The spike capabilities should target an industry leading level of maturity – that is what the fund wants to be known for. The remaining ones are maintained or enhanced to the level required for the fund to effectively compete and enable the spikes.
Clearly, bringing on board best-in-class user experience and interface design expertise does not help to succeed in Experience Designer play if the fund does not have a solid (not necessarily leading) understanding of customer needs, which is in turn underpinned by data and analytics.
Clear definition of the target state capabilities is the cornerstone of a digital strategy. However, a good strategy should cover all the elements that were used in the diagnostic.
From a customer perspective it should define the target lifecycle journeys and interactions, determine customer experiences across products and channels and clarify the outcomes the fund aspires to deliver. To deliver against these experiences and outcomes the strategy should determine the target state capabilities, operating model and culture.
At this critical juncture in strategy definition it is also very important to 'look up' and ensure full alignment with the broader enterprise mission and vision. Any contentious issues such as whether to build an all-encompassing data collection facility despite our promise not to encroach on customer privacy should be resolved before progressing to detailed planning.
Now that we have identified all the musical instruments required for the concert (capabilities) we need to decide where to get them and how to put them together to produce beautiful music.
…to be continued…
The next article will focus on how to orchestrate a mix of in-house and vendor-sourced capabilities to create best outcomes for your customers.
- This is the second article in a series of four that outlines the approach Strategy&, PwC's strategy consulting business, uses to help its clients in defining and implementing digital strategies, with superannuation as a case study. The previous article covered the first element of digital strategy – diagnostic. Now, that we have an understanding of the starting point, it's time to decide what model we should follow in defining digital strategy and underlying capabilities.