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Digital transformation without fear

Insights

The benefits of digital transformation are clear and compelling: more profitable outcomes, increased operational efficiency, lowered costs, better service for clients, more productive and potentially happier employees. In fact, 27% of senior executives now believe digital transformation is more than a nice to have, it’s a matter of survival. But making a big change to your software deployment is scary.

Concerns differ between firms, but the ones we hear tend to fall into two categories.

Technical worries

  • How will the new solution work?
  • How will it fit into my wider tech deployment?
  • How will we transfer our data, etc?
  • Will it be a drain on limited tech resources to learn and manage yet another system?

Business disruption worries

  • Will there be downtime for key business areas?
  • How will my IT team cope?
  • Will I need to pull key workers off the floor to support the transition?

There’s no getting around it: changing a core software system is daunting. But with our tips you can minimise disruption and the worry that goes with it.

1. Focus on the goal

Nobody undertakes this kind of change for change’s sake. Your firm will have goals for this digital transformation, such as

  • Increase operational efficiency by implementing a platform that supports systematic recording, analysis and resurfacing of key data so your people can have higher-quality client interactions with minimal research time
  • Support both your top performers and other employees through data-driven talent management KPIs to ensure that everyone can reach their full potential, and enjoy what they’re doing more, too
  • Cut through data silos by implementing a centralised platform that can be used across the firm to create a data bank with a global view of activities so teams can be better informed, more responsive, and provide a better service to clients

The right goal will make the value of the transition obvious: your firm must take the plunge now, because there is so much to be gained.

Remember, too, that a strong goal accompanied by compelling ROI introduces a sense of urgency – if you wait around too long, you miss out on weeks or months of operating at a higher level. 

2. Find the right partner

You might think that your firm will get maximum benefit from a digital transformation process by investing in, or even building, a completely custom solution. But in almost all cases, our experience tells us that this is wrong. Custom solutions can be hugely expensive, take an incredibly long time to implement, are costly to maintain and often deliver an inferior result. Instead, we recommend working with a supplier who can provide a solution built around capital markets in general, and who has a good level of expertise in the industry.

A good supplier should also be able to put your technical worries to bed. They’ll explain and demonstrate exactly how their solution works and will provide case studies and references so you can learn about how the implementation went for other firms, and how the new software is performing now. 

To further calm concerns about business disruption, consider investing in white glove service with your chosen supplier. This will mean that they work extremely closely on the implementation, taking over tasks like data transfer, training, etc. This cuts down on menial  work for your people and helps reduce downtime and demands on your resources. And the right support and training is crucial to get the most out of AI-based tools in particular: according to Accenture, AI can boost business productivity by 40%, but only if users can interface with the technology effectively – training is crucial to get people familiar with new tools.

3. Future proof your new system

Ensure that you can stick with your chosen solution in the future. UnMaking sure you’re happy with your choice, and that it can grow with you means you won’t have to undertake this process again for a long time. 

The right solution will be flexible and scalable so it can grow alongside your firm and change as you do. You might want a modular system so you can take the rollout team by team to reduce its impact. Ensure, too, that the supplier you choose has a sensible, long-term plan to maintain and develop their solution so it will stay functional, current and secure well into the future.

There’s no time like the present

If your firm needs to implement a new key software system, then go for it. Stay focused on your goals, and bear in mind that waiting around, being held back by fear will cost you more in the long run. The right partner will assuage your technical worries and provide practical help to keep business disruption to a minimum. 

Ready to undertake your own AI-driven digital transformation? Singletrack’s client engagement and analytics platform has a proven track record of fast, smooth implementation, quick ROI, and plenty of experience helping a range of capital markets organisations save time, money and deliver better client service.

Singletrack

Singletrack

Published: 17/11/2022