Workflow Engines: The Next New Thing in Advisor Technology. September 18, 2013

Transcription

1 Workflow Engines: The Next New Thing in Advisor Technology September 18, 2013

2 What You re Going to Learn 1. The business value of technology is NOT technology 2. Effective utilization is the key 3. The four levels of utilization 4. What s next: Level 5 utilization

3 The business value of technology is NOT technology

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5 100% of the value you receive from any technology is tied to its ability to: Reduce the cost of existing processes Charge more or increase retention through process improvement Serve unmet client needs

6 Business Outcomes: Make More Work Less Happier clients Happier employees

7 For Example:

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9 They tried to apply their current process to the new technology

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11 Effective utilization is the key

12 What is effective utilization?

13 What is not?

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17 Process Definitions

18 Process Definitions

19 Engage Gather Analyze Present Implement Monitor Introduction Discovery Meeting Initial Draft of the Financial Plan Presentation Meeting Implementatio n Meeting Quarterly Review Values Meeting Strategy Call Semi - Annual Review Annual Review For illustrative purposes only

20 Fact Finding Meeting Process

21 If your technology isn t integrated

22 What is Integration? Level One The most basic kind of integration. An application with Level One integration will simply have a text or graphic link (hyperlink) to a specific page in another application. (Example: A CRM system has a link to a financial planning system and, by clicking on this link, it opens a new window and the login screen appears ) Level Two Includes single sign-on capabilities, meaning that it hyperlinks and automatically authenticates the user using a security protocol (i.e., SAML). (Example: the user clicks on retirement goals within a client s CRM record and the system immediately launches a separate browser and automatically logs into an adviser s financial planning software.) Level Three The ability to pass data in one or two directions between two different applications. There are two different levels of Level Three integration. Level 3A allows data to be transferred in one direction and Level 3B allows data to be transferred back and forth between two different applications (Example for 3A: within the CRM system, an adviser clicks an update button and the CRM system automatically updates a client s account holdings by pulling data directly from the adviser s portfolio management system). Level Four Level Four is the most seamless integration and the one advisors are usually looking for. A user is able to access the functionality of multiple applications within a single integrated user interface. It appears to the user that they have a single application even though many different software services are being accessed.

23 Now we want to leverage integration

24 Why do I care about integration? 1. Reduce the time/cost of manually inputting data 2. Reduce the errors of mistyping data 3. Ensure consistency across systems 4. Improve the client experience

25 Five Levels of Utilization

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27 Level 1 Whatever is in my head

28 Level 2: Whatever is written down in a manual or checklist

29 Level 3: The defined tasks and processes in my Advisor Workstation

30 Level 4: The defined tasks and processes in my Advisor Workstation certain tasks being automated via a workflow engine

31 What s Next? Level Five The Advisor Workstation completes a process for me using automated workflow

32 Workflow Rule

33 Workflow Rule

34 Workflow Rule

35 Consumer Examples

36 IFTTT Integrated Applications

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39 Process + Integration + Workflow + Utilization = Success!

40 The Economics of Automated Workflow BEFORE Log into CRM and pull up client meeting tasks (1 minute) Log into PM system and generates specified reports (5 minutes) Log into FP system and update values and updated plan (15 minutes) Go into CRM and get outstanding action items (4 minutes) Collate all of the documents above into an integrated client meeting packet and place in correct folder (15 minutes) AFTER User clicks client prep workflow one click. Report is automatically in correct folder. (5 seconds) = 99% Savings

41 Summary 1. Workflow + Integration is a critical trend for you 2. Implementing it effectively will have a significant impact on your ability to serve your clients more effectively and profitably 3. Getting the processes right and driving behavioral change is the most difficult and important part 4. This is not Sci-fi and you should start working on it today including leveraging the vendors that you met with while at this conference

42 Questions? Contact Spenser Segal