4. Process innovation

How to gain from advanced methodologys.

Process innovation - How to gain from advanced methodologys


Process innovations are about taking the day-to-day activities and operations and evolving them in such a way that makes the business stand above its competitors. Effectively, changing the ‘business as usual’ to maximise efficiency.

Maersk, a leader in global shipping, found that a simple shipment can go through nearly 30 people and organisations, including more than 200 different interactions and communications. This huge number of links meant its entire logistics chain could be toppled by just one weak link.

In an effort to transform this complex and far-reaching industry, Maersk and IBM teamed up to digitise global trade. They created TradeLens, a blockchain-enabled platform that allows all parties involved in the shipping of a product to keep a distributed ledger that records the exact details of a product at all times, totally streamlining the shipping process. In less than a year, TradeLens entered production and is now operating with more than 100 participants who are tracking and sharing over 500 million shipping events and documents.

Innovations advisers could consider

Process innovation has often been the emphasis of innovation for many advisers, as they try to remove inefficiencies in their business and improve profitability. However process innovation can also be used to provide a better client offer or services. Here are some interesting ways you can use AdviceTech to embrace process innovation.

  1. Use video conferencing and other online collaboration tools with clients, when a face-to-face meeting is unnecessary. Today 51.2% of advice firms use online virtual meetings with clients having grown from 48.2% last year (Netwealth 2019 AdviceTech report).
  2. Consider the use of robotics and artificial intelligence tools to automate highly resource intensive and repeatable tasks as a means of improving efficiency.
  3. Optimise your tech stack by removing unnecessary tools or integrating software platforms so you are not constantly jumping between platforms for different tasks. 
  4. Consider adopting managed accounts to streamline the investment process, to reduce time-consuming tasks, such as Record of Advice (RoA) development when client portfolios change.

The 10 types of innovation

1. Profit Innovation: How your business makes its money
2. Network innovation: How to get the most from your connections
3. Structure innovation: Making the most of your assets
4. Process innovation: How to gain from advanced technology
5. Product performance innovation: Improving features and functions 

6. Product system innovation: Developing your ecosystem
7. Service innovation: Supporting and amplifying your offer
8. Channel innovation: How to deliver your value
9. Brand innovation: Building the identity and personality of your company
10. Customer engagement innovation: Going beyond the sale

Resources to help you start innovating

Customer Journey Workshop

Use this workshop to identify pain points in your customer’s experience with you, and develop innovation solutions to address them.

Download the toolkit

Innovation cards

The Netwealth Innovation Cards is a deck of 35 cards containing bite-sized innovation challenges to help you and your team unleash its inner creative genius.

Download

AdviceTech Roadmap Workshop

Prioritise technology solutions and develop an AdviceTech roadmap for your business with this 90-minute team activity.

Download the toolkit

Speculative Innovation Workshop

Capitalise on changing consumer expectations by getting your team to inspire new products, services and ways of doing business to .

Download the toolkit