Many IT systems’ providers currently talk about ‘Whole of Office’ solutions addressing the needs of both the adviser and the administrator, a market move welcomed by a large number of distributors fed up with paying two suppliers, in effect double the licence fee and double the implementation fee to cover their IT needs.  The solution, however, addresses some commercial and implementation issues but doesn’t explore any new potential benefits of technology.

Some suppliers now however are putting an end consumer focus to their systems, allowing a consumer to view and value their portfolios, update fact finds, and potentially perform some analysis of their needs remotely, prior to an adviser’s visit.  In doing so they are stretching to areas where technology can help in the whole value chain.

Positive Solutions have invested in this dynamic with the True Potential system exposing key elements of their systems to the end user, through their own online presence. These client websites allow the end user to view details of all of their policies, run real time valuations of their portfolio , to view, edit and add to all of their documentation, including factfinds, post and their own contact details. 

Similarly IntelliFlo provide the end client access to Intelligent Office via their client portal, empowering them to run automatic valuations of their portfolio.

Clearly the balance of functionality presented to the end client needs to be carefully judged as it would be dangerous to give too many advice tools directly to the consumer as they may not have the knowledge, experience or training to understand the analysis and the valuable role of the adviser must not be undermined.  But the efficiency gains and marketing potential of exposing some functions are substantial.  One area of marketing potential that client tools of this nature bring back to the fore is in the area of worksite marketing – the provision of financial services within the work place.  I have been bemused for a while why this opportunity is so under exploited in the UK but advisers continually relate that the time overhead of working a GPP as a set of individuals, each with their own up-sell opportunities is too high, especially as often it simply ends up with additional contributions to the GPP scheme. Through such empowerment of end consumers, GPP schemes become more manageable with basic administration being handled by the end consumer and the adviser being used for qualified opportunities where advice is truly needed.

Many other opportunities potentially arise from the innovations described above and I will watch with interest to see how the use of this approach develops in the near future.

I am often accused by my colleagues of being obsessive in measuring my exercise regime. I admit to four sessions per week of mainly cycling and yes, the main focus of their comments is my use of a good quality Polar heart rate monitor (HRM to use the jargon). Oh, and I suppose I should also admit to using a Tacx ‘virtual reality’ computer trainer and ‘treadmill’ during winter too – well it avoids having to drive to the gym!

My HRM provides a range of analysis tools, including; heart rate; speed; distance; cadence; calories and power output, to name a few of those I use. It also asks how you are feeling and what the weather is like. My argument is that if you have set yourself a goal, it is important to have targets and a means of tracking performance and progress. With the software I have, I can easily monitor the numerical and graphical data for my chosen key performance indicators (KPIs). Despite the accusation, I actually only use a fraction of the capability of the software’s functionality, but this is enough to achieve my own goals.

In business, we have the same options and like with exercise regimes, there are varying degrees of success depending on what is used and how it is applied. Most businesses will look at the financial data, turnover; P&L; cashflow; ROI and they are right to do so. However, they should also be looking more widely at some of the non financial measures too. The ‘balanced scorecard’ is a good basis for doing so, but it doesn’t contain a single solution for all businesses. However, it will provide a basis for managers to look at how their customers see them, how effective and efficient they are from an internal/operational perspective, how good they are at innovation, differentiation and learning and of course the accountants favourite of the financial measures I referred to above. How a business focuses and uses these measures is dependant on their own strategy and goals. Managers need to constantly review performance and it can sometimes be difficult for them to see their business in the same way as an independent observer looking in with a ‘fresh pair of eyes’. As we all know, if you don’t know where you are going and how to get there, any route will do! Clear goals and a wider perspective of what is important to the business can help identify and maintain the key differentiators that make a business succeed.

So, am I obsessive about analysis? Well, one of my most vocal colleagues now has a HRM and used it to achieve his own goals and targets, so I rest my case!