PractiFI’s processes and tasks help you manage the everyday operations of your fund. They allow you to delegate, manage and track your team’s work with control and efficiency.
What is a process?
A process is a routine activity that is conducted within your fund. For example, 'Change of Beneficiary'. Processes can be configured by your PractiFI System Administrator and they consist of individual steps that can be allocated to various team members. Process steps can have predefined outcomes and resultant actions such as marking the current process as complete and kicking off a subsequent process. Values of certain fields can also be updated (e.g. member account status). Processes are typically started from a member account service.
What is a task?
A task is an item that is assigned to a team member to do. Tasks can be individual or they can form part of a process. Tasks are where you’ll track the day to day operations of your fund.
Creating tasks can be accomplished in three primary ways: As a standalone task on the member or employer view, as a new task within a process or simply as a personal task for a team member. These options enhance flexibility for your fund by allowing for one-off member or employer tasks, project task management and personal task management, respectively.
An example of a common process in a superannuation fund is a rollover request. Within this process, there may be the following tasks:
- Accept rollover request form.
- Check member and fund details.
- Contact fund on behalf of member to request rollover benefit statement.
- Confirm fund transfer.
- Notify member of rollover completion.
An example of an individual task may be changing member contact details. Task templates can be used here to ensure consistent action and limit the potential for error (as default values can be specified and due date logic applied).
It is important to note that tasks are the most basic way of managing your fund operations. Processes are a tool for your team members to efficiently manage multiple tasks.
Processes and tasks are typically completed as part of providing a service to your members and employers. By linking processes and tasks to services, you can track the profitability of providing particular services.