The global macro-environment has accelerated the need for organizations to transform and respond to an exceptional change in customer driven behavior, market volatility and risks. In this challenging environment, longer term strategies, digital portfolios and using new generation tools that integrate with blockchain and AI need to be prioritized to achieve differentiated outcomes for the business.

Financial and insurance firms need to accelerate their transformation agenda to remain relevant and find new ways of achieving technology led outcomes to stay relevant. Technology is in the center of all business transformations, and ever so more in today’s competitive world.

Key Challenges

• Executive buy-in: Programs experience significant challenges due to local executives and businesses rejecting what is seen as a single corporate template; one size cannot fulfil all country requirements. Local processes and regulations play a significant role in ensuring a successful transformation..
• Core vs local requirements: On the contrary, the expectation to standardize processes is extremely important for scale and efficiencies as there is a challenge that local requirements and regulations are adhered to as a minimum viable product.
• Budget challenges and delivery delays: The majority of global delivery projects exceed their budgeted costs even from the very early stages of the project, and keeping control of this has been an immense challenge. This has a direct impact on budgets and business outcomes where 60-70% of transformations are delayed.
• Culture change: People and culture can be a challenge in the majority of organizations where transformations require new approaches within the change agenda and culture mindset of teams; this is a continuous challenge that needs to be addressed upfront.
• Blockchain and AI: We are yet to see the maturity of both these technologies and how they will inter-depend on each other to grow value to your technology stack. Scale is very much on the radar given the current technology developments, though pace needs to far exceed expectations.

Potential Solutions

• Blockchain and AI: Blockchain will in the future become the new trust-chain and AI will become the accelerator-intelligence. Global rollouts without these interfaces at scale and approach will diminish in value with limited ROI.
• Regional templates: A successful approach that we have delivered for many clients is ensuring that regional templates are propagated and deliver differentiated processes for the regional business.
• Transformation-as-a-Service: A service that encompasses program focus, change initiatives, value realization, innovative business models, technology services and transition management will become central for clients looking for a one-stop partner who can deliver this outcome for them.
• Outcome ownership: From our experience, clients need to own 100% of the outcomes to deliver the vision and strategy across layers and levels. We have specialized governance and outcome focused services that deliver this vision for our clients.
• Deployment playbook: We have an extensive library of deployment scenarios that we can bespoke to industries, regions, challenging timelines and scale of transformation.
• Deliver fast: Rigor of delivery is often an undersold to clients. Being outcome focused across all layers of the organization from CxO to the teams on the ground has been by far one of the biggest success factors for our transformations.
• Expertise: Businesses today will require expertise in various aspects of their business and technology transformations. They will look to engage technology partners who are solely focused on the transformation agenda, leveraging blockchain and AI capabilities at scale.

Infosys Consulting is up to this challenge and can help drive and deliver this outcome for firms who require this expertise.