24 Sep A Digital Revolution in your Brokerage firm – What is that?
In the modern world technology holds the limelight. It has become integral to every aspect of our lives, from the moment we wake up in the morning to the second we go to sleep it is there assisting us and generally making life easier. Our reliance on it has risen to all new heights over recent years – Statista say “According to a survey held in 2020, the average Briton had access to more than nine connected devices”¹. That number has risen further over the last year, partially due to the pandemic, with everyone spending more time with our devices than we once did. And the better the abilities of tech get the more devices we will have.
It was always going to happen anyway – but the onset of Covid-19 simply sped up the process and really opened our eyes to the abilities of technology in assisting us to work from a remote setting – with levels of collaboration, communication, and productivity that can rival even the office environment. Technology is the life support machine for businesses all over the globe, because many wouldn’t be open for business today without it.
Making a change to a heavily technologically-lead working experience will allow you to solve operational challenges that you may not have even known were challenges. Your team will have an easier, more efficient workday, which will allow them to deliver a better-quality service to your customers. We refer to this as a Digital Transformation. Let’s explore Digital Transformations in more detail and see how one may work in your brokerage firm.
What is a Digital Transformation?
A fair question. You may think ‘I already have lots of digital devices in my business, so why do I need a whole new transformation’, and that is a fair question – but hear us out.
A Digital Transformation is the process of adopting a range of different digital technologies with the intention of transforming the service you can offer by either replacing manual processes wherever possible or by replacing older technologies with newer, modern, capable tech that will revolutionise the way you and your team work.
A mistake that most make is diving headfirst into one, throwing money left, right and centre on the most expensive tools on the market with very little to no knowledge on how to use them, let alone get the most from them. Instead, you need to take your time and fully consider the operational and compliance impact on your business first – there is no point purchasing tools that fall short of your compliance obligations or slow down operations (which merely makes things even more clunky for your team).
Not to confuse you but choosing not to undertake one at all could have an even worse impact on your organisation. Leaving things the same could potentially impact customer experience, your regulatory compliance, staff performance, and the security of your organisation – all of which will have a derogatory effect on the most important factor of all, the bottom line.
Before purchasing anything or even considering which tools may be good for you and your team, you need to take time to explore within your company processes. You need to understand the challenges that you and your team face daily, even look at other similar businesses and find out what challenges they face and how they solved them. By taking your time and doing this correctly, you can be confident that, when you do purchase new tools, they are the best ones for the job.
The challenges faced in a Brokerage firm
The care of sensitive information
Every business in the world holds some sort of information about their clients, most common of which is contact numbers, addresses, or bank details – you are responsible for its protection and prolonged safe storage. This is a big responsibility – you should always have the care of sensitive data at the very forefront of your business concerns.
Regulatory and compliance obligations
Every business in every industry has regulations which they must lawfully adhere to. All of them have rules and regulations that are traditionally unnecessarily difficult to understand and comply with, but it is essential that you do or else you could face a stringent penalty or – in the worst-case scenario – severe legal ramifications.
Standard, legacy, traditional IT
A lot of the time the traditional IT that is still used within an organisation was – once upon a time – the right IT for the job, but, as we said earlier in the article, IT is constantly changing and (due to its usage growing at such a rate) its evolution has increased in pace to a point where some have simply been left behind. Some firms are stunting the capabilities of their professionals by leaving them with dated, unfit tools.
Streamlining brokerage processes
This is particularly relevant to those Brokerage firms that are in a period of growth, but it does also apply to all. If your firm rapidly grows or shrinks, you may find it difficult to scale your process across brokers, or – depending on the level of growth – across multiple offices in multiple locations across the country.
Maintaining up-to-date property information
A lot of Brokerage firms leave their brokers and marketers spending a lot of their valuable time in their workday updating information in spreadsheets and databases that are not inter-connected to anything else. This can cause a lot of anxiety for your brokers, especially whilst they scramble to be sure that the information they are relaying to clients and buyers is accurate.
Is your firm struggling to keep hold of some of your top brokers? Have you asked yourself why? Maybe it’s the people they work with? Or perhaps it’s due to something else? We deduce that it is likely to be because the tools you are providing are not capable enough to help them do their job as efficiently as possible. The result is that they are unable to win more business, so they take themselves elsewhere in search of tools that will allow them to meet their potential.
It can be extremely hard to find time to do anything but the normal day to day tasks when at work. Having time to sift through CV’s and sit in on interview after interview for some managers simply isn’t feasible. This could be stopping you from employing the best talent possible in your organisation.
A smooth transformation for your organisation
Our team of experts will assist you in adopting the right tools for your HR Agency. We will implement and maintain the tools to guarantee the advanced levels of data security, communication, and efficiency necessary within your business to be successful. Security is not a luxury but an essential part of protecting any business in the digital age – this is why we take a security-first approach, and it is this, along with our expertise in modern interactive tools, which allows us to make a guarantee to you that your communication and levels of efficiency will increase, in turn allowing you and your team to be more productive
We go above and beyond in helping our clients and their teams get much more value from their technology by providing knowledge and training whenever needed and will educate your employees to ensure they are capable of applying their best efforts to guarantee the security and success of your organisation. We guarantee that our clients always come first, with a straightforward approach that reinforces a strong relationship between our team and yours. Contact us now and find out how we can help your business go into the future with a capable team and the correct tools.