Most organizations should be much further ahead in digitization and automation undertakings but unfortunately are falling into same strategic boobie traps, effectively stalling progress or even worse, turning supposedly cost-saving, efficient exercises into sunk costs. At the same time, new automation concepts, business models are blitzkrieging through technology landscape, overwhelming small-mid sized businesses.
Key to success lies in striking a balance between identifying relevant automation undertakings and executing them with ‘two-steps ahead of the competitor’ mindset.
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As financial institutions deepen omni-channel reach, they have to accept their growing reliance on telecommunications to facilitate seamless service. It’s no fluke that so many legacy financial institutions are investing in state-of-the-art IT infrastructure. Responsive, agile or ‘cognitively intelligent’ network and IT operations aren’t just buzzwords. Financial institutions are conducting serious assessment of their IT department’s functional capability, operating costs, down time due to system outage and it’s impact on customer retention, impact of speed of processing transaction on customer experience, ability to mitigate
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