Change management for asset managers
July 11, 2018
July 11, 2018
Complex transformation programs can be critical drivers of success for asset managers—especially in today’s environment where firms must continually navigate both the rapid pace of innovation and tough regulatory pressures. Currently transformation initiatives in asset management make dramatic changes to a firm’s operating model, organizational model and technology architecture supporting the business. Yet as important as transformation initiatives are, asset managers tend to often overlook a non-negotiable for success—a comprehensive change management strategy.
As we look toward the future, successful firms will likely be those which are agile and quickly able to adapt to new technology innovations and market infrastructure developments. This speed of innovation makes having a strong change management program more important than ever.
This rapid pace of change means that asset managers should not look at change the same way as they have in the past. They now need to equip themselves with a foundational change management strategy and start focusing on how to continuously adapt that strategy in an industry on the verge of being completely overhauled by technologies that will be far more disruptive and require a more integrated, proactive change strategy.
Is your firm ready to take on the next wave of transformation? Not without a change management strategy.
An effective change management strategy starts with an understanding of the organization and the initiative. But it is never a “one size fits all” solution. Strategies vary between organizations and even between initiatives within an organization. However, a four-part foundational framework can define an effective change management strategy for any initiative.
A change management strategy addresses the most critical component of any organization: Its people.
Today, asset managers face massive pressures that are driving operational overhauls across their organizations. The sheer number of ongoing transformation programs underscores the need to clearly define the right change management strategy. From elongated implementation timelines, increased costs, risks of attrition, and the impact of negative morale, there are significant consequences for bypassing or undervaluing an effective change management strategy. It is paramount for asset managers to succeed in change management during this age of disruption.
Accenture helps asset managers develop effective change management strategies to make the most of their transformation programs. Our highly-skilled transformation professionals focus on change with a holistic view of people, processes and technologies. We combine this with a deep understanding of the industry to bring clients a disciplined and dynamic approach to helping their organizations—and their people—turn disruption into opportunity.
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