Deloitte Asia Pacific FS Technology Lead Partner Clifford Foster outlines the trade-offs needed between how technology-driven innovations raise customer expectations, offer new sources of revenue, and transform the competitive landscape, and how enterprises’ extensive IT infrastructures and systems enable them to run their existing businesses, with a wide range of products and channels to support.
When moving into the future, these existing assets can be an advantage or disadvantage. To determine next steps the questions to ask include:
Organisations have to figure out how to harness these existing IT assets and capabilities to meet their current needs, while positioning their businesses for the future. They need a clear, executable, strategy on how to leverage and integrate emerging market services into their offerings quickly and smoothly; while continuing to meet regulatory and broader stakeholder requirements.
At a minimum this strategy will need to consider:
The organisation’s that are best able to exploit the digital core will position themselves for a future whereby the value and assets within the enterprise can be rapidly combined with new market services to deliver unprecedented value to shareholders.
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