Challenges for firms looking to approach expansion
What are the challenges between smaller and larger firms looking to approach expansion in todays interconnected world?
As a smaller business, the recent advancements in technology have been both exciting and daunting. Whilst there are definite advantages to having our customers and clients readily available on a multitude of platforms, there are, of course, challenges that come with this.
At Signature we’re a supplier for several insurers, all of whom use different systems and software. There are, for some of the systems we use, cost implications to having access to our clients preferred technology; an inevitability that we cannot avoid as part of expansion.
We must also factor in the time it takes us to learn how to navigate each new system, with differing requirements for claims handlers, surveyors and accounts alike. Each technological advancement to a system involves training, something that takes the taskforce away from the job at hand.
Then there’s our own system considerations. We’ve previously used this platform to discuss our CRM system, BigChange, which is an on-going implementation to better our own internal capabilities. As our client base grows, we’re mindful that one approach does not fit all, due to a myriad of factors. Already, there’s a discussion piece in our office around changing the system to become more dynamic, with milestones and SLAs being so client-specific that a one-size-fits-all approach may only work for a brief period of time before we potentially expand our operations. Again, there are costs to maintaining and fine-tuning any system and these aren’t solely financial.
Customers too are looking at more dynamic ways of communicating and engaging, with an online presence and multiple avenues of contact seen as standard for a reputable firm. We’re in the process of finalising our new website, an investment that makes us more enticing to customers and clients but presents its own challenges. Generally speaking, trade websites are static and act as a signpost for other ways to contact us. To become engaging online, we must think about increasing our social media presence and ensuring that we have the technology and personnel in the office to accommodate those platforms as well as the various apps that customers expect to be able to access companies via.
With all these necessary advancements, it’s an exciting time to be in insurance but it’s not without obstacles. Technology costs money and ultimately each new system or software adds to the squeeze. While we must be customer-centric and ensure these advancements better serve the customer journey, we must be mindful not to make the technological growth so costly that the SME service providers can’t get on-board.
A ‘Big Change’ For Signature
Balancing the juxtaposition between traditional application and technological advancement is a fine art. Whilst construction is everchanging in its practices and focuses on-site, it’s much easier to be blind to the software breakthroughs and push the focus to the communication and customer journey front.
This year we decided to take the plunge.
Remote working and the requirement for enhanced communication meant that spreadsheets and legacy systems had to go and a minimized paper trail can only be good; operationally, organisationally and environmentally.
The research and comparison phase was a lengthy and involved process. We had a wish list pulled from various teams’ frustrations. After much consideration we decided that the structure and personalisation allowed by Big Change’s JobWatch software was perfect for us as it allowed the team to effectively manage workflows and operatives in addition to enjoy an encompassing high-level view of an entire job, from receipt of claim to invoice.
I’d like to quickly explore the top 3 features that made Big Change the front runner for a small company with big ambitions and even bigger deliverables.
- The ‘Timesheets and Expenses’ feature is revolutionary for us. Our operatives and subcontractors can now submit all expenses and timesheets at the touch of a button. Before this, we were reliant on staff having off-the-tools time to email across their hours worked or fuel receipts meaning our accounts team spent unproductive hours chasing these documents.
- Top companies have top level reporting software. A one stop shop for various departments to pull key ‘Reporting and Performance’ information was a must. With JobWatch we can; monitor trends and SLAs, produce up-to-date statistics and figures ahead of meetings and anticipate future trends using the analytical tools.
- The Fleet Management side of JobWatch helps us avoid potential missed renewals with our vehicles, whilst the Live Tracking aspect improves dialogue with clients. Through using the GPS tracking software, we can alert clients to any delays and advise them when they can expect the trades to arrive on site. Communication with policy holders is key to our business model and anything that assists us with improving this is of paramount importance.
As I’m sure many businesses are aware, implementing a brand new state-of-the-art system is a time and labour-heavy process. For a small business to allocate valuable internal resource in the name of looking to the future is something that we’ve grappled with since making the decision, but we know that it will pay off.
We want Signature to be leading the line with this, to show that a small family business, focused on making each client feel like their job is the only one, can make a seismic shift that others can follow; proving that whilst there may be some teething problems, size and resource is no excuse to not be a market leader.