Prime's Digital Transformation Journey Value Proposition
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The document discusses the necessity of digital transformation for accounting firms to maintain client-centricity and relevance in a rapidly changing digital landscape. It emphasizes the importance of understanding client expectations shaped by technology and social media, and outlines a structured program to enhance digital capabilities for attracting and retaining clients. Key transformation trends include prioritizing client experience, building a strong digital culture, leveraging client data, and recognizing that the journey is about integrating people and processes, not just technology.
Prime's Digital Transformation Journey Value Proposition
- 1. Helping clients protect assets and build wealth Digital Transformation Value Proposition for Accounting Firm Partners
- 2. #1: WHAT?
- 3. Digital Transformation: WHAT IS IT? WHAT DOES DIGITAL DISRUPTION MEAN? Digital disruption refers to changes enabled by digital technologies that occur at a pace and magnitude that disrupt established ways of value creation, social interactions, doing business and more generally our thinking. Digital Disruption can be seen as both a threat and an opportunity – Wikipedia WHAT IS DIGITAL TRANSFORMATION? ‘Becoming a digital business is not just about introducing new or using more technology but more about changing (transforming) the way business is done to sustain relevance in a digital economy.’
- 4. #1: WHY?
- 5. WHY the need for Digital Transformation? The Accounting space is client-centric, and its’ foundations are built on relationships. The concept of client-centricity hasn't changed, so what has? THE INTERNET OF THINGS The impact the internet and mobile devices are having on client’s expectations, and in particular, the way people interact and engage businesses for advice and service. The internet and the explosion of multi-channel touch-points like social media and mobile devices has fundamentally and irrevocably changed the way people behave and experience the world – including the way they interact and engage with advice professionals like Accountants. People are empowered to make consumer decisions on their own based on information they search online. Mobile devices - its all about data accessibility, 24/7 availability, convenience, flexibility & instantaneous communication, sharing & viewing of rich media like videos, blogs, research papers. It’s about being where existing clients are already, and being available where future prospects want to be.
- 6. Social Media – New and different communication touch-points has changed the way clients interact with one another and with businesses. The need to shift one’s understanding of client attraction, client services and client engagement in the social space, and provide the multi-touch points. Digital disruption brings opportunities and threats. To take advantage of the opportunities, the need for digital readiness is clear for many service providers, and Accounting Firms are no different. Digital readiness is understanding how one can deliver knowledge based services like advice from human advisers but use digital technology to improve delivery of advice and client service efficiently, seamlessly and conveniently. WHY the need for Digital Transformation?
- 7. 1. To maintain relevance in the digital age, Accounting Firms must undergo a digital transformation – an evolution the firm must go through to add digital dimensions to not only client experiences but for the firm itself. 2. The objective of digital transformation is to deliver exceptional seamless client experiences to ultimately drive revenue growth and business value of the firm. 3. Going ‘digital’ is about changing mindsets & disrupting the way business is done today to introducing digital technologies & capabilities to the heart of the business to help generate revenue, seize competitive advantages and create value. What does being ‘digital’ mean for Accounting Firms?
- 8. #1: HOW?
- 9. Prime’s Digital Transformation Journey Program for Accounting Firm Partners WHAT IS IT? A structured ‘digital transformation’ journey program to help Accounting Firm Partners prepare, realign and enhance their digital capabilities to attract, engage and retain ideal clients to create sustainable, innovative and profitable Accounting Firms of the Future. ACCOUNTING FIRM OF THE FUTURE The ideal Accounting Firm of the Future is unique to each firm but there are fundamental ‘footprints’ each firm must identify, understand and implement, as researched and outlined in Prime’s White Paper titled: The Power of Insight.
- 10. 4 KEY DIGITAL TRANSFORMATION TRENDS SHAPING WHAT THE FIRM OF THE FUTURE WILL LOOK LIKE? 1. CLIENT EXPERIENCE IS NO. 1 To remain viable, competitive and ‘top of mind’ with clients, is to deliver exceptional client experience across multi-touch points. Ability to be ‘anywhere, anytime, anyplace’ Essence of digital transformation is to create client experiences throughout the entire client journey. HOW? • Client Centricity – put the client in the centre of everything. Everyone in the firm is always looking at ways to improve the delivery of client service. • Differentiation – Understand the value clients are seeking and focus on delivering it. • Personalised Marketing – Delivering the right (relevant) messages at the right time in a personalised & targeted way. • Client Persona & Behaviour Intelligence – Effectively utilise client intelligence data to provide relevant, personalised and targeted service offerings they seek and value.
- 11. 4 KEY DIGITAL TRANSFORMATION TRENDS SHAPING WHAT THE FIRM OF THE FUTURE WILL LOOK LIKE? 2. BUILD A STRONG DIGITAL CULTURE Businesses or firms built upon a strong digital culture with the right strategy are better positioned to deliver connected client experiences across the many client touch points. HOW? • Partner Advocacy – Digital focus & the drive has to come from the top. Board (Partner) buy-in leading the digital change is pivotal. • Right People – Getting people with digital intelligence blended with business know- how to understanding the client are essential skill sets firms need to have access to. • Celebrate ‘small wins’ – Celebrate the digital milestones to engage people towards an entrenched digital culture. • Collaboration / Partnerships – Leverage off partnerships to efficiently and quickly provide new services or communication touch-points to clients. • Agility – Firms need to be more nimble & agile in business operations & to start thinking ‘outside of the square’.
- 12. 4 KEY DIGITAL TRANSFORMATION TRENDS SHAPING WHAT THE FIRM OF THE FUTURE WILL LOOK LIKE? 3. ANALYSING & UNDERSTANDING CLIENT DATA Data is an important weapon of progress and digital transformation. It’s all about client intelligence and client insights to learn more about their preferences and behaviours. HOW? • Data driven marketing – The need to know what’s the right mix of marketing versus budget, what to start, what to stop and what to do more or less of. • Co-design Journeys – To understand what clients value, firms need to become more open and collaborative in their approach, and seek advice from their clients to ‘jointly’ design the type of client experiences both clients seek and that firms can deliver.
- 13. 4 KEY DIGITAL TRANSFORMATION TRENDS SHAPING WHAT THE FIRM OF THE FUTURE WILL LOOK LIKE? 4. DIGITAL TRANSFORMATION JOURNEY IS CRITICAL Digital transformation journey is not just about technology but it’s all about people and processes. It’s about integrating data to continuously learn and innovate through collaboration with partners, and with clients via co- designing of their preferred experiences to help identify improved ways to serve clients, and to provide personalised experiences across multi-engagement touch-points.
- 14. Prime Financial Group Chief Marketing & Digital Officer Jenny Lee-Koksal – 0428 198 953
- 15. Prime Financial Group Ltd ACN: 009 487 674 Head Office Level 17, Como Office Tower 644 Chapel Street PO Box 6105 South Yarra VIC 3141 Tel 03 9827 6999 Fax 03 9827 9100 Client Services 1800 064 959 clientservices@primefinancial.com.au www.primefinancial.com.au LinkedIn: Prime Financial Group Ltd