Drive the change and be in charge of the disruption in the BFSI industry
Technology disruptions are strong forces that seek to derail existing businesses ensconced and thriving in comfort zones. They sway the market and make the businesses change course as per the strongest force. Trends are thus created and the market follows suit. To avoid the lashes of these strong forces, “enterprises need to be the change that they want to see” and be in charge of the technology disruption.
Instead of following a trend, the enterprises today need to envisage the transformation they want and be the harbinger of change – the visionaries are trend setters. Einsteins and Lincolns of the world were visionaries of their times and they dreamt the course first and the rest followed. The only point that was common among all visionaries was that they kept people first and thought of all inclusive growth while dreaming big.
Today, BFSI sector is building innovation labs to tap technology innovations and develop and disseminate digital solutions through their ecosystems. Be the smart processes, such as Robotic Process Automation and Business Process Management or digital technologies, such as Analytics, Internet of Things, and Mobility. The innovative solutions promise to enhance the very way that a business functions.
The trend setting enterprises chart their own research programs, build research analysts, and have pre-planned odysseys to tap in the technology waves while gathering the moving parts and people together. They know that people – employees and ecosystem partners – are already part of the magnum opus and are groomed in the way that the enterprise thinks and delivers. They seek to achieve the bigger picture and complete the jigsaw puzzle by reinventing their existing resources to lead the technology disruption. The enterprise, thus needs to drive the change they want to see and be in charge of the disruptive transformation.
Here are a few pointers that empower an enterprising business to see an oncoming change and turn the sails (pun intended) profitably:
- Launch new innovation teams
When others are obsessed with technology, focus on people. Create forums to listen to customer voice and employee -speak. Build innovation teams from within your employee pools. Incentivize them to come up with innovations. These teams are already well versed with the customer needs, the enterprise offerings, and the enterprise mission. Create think tanks that study new technologies and pull in the learnings into the work arena. Think disruptive and propel these synergies and make them the drivers of change.
- Propagate new business models
Focus on developing new business models to design new products or business process innovations for catering to unmet requirements. Partner with solution integrators and consultants to understand how new business models can be implemented. See how this business model can proliferate not only in different age groups, but also in different geographies and markets. For example: Mobility-based business products will be highly received across the spectrum in the developed markets, whereas they may be well received only in the younger generations in developing markets.
- Reinvent your current business models
Reinvent your existing business models to ensure customer stickiness or customer loyalty. Think how you can deliver value to your customers in a cost-effective manner. Transform into data-driven business models. Enable your customers to tie insights to their revenue, to link assumptions to Profit & Loss figures, and to gauge how you deliver more value as compared to your competitors’ or startups’ business models.
- Start new business lines and joint ventures
Leverage core strengths of the enterprise by partnering with nimble-footed solution integrators having a global footprint. Harness your employee pools and ecosystems in these joint ventures to deliver enhanced products to a bigger basket of clientele. For example: Allianz has teamed up with a Chinese search-engine and an investment group to drive innovation in the Chinese insurance market and increase the reach and market penetration.
Enterprises need to be on top of the market trends by understanding the directions of the technology disruption waves. Being the change that you want to see is valuable rather than being swayed by the disruptions. Here reinventing the existing resources and ecosystems and further building the value chains is a lot easier for ensuring quick return-on-investments.
Global Head - BPO Delivery Services
Datamatics Global Services Limited