Digitisation is having an impact on the range of services, pricing and working methods of fiduciary companies. What does this mean for your employees? How can you best accompany your team through the transformation process? What hurdles do you have to overcome to make the changes? In this blog post, you will find a checklist to prepare for the digital transformation.
The role of fiduciaries is changing. With the advancement of digitisation and the ability to automate tasks such as document extraction, journal entries and sub-ledger reconciliations, the value of routine fiduciary activities is steadily decreasing. Consequently, fewer and fewer fiduciary clients are prepared to pay for the handling of repetitive accounting tasks with high automation potential.
To what extent do fiduciary companies benefit from digital transformations?
However, market observers assume that fiduciary companies will remain the central point of contact for all business and financial concerns of SMEs. Neither bank nor insurance advisors, let alone accounting tools, can claim this important role. Fiduciary professionals monitor their clients’ accounting, advise and proactively intervene in case of problems. In future, however, only those fiduciary companies that deliver recognisable added value will be able to survive on the market.
Digitalisation offers fiduciaries the opportunity to outsource repetitive accounting tasks to software solutions and to open up new business areas. With the right fiduciary software, you as fiduciary professionals have a stable and secure platform to create, promote and bill innovative services.
Extra Tip: With the Fiduciary accounting software from Accounto the work is not simply digitised, but completely automated. Arrange a free live demo here and find out how Accounto can help you do repetitive work faster and develop innovative services instead.
These are the phases most people go through during change
As part of the digital transformation in your fiduciary company, the roles of your employees, the way of working and collaboration are also changing. One of the most common barriers to transformation and innovation is that employees do not initially buy in. The first reaction to change is often rejection. Many people say things like “We’ve done it this way for years and it’s always worked” or “Why do we have to start something new now when we’re doing fine?”. In this phase of the change process, managers must take the fears and concerns of employees seriously. Show your team what digital transformation means for the individual employee. What tasks can you automate in the future? What will you focus on in the coming months and years? Where are you going with the company and your team? Discuss these issues openly with all staff.
According to change management models, after the rejection phase, many people experience a feeling of shock or anger. Most employees now recognise the need for transformation but perceive the change as a threat. In this phase, you have to show your employees what an important function they will have in the company in the future. Outline as precisely as possible what their role will be in your fiduciary during and after the digital transformation.
The shock and anger phase is followed by acceptance: The opportunities and possibilities of change are moving into the centre. It is about exploring advantages and disadvantages. Communicate clearly what you expect from digital transformation for your fiduciary. Also discuss possible challenges and develop a plan together on how you will deal with them. Be open to suggestions. Shows again what changes for the team and individual. Repeats important messages several times. Practice Tip: Together with the team, record the most important messages on posters, which you then display throughout the office.
The last change management phase is characterised by commitment. The employees are now behind the change and actively participate in the transformation process.
Attention: Always remember: You work with people and individuals do not always behave exactly according to a certain model. For example, individual employees may skip the rejection phase altogether. This is the case when the employee has been aware of the need for change for some time. But it is also possible that sceptics are in the shock and anger phase for longer than you would have expected. In this case, you have to seek dialogue and find out what these employees need. Depending on the team dynamics, it can also help to use the “fans of transformation” employees as opinion leaders. If, despite all efforts, the resistance of certain employees can be tamed, separation may also be an option.
Checklist: How to prepare your employees for the digital transformation
How can you lead your fiduciary through digital transformation? What do you have to consider in order to accompany your employees through the change process in the best possible way? What measures help to ensure that the transformation runs as smoothly as possible? Here is a short checklist of what you need as a basis for successful change management during digital transformation:
- Can you clearly communicate the starting point and the urgency for change?
- Have you shown several times what the digital transformation will change for your fiduciary company – and for the individual employees – in concrete terms?
- How do you show your employees that they also have an important function in the company in the future?
- Are all employees clear about their role in the transformation process?
- Do you know which employees are more sceptical about the digital transformation?
- Do you know the fears and worries of the sceptics? Do you take them seriously?
- Do you have ideas on how to get those employees who are positive about the change on board so that they can convince their colleagues of the opportunities of digitalisation for your fiduciary company?
- How can you support your staff during the transformation? Do you have enough know-how internally to do this or do you need professional support from outside?
If you have addressed the above questions in detail, you will be ready for the digital transformation of your company and in a good position to accompany your employees along the way.
Our transformation partner tomorrowanders supports fiduciary companies in the digital transformation. Here you can book a free and non-binding initial consultation with morgenanders.
