Why brokers need automation

Author: Albina Zhdanova

Throughout history, humanity has been looking for ways to simplify, outsource, and automate various tasks and chores. Even though the benefits of automation seem to be self-explanatory at this point, many companies are still relying heavily on manual work. Today we want to explore what automation means for brokers, how it affects everyday tasks, and overall profitability of the enterprise.

First and probably the most obvious benefit of implementing automation into your business is that it saves the time of employees. The cost of hiring staff is one of the largest for companies, forcing management to constantly look for ways to optimize the time that people spend at their desks.

Most people would be happy to give up their repetitive administrative tasks and focus on more strategic and challenging projects. Imagine what would some of your brilliant colleagues be able to accomplish if they could free up the time they spent on generating manual reports every week! Hours and hours of manual monitoring can be eliminated with an automated alert system that will notify you if something abnormal is happening.

Another good reason to look into automation is mistakes or errors. As the saying goes, he who does not fail does not try. No matter how smart and professional you are, the chance is — you have made many mistakes in the past. And so has everyone else. Yet, there are many errors that do not need to happen and can be easily avoided with the help of guides, mentorship, and — automation. Nobody wants to make mistakes, and often they occur as a result of dull or complicated tasks that require constant focus.

The essence of the brokerage business is numbers: making money and counting money. As a result, doing the job often means sitting in front of the computer, looking at sheets, and trying to make sense of it. There are many software products out there that can gather data automatically and provide basic analytics, releasing your team from this duty.

Stability is the third factor of automation that is sometimes neglected. With automation, a business can guarantee the same level of service both internally for its employees and externally for the clients. It is relevant for companies of all sizes. Small brokerages do not need to worry if somebody goes on sick leave or quits the company abruptly. Whereas larger firms can expand their teams and market presence confidently, knowing that everything will remain under control. So essentially, automation means higher satisfaction rates for all parties involved, which inevitably leads to higher profits.

The ability to maintain the level of services today is more critical than ever. With the global pandemic raging, and economic hardship upon us, there are fewer clients out there, and competition is fierce.

Automation does not need to be directly related to the trading side of your business to help you flourish. Let’s say you are using multiple ways of communicating with clients, such as email, website chat, WhatsApp, etc. You can install an omnichannel platform to help your sales team streamline communication through a single console, instead of logging into countless messengers. To make the process even more efficient, create a set of templates. With the templates, you can guarantee that your value message is delivered, while saving your team’s time and energy.

Whether you are fighting for a market share, optimizing your costs, or just starting your business — automation is what will help you stand out. If you are looking at ways of automating your business processes, please feel free to reach out to us at sales@t4b.com, and one of our team will get back to you shortly to discuss ways we can help you reach your goals.

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