In the Harry Potter books, stellar student Hermione Granger excels at her homework by squeezing more than 24 hours into a day using a device called a Time Turner. Wouldn’t we all like to have one of those! While no one has invented a real Time Turner yet, there are ways for people in professional services to recoup lost time or at least use their time more efficiently.
Oak Street Funding recently hosted a webinar with Daleele Alison, CEO of technology consulting firm RooksDM, where he talked with Oak Street founder and CEO Rick Dennen about how companies can improve efficiencies through technology and an intentional approach to process. Read on to learn more about when to invest in new tools and when to simplify, as well as what it takes to make automation and AI work in practice
⚡At a Glance: Getting Back Lost Time with Tech and Smart Processes
- • Reduce inefficiencies by streamlining data management. Integrated systems and upfront data collection can help eliminate duplicate entry, reduce follow-up requests, and save time across the client lifecycle.
- • Optimize existing tools before investing in new technology. Firms may be able to improve scheduling, workflows, and team standards by better using the software they already have.
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Put process first, technology second. The most effective tech decisions start with identifying pain points, simplifying workflows, and choosing tools that support clear business goals.- •
Use AI and automation where they fit best. Technology can improve projections and repetitive tasks, but human judgment remains essential for complex decisions and client service
In the webinar, Alison shared that one of the biggest sources of inefficiency he sees stems from scattered data. “There’s a lot of copy and pasting of data from one location to another,” noted Alison. His consultants spend a lot of time helping firms map out the best way to collect data so it doesn’t have to be handled multiple times.
Managing leads and onboarding new clients requires collecting and storing a lot of data. Alison notes that people are sometimes in such a rush to get a new prospect or client into the system, they only collect the minimum amount of information at first. Later, they find themselves going back to the client having to collect more data. It’s an inefficient process that burns up time.
He recommends getting all the information at the start of the client relationship and using an integrated data management system so the data only needs to be input once.
Alison also pointed out that professionals lose time when they don’t fully utilize the technology they have. Scheduling software is a prime example. Alison sees clients use tools such as Calendly without maximizing their potential. He recommends establishing calendar standards across the organization, e.g., setting up windows during which people from different departments take meetings, and having those standards embedded into the software.
Often systems have features and capacity firms don’t use. Before buying new software to address a process, it’s valuable to assess whether the firm’s existing tools can be optimized to solve the problem.
Alison is a big proponent of using technology to help companies operate more efficiently, but he also advises clients to assess their processes before just buying another software package. His recommendation to clients is to put “process first, technology second.” Often, simplifying and integrating the firm’s processes can do more than just technology alone.
Alison recommends looking at the big picture before deciding on technological upgrades. What is the basic problem? What are the company’s goals and pain points? When considering a specific system or package, consider these questions:
There are countless valuable applications for AI and other technologies in professional services firms. The key is to use those tools where they’re appropriate and use human judgment and critical thinking where they are needed. AI can do a fantastic job producing projections, but as anyone in the financial services sector knows, projections nearly always change. It takes human experience, judgment, and intervention to make fully formed decisions.
To facilitate technology adoption, leadership needs to set the example. They should use the new tools so: a) they know how the tools work and b) team members know that everyone is expected to embrace the new technology.
Many firms find it useful to have a tech committee with representatives from leadership and each of the firm’s departments. The committee can help break down siloes so each department understands why certain tech tools are necessary across the firm.
Everyone wants their firm to run more efficiently. Technology can help, but so can addressing operational processes. Keeping an eye on the big picture and looking for the simplest solution can make the decision-making process around technology adoption go more smoothly.