Financial services companies are constantly haunted by the competition but it has been proved that new, innovative solutions, such as mobilization, are able to keep them in the game. Still, it’s not a cheap bet, so smart budgeting is essential.

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Through the following examples, we show you how to build strong commitment by the smart allocation of resources, in order to achieve success in the banking sales department.

Changing the perspective

Imagine your firm, a financial services company, has a digital transformation strategy in place and, as a part of it, a mobilization project for the whole workforce. Your task as the sales department head, will have to work on translating your own team’s corporate workflows to a targeted app on a mobile device. You will have specific needs, though, in terms of devices, mobile and desktop applications. How do you make sure you’ll get a fair share of the budget while not asking too much of an already huge financial commitment?

Media reports that giant global corporations easily spend billions of dollars on digital transformation projects. At the same time, Gartner’s recent forecast on IT spendings had an interesting statement: they claimed that while it was clear that companies would keep on spending on digital devices and IT services, the political and economic uncertainties would restrain them from spending as much as previously thought. The device budgets remain flat at $USD 589 and the services budgets will only grow by 4.2% this year.

To better achieve your mid- and long-term goals, try opting for a fixed percentage of the total technology budget: your actual spending on the different elements of the mix will depend on the developments in other areas, such as the back office, the data security and management, and the likes. One global firm was not afraid to allocate 30% of its total technology budget to mobility and collaboration projects, affecting 100,000 employees, and changed the entire ballgame with solutions like intuitive mobile dashboards and work chats.

Getting the C-suite on board

The strategy of your company focuses on eradicating inefficiencies in operations by giving people consumer-like technologies to work with. In practice, it means creating a BYOD-policy completed with the development of easy-to-use enterprise mobile applications.

While it’s not hard to see how such mobilization would benefit the sales team in their field work and would result in improved figures, the fact it is not an isolated project makes more room to negotiate the department budgets.

Be part of something big: when C-level executives are convinced to digitalize the enterprise and allocate the necessary budgets, it will be a large-scale opportunity for the sales department to up the game with more innovative solutions. One way to do that is link every line of the department budget back to the corporate strategy. Spending on a top enterprise mobility management tool ensures the most secure operations for the field team. Or, the high customer engagement, resulting from the increased responsiveness, validates the costs of a disruptive mobile application.

Securing a quick win

When breaking the down the costs of your project, it is useful to keep in mind that, although making the switch to digital and mobile is at least a few years’ investment, there are possibilities to ease the risk anxiety by securing a quick win.

Carefully examine the usual elements of a mobile plan: it is quite rare to spend equally on new hardware purchases, consultancy, mobility management and collaboration tools. Some of these areas will stand out either with their lower costs or by providing a quicker or higher return.

In our example, cutting device acquisition costs will not be a highlight since the strategy already builds on employees bringing their own devices to work. Consequently, you will not be able to save much on management tools, either. But if you can make these tools work sooner? That would be your win on the ROI-side and the more chances you get to have your budget approved.

Scoop the market for ready-to-use software solutions that are most likely to fit your operational workflows. Individual development not only costs more but also takes more time, and these sacrifices are seldom justified in use. You can also find sales-specific, ready-to-use applications that can even be customized, but not to the extent where it actually slows down the processes instead of accelerating them.

You can also focus on the savings side: sales can be especially strong in saving on paper costs when digitalizing its processes or cutting down on down times when mobilizing the field team. Also, If you make a good software choice as seen above, that means your team can use them from day one, saving on training costs as well.

Enjoy simplicity and ease of use and make your employees more productive in a days – Request a demo

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The post 3 Tips for Banking Sales Heads to Stretch Their Mobility Budgets appeared first on Scolvo.

Don’t fall into the trap of measuring everything when transforming your business to digital: there are certain numbers that will tell more about your journey than others. Finding these keys will open the road to success.

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Administrative expenses

Cost saving is the ultimate argument to support a digital transformation strategy. Which executive doesn’t like to see the shrinking numbers in the budget for expenses?

One major category that is soon to provide spectacular results is that of the administrative expenses. As businesses start to digitize their operations, they necessarily automate many of the tasks and cut down on paper use, even totally eliminating them from certain workflows.

