Unless you’ve been stranded on a desert island, you’ll have heard Team GB exceeded the Olympics medal haul from 2012, despite taking almost 200 less athletes.
Many see the cycling team as the bedrock for this turnaround. Its ability to breakdown each event into precise sections enabled the team to test each element for improvements, before making minor alterations to give them a significant advantage over their rivals.
For example, the development of one of the world’s most accurate test rigs for measuring bike chain transmission efficiency by professor Stuart Burgess at the University of Bristol meant the Team GB cycling team could optimise this ahead of Rio 2016.
Such technology can entice new users and satisfy existing clients who want financial advice presented clearly and concisely Steve CoxThis is the power of marginal gains, but can this be applied to the finance industry and if so, where?
Customer-focused accountancy
Consumers are tech-savvy and digitally confident. So to attract new customers and retain existing clients, financial advisers must meet and ideally surpass the expectations of those utilising their services and ensure they are running accurately at all times.
They should therefore capitalise on technology which saves time and cuts costs in the workplace.
Customer experience is also vital, with consumers easily being ‘turned off’ if technology systems are inefficient and unattractive. As competition increases, financial advisers must ensure their customers’ desire for a collaborative online relationship is fulfilled.
Embrace technology
Technology tools can help realise marginal gains. Reliable, progressive software enables advisers and their clients to manage a myriad of financial functions, as well as support greater collaboration.
Such tools allow users to access documents and complete tasks when and where it suits them. Changes made by one user are immediately visible to others, instantly simplifying document management.
Similarly, a shared online system offers companies a 360° view of clients’ past and present accounts. Financial advisers can achieve more in less time and using fewer resources. By mapping workloads through the technology, time is being spent wisely, priorities are enforced and deadlines are met.
The customer experience is also enhanced when secure web portals are accessible on mobile devices. Such technology can entice new users and satisfy existing clients who want financial advice presented clearly and concisely.
Clients are offered a first class service with critical information accessible in one place, while financial advisers can reinforce their brand through customisation.
Increased efficiency
Reducing time spent on administration and practice management increases efficiency levels. Additional time can be spent attracting new clients and forging closer relationships with existing clients.
Financial advisers can focus on client development, building their reputation and growing their business using the same resources. The extra time also enables advisers to offer additional services which in turn make them increasingly indispensable.
Undoubtedly, financial advisers who strive to succeed must embrace marginal gains to transform their businesses. As the HMRC pushes ahead with the ‘Making Tax Digital’ campaign, it’s vital to work as efficiently as possible and focusing on specific areas where change is required facilitates this.
After all, if Team GB can transform its success rate in such a small amount of time, imagine the changes an accountancy firm could make in the next few years by embracing the marginal gains philosophy.
Steve Cox is product director at IRIS Software
