Take Advantage of Today’s Technology Reset
The global pandemic provided a rare window into the future of business as it unfolded in real time, and it’s clear this is only the beginning. We are in the midst of a reset, one that is already transforming the economy and what advisors and investors expect. The scope and speed of change was unprecedented, accelerating digital adaptation by as much as five years in a 12-month period. Everything that could be digitized was, from education and exercise to currency and cars.
Innovations in AI, 5G, nanotechnology and biotech have kick-started what some refer to as a fourth Industrial Revolution that will fuse the physical, digital and biological worlds. Nearly every business has become a tech business.
Wherever you were on your technology modernization journey, the COVID-19 pandemic has likely caused changes in your plans. Many organizations have been pleasantly surprised by the ROI they’ve experienced from COVID’s “forced” digital business transformation.
Are you using this opportunity to its full advantage?
When Bill Gates was leading Microsoft, he was quoted saying that “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
Broadly speaking, Digital Transformation is the adoption and integration of digital technology across a business to modernize their ecosystem to fundamentally change how they operate and create value for all stakeholders.
Over the last couple of decades, we have seen firms adopting new technologies for very specific needs. This created what we like to call a jig-saw puzzle of technology. The technology would work for the specific needs of the firm but did not always play nicely in the sandbox with other existing or future technologies. Many firms are beginning to realize that utilizing a technology considered to be “best in class” does not necessarily create a better ecosystem of technology or equal the best user experience for the firm.
In order to increase efficiency and reduce errors such as NIGO rates, firms must create a seamless platform experience for each user, removing the “swivel chair” effect of users jumping between one independent platform to another independent platform. With the right platform in place, you’ll be able to free up your resources so they can be allocated in different areas to grow your business, without the need to increase headcounts.
And lastly, consider the use of artificial intelligence (AI). Think about all of the data your firm has in its possession. Are you using it to your advantage? It is surprising how valuable the data is in growing your overall business.
Oyster Consulting bridges the gap between business and technology. Whether your firm requires short-term, tactical technology investments to solve immediate issues or you are taking the long view to create a sustainable, scalable digital transformation, Oyster can advise you on options and alternatives to fit within your budget and strategic plan.
For more information about how Oyster can assist your firm click here.
Oyster also provides industry insights though our blogs, podcasts and white papers. You may find more information on Digital Transformation by listening to our Oyster Stew podcast Digital Strategy – Modern Chess for Financial Services Firms.
About the Authors:
David Altschul is a seasoned COO and senior Corporate Executive with over 25 years of Financial Services industry experience developing solutions for operational efficiency through organization-wide digital transformation. David has deep experience conducting onsite implementations designed to deliver measurable, sustainable improvements that create new revenue streams, resource uses, vendor and partner management, and expense, risk, and cyber-security controls. In addition to operational improvements, David also has expertise in Business Development, Relationship Management, Partnership cultivation, and Sales.
Jeffrey Wilk started his career as an Advisor and has a strong track record of executive success in strategic planning and execution, business assessment, transformation and growth. Jeff’s C-Suite expertise has enabled him to deliver measurable, double-digit P&L, Sales, and ROI results within entrepreneurial and enterprise sized organizations. He also has hands-on success in varied business cycles, leading cross-functional teams to solve the most challenging problems. Jeff was directly accountable for several mergers/acquisitions, product and digital platform transformations, patent-pending products, and operating model RFPs and overhauls, including delivering the industry’s first “Robo” platform.