At Trumpet, we’ve implemented more than 1,000 technology projects for RIAs, and we know that it can be difficult to figure out what project your firm should tackle next. We generally put technology projects into two different buckets: mission critical or a quick win. Knowing which one your firm needs is the first step to choosing the right technology for your RIA.
When should your RIA choose a Mission Critical Project?
A mission critical project is one you need to undertake to keep your business operating successfully. This type of project should take priority if things are falling through the cracks, if leads are being dropped, if you’re missing opportunities, or if your business can’t properly move forward without the new technology.
Mission critical projects, such as integrating a new CRM system or rebalancing software, are typically projects that take longer to put in place. They generally require a good deal of set up and training just to get back to where you left off.
While they do take more time and effort, as the name implies, they are vital for the ongoing health and success of your firm.
When should your RIA choose a Quick Win Project?
A quick win tech project should take priority when your business needs an energizing boost to restore confidence and re-energize your firm’s productivity.
If you’ve taken on a lot of organizational or technology changes recently, employees might feel what we call “change management exhaustion”. This could be any type of change management – from moving offices, adding new staff, or changing up the office technology. Especially if any one of these initiatives didn’t go so well.
If this is happening at your firm, now may not be the right time for another large-scale change.
Instead, you need a quick win that will earn back your team’s trust and enthusiasm. Smaller technical projects, like report automation or even document management, can be up and running in under a few weeks. Projects like these can offer your employees new benefits without requiring too much training or disrupting current work processes.
Blend a Mission Critical with a Quick Win Project
Another option is to take a blended approach. We’ve seen RIAs take on large scale projects, but do so in phases so it doesn’t overwhelm the firm. We’ve also seen RIAs roll out software to different teams at different times, so it doesn’t disrupt the entire office at once. Both of these strategies make it easier for your employees to adapt.
Once you determine whether you need to take on a mission critical project, a quick win or a combination of both, you’ll have a better idea as to what type of software to pursue next.
And if you still aren’t sure, give us a call. We’re here to help.
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