Time to Grasp the Nettle
Written by Paul Bower
We all know the challenges. Businesses and leaders are incredibly busy, often dealing with poor processes and operations that haven’t evolved with the times, dragging people away from the real job of serving customers, thus draining resources. Change is essential but it’s easy to put things off as not an immediate priority when we are “too busy being busy.” As we begin a new year, it is the perfect time to evaluate the systems we have in place and make changes that will create efficiencies throughout the year and into the future, saving money and time.
Technology Misconceptions: Why do we wait to make changes to our processes?
An active investment in technology solutions is key to quicker lending decisions, navigating risk and securing investment, but it can feel daunting especially for businesses that don’t regularly invest in change. Here are a few misconceptions/common concerns:
- Technology change always requires a big project
- Change unsettles my core business
- Tech means a big, fixed cost initial investment
- Benefits are usually distant and take time to realise
- IT change is risky and uncertain.
- My other systems might be impacted
- Drain on management time
Faced with these uncertainties, it’s all too easy for businesses to put things off and persist with their known problems, creating a vicious circle as things continue to get worse and improvements get harder to make.
The Reality: How can we best address the changes?
It’s time to break the cycle. Businesses that can get comfortable with the idea and necessity for investing in improvements stand to win, those that don’t will inevitably fail. Here are some tips to allow busy businesses to get moving:
- Buy specialist rather than build. Whilst it can be tempting to look to build your own tech solutions, the chances are that your problems are like those other organisations face. Best in breed specialist solutions take away the pain of customising or developing applications that aren’t designed for the job you need doing.
- Select systems that you can phase in. Cloud based, API driven applications can slot into your existing operations and network easily. Reducing the need for a lift and shift or complex installation process and realising a quicker Return on Investment.
- Work with a specialist provider that really understands YOUR problem and can relate to your business not just the technology. A provider that can own the process and guide you through.
- Get going! Run a trial or Proof of Concept with clear business driven success criteria. A focused effort based on demonstrating value early will give you confidence without locking you into a long-term commitment.
Looking to the year ahead
In dynamic market conditions like we’ve experienced in the past year and likely will continue for the near future, it’s key to control aspects of your business that you can. Implementing automated systems and processes allow time, energy, and resources to be re-allocated to pressing needs. Dedicating a small amount of time now to research options and implement new systems will pay off as the year becomes busier.
About FGI T.R.U.S.T. ™
FGI T.R.U.S.T. ™ is a unique and specialist platform helping Lenders, Brokers and Corporates optimise their Credit Insurance management arrangements. As a lender ourselves, we understand intimately the challenges of managing Credit Insurance cover and Bad Debt Protection facilities. We have decades of technology and lending experience in our business. T.R.U.S.T.™ is Cloud First and API driven, so it fits easily into your business and integrates across the insurance carrier market. Our operation and approach are truly scalable. Whether you have a single client with one policy that you need a quick compliance analysis or if you have thousands of customers operating a BDP facility, we can meet your needs. We can get you going quickly and deliver real value to your business now.
For more information or to arrange a consultation on what we can offer you, contact Paul Bower, pbower@fgiww.com
This article is for informational purposes only and does not constitute professional advice. Investments always have the potential for loss. FGI, including its affiliates, makes no warranties about the accuracy or the completeness of this information and disclaims any liability (including direct, indirect or consequential loss or damage) related to the materials. Please consult your financial professional for advice relating to your circumstances and refer to our show notes and website for the full terms and conditions.