In today’s digital world, enterprises must be willing to rapidly transform themselves to meet customer expectations or risk having their customers wooed away by younger, nimbler, digital-born rivals. For most established companies, the toughest struggle is with their monolithic legacy systems that can’t pivot fast enough to support their aspirations. However, the fear of disrupting these systems, which serve as the foundation for several business-critical functions, makes it hard for enterprises to consider altering or revamping them, trapping enterprises in a vicious cycle. It is possible to break this cycle by undertaking the journey to organizational modernization and enterprise agility. Executed through a combination of core renewals that create efficiency-led savings, legacy landscape renewal needs to be based on carefully chosen business priorities.
Moving to the cloud, which still holds enormous untapped potential for enterprises, can be a valuable part of this journey of renewal and regrowth. This is an ideal time for most enterprises to start their own journey to the cloud, boosted by proven technologies and solutions that mitigate the perceived risks of cloud transformation.
Modernization should not be limited to systems, it should extend to people, processes, and the corporate leadership’s thought process. It is only by making these necessary agile shifts through changing times – continuously digitizing the enterprise core and amplifying customer experience- that enterprises can remain relevant, survive, and indeed, thrive.
Over the years, there have been numerous discussions around AI and automation, and their potential impact on the future of business. This has now reached a crescendo with organizations expecting to drive zero latency in business process execution by leveraging the latest automation and AI technologies.
Only one of the top five companies on the 2011 Financial Times Global 500 list, namely Apple, makes it to the current top five, all of which are high technology companies with huge platform businesses. Less than ten years from now, a company on the S&P 500 will most likely live only for 14 years.
For incumbent organizations, the biggest threat no longer stems from one of their kind, but rather from young and innovative born-digital players. To avoid being disrupted, these enterprises need to match the new competition at every step by finding and harnessing new opportunities, delivering great experiences, bringing cost efficiency to products and services through a variety of channels, and while doing all of this, also reimagine their business using new, digital models.
The financial services industry is undergoing significant disruption driven by consumer demand for new and innovative products and services, with rich user experience, shorter timelines to deliver while continuing to reduce cost. Enterprise agility is emerging as a key imperative for such digital transformation. Smart adoption of agile is now critical for banks and capital market firms globally. This article highlights how successful firms are leveraging agile for such transformation in a rapidly evolving industry landscape.