JULY 7, 2019
By Shane Reid
Do you feel like a robot, repeating the same simple tasks over and over again?
Are you a professional working in the financial industry? Do you spend more than 2 hours per day repeating the same tasks? Then you probably feel like you’re pouring money down the drain. Here are 11 benefits of automating your data management tasks. Find out how to free up your time, allow you to de-stress, and let you work on the projects you enjoy most, while becoming more profitable.
When tasks are automated workflow becomes smoother and more efficient. Clunky handovers and breakdowns in communication are no longer a hindrance. Process chains run like clockwork when tasks are set up to launch reactive tasks. For example, set up automatic client response emails or automatic filing of documents. And less labour means lower labour costs and happier, less stressed employees who can focus on their core work – it’s a win-win.
7.5% of documents get lost. It happens, we get it. But did you know it costs nearly AU$300 in labour to find a lost document? Or AU$160 to find a misfiled document? When data management tasks are delegated to software, tools and systems, the (rather inevitable) reality of lost documents becomes a whole lot less costly. Not to mention that document data becomes more accurate, up-to-date and reliable. So all you need to keep hold of is your password.
If your office has shelves upon shelves of black binders, you know how difficult it is to find data contained in paper documents. Taking it digital means less trawling through the archives and more search accessibility. As well as easily finding information within documents, you can automate client collaboration tasks with tools like DocuSign and AdvisorForms so there’s no waiting around for paper documents to find their way back to your office. And with time-stamped data, you can track projects and documents with ease.
If your admin staff are still wasting time on manual data entry, bad news: your firm could be technologically lightyears behind its competitors. Good news: this is one aspect of data management that has been revolutionised by the fintech industry. Software programs like conn can easily read, classify and extract data from documents. Connect can even read and digitise handwritten notes using Intelligent Character Recognition (ICR). Goodbye, typewriter. Hello, 2018.
Client relationships are easily sullied when documents aren’t delivered on time. And all the to-ing and fro-ing of forms can lead to inaccurate and already-outdated information. If you could get all of your clients’ data in one central platform, automate responses, kick-start process steps and communicate with clarity, wouldn’t that improve client rapport and retention? Use digital data management to improve real-world relationships with tools like MailChimp, AdvisorTools, DocuSign, Connect and Xeppo.
If no-one draws the short straw on data entry jobs, and no-one is stuck by the scanner, and staff members aren’t writing dozens of client emails a day, it leaves them free to focus on their core work. And it means business owners aren’t relying on multiple staff members for each task. Let your staff get on with what they’re good at–that’s why they’re here.
Can you read Margaret from HR’s handwriting? Because our software solutions can. And they can do it automatically. Intelligent document recognition now means that ICR technology can read even handwritten documents. Solutions like Connect can collect, read, extract, classify file and sync documents and data. Can Margaret do that?
Software that lets you automate tasks is usually multifunctional (and if it’s not, you can integrate it into systems that are). Data management software lets you see a bird’s eye view of your business with live reporting, analytics and integration with your existing systems and Apps. As well as automating tasks, you can discover and leverage your data insights to unearth opportunities like cross-selling or division expansion.
Collecting signatures on forms? Don’t–DocuSign can do it automatically with greater security. Worried about losing your data? Don’t–protect it, encrypt it and set it to automatically back up.
When documents are collected manually, there’s a risk of loss or misfiling. Not only is this costly (see point 2) but it can compromise your business’ compliance. When collection is automated, you can be sure documents are filed correctly with a full audit trail and tracking of client and practice documents should any issues arise. For added security, you can even automate the capture of all ASIC and ATO documents to remove non-compliance risk.
Automating data management tasks doesn’t mean handing control over to your software, it means letting your software do the dirty work so you can get on with doing what you’re good at.
You can integrate data management tools to create a centralised system across the practice. Manage tasks, documents, databases, systems, Apps, client relationships and processes from a central interface to gain total sovereignty over your data.
When a strategic approach is taken, your data can become:
How can you achieve all of these benefits? With a small investment now, you can create huge savings in the future. Setting up a holistic IT solution that streamlines your business’ workflow only takes a small outlay of resources and assets.
If you have fallen into the trap of repeating the same mindless tasks over and over again, like many other professionals in the financial industry. You want to break the cycle, but don’t have the time or expertise to analyse, streamline and automate your workflow. Then click here to book your free consult. Like we have with many other financial firms, our professional consultants will take the time to understand your unique situation. We analyse your workflow, and make recommendations on how best you can reclaim your time, and your sanity. If you want more time to do the tasks you love, book a demo now.
Financial services is a tough industry right now. Costs and compliance demands are only increasing. You need a clear roadmap for reducing business costs, increasing efficiency and ensuring compliance. In this free guide we will take you step by step through how to automate your business and become more profitable.
If you're anything like our clients, the threat of an audit is never far from mind. What would you do if that happened? What if it was at your busiest time of year, could you spare the manpower? In this free guide, we show you how to migrate all your data to Xplan in 8 simple steps. Just click the link below.