The savings on customer communication (invoices sent in emails instead of per post, announcements pushed to smartphones in notifications instead of flyers, etc.), reporting (mobile application instead of paper-based solutions) or assistance (a virtual PA instead of a human one) are tremendous.

Operating expenses

The other type of expenses that will be affected by the transformation to digital processes is that of the operating expenses.

For the makers of tangible goods, digitally controlled production, monitoring, maintenance, and distribution result in simpler, more streamlined workflows. After all, cutting on inefficiencies and down times can earn hard cash for the business. Digital processes also allow the companies to create new, innovative services that cater more to the digital customers’ needs.

For service companies, the savings come mainly from payroll: the same workforce being more productive, the same hours better distributed, the less hiring necessary. When the lines of human resources costs are in decline alongside the same or improved profitability, the business is right on track with its digitization efforts.

Sales of goods or services

There is one thing more appealing than cost savings: and that is sales figures going up. The implementation of a digital strategy, when successful, will surely steer the numbers in that direction.

The reasons? For one, the customers are more satisfied. For them, your digital strategy translates to promptly available product information, easier purchases, more payment and returning options, quicker answers to their questions through online customer service. And what do satisfied customer do? Yes, they spend more on your products.

The other reason is more technical. When the operational processes are streamlined and simplified, sales agents become more effective in their day-to-day activities. Supported by real-time data coming from the company database and instantly available on digital devices, they can have more client meetings, give better quotes, and close deals more quickly.

Employee satisfaction

At first, it might seem like the hardest to measure but, in fact, this soft metric can be translated to actual numbers if we take a closer look.

Technically, access statistics of digital corporate systems and enterprise applications will show if the employees are satisfied with the new tools and processes: if they are, they will use them without any further prompts or incentives. Just because it makes their job easier or more enjoyable. Don’t underestimate the power of satisfaction: it is a huge part of success and a proof on the return of the strategic investments. The opposite (dissatisfaction), on the other hand, cause more pain than gain for everyone.

Employee satisfaction can also be measured by looking at the retention figures. Introducing digital tools and processes, ideally, come with the advantage of people wanting to stay in their jobs. So to speak, two birds are hit with one stone, as your business becomes innovative and the employer brand stronger at no additional costs. Moreover, a lower employee turnover means lower hiring costs – a real game-changer these days.

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The post Key Metrics in the Budget that Show a Successful Digital Transformation appeared first on Scolvo.

In mobilizing a business, there comes a point when the price of a certain development has to be considered. Given the highly customized nature of mobilization projects, the exact costs will depend on the details, but it’s good to know what the typical components of a developer quote are.

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The main impact factor on the cost of mobile development will be the type of solution provider you choose. Software product vendors, mobile platform providers, and custom application developers all have their different methods of pricing their services. Then there is also a fourth category, with companies like SCOLVO, that offer yet another approach by combining the advantages of off-the-shelf products and individual developments.

Full house of costs for full coverage of processes

Those businesses that want full control over the outcome of the development of their mobile apps and want an end-to-end solution with full customization of a certain workflow will have to pay its price. While it may not be the most expensive solution, it is certainly the one with the most cost components to consider (not to mention the time requirements).

There will be costs associated with planning and designing the mobile software, as well as the building of features and a matching infrastructure, not to mention the administration, testing, and deployment phases that will all demand financial resources. In practice, that means the developer team will give you a calculation that will contain their hours for the various components of the project. Note that maintenance and updates go on top of that!

Separating basics and customization

With mobile platform developers, the clients can choose which components they would like to buy and which are to be assigned in-house. The clients can save time on coding the most common functions and focus on the customization of the functions and the user interface.

The provider will charge for the hours of the selected pre-configured components, based on the size of the storage needed (infrastructure), the number of users (features), push notifications, and social network integration (user engagement). They also offer scalability options.

However, there will be a need for another major bucket for the spending on in-house developers who will make the translation of a complex process happen, with full customization. These people will have to be highly trained professionals with the matching employment costs.

