Are you confident about your technology decisions?
- Charles Blake
- Sep 8, 2020
- 3 min read
In assessing the investment in advice technology, a recent netwealth AdviceTech report indicated that over 50% of the financial advisory profession feel they ‘don’t have the time to understand and explore their options’, while over 20% also feel they ‘don’t have the processes in place in their business’. [1] After adapting to COVID-19, being there for your clients, and with so many technology solutions in the marketplace, it’s understandable that you’re wondering where and how to start.
Start by taking a short amount of time out to sit down and think about what would make the biggest difference to you and your business. Remove distractions like your smartphone (silent mode) and let the analytical, problem-solving part of your mind think unimpeded. You want to produce a list of the activities and their underlying processes that you and your team spend the most time on. Some criteria you might consider to start your list includes:
● Can you source any system data to help identify time spent?
● Which processes do you feel waste the most amount of your time?
● Have you received any client surveys or feedback on their experience?
● Which processes would benefit the most with new technology / better process definition?
Then follow a 4 step process:
Step 1 List the main activities that occupy your time
Step 2 Note how and where you conduct them
Step 3 Flag key underlying processes for improvement
Step 4 Prioritise the improvements
Use a table structure that might look like the example below.
You now have a ranked list that helps you focus on developing your technology roadmap.
A technology roadmap is a visual plan that illustrates your intended technology adoption now and in the future. Creating your own technology roadmap gives you the ability to:
● Have a clear picture of your company’s IT infrastructure abilities and how they align with business outcomes
● Address any current IT issues
● Implement technologies that facilitate a better client experience, such as the discovery process for new and existing clients.
● Cut costs by removing any unnecessary technologies and applications
● Increase productivity by implementing technology that serves your immediate needs
● Improve IT and cybersecurity
● Avoid or mitigate against system failures by learning any weaknesses in your IT infrastructure
● Resolve any conflicts around business priorities
● Prepare for digital transformation [2]
A key tip is to ensure that the voice of your clients is considered just as much as your personal productivity endeavours. For example, a client portal or digitally capturing your client conversations can achieve superior quality and efficiency outcomes for you and your clients.
Preparing and effectively implementing a technology roadmap can make a significant difference to your business performance. It will make your clients happier, your working life easier, and your business more profitable over time.
Given the demands on your time and continuous distractions, it is recommended to engage a partner with the expertise and experience to help you compose your roadmap and overcome inertia. You also want to plan and implement change in bite-sized chunks to ensure things are done at quality and the sought benefits are achieved. It is also a dynamic process that should be embedded in your team’s skill set and culture.
If you would like to understand more or start this process, talk to You Exponential today about what you’d like to achieve in your business. You can have a short, no obligation, no cost conversation before commencing your program. You Exponential brings over 24 years experience in running and improving leading advice businesses, with a flexible approach to partnering that enables you to get on with advising clients whilst also capitalising on smart technology and enhanced processes. Send an email to charles@youexponential.com.au.
Ultimately you’ll get more done and enjoy doing more of the things you do best.
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