Digital transformation is today’s imperative for firms to survive and thrive. How do you bake in success from the outset? Read our preview of the recently published Finextra paper ‘Digital Transformation: The New Dawn Belongs to Data’.
Digital Transformation: The New Dawn Belongs to Data
To date, cost reduction,as oppose to delivering true differentiation or generating value for customers, has been the main driver to the adoption of automation technologies to date. With so much budget pressure on ‘run-the-bank’, precious little seems to be left for ‘change-the-bank’. Yet, our industry has had fair warning that those who fail to transform, will fail to be here.
With terms such as digital transformation, artificial intelligence, robotic process automation and others often used interchangeably, there is little clarity on where best to start. We’ve recently published a useful paper in partnership with Finextra, ‘Digital Transformation: The New Dawn Belongs to Data’. You can download the full paper here.
In the paper, we discuss the challenges firms face when setting out on their digitisation journey, especially with a backdrop of failed or poor return projects across the industry. After all, only being able to digitise simple tasks or processes is unlikely to generate the returns or change needed to deliver true value.
The paper also talks about the importance of building a solid foundation for such transformation. By building a digital backbone firms can bake in success from the start. This will enable institutions to truly harness one of their biggest assets. Data.
Mastery over data is essential to the successful deployment of any of the constellation of intelligent automation technologies. Simply overlaying technologies to existing processes is no more than papering a crack or sticking a band aid on a long-standing problem. After all, the industry has already been down that cost-only focus before, with offshoring. The limitations on that were hit relatively quickly. All that really happened was that the problem i.e. the process, was just moved elsewhere. Nothing was truly transformed – either for the institution or for the client.
Digital Transformation: The New Dawn Belongs to Data offers some practical use cases from institutions that have turned their pilot projects around, as well as ones that followed a tried and tested data-centric approach. This transformed their processes from the outset and deployed the best automation technology for each task across the end-to-end process.
Digital transformation requires entities to make fundamental changes to their approach. But with ‘change-the-bank’ no longer a nice-to-have, understanding the keys to success is a good place to start. Download the paper to find out more.