Forum Discussion

anne.graham's avatar
anne.graham
Icon for Advisely Index Top 10 rankAdvisely Index Top 10
12 months ago

Efficient vs Effective

I'd love to hear the experts' views on Efficient vs Effective, please. I think we fall into the trap as business owners and advisers of focussing on efficiency at the expense of being effective. For ...
advice production
clients
practice management
JoelRonchi's avatar
JoelRonchi
Curious Observer

Are there any obvious places Peter.Worn in the workings of an advice practice where a simple, customised AI automation tool could help improve processes?

For example:

  • lead quality filtration - advisers may have third parties referring clients to them but are they the 'ideal' client for the firm?  Could a customised AI tool enable the referer to check if the client is suitable and (if so) the bot then initiates the referral process?
  • customer onboarding - once advice is implemented, could a customised AI tool enable the client to be walked through an onboarding process, and provide them with all the relevant information they need, including videos etc ... or is the realm of client portals?
  • ongoing services - if a client signs up for an OSA or even a 12-month contract, would there be value in creating a customised AI bot that engages the client through the "service level agreement' the client has signed up to?  This ensures they remain a long-term client and is a sustainable system for advisers and their teams so they don’t burn out or have costs blow out as they grow 
  • staff training - using a customised internal AI tool to walk staff through a training sequence or allowing them ad hoc access to information at their fingertips.  Granted the information can likely be found online etc however the advantage of customised AI tools is the ability to curate and filter information in a way that suits the advice firm.

As with everything, I don't think AI is the silver bullet but rather one tool in an armory of tools.

As you mentioned, LOOM is great and humanises the experience although it can take time to create the videos etc 

I'm keen to hear thoughts and opinions at this stage of AI development to see how the industry might be interested in utilising the capabilities it offers.

Peter.Worn's avatar
Peter.Worn
Icon for Advisely Partner rankAdvisely Partner
11 months ago

Hi Joel, we are still thinking of the low-hanging fruit for AI. As with any emerging technology sometimes the use cases that win are not always apparent early on. 

We prefer to think of AI features within your existing software rather than stand-alone AI or automation solutions. We are already seeing 'AI features' coming through a number of SaaS products such as Canva, Microsoft, Salesforce, Zoho and many other productivity solutions.

Your first example for lead filtration - I know Calendly are experimenting with this type of feature to improve quality and conversion. 

I do believe Customer Onboarding will be the domain of the client portal and in time they will have features which speed this up for clients and perhaps using AI features to improve information gathering. 

Staff training is definitely a key one. And contextual AI will help staff get the help they want when they need it. It is still early days, but firms will likely have their own versions of GPT, which will help guide employees through key processes. 


Related Discussions

Recent Discussions