7. Use client data analytics
Gaining and retaining a competitive edge requires a focus on client experience, but according to adviser and futurist Dr Emily Verstege, to take advantage of data analytics many accounting firms need a change of mindset.
“The problem is not an absence of information, [it] is an absence of insight,” Verstege says. Often, because of compartmentalised legacy systems, SMEs fail to capture a connected client dataset. She cautions against diving into analytics without proper planning, but offers these tips:
- Ensure information can be shared across company systems
- Reach out to clients to get insights that will help deliver greater value
- Consider how an analytics package will integrate with your strategic direction.