The Scrum working method promises teams more agility and is no longer only used in software development. Can Scrum also be applied to the fiduciary sector? To what extent does Scrum enable a more agile way of working in your fiduciary company? What do managers need to look out for when implementing Scrum in the fiduciary? In this blog post, you will learn what Scrum can mean for the fiduciary sector.
What is Scrum? Long used primarily in software development, Scrum is a method of project and product management and the implementation of the “lean development” approach. Put simply, “lean development” means that companies identify unnecessary structures, processes and tools and eliminate them. The Scrum working method is intended to enable teams to concentrate better on achieving the most important goals. By the way, the term “scrum” means “scrum” and was taken from rugby. Rugby teams need to play together efficiently and react quickly to changes in the game in order to score.
Changes in the fiduciary industry require more agility
The fiduciary sector is also undergoing change. Market observers assume that in the medium term, fiduciary companies will lose income from routine activities such as bookkeeping. This is problematic in that, according to a recent Survey by Accounto and TH Suisse accounting is the main source of income for 57 percent of all fiduciary companies in Switzerland. Thanks to a high degree of automation, fully automated accounting systems already handle many tasks faster and more cost effectively than fiduciaries.
Repetitive tasks, which often have a high potential for automation, no longer represent a major benefit for many SMEs. Consequently, in the not too distant future, hardly anyone will be willing to pay for the handling of such tasks. However, digitalisation does not only mean the elimination of work for fiduciary companies. With the right fiduciary software you as a fiduciary professional have a stable and secure platform to reduce the effort for routine activities and to create, promote and invoice innovative services. In order to respond to the transformation of the fiduciary sector and to meet the needs of today’s and tomorrow’s clients, an agile way of working is required in addition to the appropriate tools.
Would you like to find out how Accounto’s fiduciary software can help you realise the potential and opportunities of digitalisation for your fiduciary business? Make an appointment here for a free needs analysis.
How does Scrum work?
The Scrum method is designed to help teams and companies become more agile. The Scrum process includes so-called sprints. In sprint planning, you and your team break down the current projects into concrete tasks and set deadlines for the tasks. Sprints have fixed time windows, also called “timeboxes”. As a rule, the duration of a timebox is between two and four weeks.
Scrum enables continuous improvements in the way we work. This requires transparent and regular communication. In daily meetings (“daily scrums”) lasting a maximum of 15 minutes, the team members discuss what they are currently working on, what they would like to complete by the next meeting, which challenges they still need to overcome and where they need help.
These are the advantages and disadvantages of the Scrum method
Organisations with strict hierarchies outdated processes and long communication channels tend to be less able to exploit the potential and opportunities of digitalisation than more agile companies. In many fiduciary companies, decision-making paths are long and initiatives for action only come from the top management. Employees have little to no decision-making power and only a small scope for action.
The Scrum working method is designed to enable teams and companies to work in a more agile way. With an agile way of working, your team can react faster and more flexibly to changes. As the Swiss fiduciary industry is in flux with the advance of digitalisation, responding quickly to change is increasingly important. With Scrum, you can better respond to the changing needs of your customers.
With Scrum, employees have to take on more responsibility. Managers set the goals and deadlines, but let their staff organise the work independently. In companies that work according to the Scrum principle, communication channels are shorter and decisions go through fewer instances than in most traditional companies with rigid hierarchies. The effort for administration and documentation is low.
Extra Tip: If your fiduciary company works with user-friendly and stable fiduciary software, all team members can view work progress at any time and are always up to date.
One of the biggest disadvantages of the Scrum method is that it can lead to tunnel vision. If all team members only concentrate on their tasks, the overall view can be lacking. What might be difficult for many superiors who are used to strict hierarchies is handing over responsibility. With the Scrum approach, leaders must learn to delegate and fiduciary their team.
Does Scrum make sense in the fiduciary sector?
Even though very few fiduciary companies can work like disruptive start-ups, you can still apply aspects from the Scrum method to your team. What should managers keep in mind? One thing in advance: Because flexible management is an important part of Scrum and the management style is adapted to the changing project requirements in each case, there are only a few rules that you as a manager have to follow in the Scrum method.
For example, you could start by delegating more. Let your qualified employees take responsibility and organise their work themselves. This contributes to the satisfaction of the employees and binds them more strongly to your company, which is also an advantage in view of the lack of young talent in the Swiss fiduciary industry. Create an open and transparent communication culture where every team member is allowed to say what they need help with. Ensure that there are appropriate channels for team exchange and provide your staff with the right tools to complete their tasks efficiently.