Digital transformation can seem like a big and complex step for your financial organization, but with the right strategy, execution, and specified goals, you can realize big benefits in a short time. This can include increased profitability through process improvements for shorter time to market and increasing application updates from 10 per year to four per day. Your enterprise’s market share is dependent on accelerating product improvements and innovations. It’s that type of modernization that brings the bottom-line benefits of improved customer experiences that increases usage and retention.
The biggest roadblock to these goals is that your financial organization struggles with technical debt. The paralyzing effect makes it difficult for IT teams to escape its grasp. But the benefits of modernization far outweigh the risks of not moving forward because the transition to the cloud doesn’t have to be disruptive or impossible. So let’s talk about how you can overcome those challenges and realize the many benefits of modernization and survive the transition!
The digital transformation journey doesn’t need to be a process of application “lift and shift” that seldom works for the applications you really need to move. It also doesn’t have to mean rearchitecting applications to make them cloud native in ways that take years.
The journey has four parts including a culture shift that occurs during the transition. The first step is infrastructure modernization. You will decide which cloud service you want to use and what will be on-premise and in the cloud. The next step is application transformation. Are you using containers? There needs to be a process transformation in order to accommodate the modern infrastructure and applications in the cloud. Finally you need to help your IT team to update their skills so they can manage, maintain, and grow the updated infrastructure and applications.