Top 3 benefits of digital adoption for business owners and staff
By AdviceBridge
79% of business decision-makers believe that digital adoption and automation will solve productivity problems. Meanwhile, 78% of employees believe that automating tasks will improve their work life.
If you’re still hovering over the decision about when and how to introduce digital solutions to your advice firm, here are three of the top benefits you can gain, followed by three ways your employees will benefit too.
Benefits of digital adoption for business owners
- It helps you reduce costs
If your business has inefficient processes, this will be costing you money. Chances are, if you haven’t integrated digital solutions into your advice firm, you’ll also be spending more on wages as you need admin staff to support and serve your clients.
Organisations with inefficient processes lose 20 to 30% of revenue every year.
Switching from manual to digital processes also helps you reduce manual errors, so you and your staff will waste less time and money running around fixing issues.
AdviceBridge increases the level of profitability substantially, making it profitable for you to expand your reach and take on smaller clients without losing money.
- It increases productivity
Imagine how much time you could save by digitising your most cumbersome, tedious, and time-consuming tasks. The right digital solution for your advice firm should automate your everyday processes, research and analysis.
With the time-consuming tasks automated, you and your staff will have more time to focus on serving your clients, allowing you to concentrate more resources on revenue-generating activities.
AdviceBridge does all the time-consuming admin, as well as analysing holdings and portfolios, before automatically producing the financial plan.
- It increases scalability
With improved processes and more time for client relations, you will find yourself able to expand your client base.
Digitisation can help reduce the time it takes to onboard a new client and service existing ones, especially around annual reviews.
AdviceBridge cuts the time spent onboarding a new client down from the typical 25/35 hours to under five hours, saving 75% to 85% of the time it used to take. And this includes meeting time.
Benefits of digital adoption for employees
- It saves your employees’ time
Saving time is always a winning strategy. And one of the top benefits of introducing the right digital solutions into your business is that it will, almost certainly, save time.
A study found that regular office staff spent 2.12 hours per day on administrative tasks such as searching for information, approving paperwork, and processing documents. Put this into a financial planning context, and you can easily see – with the addition of fact-finding, data entry, compliance reporting, etc – how this time can extrapolate.
By digitising and automating admin tasks, employees can complete jobs much faster and error-free. The obvious advantage of this is that they can then use their work time more effectively and profitably.
AdviceBridge helps you digitise many of the manual, time-consuming processes. This means you and your team will waste less time on admin, compliance, and reports, freeing up more time to focus on your client relationships.
- It improves employee work life
According to a report published by Blue Prism, 78% of knowledge workers believe that using tech to automate tasks would improve their work life. Removing mundane tasks enables staff to undertake more engaging activities in line with their skill sets.
From improving the day job and saving on time and costs, to allowing teams to focus on strategic work and making the organisation more innovative, employees and business leaders both believe that digital automation presents many benefits.
- It increases job satisfaction and engagement
Digital transformation removes mundane tasks increasing people’s self-worth whilst also presenting a great opportunity for you to upskill your team.
When you introduce new digital processes to your business, an important part of the handover will be to ensure that your employees get the most from new technology. This will require training and development.
By investing in employee development, even tangentially, staff are likely to feel more motivated and valued by the business. Of course, another positive for the business is that this will inevitably lead to higher employee retention.
Read more: The danger of doing nothing: Platform transitions are rarely as difficult as many advisers fear
Get in touch
The AdviceBridge platform is easy to implement and integrates seamlessly with existing software, significantly improving your business processes.
Whether you want to spend valuable time with your clients, make your business more cost-efficient, or automate your advice journey, the AdviceBridge platform is great for maximising profits.
To find out more about how AdviceBridge can help you digitise your business processes and benefit you, your team, and your clients, get in touch.
Email hello@advicebridge.com or call us on 020 3925 3850.
