Seeking to sharpen their competitive edge, many asset management companies are refining their business models. They’re placing greater emphasis on investor-facing functions such as marketing and distribution, while developing products for new investor needs. Yet, all too often, IT struggles to support these initiatives – holding back changes that are critical for future business success.
Investor preferences are shifting and pricing pressure rising. But IT is often an impediment to progress – slow, inflexible, expensive and not offering what the business wants.
So what can technology leaders do to improve performance? In essence, you need to concentrate on working more closely with the business, making sure you’re involved with strategy planning and removing any obstacles to progress such as bureaucratic governance. To help IT executives make this transformation, we’ve defined nine new rules of IT strategy, many of which contrast with conventional wisdom.
As a first step, we recommend a review of IT strategy. Such a review should define the business vision, guide alignment with the business and create a plan that reflects best practice. In this way, you can understand business trends, identify potential solutions and evaluate difficult trade-offs. When conducting this review, you should consider our nine new rules.
As you re-evaluate your approach to IT strategy, you need to understand that IT and asset management’s business leaders often have different priorities. That’s where the nine new rules of IT strategy come into play. While most of IT strategy’s accepted rules are extremely prescriptive, we’ve designed our rules to deliver value in a practical way.
We believe that our new rules of IT strategy will help asset managers to gain competitive edge at a time of change.