How automation can help your small business

What is automation in business? 

Automation involves using software and technology to perform tasks that are usually done manually, and it represents a streamlining of operations by eliminating repetitive tasks, minimising errors, and freeing up time.

Specific tasks that businesses can automate include:

• Client onboarding processes: Automating client onboarding saves lots of time and improves accuracy.
• Data entry and management: Automating data entry and management reduces errors and improves data quality.
• Sending reminders for appointments or reviews: Automated reminders offer better client communication and reduce the chance of no-shows.
• Reporting and compliance checks: Automatic reporting systems and compliance checks ensure accuracy and reduce the risk of errors.

What are the benefits of automating business processes?

Automating business processes​ is a way to automate monotonous tasks, but other benefits include: 

• Boosted efficiency: According to Oracle, business automation​ reduces time spent on manual tasks, allowing for more client interaction and strategic planning.
• Better accuracy: Minimises total errors in compliance and reporting to achieve consistency.
• Enhanced client relationships: Frees up time for personalised advice and proactive communication, leading to greater client satisfaction.
• Lower costs: Lowers operational costs by reducing manual labour.
• Scalability: Enables efficient management of a growing client base without compromising service quality.

For example, automatic email responses to client queries can provide instant support and improve response times, enhancing client satisfaction and building trust.

How can you start automating your processes?

Embracing automation can seem daunting, but if you’re wondering what automates business processes, this step-by-step approach can simplify the process:

1. Identify pain points: Start by identifying the repetitive or time-consuming tasks in your practice that could be automated.

2. Research tools: Take a look at the various platforms designed specifically for financial advisers, including compliance automation software like Intelliflo.

3. Start small: Don't try to automate everything at once - rather, begin by implementing automation for a single process, such as appointment scheduling or email reminders.

4. Test and train: Thoroughly test any new automation tools and ensure your staff understands how to use them effectively.

5. Measure success: Track the time saved and improvements in client outcomes resulting from automation.

What challenges do you face with automation, and how can you overcome them?

Automating business processes​ offers many benefits, but financial advisers will likely encounter some challenges when implementing these systems into their practices. 

One common challenge is the initial cost of tools and implementation. Investing in new software and training can be a significant expense, especially for smaller firms. This is particularly relevant when considering the diverse range of software solutions available, each with varying price points and functionalities. Thankfully, it's easy to mitigate this challenge by starting out with budget-friendly tools or adopting a phased approach, gradually introducing automation into different areas of the practice as the budget allows.

Another concern is data security, especially when dealing with sensitive financial information. With increasing cyber security threats and data breaches, advisers must prioritise the protection of client data. Advisers will want to make sure that any chosen business automation​ tools are GDPR compliant and have powerful security protocols in place, including encryption and multi-factor authentication.

Finally, some staff members may be resistant to automation in business​ due to a lack of familiarity with new tools or concerns about job security. To help ease the transition, offer comprehensive training and support to staff, emphasising how automation can enhance their roles by freeing them from tedious tasks, and allowing them to focus on more valuable work and client relationships.

What is the future of automation?

The future of automation in business promises exciting advancements that will reshape how advisers, accountants, and mortgage brokers operate. 

AI-driven financial planning tools are becoming increasingly sophisticated, capable of automating complex tasks such as risk assessments and investment recommendations.

Chatbots are also evolving at an incredible pace and can now efficiently handle client queries and provide instant support. For the client, this means improved response times, greater accessibility, and higher rates of satisfaction. 

Regulatory requirements will undoubtedly become more complex, and compliance tools will play a pivotal role in automating checks and ensuring adherence to industry standards.

Staying ahead of these business automation trends is important for advisers to maintain a competitive edge. Those who adapt quickly and use automation successfully will be well-positioned to thrive.

Work with Unbiased

Financial business automation is the way of the future, and advisers will want to start automating as much of their operation as possible to benefit from lower costs, less labour, and overall better client satisfaction. 

If you’re ready to grow your business, join Unbiased Pro and get access to a consistent stream of high-quality leads delivered straight to your inbox.