Saving costs by adaptation

Software product vendors, typically ERP-providers, tend to offer a mobile version of their applications. Since these systems are pricey enough, they tend to offer the complementary solution for free or included in the monthly subscription fee for a small extra. From a price structure/cost breakdown perspectives, this makes it very simple for the clients to calculate the costs of a mobile solution.

But more often than not, mobility projects are not just a simple translation of a desktop workflow that becomes accessible on mobile devices. ERP’s tend to be especially complex and if all features, or just not the right ones, are included in the mobile solution, then it becomes unusable, or will not drive major growth in productivity. The fact that it leaves almost no room for customization is a definite setback also when considering the prices.

Going for simple but flexible

A new, innovative approach to mobile app development has emerged recently, offering a solution for those who find the platform providers too expensive, the software product vendors not flexible enough, and don’t want to engage in software development from scratch. As well as the service ready-to-use customizable development provides, the pricing structure will also be quite different from the others’ mentioned above.

The final price can be calculated adding up two components. First, clients will have to pay an initial implementation fee, the amount of which depends on the required features and integrations. The second component of the price is the monthly subscription fee, for which the client gets regular software updates and new releases for the same bundle. Its amount depends on the number of users of the application, presenting different opportunities for small, medium, and enterprise-level user groups.

By carefully considering the purpose of the mobile development and selecting the most suitable development method, clients can make themselves familiar with price structures and further specify the details of the project.

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People, Process, and Technology

To conduct a successful digital transition, you have to establish the necessary resources on three levels: for tools and services, for the creation of new processes, and for human resources.

Digital Tools

Technology is the most tangible spending in your budget. Though some of your old tools can remain in place as a backup, mobile devices and cloud services have to be calculated with from now on. Note: different workflows might require different devices – field operations are well served even with low cost tablets, while other departments need stronger and more specialized hardware. Get on the same page with IT: show howdevelopment, maintenance, and training costs can be cut with mobility solutions.

Depending on your overall strategy, you can opt for incorporating the employees’ devices within a BYOD policy, or create a new fleet of mobiles that you can more easily control.

The first solution will cost less in the short term but it will require specific management tools (another line in the budget) to take care of the inconsistencies and higher safety risks. The second is a bigger investment in the beginning but it will be easier to develop, secure, control, or update the application that is in the heart of the new work experience.

New Processes

The budget should always reflect the new, desired future processes and not the current ones. You will be surprised how many cases will it reduce your expenses.

An old process, for example, would often involve travel, paperwork, and personal collaboration. When diverted to digital platforms, you can cross these items off your list.

Connected devices and the automation thereof reduce operation costs and improve efficiency. Data loss due to manual processes is taken care of, and digitalization also makes reporting (extracting big data) easier.

You would surely need some resources budgeted for implementing the new processes, such as a minimal training, but they will still better come out of a comparison. Prepare with some data to back up your claims: here are our suggestions.

People and Roles

In accordance with the changed workflows, the working hours of your employees are scheduled is changing.

When planning a digital workplace strategy, you can calculate with increased efficiency and productivity.

Maybe you don’t have to hire yet another three account managers. Maybe you can assign some of the tasks to existing roles without overtime. Maybe you will not have to replace people who leave due to disengagement. In fact, this last argument might be the most important one when talking HR into the digital workplace strategy.

However, you will need an expert team to lead the digital workplace strategy itself: people who will create and implement it, people the other employees can consult if in doubt.

Those Who Search Will Find

If you think your company really does not have the budget to support a digital workplace strategy, think twice:

• Almost two-thirds of the companies plan to increase spending on people globally. (Deloitte)
• Industrial manufacturing companies plan to invest 5% of their annual revenue in upgrading their processes to digital operations. (PwC)
• Of the companies responding to the Global State of Enterprise Mobility Survey in 2016, 50.4% said they plan to invest in mobile application development (Enterprise Mobility Exchange)

Extra tip: To get access to the necessary funds, take your time to prepare with all the metrics you will use to check the performance of the strategy, even across departments.

The post How to Plan the Budget for a Digital Workplace Strategy appeared first on Scolvo.