Got a Perfect Digital Strategy? Now it’s all about Execution

John Wilkinson is part of the Norman Broadbent network of senior Interim Managers. After a successful career in Financial Services working with companies such as Nationwide, HSBC and L&G, he set up his own consultancy business and, for the last two years, has been focusing on developing digital advice models for companies such as Barclays Wealth & Investments. As a long-standing ‘friend-of-the-firm’ he talked to Mike Davis about digital strategy and the art of execution.

MD: Whilst getting the strategy right is important, we all know it is then all about execution. Where is the best place to start?

JW: Once the target market, strategy and customer proposition are agreed, a high-level customer journey can be mapped. The best starting point is the Target Operating Model design. The high-level customer journey represents the value chain from which the Target Operating Model (technology, people and processes) can be sketched. It is important to have a sketch not only for stakeholder engagement (which is critical) but also to give early indications of the size of the task. This could include new technology (including third party software) and the integration of technologies, existing processes to be changed and new processes to be mapped and implications for organisational design, capability development and workforce planning.

MD: More of our clients are choosing to buy in third party software rather than build themselves. What aspects are critical in choosing this route?

JW: ‘Adopt not adapt’. I learned the first of these out of necessity many years ago when deploying new advice software for a regulatory drop-dead date. We had to adopt the ‘out of the box’ solution so we did.

Where time is somewhat less pressured, large companies have, in the past, tended to want ‘bespoke solutions’ to meet their specific needs. Vendors who are keen to impress have tended to say ‘yes’ and in some cases this has led software being deployed that is so different from the core software that it is unable to automatically take upgrades which are nowadays ever more frequent. At best this leads to delays and more likely, will also have cost implications. Eventually the software is then subsequently discarded.

When selecting software choose a solution that is highly configurable so that it can map to your workflows, advice policy, product set etc., without ditching the ‘adopt’ principle.

Related to this it is critical to ensure that any chosen third party can meet your company standards for Application Protocol Interfaces (APIs). Your TOM is likely to include a variety of internal and external technology solutions (digital front end, advice software, CRM and books and records platform etc.) and these standards dictate how both data and services can pass to and fro. Chosen third parties need to operate to these standards. This can be examined as part of an RFP process (see below).

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Norman-Broadbent-Plc

More articles like this

Norman Broadbent Plc

Our commitment to Diversity & Inclusivity

Dear Mike, I am writing to thank you for your continued support and commitment to increasing diversity and inclusion as signatories to the Voluntary Code of Conduct for Executive Search Firms (the Code). BEIS has kept

Norman Broadbent Plc

Real Estate & Property People Moves: April 2019

High profile moves within the real estate & property sector haven’t been slowing down recently. Organisations have been investing in talent at the top level in spite of the economic uncertainty. The following appointments have all

Norman Broadbent Plc

Why be an NED and what does it take?

The Norman Broadbent Group was delighted to welcome more than 50 clients and guests to an informative and enlightening briefing for those wanting to develop a non-executive career. On our panel were three diverse and highly

Norman Broadbent Plc

Getting Digital? Go Native

Many long-standing or traditional businesses we work with feel progress toward a Digital Supply Chain is slower than they expected, and (of course), slower than they would like. In many cases, they found their workforce (and

Norman Broadbent Plc

“Brace! Brace!” No Deal = hard-landing

Over 75% of CFOs we have engaged with these past 6 months have been unequivocal about how negatively Brexit will affect their business. Many have commented that they are cautious about capital expenditure and M&A activity.

Norman Broadbent Plc

The CRO’s Hot Seat

The New Risk Environment A number of recent articles continue to identify the battle for Risk talent as being a key business priority. One report states: “Companies are beginning to understand that, given the current level

Norman Broadbent Plc

Norman Broadbent Delivered a significant set of results

Mike Brennan, CEO of Norman Broadbent, said: “Our 2018 unaudited results evidence our continued positive momentum, as a result of consistently delivering high quality innovative solutions for clients. There is positive trajectory in top line growth

Norman Broadbent Plc

The Brexit Fiasco

Following the overwhelming rejection of Theresa May’s Brexit deal in Parliament, there is now real concern amongst infrastructure clients that continued uncertainty will cause long-term damage to the sector. These concerns are heightened given that delays

Norman Broadbent Plc

Tackling the gender seniority gap within Insurance

On 18th January we hosted a breakfast briefing chaired by Amanda Blanc, Chair of the ABI and CEO EMEA at Zurich Insurance focusing on gender diversity in the Insurance industry. We had a full house of

Norman Broadbent Plc

CFO Review

Much has been written about the changing role of the CFO. Such changes were very much in evidence as we worked closely with Clients during 2018. In a number of instances, the CFO is also de