Technology can fundamentally change a business. Yet there is often a gap between its inherent value and a practice owner’s ability to put it to work effectively.

It’s important to get buy-in from everyone who will be using the software before changing workflows. People should be ready to embrace change. That can involve creating opportunities to discuss existing approaches as a team, sharing feedback, and exploring how new solutions can reduce current pain points.

Consider any inter-dependencies – how new advice software will affect existing processes and other technology – before hitting the ‘on’ switch.

New technology may need to integrate with existing systems, so it’s important to consider how – and if – this can be done.

It takes time to integrate new technology into existing processes or overhaul them completely. A good technology partner will provide ample training and excellent support to make the transition easier.

A cloud-based implementation is easier to keep automatically updated and access from anywhere. That enables practices to keep up with the impact of the latest financial data and legislative changes, as well as software versions when functionality is upgraded.

Some software packages require a major implementation to set up and integrate while others work out of the box – the choice often depends on the needs of a practice. It can involve a trade-off between how quickly you can be up and running, compared to how closely it accommodates your specific preferences.

Greater levels of customisation require more investment and support (a common choice of large businesses) while a pre-configured solution has the advantage of being more cost effective and ready to work immediately (a common choice for smaller practices).

Want to find out more? Our free eBook ‘How to choose the right advice software for your practice’ provides a framework to help Advisers and Practice Owners review their advice technology requirements so they can select the software that is best suited to their needs. Click here to download this now.

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