The speed of change in the digital age is unlike anything we have seen before. With new technologies and business models emerging at a rapid pace, it is difficult for established players to keep up. This can lead to uncertainty and risk, as businesses find it difficult to adapt to the new ways of working that digital transformation requires.
With so much change happening at once, companies may struggle to get up to speed, or worse, choose to ignore what is happening, in the hope that sometime in the future they will catch up. Here, we explore why strong change management is needed, what tools and methods should be used to ensure efficient and effective change, and how to maintain an environment that ensures ongoing success.
Robust change management is key
Adapting can be particularly challenging for companies involved in asset management and investment fund distribution. They have complex and highly regulated processes that are difficult to change quickly. On the other hand, these actors are particularly well-suited and ripe for digital transformation, as they have great opportunities to leverage innovative technology for streamlining and automating many of their core processes.
In this environment, the potential for stagnation and irrelevance is high, not to mention the risk of outright failure when trying to adapt. With so much change happening at once, it is important for companies to manage changes effectively in order to minimize these risks.
Digital transformation can be a complex and challenging process, and managing change effectively is critical to its success. Robust change management helps to ensure that the transition is smooth and successful, minimizing disruption and maximizing the benefits of the transformation.
An agile methodology is a project management approach that emphasizes flexibility and adaptability.
The new toolbox for achieving change
Agile methodologies and DevOps are two key approaches that can help asset managers and fund distribution companies drive innovation and digital transformation.
An agile methodology is a project management approach that emphasizes flexibility and adaptability. It is based on the idea of delivering small increments of value frequently, rather than trying to deliver everything at once. This allows for more rapid iteration and the ability to respond to changing needs and requirements.
DevOps promotes collaboration and communication between software developers and IT operations. It aims to bring the two groups together in order to improve the speed and efficiency of software delivery.
Both of these bring many advantages that lead to increased speed and agility. The emphasis on collaboration and communication in agile and DevOps helps to break down silos and foster a culture of teamwork and cooperation, which is essential for driving digital transformation. They can also help to reduce inefficiencies: what is not working or turns out to be not a promising idea can be easily discarded. Automated testing is a big part of this new way of working that help ensure secure, efficient and resilient rollouts to clients.
Additionally, this iterative “one step at a time” approach means getting products to market faster.
Finally, it is important to remain flexible and adaptable, as the business landscape is constantly evolving and new opportunities and challenges will arise.
Maintain and sustain change
Naturally, a big part of any change is ensuring that aims and people are aligned. It is important to maintain an environment that ensures ongoing success.
This involves ensuring that key stakeholders are fully involved in design and implementation of any change. In the field where FundsDLT is active – fund distribution – this may mean including all actors in the distribution value chain. Internally, it means it is also important to continue engaging employees and seeking their input and feedback to ensure that they are invested in the success of the changes.
Communication is also critical. Communicate the benefits of the change to all, highlighting how it will improve their business and contribute to the overall growth of the ecosystem. Back this up by providing training and support to help all concerned adapt to the new way of working, including any new systems or processes that will be introduced.
Finally, it is important to remain flexible and adaptable, as the business landscape is constantly evolving and new opportunities and challenges will arise. By supporting a culture of continuous improvement and innovation, all those in the distribution chain can ensure that they are well-equipped to navigate the changing business environment and to face the future.