optimize growth in the digital age. The result is outsized growth in technology and operations spending, which are insufficient for growing portfolios. While overall costs have decreased by one basis point in the North American asset management industry since 2007, operations spending has increased from 15 to 20 percent of total costs. This is roughly equal to the amount of general firm overhead.
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As the number of assets in a lab increases, the need for more efficient and effective management of these assets grows. In fact, most labs can’t maintain an accurate inventory of their assets, which means that they don’t have the information they need to stay competitive. The problem is that many firms’ corporate strategy doesn’t align with their operational reality. As a result, they end up spending too much on technology and operations.
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