Blue Chip Issue 90

BLUE
CHIP
PRACTICE MANAGEMENT | Technology
Maximising efficiency
in board management
A guide for employee benefit consultants using cloud computing and AI.
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.
Zeldeen Müller, CEO, AgendaWorx
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.
60 www.bluechipdigital.co.za