What’s the best way to grow your firm? By embracing technology. Digital transformation isn’t just a buzzword: it’s a must for firms to meet client’s increasing demands for digital services.
When implemented correctly, digital transformation and new technology can significantly increase revenue. However, success comes from a strategic approach and focusing on the technology changes that provide your firm’s most significant growth opportunities.
Many firms perform technology audits to look for roadblocks or inefficiencies. A technology audit, or IT audit, helps shed light on your current technology challenges, growth opportunities, and where you should target your transformation efforts. The audit examines your technology applications and processes to ensure you’re using the best technology to serve clients and meet your business goals. Here’s how to get started.
Make Sure Your Software Meets Your Needs
Start with the numbers — look at every piece of software you rely on, including the number of license agreements. The goal of this step is to simply be aware of what you have and what you’re paying for. You may be paying for licenses for employees no longer employed at your firm or a system you no longer need. In this step, you’ll also want to consider the security levels to ensure you’re using the most updated and secure version of your systems.
As you go through this step, ask these questions:
- Do we have the best software to perform needed tasks?
- Where could our software be improved or updated?
- Are we paying for licenses or software that doesn’t help meet our business goals or that we aren’t using?
- Do we need additional training?
- Who needs access to each system? Does everyone have access to the tools they need?
- Are there any places our software could be integrated or condensed?
- Is our software secure?
Run Through the Digital Journey for Clients and Staff
Once you have the whole picture of your software and systems, you can look at the other side: the human element. Just because you have software that covers every step of the client onboarding and investment process doesn’t mean it’s the right software for your needs or that it plays well with your other systems. This is especially true for the 57% of advisors who say the lack of integration between their core applications is the most significant pain point with technology.
Run through the digital journey from the point of view of a client, advisor, and back-office staff. Think through every task you do digitally, and then go through the steps with a critical eye. Where is there friction? What steps take longer than needed? Where are you wasting time that could be used in better ways? What inefficiencies or redundancies are in your digital processes?
During this step, it’s also crucial to gather feedback from employees and advisors, especially those who go through these processes frequently. They can provide critical insights into areas for improvement and where they are often stuck because of technology. Research from Deloitte found that 51% of financial advisors are considering leaving for an organization with better tech tools, so getting their input and feedback improves processes and engages them in the conversation to get the tools they need.
Match Technology with Goals
After looking at all facets of technology, it’s time to turn your audit into actionable items. Consider where your systems and processes could be improved and the best software to do so. Take a look at your firm’s goals — what technology do you need to reach them? The audit can highlight areas for development and growth and holes in your current systems and offerings.
A technology audit can also help identify low-hanging fruit that can boost your digital transformation. These quick wins, such as ensuring all employees have access to a system or finding a new integration with an existing program, can show the power of digital transformation and help move you forward to more significant digital changes.
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