December 7, 2019

How to Perform a Tech Audit

Written By Charesse Spiller

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Are you regularly auditing your tech stack?As a business owner, it’s easy to let small things slide – like looking at your current tech stack, and evaluating whether or not it’s serving you. However, taking the time to explore what technology you and your team are currently using, and making sure that you’re using it to it’s full potential can save you money, increase efficiency in your business, maximize productivity, and positively impact your client experience

Are you regularly auditing your tech stack?As a business owner, it’s easy to let small things slide – like looking at your current tech stack, and evaluating whether or not it’s serving you. However, taking the time to explore what technology you and your team are currently using, and making sure that you’re using it to it’s full potential can save you money, increase efficiency in your business, maximize productivity, and positively impact your client experience. Needless to say, it’s a key part of your end-of-year planning! To audit your tech stack, I typically recommend following a few simple steps to get organized and perform a quick check-in at least once a year. Doing this before planning next year’s budget can make a huge impact on your business’s bottom line.  

Step 1: Determine What’s Client Facing, and What’s Internal

Make a list of all the technology you’re currently using. Then, evaluate how each piece is being used. If a particular software is being used in multiple ways, write them all down so that you get the full picture.  

Step 2: Analyze Your Vendors

Now that you understand what technology you’re currently using, it’s time to learn more about their full potential. Performing a tech audit may not mean that you abandon technology you currently have and love for something new. In fact, more often than not I recommend that clients dig deeper to uncover what integrations and features are available through their current vendors. Keeping technology consistent provides a consistent client experience, and makes your processes easier for both you and your team.I usually recommend making a list of all your vendors – you can refer to the list of technology you made in Step One. Ask your vendors if they’ll do a demo or a walk-through with you so that you can get a sense of their full potential.  

Step 3: Review Additional Features

Once you’ve identified your tech stack, and what vendors are providing your technology, you’re able to review the features each vendor offers – and compare them with how you’re currently using each tool. For example, you may find that your current CRM also offers onboarding tools or ways to automate workflows that you hadn’t thought to use.Sometimes, you may find that your tools offer a variety of additional features that you’re not using because they aren’t “talking” to one another. For example, you may be manually entering new prospects in your CRM even though they’re automatically scheduling through a tool like Calendly or Schedule Once.Instead of continuing to do this (or any other tasks) manually, I recommend you take a closer look at Zapier. Zapier is an integration tool that helps to connect different systems, and using it may help you to automate tasks that ultimately help you grow your business and provide a better service to your clients.  

Step 4: Remove What You Don’t Need

Most of my clients end up discovering that there’s a significant overlap in the tools they use. For example, they may be using both a payment system and a virtual signature tool when most payment systems offer e-sign and payment options.Another common example of technology overlap that I see is that advisors may not be using their financial planning systems for sending reminders and client follow-ups. Instead, they’re using a word document, PDF checklist, or a plain-text email. The vast majority of planning software also has client reminders built into their system – you just need to make it part of your process.  

Step 5: Decide New Ways to Use Your Technology

If you find you have overlap in your tech stack, or just find a new software with more robust capabilities that better meets your needs, you need to decide what you’re going to replace and how you’re going to use your new systems moving forward.This may mean revisiting your current processes, workflows, and best practices to provide updated information on your team’s technology. Make sure that both you and your team are up to speed on these changes before implementing them.  

Step 6: Rinse and Repeat

Tech stack audits should be happening on an annual basis. This helps you to eliminate inefficiencies in your practice, maximize the tools you have on hand, and continue to grow your business – all while keeping an eye on your technology budget.  

Want to Learn More?

Have additional questions or need help? Schedule a call with me today! I’d love to help walk you through your very own tech stack audit either through my Essentials Package or through a one-time coaching call.

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