Find the best software fit for your firm’s private markets data

For firms looking to grow their alternative investment portfolios, automating your manual data processing is an essential step toward optimizing your operations workflows and adding capacity. AI-powered document processing platforms can help your firm build automated workflows across multiple use cases, with seamless delivery to your downstream systems. Finding the right platform for your firm, however, requires both knowing your firm’s needs and asking the right questions.

Identify the problem and your ideal solution

Before reaching out to potential companies, start with mapping out your ideal business outcomes. What is the problem you’re trying to solve, and how are you trying to solve it? Is that the only problem you’re trying to solve, or do you need a scalable solution that can expand across other use cases throughout your firm? Optimizing your tech stack and leveraging one platform for multiple workflows or lines of business will be more cost effective in the long run than implementing several solutions for similar problems.

Think about your requirements to get to that desired outcome, not just in terms of functionality, but also in terms of how you want a platform to interact with your other systems. What does your workflow need to look like? How might it change in the future? What security requirements do you have for your data and your customers’ data?

Start with your problem statement and your desired outcomes, and work backwards to the type of technology you need.

Look for vendors with industry experience

Many companies offer intelligent document processing for a multitude of use cases, but if they aren’t familiar with private markets or financial services, they won’t immediately understand your firm’s needs. An industry-agnostic vendor might have the right technology, but without expertise in your workflows, you may be looking at a long and cumbersome implementation process to adapt the technology to your requirements. Conversely, a vendor with a very narrow focus on a few specific document types may not be able to easily expand if you’re looking to scale. Look for companies with a dedicated track record of solving problems in private markets and real-world experience applying AI to your data workflows across your firm. How well do they know both the technology and your use cases?

Ask the right questions

The right software for your firm will not only solve your immediate problem but also help you achieve your strategic goals. Get started with these questions to ensure you’re implementing a future-proof platform that will meet your requirements, seamlessly integrate with your systems, and optimize your workflows as your firm grows.

Top questions to find the right document processing software for your firm

• What workflows do they have the most experience with?
• What’s their track record with similar use cases and similar firms?
• Can they automate workflows or use cases custom to your firm?
• Do they have expertise in AI and machine learning? Do they have a dedicated data science team?
• How are they using LLMs and generative AI?
• Can their ML models or LLMs be customized for your firm?
• What happens if you want to scale your partnership to add more document workflows or more funds?
• How will their software integrate with systems you already have in place? Is it flexible, if your downstream systems change?
• How will your data be stored and used?
• How will they keep your data secure?
• What safeguards do they have in place to ensure accuracy and validate your data?