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Three key areas where organizations are losing momentum
- “How might we” statements struggle to get off the page in a vacuum and without cross-functional, experienced teams to chisel and refine to a solid idea. Organizations can set up working groups to ideate and design, but if they don’t have the right people in the room who have been on the ground delivering before, they won’t know what “good” looks like, what has and has not worked before, and what is going on in the industry. Without this insight, the ideas can be myopic and difficult — or impossible — to scale.
- Once the foundation for the platform is laid, before organizations can hit the ground running with delivery, they must establish a team structure, a human-centered operating model, and a strong vision. For some firms, that means quickly hiring and aligning new people to the organization and mitigating the steep domain and technical learning curve. Some organizations already have teams assembled, but they are inexperienced in building platforms and collaborating in cross-functional delivery models, so they are not able to anticipate the breadth of hurdles and complex decisions that need to be made from the get-go. Some teams have the experience, but they don’t know how to assemble in the right way to collaborate efficiently because they are used to siloed, piecemeal organization models.
- Lastly, since many firms have already invested in platforms over the last several years, scalability is often a top-of-mind question. Banks debate whether they need to go live in an iterative process or whether they need a mature solution for business-critical processes. There are often questions on what the competition and peers are doing, how quickly they should go to market with their solution, and how to optimize value while considering performance and resiliency factors. Even for organizations considering the maturity of their live solutions, they see opportunity for platform scaling and optimization but do not know how to achieve these goals. Answering these questions and decisioning on performance and scalability requires experience and a view of current market activity.