Many people think that digital transformation is solely technical. While this aspect is important, it is better described as a combination of business, cultural, and operating model transformation. Simply digitizing an existing business model does not guarantee results. Additionally, outdated cultures and operating models can limit your ability to respond quickly to changing customer expectations and new technologies.
I joined Thrivet in 2021 to help shape our digital future, modernize our technology, and deliver great experiences for our clients and financial advisors, and do it faster than ever before. When I joined, the company already had a strong purpose, trusted relationships, and a lot of technology. The opportunity was to improve the experience, accelerate delivery, and rebuild strong in-house capabilities in digital, data, and technology after years of underinvestment and relying on third parties for most of the strategic work. . It quickly became clear that our transformation was not just about technology, but a fundamental business change driven by technology, people and new ways of working.
We have made great progress since then. He hired 200 new members to the digital, data and technology team, focused on product management, design and engineering. In 2022, we implemented a product operating model, created 70 product teams, and integrated 700 employees into the model. We also created nearly 100 new product roles through upskilling and hiring outside experts. This change in the way we work has allowed us to compete on experience and adapt quickly to changing client expectations.
Instead of relying on other organizations to do some of our most important work, we invested in our in-house team. One way he does this is by asking team members to become lifelong learners, adapt to change, embrace innovation, and contribute to the long-term success of the organization. That's what they want – because they believe in our common purpose – that's what our leaders want, and it's what helps us compete today while preparing for tomorrow. Helpful.
Modernize technology and transform experiences
Transformation is not all about technology, but it is an important element. That's why we've invested in new digital experiences, APIs, and data platforms.For me, our priority is to modernize the work of our clients and advisors look, it's not something they don't see. We're freeing up data from legacy systems to help teams deliver great experiences. Selective modernization and simplification allows us to quickly respond to client needs, even with legacy infrastructure from companies that are more than 100 years old.
In my years of experience transforming multiple organizations, here are some of the lessons I have found to be most important.
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Foster a culture of change and repetition. Our philosophy of “progress over perfection” empowers people to iterate and transform, rather than having a polished product at launch.We train our team to perform meanwhile These changes can deliver incremental benefits while creating new customer experiences. Change is difficult, but it can become more manageable by reinforcing its purpose with a philosophy based on repetition and progress.
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Build for clients. A client-centric focus helps teams clarify the value of their work. Establish a shared vision and values, foster empathy, and ensure your team understands your clients' needs, challenges, and perspectives. By breaking down silos and fostering cross-functional collaboration, you create a continuous feedback loop while ensuring a seamless and consistent client experience. And don't forget to recognize the wins. Celebrating client success stories allows your team to show the fruits of their efforts. Finally, lead by example — leaders need to set the tone and embody client-centricity in their actions. Own decision making.
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Take your entire organization on a journey. Make sure the entire organization understands why change is needed. For a successful transformation journey, it's important to surround your team with an organization that is aligned with the changes needed.
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Continuous skill development: As technology evolves and customer expectations change, it's more important than ever to ensure your workforce develops the skills to match changing expectations. By starting now with continuous upskilling, you can ensure your team is up to the task now and in the future.
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Attract and retain top talent. People who are passionate about staying at the forefront of technology and making an impact value a work environment that allows them to grow. Build a culture of innovation, continuous learning, and experimentation. We offer career paths and growth opportunities to build skills and take on new challenges. Recognize and reward achievements. Invest in tools to support your work and increase your productivity. It empowers teams, gives them autonomy and ownership over their work, and creates a sense of pride and responsibility.
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Modernize what matters. Identify the most strategically important technologies in your portfolio and those that will become important in the coming years, and focus on upskilling those technologies.
Digital transformation is more than just technology; it is fundamentally important. work change. By changing the way your teams work, attracting and retaining the talent you need, and investing in the right technology for long-term growth, you can achieve the transformation you need to position your organization for current and future success. .
