My colleague Paul and I were given the enviable task of representing Morningstar at this year’s IFP Conference, held at Celtic Manor Resort in Wales. It has been a wonderful event for networking and the speakers have truly been thought provoking in sticking with this year’s theme, “Driving the profession forward.”
On the first afternoon I attended a session about technology – first looking at wraps, then at various cash flow tools and finally a discussion on how to choose software for your business.
John Porteous from Macquarie highlighted that wraps should be invisible in a business. Hopefully any technology you’re using can be integrated into your process seamlessly but I think the notion of the invisible wrap is a great goal.
The presentation of cash flow modelling tools was very interesting and I was pleased to see so many in the audience who have taken these tools on to add to their service proposition. Identifying a business need then finding the correct technology solution to deliver it.
Some of these tools are more complex than others but a theme that stood out was the need to take the time to properly learn how to use them. Whether you’re doing live modelling with clients or just preparing presentations for meetings, proficiency will make the whole process so much more effective.
Ben Crockford from Anametric Limited then shared some really good ideas about the process to follow when selecting technology solutions for a business.
- Make a shopping list and keep it so your sure the technology meets your needs
- Research the market before contacting suppliers
- Control the demonstrations and be sure you’re not just being shown the shiny stuff – make sure the technology can deliver the things on your list.
- Be thorough in your due diligence – trial, test on your own – but be prepared to compromise. There are no perfect solutions.
- Budget your time and properly plan for implementation
With any addition of technology there is an implementation phase which can be just as important as the actual technology. If the provider of the technology offers help with implementation, take them up on it.
Overall, the session stressed the need for smart technology solutions to scale business processes and deliver higher quality service – themes that have come up in conversations I have had with our clients over the past 6 months.
More IFP Conference in my next post – the golf course is calling!