Bridging the Gap Between Technology and Business

The most recent annual McKinsey Global Survey, “Seven lessons on how technology transformations can deliver value”1, aimed to identify how investing in technology can make a difference in your business. This year, the survey was of particular importance since many companies have had to quickly shift to an all-digital platform.  

Here’s a recap of the 7 large-scale change efforts — defined as technology transformation lessons — that came out of the survey: 

Lesson #1: Technology investments are creating significant business value

  • 59% of survey respondents said that recent technology transformations created new revenue streams for their companies 
  • 76% of survey respondents said that recent technology transformations reduced business costs
  • 79% of survey respondents said that recent technology transformations improved employee experience

Lesson #2: People-focused plays result in the most value

  • Transformations that digitized end-user experience (37%) were most likely to be pursued over the next two years

Lesson #3: Talent remains the holy grail of technology transformations — valuable to pursue but difficult to execute

  • The #1 challenge to a company successfully implementing a tech transformation was skill gaps and not having the right talent to complete the initiative

Lesson #4: The talent challenge has clear implications for sourcing

  • Similar to Lesson #3, 47% of survey respondents said that they are currently outsourcing tech functions and relying more on partners to supplement internal capabilities

Lesson #5: No silver bullets — the top performers execute more transformation plays than others

  • Tech-focused respondents typically saw greater results across their business with their transformation initiatives

Lesson #6: The broader use of advanced technologies supports greater value creation

  • Overall, the results suggest that advanced technologies can generate outsize value in tech transformations
  • 44% of respondents at companies using the cloud to process data at scale report a significant improvement in employee experience from their transformations

Lesson #7: Bridging the business-technology chasm is critical to outperformance

  • 57% of respondents at top-quartile organizations say their senior tech leaders are very involved in strategic planning, compared to 17% at bottom-quartile organizations

In conversations with our clients and partners over the past year, we have heard similar sentiments to the McKinsey survey. RIAs who commit to being forward-focused and tech-enabled had a much easier time transitioning during the pandemic and continued to grow, while keeping their operations, client service, and employee engagement high. 

With the Envestnet platform, advisors have everything they need to manage their clients’ portfolios on a single consolidated platform. They can increase their efficiency and time spent building deeper relationships with their clients.

LibertyFi has deep expertise helping growth-oriented RIAs drive revenue and scale their businesses with the Envestnet platform of integrated solutions. Our personalized consulting services include evaluating clients’ business processes and supporting technologies, implementing the Envestnet platform, streamlining operations, and providing middle-office support. 

For help streamlining operations with the Envestnet platform – perhaps your next technology transformation – contact Alli Jordan at LibertyFi.


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