In a recent McKinsey article “Analytics transformation in wealth management” the authors address the importance of digital transformation with advanced analytics capabilities as an enabler for wealth management companies to deliver value-add services to their clients.
Having identified the need for digital transformation, companies will focus on the “how-to” question. The article provides an insightful read for any entity (not only those in wealth management) looking to address this transformation challenge as the analytics-based transformation path presented is industry agnostic.
The article highlights the need to build cross-functional teams as a driver of analytics-based transformation and states that many of the roles in these teams will be new to the organisation. It is reasonable to assume that most companies will need to invest heavily in the recruitment of these new roles. To scale quickly and efficiently requires companies to prioritise their recruitment investment in terms of both time and budget, and the example team used in the article (see diagram) integrates an outsourced or insourced offshore technology solution delivery squad as an enabler.
Outsourced models typically contradict the objective of building integrated cross-functional squads. Xyenta’s recommendation is to insource the squad so that it sits within the team.
Xyenta’s Teams as a Service (XyTaaS) proposition helps companies build the type of delivery squads used in this model. The benefit of the XyTaaS approach is to speed-up deployment of the transformation capability as it allows the enterprise to focus on strategic business team recruitment while Xyenta builds the technology capability specific to the team’s requirements.
Using an insourced managed service removes the key-person dependencies found in many in-house data technology teams, as the XyTaaS model provides resource resilience, scalability, and service continuity as standard. It is exciting to see that the resource solution benefitting a growing number of our clients is also being recognised by industry thought leadership.
Read more about how Xyenta’s XyTaaS proposition is helping companies manage resource needs such as those highlighted in this article on our website using this link, or contact our Business Development Team on 020 3987 3138.