Digital Transformation is the adoption of digital technology to transform services or businesses, through replacing non-digital or manual processes with digital processes or replacing older digital technology with newer digital technology.
Across all industries there has been rapid development of new and emerging technologies helping businesses to digitalise their assets and data flow. In addition, implementing processes, governance and a continuous roadmap of evolution is critical to driving long term change, scale and ROI.
The Challenge
Following a series of M&A and rapid organic growth a global tier 1 asset manager needed to align its client engagement strategy across multiple touch points and divisions. The urgency to do this came after the CEO took a client call that informed a disjointed engagement experience from 7 different parts of the business in recent weeks. The top line challenge was to transform all means of managing client information into a single CRM instance that would drive consistency in sales processes, client engagement and information sharing.
Our Approach
Three cloud-based CRM platforms were considered in addition to mobilising a core global programme team, roadmap and set of workstreams governed centrally by the team. All driven by a set of clearly defined business outcomes relating to the client lifecycle, rules of client engagement, sales progression, on-boarding, forecasting and measuring effectiveness. In addition, inclusive in the programme was a commitment to creating a global COE operating model to ensure the solution is scalable, supported, keeps pace with business growth and delivers ROI.
The Outcome
Our team successfully led a global transformation program to implement a single CRM platform and data architecture covering all regions and four separate lines of business impacting 50+ functions and 1,200 senior stakeholders. The project improved the client experience by unifying all touchpoints creating a single client view and engagement strategy e.g. each multi-national client implemented a strategic account plan enabled and accessed by CRM.
The impacts of the transformation were far reaching including the adoption of Cloud technology, information security compliance/controls and commercially brokering a consistent set of rules for managing the client, sales process, onboarding, financial forecasting and workflow integration with RFP, Product Desks and Client Servicing operations.
In addition, our team led the operating model design and implementation of a newly formed global organisation covering London, New York. Columbus, Mumbai and Hong Kong to manage the CRM platform, business reporting and global sales support.