Are you making the right choice?

by | May 2, 2018

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Michelle Hoskin of Standards International shares her thinking on a process which firms can use to select the systems which are most appropriate for their business success


There is no avoiding the power of, or our reliance on, technology. This reliance is on the increase, and it is only when technology fails us do we realise how important it is in our everyday lives.

Sadly, I continue to see advice firms fail miserably in the selection, implementation and understanding of their technological platform.

Why? Well there are many reasons for it, all different and depending on the size and the makeup of the teams within each individual firm.

 
 

With the different array of systems and platforms available, it continues to be a minefield for firms when selecting a system for themselves. Whilst it’s understandable, the biggest mistake made is when firms select systems used by their colleagues and professional peers.

But why? This approach makes perfect sense because on one hand, let’s be honest, there is no point in reinventing the wheel BUT (and it’s a big but!) no single firm or individual is the same, therefore no ingle firm or individual has the same requirements as the other.

So what can we do?

Here is a checklist you can use to assess how to make the choices that work best for you:

 
 

1) Project your business forward 5 years

(any longer from a technology perspective would be too far ahead). Think about what your business would look like in 5 years, what would it do, and who would it do it for? Think about how it is going to operate in the general sense, how does it communicate with its clients and key stakeholders, how does it deliver services to its clients and how do the team work together?

2) Map it out.

With all of this information in your mind, grab a piece of paper and write this stuff down. Start to map out what your business looks like in the future. There is little point in designing and implementing systems and platforms to suit the needs of your business today when in fact the systems and platforms you select and implement today are merely the tools to help you build the business of tomorrow.

3) Go to market.

Equipped with your business blueprint, get out there and engage with every dedicated financial services technology provider. Your business blueprint will allow you to clearly explain what your business will look like in the future and the provider’s ONLY job is to tell and show you what functionality their tools have to give you the functionality that you need to allow your business to achieve its potential.

 
 

4) Don’t be bamboozled!

There will be a tendency for the technology providers to get carried away and focus on showing you all of the bells and whistles that their systems have. Don’t let this happen – stay focused on what you want the system to do and structure the discussions so that you get a clear insight into each relevant area of their system.

5) Call in the experts.

And when I say experts, I don’t mean the dedicated expert at a particular system provider! I’m talking about independent, objective and impartial advice, a consultant and/or expert who is working on your behalf to design and help you select the system that will do what you need and want. There are many in the marketplace at the moment and their independence will be key to you finding the system that will ensure you thrive.


About Michelle Hoskin
Michelle (aka Little Miss WOWW!) is founder and director at Standards International Ltd. She is well known for her endless enthusiasm and energy, infectious personality and unique outlook on what she describes as a “magical profession”.

With over 20 years’ experience working alongside some of the world’s most successful financial services organisations, Michelle is an internationally recognised author, speaker, coach and leading expert in identifying and designing international best practice standards of operational excellence.

Relentless in her pursuit to drive a global movement of change within financial services, Michelle is fully committed to supporting financial professionals throughout the world to achieve things they only dreamed were possible and working with them to become the best possible version of themselves.

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