A Business Platform Approach - Improve Quality Performance and Agility
The financial services sector is at a crossroads. The rise of the digital economy, customer centricity, disruption and innovation bring a number of challenges and opportunities. Technology has driven unprecedented change. Customers demand advanced online capabilities, greater mobility and an omni-channel experience. There is increased competition from non-traditional banking disruptors as barriers to market entry have been diminished by technology, reducing the ability of traditional banks to fend off competitive threats while dealing with the burden of regulation.
Companies are looking for technology solutions that enable agility and performance to respond to this changing environment, while at the same time increasing efficiencies, reducing costs and optimising operations. The ability to standardise, reuse and leverage become imperatives to achieve the multiple outcomes that are needed to remain competitive and relevant.
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CSC recommends a Business Platform approach to help financial service clients to overcome these challenges and capitalise on the opportunities available.
Recent MIT research has found that “top-performing firms leverage their platforms more and report that their BUs have 25% higher quality and 12% higher performance”. The same researchers also state that organisations that share standardised IT platforms can have greater agility.
By developing a Business Platform approach across the organisation and introducing standardised process and information, organisations can substantially increase their agility, flexibility, and maximise performance. This ultimately enables these organisations to deliver better customer experiences, reduce costs, grow revenues, and improve their competitive advantage. Every Business Platform can decide its own cadence of change so the organisation can implement a multispeed approach to innovate, test, learn, and iterate.
The Business Platform starts with the foundational capabilities and knowledge assets which can then be leveraged by all areas of the business. The ability to introduce new capabilities to the Platform is made easier through a pattern based plug and play ecosystem, where business services can be turned on or off. The platform operating model also enables new partners to be efficiently on-boarded and integrated into the business.