I hope you get value out of this blog post.
Business Process Automation (BPA) is not just a trend — it's a necessity.
According to Deloitte's survey, organizations adopting intelligent automation solutions expect an average cost reduction of 31% over the next three years, up from 24% in 2020.
Moreover, 56% of companies believe that cognitive technologies will transform their business within three years.
Understanding BPA and implementing it effectively can help you focus on what matters most: your clients.
Business process automation (BPA) leverages technology to perform repetitive tasks or procedures within a business, replacing manual labor.
It goes beyond just speeding up tasks — it aims to enhance overall efficiency and reduce errors.
Technically, there are three types of automation technologies:
1. Business Process Automation (BPA)
2. Robotic Process Automation (RPA)
3. Cognitive Automation
Understanding these elements of BPA allows you to see how technology can streamline your business processes, improve efficiency, and enhance service delivery.
This knowledge forms the foundation for successfully implementing BPA in your financial advisory practice.
Business process automation (BPA) offers numerous benefits for financial advisors, streamlining various aspects of their operations.
Here's how BPA can make a difference:
You can optimize various aspects of your operations by integrating BPA into your practice.
This allows you to provide better service and achieve greater success in your financial advisory business.
Implementing business process automation (BPA) involves several strategic steps to ensure a smooth transition and effective integration.
Let’s talk about each step:
Assessing current processes involves mapping out each workflow within your organization.
This includes:
The goal is to have a detailed understanding of how things are currently done, which will help in determining where automation can be applied for maximum benefit.
| Action | Recommendations |
| Identify repetitive tasks | Look for tasks that are performed frequently and consistently, such as data entry, client onboarding, and compliance checks. |
| Map out workflows | Create a visual representation of each process to understand the flow of tasks and identify bottlenecks. |
| Analyze time consumption | Measure the time taken for each task to identify areas where delays occur. |
| Evaluate error-prone areas | Identify tasks with high error rates and consider how automation can reduce these errors. |
| Gather employee input | Engage with staff to get insights into which tasks they find most time-consuming and frustrating. |
It helps if you use process mapping tools like flowcharts or specialized software to create detailed maps of your workflows.
Examples of tools that can help are:
Taking the time to thoroughly assess your current processes provides a solid foundation for successful BPA implementation.
This assessment ensures that you target the right areas for automation, leading to improved efficiency and effectiveness in your operations.
Establishing clear objectives ensures that your automation efforts are aligned with your overall business goals.
This involves identifying specific outcomes you want to achieve, such as”
These objectives will guide the selection of automation tools and the design of automated processes.
| Action | Recommendations |
| Define specific goals | Identify what you aim to achieve with BPA, such as reducing manual labor, speeding up processes, or minimizing errors. |
| Align with business strategy | Ensure that automation goals support your overall business objectives and growth plans. |
| Set measurable targets | Establish clear metrics for success, like reducing processing time by 30% or cutting costs by 20%. |
| Prioritize objectives | Rank your goals based on their importance and potential impact on your business. |
| Communicate objectives | Clearly communicate these goals to your team to ensure everyone is aligned and understands the purpose of the automation efforts. |
Using the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound) can help in setting effective objectives.
For example, instead of saying "improve efficiency," you could set a goal to "reduce client onboarding time by 25% within six months.
This step is important because it ensures that your efforts are “smart”, leading to a more successful and impactful implementation.
Choosing the right BPA tools involves evaluating various options based on their features, compatibility, scalability, and cost.
It’s essential to match the capabilities of the tools with your specific automation needs to ensure a smooth and effective implementation.
| Action | Recommendations |
| Identify business needs | Determine the specific processes and tasks that need automation. Match tools to these needs. |
| Evaluate features | Look for key features such as user-friendliness, customization options, integration capabilities, and reporting functionalities. |
| Check compatibility | Ensure that the tools can integrate seamlessly with your current systems and software. |
| Assess scalability | Choose tools that can grow with your business and accommodate increasing workloads. |
| Consider cost | Evaluate the total cost of ownership, including upfront costs, subscription fees, and maintenance expenses. |
When choosing a tool, here are key features to look for:
Select tools from reputable vendors that offer strong customer support and have an active user community (valuable for troubleshooting issues and staying updated).
Before making a final decision, consider running a trial with shortlisted tools:
Gather feedback from users who will be interacting with the system daily — this can provide insights into the tool’s practicality and ease of use.
Creating a detailed implementation plan involves:
This plan ensures that all stakeholders are aligned and that the process moves forward efficiently and effectively.
| Action | Recommendations |
| Define project scope | Clearly outline which processes will be automated and the expected outcomes. Ensure the scope is realistic and manageable. |
| Set a timeline | Develop a timeline with key milestones and deadlines. Allow flexibility for adjustments as needed. |
| Allocate resources | Identify and assign the necessary resources, including personnel, budget, and technology. Ensure adequate support and training. |
| Prepare for change management | Develop a strategy to manage the transition, including communication plans and training programs. Address potential resistance. |
| Conduct risk assessment | Identify potential risks and develop mitigation strategies to address them. Ensure contingency plans are in place. |
Regular updates, meetings, and feedback sessions help ensure everyone is on the same page and can address issues promptly.
This structured approach helps manage resources efficiently, address potential challenges, and achieve the desired outcomes for your automation project.
A pilot phase helps validate the effectiveness of the BPA tools and processes in a controlled environment.
It enables you to identify potential problems, gather user feedback, and make necessary adjustments.
Evaluating the pilot’s success ensures that the system is ready for broader implementation, reducing risks and ensuring smoother transitions.
| Action | Recommendations |
| Select pilot processes | Choose processes that are representative of the broader automation goals but manageable in scope. |
| Define success criteria | Establish clear metrics for evaluating the pilot's success, such as time savings, error reduction, and user satisfaction. |
| Conduct pilot test | Implement the BPA tools on the selected processes and monitor their performance closely. Gather data on key metrics. |
| Gather feedback | Collect feedback from users involved in the pilot to identify any issues and gather suggestions for improvement. |
| Analyze results | Review the data and feedback to assess the pilot's success and identify areas for refinement. Adjust the plan as needed. |
You must also define specific metrics to measure the pilot’s success.
These might include:
Document all findings from the pilot phase, including performance metrics, user feedback, and any adjustments made.
This documentation will be valuable for future reference and for guiding the full-scale rollout.
The full-scale implementation of BPA should be methodically planned and executed to avoid disruptions and maximize efficiency.
This phase includes:
| Action | Recommendations |
| Develop a detailed rollout plan | Create a comprehensive plan that includes timelines, resources, and responsibilities for the full implementation. |
| Ensure system integration | Verify that all automation tools integrate seamlessly with existing systems and software. |
| Train employees | Conduct thorough training sessions for all users to ensure they understand and can effectively use the new systems. |
| Monitor implementation | Closely monitor the rollout process to identify and address any issues that arise. Use data and feedback to make necessary adjustments. |
| Evaluate performance | Regularly review the performance of automated processes against the set objectives and make improvements as needed. |
Establish a support system for employees to address any questions or issues quickly.
This could include the following to ensure everyone is comfortable with the new system:
Regular evaluation and continuous improvement ensure that the automation efforts continue to meet business goals and adapt to any changes.
The future of business process automation in financial services looks promising and transformative.
With advancements in artificial intelligence and machine learning, BPA is set to revolutionize how financial advisors operate.
Here’s what you can expect from BPA:
The future of BPA in financial services will likely see further integration with emerging technologies such as blockchain, cloud computing, and IoT.
These integrations will enhance the capabilities of BPA, making processes more secure, transparent, and efficient.
