Collaboration Tools to Increase Your Productivity

By Helen Modly, CFP, CPWA, and Tiffiny Dimel, CFP

Today's online collaboration tools replicate everyday business functions, moving them to a single location through a suite of chat, file-sharing, and other apps so users can boost teamwork, track internal projects more efficiently, and quickly and effectively share ideas and information. By centralizing communication and providing the proper tools for tracking deliverables, you can remove nonessential clutter from your inbox and reduce your meetings to the content that matters.

Why Use Collaboration Software? At its heart, a good collaboration tool builds an environment where users can exchange information, be it by chat, the creation or modification of files, or checking off items as they are completed. Research and articles can be easily shared, ideas developed and expanded, work prioritized and assigned, and conversations archived for later reference.

There are many types of collaboration tools now available, but most fall into two categories: those based around a robust chat system designed to facilitate conversations or content creation, and those based around project management features to track tasks and manage resources.

To choose the best tool for your office, determine what your objective is for the collaboration. If you need to increase communication between team members, consider a team chat-based tool that creates an ever-present platform for ongoing conversation. Using chat can replace phone calls or emails, making information and updates available to a wider audience in real-time. Users can be organized into groups by adding them to channels, which allow access to an ongoing chat, shared files and other resources, thereby enabling the team to manage a conversation and any projects, tasks or goals that evolve from it.

If your need is to move forward internal projects or business objectives, a project management-oriented tool can keep a team's focus on the current status and next steps, directing conversation around those topics to keep all information related to the project in one place. In this model, projects are created and the appropriate people are invited to participate. The focus remains on each project, where users can share files, create checklists, make comments or updates, assign resources, and schedule deadlines.

In either scenario, these tools are best suited for internal projects and communication only. Your CRM system will likely remain the best place to continue tracking tasks assigned or related to clients, not only for record-keeping purposes but for privacy as well. However, many CRM systems integrate with collaboration software so you can view your to-do list, or even client information, all in one location.

Create Public or Private Groups That Meet a Specific Need One of the core features of any collaboration tool is the ability to create groups by function and need. Have a one-off project that needs coordination between members of three different departments? Create a project or channel and invite that specific group of people as members. As the project progresses, new people can be added when their participation is needed, and they can quickly bring themselves up to speed on what was done, why it was done, and who completed it. When the project is complete, you can archive the channel or project and all of its associated files and information for later reference.

Launching a new business objective? Get the decision-makers and implementers into their own project or channel, where they can share ideas in real time, post links to interesting or relevant articles, share images, and upload files. This is a great way to move those temporary, miscellaneous files pertinent to an internal project out of people's inboxes, off shared network drives, and into an environment where they can be easily shared, modified and archived for later retrieval if the need arises.

Meetings can even be scheduled and launched directly from the collaboration software. Members of a collaborating group can share emails by forwarding them to the channel or adding them to a project so everyone can reference the same information without adding clutter to every member's inbox.

Common resources, such as FAQs or procedures, can be made broadly available by creating permanent channels or projects. These general areas are a great way for new hires to quickly learn their way around your various systems and documents.

Collaborate Across Departments, Time Zones, or Objectives The power of these tools comes through when collaboration is required among teammates across multiple departments and/or time zones. Comments can be left at any time, and can be directed to specific people (typically through the use of an "@" sign) to make sure they are seen. Items can be flagged from another group member, giving teams an instant status update and direction about what is needed next to continue work.

Comments can also be tied to a specific topic or file so a user can see everyone's feedback in one place. Rather than emailing a file to members of your team and inviting feedback, resulting in a long email chain that makes previous comments difficult to find, you can share the file instead. This will create a comment area where members can leave their feedback and have discourse if needed. You can upload files directly into the software or share from an existing source, such as Dropbox, Google Drive, or OneDrive.

Extend and Personalize Your Collaboration Software With Apps Apps in this context are add-ons that add functionality to your channel. Some features native to one collaborative tool may be available as an app in another and vice versa. Common apps include the capability to build polls, to create individual or team to-do lists, videoconferencing, and to maintain a knowledge base for frequently accessed procedures, links and documents.

Apps also can integrate with other elements of your existing technology stack, such as your CRM system, document management systems, workflow tools, marketing and contact management programs, and even other collaboration tools you use every day. Most chat-based tools have an app that adds a component of project management to a channel, and most project-based tools offer integration with a chat tool.

Where to Get Started Some of the most well-known tools are Slack, Asana, Trello, and, Teams for Office365; however, there are now dozens from which to choose. Many offer a basic version of their service for free, which may be all your office needs. Choose one that integrates with elements of your current technology stack and offers a way to extend its basic functionality through apps. The most common integrations are with CRM systems, communication and productivity software.

Premium versions typically offer additional functionality and integration, enhanced searches across conversations, projects or files, or the ability to maintain a higher number of channels or projects. Do not forget to test out a tool's mobile app as part of your evaluation process.

Once you have fully embraced and implemented a culture that uses a collaboration tool, you'll find yourself checking that platform for updates and chatter, leaving your email free for the most important collaborator of all--your clients.

Helen Modly, CFP, CPWA, is a wealth advisor with Buckingham Strategic Wealth, a fee-only registered investment advisor. The opinions in this article are the author’s own and may not reflect the opinions of Buckingham Strategic Wealth or Morningstar.com. The author may be reached at nova@bamadvisor.com.