Smart implementation
So what marks out the businesses that are moving ahead of the pack? From our wide-ranging work with FS clients on development, testing and roll-out, four key attributes stand out:
1/ Think digital first: There is no such thing as a digital strategy any more, only a strategy for the digital age. Front-runners ensure that digital capabilities and digital innovation are at the heart of all their business plans and business initiatives, from new product launches to process efficiency drives.
2/ Agents of change: The front-runners have established centres of excellence for innovation and implementation. One of their most important roles is engaging with business teams to identify the back office ‘pain points’ and commercial opportunities that emerging technologies could address and how to make the most of this potential. This collaboration encourages business teams to think innovatively and differently, and win their support to drive implementation forward.
3/ Two, then four, then eight applications…: By initially applying new technology in a specific area, front-runners can demonstrate ‘proof of implementation’, which encourages adoption in a succession of other areas. For example, once business teams see how RPA can allocate trades to desks more efficiently and autocorrect any data errors, these capabilities can be extended to clearing and settlement.
