This article is part two of a three part series where I reflect on recent N5 consulting projects & share the thrust of digital transformation
My last article related to a project to right house digital media platforms inside a large global enterprise.You read that article here
In this article I reflect on the challenges that large enterprises need to tackle in order to modernise for a digital age.
Project 2: Designing Future State Architecture for Digital Leadership in Financial Services
Like many enterprise projects we started with a comprehensive adtech / martech audit. Our client was a large financial services provider in the ANZ region. To navigate change, the sponsors needed to design solutions that win stakeholder endorsement. We embarked on a comprehensive analysis to map the client’s ecosystem and lay the groundwork for a viable roadmap.
It was our client’s ambition to position itself as a data rich digital leader on par with industry giants like Apple, Netflix, and Spotify. To achieve this ambitious goal, we designed a future state architecture that would enable omnichannel engagement and real-time personalization.
By showcasing a path to achieve next generation capabilities and providing a detailed roadmap on when they could get there, we empowered the client with information to plan the necessary investments and forecast the returns.
Transformation is not easy when you’re big and established. The executives know they need to move in order to remain at the forefront of their industry. They need to invest. But transformation takes time. This project demonstrated the significance of digital transformation for large enterprise roadmaps. The reality is they need digital infrastructure in order to compete in the modern market.
It also highlighted to me that large established players struggle to change. The pace of digital innovation is a challenge for them. Every day they come under threat from faster digital-first start-ups. Nimble small players chip away at large slow beasts. If you’re slowed down by the weight of legacy systems and embedded processes then you need to invest more to make it count.