If you’re considering the implementation of trust or corporate services administration software, you may come across some challenges related to costs. To help you prepare for these conversations we’ve put together a list of typical challenges and potential responses.
Challenge - Will we have to make a high initial investment?
Whist there will be an upfront cost, the expected outcome of bringing on this software is that there will be cost savings in the long run. The initial investment can be offset by increased efficiency, reduced manual work, and minimised risk of errors.
Challenge - Are we going to have to incur costs for training?
Concerns about training costs might arise, especially if team members need to learn how to use this new software. Address this by highlighting that proper training ensures a smooth transition and maximises the software's potential. Understand from your chosen provider what training they're able to offer as part of any onboarding process, which may mean there are no training costs at all. If there are, then remind stakeholders that any investment in training will pay off through increased productivity and accuracy.
Challenge – How will we make cost projections?
If your finance team are sceptical about the accuracy of cost projections and potential hidden expenses, then provide a breakdown of all costs involved, including licensing, maintenance, and support. Ask your proposed software provide to give you testimonials or case studies from other companies that have successfully implemented the software to build confidence within your firm.
Challenge – Will we incur integration costs?
Some may worry about compatibility problems with existing systems and the cost of integration. Reassure stakeholders that selecting a software provider with good integration capabilities will reduce integration costs and minimise disruptions to current workflows.
Challenge – Can we afford this? We only have a limited budget.
Partners may cite budget constraints as a reason to avoid the investment. Work with your proposed provider to produce a return on investment (ROI) analysis, showcasing how the software will lead to cost savings and improved efficiency, ultimately making it a worthwhile investment.
Challenge – Why don’t we just stay as we are?
People may suggest alternative manual methods or simply doing nothing. If this is suggested you should emphasise the software's unique features tailored specifically for trust administration and corporate services firms needs. There are also potential long-term advantages compared to other solutions, which are vast and include:
By acknowledging and addressing these challenges proactively, you can demonstrate the value and benefits of software and gain buy-in from stakeholders to proceed with the implementation. Your chosen provider will be able to support you through this process. Remember to focus on the long-term advantages and the positive impact it will have on streamlining trust administration and corporate services processes
If you're uncertain about the best course of action, consider scheduling an introductory call with our team. During this call, we can talk further about the cost challenges your experiencing enabling us to explore how our approach could potentially assist you in overcoming these obstacles.