Unlocking Hidden Insights: Reporting on Workflows in Quivr
At Quivr, our mission is to help financial advisors operate at peak efficiency. This commitment drives every feature we develop, especially our powerful workflow engine. This year, we rolled out a significant workflow update, and it's been exciting to see how our users are leveraging these new capabilities to gain truly unique insights into their firm's operations.
Often, there's a disconnect between those performing tasks and those overseeing the bigger picture. Imagine a director of client service wondering why onboarding new clients seems to be slowing down, or if one CSA is handling a disproportionate workload. Without clear visibility, it’s difficult to identify bottlenecks, understand capacity, or pinpoint where processes might be breaking down. For example, are prospects abandoning the process at a specific step? Is a particular custodian causing delays in processing applications? These are the critical questions that reporting on workflows can now answer.
From Data Collection to Actionable Intelligence
It’s one thing to collect data; it’s another to make that data genuinely useful. The enhanced reporting features in Quivr's workflows provide an unprecedented opportunity to turn raw data into actionable intelligence.
Consider a firm that noticed a high drop-off rate among prospects. By running a simple report on their "prospect process" workflow, they quickly identified that most prospects were abandoning the process at the data gathering stage. This insight led them to critically evaluate their data request list. They hypothesized that the sheer volume of requests was overwhelming prospects, especially for documents not easily accessible electronically. By trimming their list to focus on essential, easily attainable information, they aimed to reduce friction and improve conversion rates. This kind of hidden insight, easily revealed by workflow reporting, can lead to significant gains – even closing just one more client can pay dividends.
Real-World Applications and Strategic Advantages
The ability to report on workflows extends far beyond just identifying abandonment points. Firms are now utilizing these insights for:
Capacity Planning: Understand who on your team is working on what, how much they've completed, and who might have capacity for new work. This moves decision-making from intuition to data-driven strategy. For instance, instead of assigning a new client onboarding based on a "gut feeling," you can assign it to the CSA with the lightest current workload as shown by the dashboard.
Process Optimization: Pinpoint exactly where tasks are taking too long or where delays commonly occur. If one team consistently achieves a 95% return rate on document requests while others struggle, you can analyze their approach (e.g., their email phrasing or request structure) and replicate best practices across the firm.
Business Development KPIs: If you initiate specific workflows for your business development process (e.g., for initial calls, follow-ups, proposals), you can now report on key performance indicators for each advisor or advisory team. How many intro calls are being had? How many proposals are active? This provides clear visibility into your sales funnel.
Proactive Management: Automatically track important compliance and client service tasks. For instance, an advisor can easily see all remaining RMD workflows or Roth IRA conversion workflows for the year, ensuring critical tasks with specific deadlines are never missed.
Empowering Your Firm with Data
Many of these advanced reporting capabilities were born directly from questions posed by our users during Office Hours. The collective experience and shared challenges within our community continually push the boundaries of what Quivr can do.
The power of having a robust workflow system that allows for detailed reporting empowers your firm to make legitimate, data-driven business decisions. It sheds light on hidden patterns, identifies areas for improvement, and ultimately helps you run a more efficient and profitable practice.
If you're a current Quivr user, we encourage you to join our Office Hours every Wednesday. These sessions are a fantastic opportunity to ask questions, share insights, and learn how to leverage Quivr's features for your unique needs. If you're not yet a Quivr user, that's okay! We invite you to schedule a demo to see firsthand how Quivr can transform your practice.
