The financial services industry has proved itself capable of making small changes to drive effectiveness and manage risk. However, in today’s competitive environment, success hinges on a broader, multi-disciplinary transformation that affects the entire fabric of the industry. An organization’s “change fitness”—its ability to quickly and effectively transform itself—has become a core competency.
Analytics can reveal strengths and weaknesses within a firm that, when addressed effectively, can help drive the kind of whole scale change that will sustain competitiveness. Organizations should apply analytics to understand their strengths and weaknesses, then use that information to build the necessary capabilities to drive holistic change.