Asset managers were increasing their technology spend pre-COVID*, but when we polled registrants for our webinar “Avoiding Shiny Object Syndrome to improve Distribution Architecture ROI” we found that 84% of customers say that their investments in client communications solutions have not quite met the mark.
As COVID-19 accelerates the move to virtual and digital, this trend becomes more concerning and must change. A positive ROI on client communications solutions is no longer a nice to have but a strategic imperative.
So why haven’t most organizations seen the success that they originally anticipated?
Instead of aligning its shiny new piece of technology to the overall client journey, firms are thinking tactically and only solving only a symptom of the problem. This results in many partially implemented technologies, a high organizational tax, and significantly reduced ROI for the firm.
Limited Organizational Alignment Across Functions
Firms tend to have a functionally siloed approach to the client journey, and the technology they use to track and facilitate it. Typically, functions or teams within a firm handle pieces of the client puzzle tactically by buying a new tool to solve a problem, which can lead to independent implementations, resulting in potential disconnects across the enterprise.
For example, Sales and Service purchases a new CRM to help them manage their clients and pipeline more efficiently. Separately, Marketing is implementing a sales enablement solution that will be used by both the Marketing and Sales teams to provide more targeted content to prospects and customers. When these projects are executed and rolled out in silos, without a view to core business capabilities that cut across the company, the result very often is:
- Project fatigue, leaving horsepower for each tool unused
- Frustrated users, not knowing which tool to use for which purpose
- Increased implementation costs, training costs, and support costs for each toolset.
Leading firms are deciding what their top priority objective is, rallying the organizations around these objectives cross-functionally, having conversations about what they’re trying to do at the strategic level.
Had Sales and Marketing rallied around a strategy to improve overall pipeline management and aligned these tools to the strategy, a more impactful implementation could have taken place, resulting in:
- A better understanding of desired functionality for each tool and across the tool-set
- A streamlined end user experience leading to better adoption of both tools
- A more complete training and support strategy
How do You Avoid SOS and Increase your ROI?
We recently invited experts from the industry to discuss and provide tips to getting more out of the Distribution Architecture expenditure and synthesized their discussion to 9 takeaways to help you plan and execute your solution strategy. As highlighted in this blog, two of those key takeaways are:
- Break down the silos, plan and deliver solutions cross-functionally
- Exhaust the capabilities of what you already have in-house
Shiny Object Syndrome, at its core, happens because firms are thinking tactically instead of strategically. These 9 takeaways encourage firms to take a horizontal, firm-wide view towards solutions. Learn how to avoid Shiny Object Syndrome and begin maximizing your firm’s ROI on its technology today!