Streamlining and individualizing assessment of diagnosis and symptoms offer many potential benefits to psychiatric services research and practice. Asking fewer questions improves efficiency, freeing time for clinical care or more comprehensive assessments. Computerized assessment can give clinicians real-time data that can be put to immediate use. Individualized assessment, which takes an individual's prior symptoms and functioning into account, can increase the precision of ongoing outcome monitoring and enhance the personalization of disease management programs. The multidimensional approach to assessment that is reflected in the bifactor model can improve the evaluation of comorbid conditions and integrate dimensional and categorical diagnostic paradigms. Creating item banks that aggregate data across populations and settings makes it possible to equate assessments conducted with different items to enrich available evidence about the prevalence of disorders, course of illness, and the impact of interventions.