Is your pension system feasting on social, mobile, analytics and cloud technologies, or are you still in sampling mode? These “SMAC” technologies have the power to help you address the needs of your members, while strengthening the digital underpinning of your organization.
Some governments are devouring SMAC opportunities. Take India for example. The government in India is introducing mobility initiatives that are intended to help government reach about five million people. They recently invested $16.3 million into their new cloud environment.
Such investments deliver strong returns. Furthermore, these upgrades are increasingly not just nice to have; they are a business necessity. Citizens increasingly expect pension systems to provide personalized services through the same easy and accessible digital means that keep them connected in other areas of their lives.
Investing in SMAC is also a business necessity in terms of resilience. Pensions are fully reliant on back office automation—and perhaps some have become too comfortable. What happens if digital fails? IT failure has a large and growing price. The average cost of data center downtime by minute has risen by 41 percent since 2010.
There is also a price for your pension members, too, because your system downtime can mean their check doesn’t get there on time. By creating an “always on” IT infrastructure, you can support the nonstop demands that members and stakeholders place on your processes, services and systems.
There are a variety of ways your pension system can increase its diet of SMAC. By digging into digital opportunities, you can maximize resources, automate administrative processes and build a digital core that sets your agency on firm technology footing for the future.