Within the last decade, technology has been displacing many things in our lives at greater speed than ever before. Industrial Robots, which are more efficient and have longer endurance, have replaced humans in labour intensive industries. Cognitive computing and machine learning have advanced to a stage whereby they have become quite proficient at mimicking the human mind even beating the best of us in Chess. New and more powerful analytical methods in Data Science has enabled us to see trends that our minds are unable to see amongst enormous data sets. Furthermore, the Internet of Things are disrupting the ways we run our businesses and do our jobs. Technology has also given rise to more efficient services (think Uber and Airbnb) and encouraging people to become more willing to take on temporary work. This has challenged the traditional notion of a good job and bring about the gig economy.
The rapid emergence of new technologies from firms with seemingly no competitive interests might quickly cause a loss in your company's competitiveness. Therefore, it is vital that companies embrace technological change to ensure business longevity and competitive edge. It is also incumbent that people reinvent themselves to remain relevant to market changes and current business needs.
Using effective change management to drive business performance is key for adaptation to disruptive trends in in the fast-paced, sensitive, and volatile financial markets, where businesses manage millions to billions of assets. As the managing editor of Hedgeweek - James Williams - puts it, fund managers need to think outside the box and innovate to work "more efficiently, more transparently and in closer harmony with end investors" (Learn more here). The implications are so widespread that the phenomenon has given rise to a new industry - FinTech. Moreover, with the rise of multiple new areas of disruption, financial institutions also have to work quickly to satisfy regulatory requirements, enhance cyber security, ensure implementation and improve ultimate utilisation of the new technologies to maintain and increase customer base. To do this, organisations require people with specific set of skills and domain knowledge which Sam Randall (Senior Manager, Robert Walters Singapore) aptly describes, "This means that projects, transformation and change professionals with subject matter knowledge in this space are valuable to the businesses and highly sought after."
In order to assimilate technological change into any organisation, transformation needs to take place both in its processes and in its people. However, delivering projects on time and on budget in complex, matrixed, regulated organisations is especially arduous and difficult.
In next week’s blog we will further explore change management adaptation in financial technology to drive business performance. In the meantime, why not register your interest for our Prosci Change Management Practitioner course in May?
CMC Partnership is hosting a 3-day Prosci Change Management Practitioner Certification Programme