The technology to tackle routine office chores is out there.
Having access to an affordable administrative
assistant 24 hours a day, seven days a week sounds too good to be true.
And maybe it is, for all the things that an assistant might be able to
do for you. However, for specific tasks, there are some virtual
(technology driven) solutions available.
One of the more time-consuming tasks in most offices is dictation. Some
financial advisors use traditional dictation equipment such as a
cassette recorder with a dictation machine (Dictaphone), which is then
used by an administrative assistant to transcribe letters, notes, etc.,
into text. Recent advances in speech recognition technology may render
this process obsolete. As an example, Panasonic Corporation now offers
a digital recorder, model RR-US380 (www2.panasonic.com) that can
digitally record up to 16 hours of audio and comes with the software
capable of converting that audio to text (speech-to-text feature). The
software permits storing audio files in folders, and those folders can
be easily transferred to a computer via an included USB cable. For use
in a client appointment or just for note taking, having the
speech-to-text feature is great, but having the ability to store the
audio files for compliance purposes is even better.
Microsoft includes speech recognition tools in its
office suite. Though the feature requires you to 'train' the program to
recognize your voice, it is reasonably accurate. If you have a decent
microphone attached to your computer, you can dictate directly into
Microsoft Word or use commands to control your work in Excel or other
Microsoft office products. In short, the speech recognition tools are
there to speed up your work and make dictation more efficient. Despite
its reasonable accuracy, a certain amount of editing is necessary.
Nevertheless, the tools are a time saver. In a network environment,
consider the efficiency of being able to dictate directly into a text
file (word document) that can then be handled by your assistant. Or,
with some additional steps, you may find it possible to automate letter
generation and envelope printing with the touch of a button using macro
commands in Microsoft Word and Outlook.
Another product, IBM's ViaVoice
(www-306.ibm.com/software/voice/viavoice) offers similar features. With
six different versions of the software, IBM, a pioneer in speech
recognition programs, has a version of its highly touted software for
you. Ranging in price from $49.99 (Standard) to $189.99 (pro), this
software is an affordable alternative. With Standard Edition, users can
dictate, edit, correct, and format text in the powerful IBM ViaVoice
speech-enabled word processor, SpeakPad. Text dictated into SpeakPad
can be exported to other text-based Windows applications through use of
a single voice command, or through the Windows Copy and Paste features.
Users can also dictate directly into Microsoft Word versions to easily
create letters, reports, and other documents. The advanced version has
higher levels of control features including the use macros. The Pro
version has the highest level of command and control for advanced
projects and automation needs.
Arguably one of the best speech recognition
programs, ScanSoft's Dragon NaturallySpeaking, Version 8
(www.scansoft.com) has the ability to recognize a number of different
speech patterns and languages. It contains a laundry list of
alternatives when, for instance, you tell it that it made a mistake.
The software allows you to correct your own verbal mistake by selecting
the error and then saying what you actually meant. A new
auto-punctuation mode is designed to insert periods at the end of
sentences. However, it may prove more efficient to speak your
punctuation marks. NaturallySpeaking comes in three different versions,
Standard ($99), Preferred ($199) and Professional ($700+). One of the
main differences between the Standard and Preferred versions is that
the preferred version has support for digital recorders. And, unless
you plan to use the software for advanced macro usage or other
high-level use, the standard or preferred version of the software
should suffice.
Moving closer to the goal of a virtual
administrative assistant may require some creative thinking on how you
do business. Using pre-populated forms, for instance, could
significantly cut down on the time required to fill out applications.
Several broker-dealers offer this service to their advisors at a
discount. There are software solutions such as LaserApps
(www.laserapp.com), which can be purchased outside of the B/D, assuming
the trading platform, investment and insurance offerings and other
forms comply with what LaserApps can do. (With over 7,000 forms in
their database, it is likely you will be able to use this product) At
$399 for the initial purchase, this might seem pricey; however annual
renewals are currently priced at $169 according to their website. When
you consider how much time is spent by you and/or your staff filling
out forms manually, the cost is greatly outweighed by the benefit.
Another efficiency area for the virtual
administrative assistant might be in handling voicemail messages. There
are services available that convert voicemail messages to text
available on select cell phones, BlackBerry phones, etc. Dictomail by
Admiral (www.dictomail.com) provides a voicemail box with your own
personal 877 toll-free phone number. All voicemail messages are
converted to text and sent to your e-mail address (on a BlackBerry
device). This toll free number works throughout North America.
PhoneWire Voicemail (www.phonewire.com/voicemail) also provides a
voicemail box with your own personal 877 toll-free phone number. All
voicemail messages are converted to text and sent to your e-mail
address (BlackBerry). These services typically range between $30 and
$100 per month depending on capacity, size of messages, etc. As
messages may be able to be retrieved and stored as a text file on a
computer, compliance with recent SEC regulations on electronic
communication could be enhanced with such services. For the hearing
impaired, or simply the one-person mobile office, these services offer
a more efficient means of keeping up with your voicemail messages while
on the road.
E-mails can be just as demanding. For this,
solutions range from receiving e-mails through your cell phone to using
a pocket PC device enabled to handle wireless internet access. Using
multiple locations to receive e-mail can be confusing, and could lead
to lost e-mails without a clear strategy. To solve this particular
problem, your main office desktop can be configured as the central
source for e-mail storage. It is possible to configure a program such
as Microsoft Outlook or Eudora Pro (www.eudora.com) to pull the e-mails
off the e-mail server and store them on the local computer. However,
doing so might prevent you from seeing them if you were attempting to
access e-mails from another source, such as a PDA or cell phone. One
way to work around this is to configure your computer to save a copy of
the e-mails on the server. That way, you would be able to retrieve them
on another device. However, you may wish to consider having the
portable devices save a copy and the desktop pull the e-mails off the
server. This would work if, when you are out of the office, your main
desktop computer is shut down or otherwise unable to retrieve those
e-mails.
Ultimately, the goal is to save time and effort. To
the extent that these tools accomplish that goal, a higher level of
efficiency can be realized. It might be a stretch, however, to suggest
that you could totally replace what a human administrative assistant
might be able to do. The goal for the smaller practice in this case
might be to extend what can be done virtually so that you are able to
delay that hiring decision until the scale of your practice demands a
full time, live person.
David Lawrence is a practice
efficiency consultant and is president of David Lawrence and
Associates, a practice consulting firm based in Lutz, Fla.
(www.efficientpractice.com)