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.
Define an effective 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.
- Scope and organizational alignment. Defining the scope of change allows the organization, from top-down, to understand the breadth of the change management strategy from the outset.
- Stakeholder analysis and leadership engagement.
As the scope of change and organizational alignment are defined, direct and indirect stakeholders can be identified and better understood.
- Change gauge and cultural considerations. Organizational culture, though difficult to measure, is a critical influencer to the change management strategy.
- Program structure.
Change management may be a component of each functional project team or may be led by a standalone change management team within the program.
Say “Yes” to change management
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.
Change management with precision
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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