Blockchain, virtual reality (VR), artificial intelligence (AI), the internet of things (IoT), machine learning are among the Top 10 Strategic Technology Trends for 2017
according to Gartner
calling to disrupt
also the Leasing and Financial Services industry. Other tech innovations like digitalisation and cloud that should already be in your CIOs and CTOs innovation plans, will be even more relevant in 2017 as a fundamental part of companies strategic growth plans.
Each of these new specific technologies which might not be breaking news to your CEOs will have different levels of cross-industry impact and particularly on your company business model.
What cannot be ignored, is the rapid pace of change and disruption are opening a broad spectrum of new market opportunities for the Leasing and Financial Services industries and organisation need to rethink aspect beyond the technology. New business strategies
that require a comprehensive analysis of innovation and portfolio strategies reshaping almost every dimension of customers’ engagement, improving operational efficiency that provide a significant competitive advantage, and at the same time are transforming compliance practices.
How do organisations prepare for the business impact of innovation?
New shifts in technologies demand a sustainable innovation strategy
a perfect amalgam of planning, adoption and integration. The most successful companies are the ones that shape their future by creating the change not just by following the next tech trend.
A sustainable strategy relies on a culture
of looking for those innovative solutions aligned with the business strategy. It is here where C-levels executives engage in the practical pursuit of value creation by addressing those market demands with business strategies that incorporate technology innovation, quantifying the effect these emerging technologies have on all aspects of the company’s business model and building the necessary internal capability and adapting their business processes
Setting an integrated and sustainable innovation roadmap
into the company’s strategic vision and goals, the innovation roadmap
will guide the applications implementations across the enterprise. A sound plan that as pointed above, due to the maturity pace of these technologies, will require monitoring and revision continuously.
A roadmap that includes a change management
strategy that keeps all the lines of business involved and the cross-organisation communication open.
These technologies launch a process of rethinking new interactions and the impact on business process and legacy enterprise technology, setting the opportunity to recast long-standing business processes. A pillar part of the roadmap should be a Business Process Management (BPM)
strategy to enable the incorporation of customer engagement drivers like faster IoT-enabled payments, contracts automatisation and other more innovative tech like the use of blockchain technology as a replacement for paper-based and manual transaction processing. These innovations demand to migrate back-office operations to front-facing, implementing cloud systems to accommodate digital technology and adapting business process also to meet new security and compliance requirements.
Each organisation’s innovation journey will be unique
, and the rewards will go to those that can anticipate disruption both internal and external and react proactively. To leverage future technologies efficiently and competitively, companies
in the leasing and financial services industry need to decide where they intend to differentiate
. When this direction is in place will enable IT Directors set a holistic technology adoption strategy that will include other aspects like workforce and compliance frameworks, that will be needed to leverage future technologies.
VIP Apps Consulting team has extensive experience within the financial services industry with the knowledge capabilities and operational track, to help organisations implement the process changes, optimisation and innovation to realise the financial value in a customer driven market.
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