IFAC & cloudThing’s PAO Digital Assessment Tool Part 5: Is Your PAO Developing Products & Services Efficiently?
IFAC recently teamed up with cloudThing to offer our membership a free Digital Readiness Assessment Tool that would assess an organization’s digital readiness ahead of a digital transformation project. The PAO Digital Readiness Assessment Tool has been designed to measure how digitally ‘mature’ an organization is, or where they already are on their individual digital transformation journey.
The Tool will be open for PAOs to complete from November 12, 2020, to April 30, 2021. During this time, IFAC's main objective is to help PAOs complete the tool and understand, interpret, and prioritize their results. The results, (after being thoroughly anonymized) will allow IFAC, working in conjunction with cloudThing, to assess the digital readiness of the accountancy profession as a whole and strategize future support.
The Digital Readiness Assessment Tool is broken down into 11 different pillars. So far, we have blogs covering the following sections:
We recommend reading the previous articles before proceeding to Part 5 on Product and Service Developing.
The fifth pillar of the Digital Readiness Assessment Tool seeks to analyze, understand, and measure an organization’s ability to develop Products & Services that will be valued by its members, in a timely and cost-effective fashion. Specifically, this pillar seeks to understand and measure how well an organization is already doing this.
The ‘end-goal’ of effective products & services development is to cultivate, maintain, and most importantly, increase an organization’s market share by satisfying its members’ (and potential members’) wants, needs, and requests.
The assessment focuses on measuring activities that are or need to be taken in moving an organization away from manual and administrative support and towards the automation of activities that can offer members a 24/7 service with the additional option to self-serve.
There are many key aspects of an organization’s products & services that can be improved through technology, such as: the introduction of a mechanism to collect members’ feedback, the automation and facilitation of committee functions, creating and managing content across an organization, and managing the product selection offered and its overarching pricing.
Effective implementation will lead to:
Having effective tools and systems to measure your organization’s professional and product development is crucial as it helps to define, organize, manage, and publish membership products and competency development offerings to members.
Effectively managing those processes can:
Progressing a true digital transformation means having the tools and systems in place to manage a product portfolio and the pricing rules and promotions of various membership offerings as cost-efficiently as possible. This can result in:
Committee management necessitates processes, platforms, and tools. How ready is your organization to recruit, onboard, and then run professional committees consisting of a wide variety of participants, including both internal employees and external members?
Having the latest committee management processes enables an organization to:
For a PAO, any digital transformation should include the identification of necessary competencies accompanied by appropriate tools and processes to support corresponding exam planning, setup, proctoring, execution, assessment, and publication of results. This will:
Content management is a set of processes and technologies that supports the collection, management, and publishing of information/data/content. However, Enterprise Content Management (ECM) systems extend this concept by adding a timeline for each item and, possibly, enforcing processes for its creation, approval, and distribution. Systems using ECM generally provide a secure digital repository for managed items.
An ECM system is designed to manage unstructured data: documents are stored so that they are accessible to the right people at the right time. Content creation in the context of maintaining and updating websites typically refers to blogging, article writing, photography, videography, online commentary, the maintenance of social media accounts, and editing and distributing digital media.
ECMs are great for increasing productivity and efficiency by streamlining processes and removing wasted effort. They can also aggregate information that helps knowledge workers speed up their decision-making processes and facilitate collaboration by reducing siloed content and sharing it organization-wide.
To do this most effectively, organizations use Content Management Systems (CMS) to help them.
A CMS can provide a secure repository with a user-friendly interface for web publishing while also ensuring Role Based Access Control (RBAC) is followed and the appropriate review and approval processes are adhered to.
This enables non-developers to edit and upload content to websites while making room for the concurrency of user edits and actions. It can also streamline the scheduling of pre-prepared content, improve, and reduce time spent on-site maintenance and ensure site-wide design consistency.
Always Open Feedback is concerned with collecting, analyzing, and potentially actioning input from customers, employees, suppliers, vendors, and members regarding their experience, and satisfaction with an organization’s products and services.
If looked for and given in a timely way, this intelligence can help refine products and services offered and identify any customer service or operational issues promptly. The feedback collected could be either quantitative or qualitative.
Quantitative data is instrumental in providing a high-level view of overall satisfaction trends (against Customer Satisfaction Score (CSAT), Net Promoter Score (NPS) and Customer Effort Score (CES) metrics, for example), while qualitative helps to ‘tell a story’ and provide ‘color’ to the overall picture, with specifics relating to a particular event or interaction.
Allowing room for this type of business intelligence in your digital transformation:
Locate the email sent on behalf of IFAC Membership, with the subject line, "IFAC PAO Digital Readiness Assessment Tool Launch." Your organization's unique access link will be located within.
If you have any issues with registration, please contact firstname.lastname@example.org for assistance.
If you cannot locate the email, please contact email@example.com.
Check out IFAC’s PAO Digital Transformation Series webpage which houses helpful resources, articles and videos on Digital Transformation and is regularly updated!
cloudThing, based in the UK, is a technology company that help organizations such as the British Red Cross, The South African Institute of Accountants, and the Institute of Chartered Accountants (England & Wales) to name but a few, digitally transform by taking advantage of the automation technology available to them on the cloud.