A key focus of many organisations is the ability to optimize their current business processes. Business processes are the foundation to running a business or organisation effectively, however over time business operating procedures and processes can become inefficient, wasting time and resources. According to market research firm IDC, this can cost businesses 20 to 30 percent of their yearly revenue and also lead to internal dissatisfaction and missed opportunities for growth. To ensure businesses continue to grow and operate effectively, it is important for companies to regularly revaluate and update their business processes.
The expected October completion date for the New Payments Platform (NPP) is looming. The NPP, which will facilitate real time payments between financial institutions and customers’ accounts via a mobile device or online, represents a major milestone in Australian banking technology.
Large, complex systems upgrades are notoriously difficult to implement. They are hard enough when the applications are reasonably new and well understood. But when you also have a high level of complexity due to silos, they provide a formidable challenge.
Our CEO, Bruce Nixon, spoke to Government News about the dangers and opportunities presented by the complete transformation of the way welfare payments are processed in Australia.
"As the complete reimagining of the way welfare payments are processed in Australia enters its delivery phase, Government News looks at the risks and opportunities this quantum cultural and technological leap presents.
The Department of Human Services (DHS) will splash out more than $1 billion and spend seven-years rolling out what has been billed as a once-in-a-generation business transformation under the Welfare Payments Infrastructure Transformation (WPIT)..."
Read the full article featured on Government News.
With increasing pressure to innovate, accelerate speed-to-market and capitalise on new opportunities, we’ve helped one of Australia’s leading wealth management organisations develop an integrated platform for their full range of services.
The BMS has helped expand our client’s digital footprint through this industry-first initiative, paving the way for growth.
By 2020, generation X and millennials will control over half of all investable assets*. This dramatic demographic shift has triggered an urgency to revolutionise digital customer interactions, catering to the generation of investors inheriting the majority of wealth.
The demographic shift has sparked a demand for intuitive interactions that are personalised, available on-the-go and in real-time. Being digital natives, millennials expect digital experiences that are seamless, quick and self-driven. With a plethora of information and services available at the click of a button, clients are now more demanding than ever, increasing pressure on advisers to deliver.
Though it brings new opportunities, the changing business landscape poses a significant threat to the Australian wealth market. Many providers in this space have been heavily reliant on legacy systems, hindering their ability to leverage the technology available for growth.
Our client, one of Australia’s leading wealth management organisations, engaged us in developing an integrated platform for their full range of services to increase speed-to-market. With increasing pressure to innovate and capitalise on the demographic transition, aging infrastructure needed to be replaced to support business growth.
The BMS has modernised wealth management by consolidating 7 legacy systems to form a new state-of-the-art platform. The result is a common operating system that supports value-channels right across the enterprise including investment, superannuation, financial advice, insurance and private banking. The user experience is personalised and contextual through channel-related roles such as investors, households, advisers, accountants, bankers, investment managers, employers and dealer groups.
As an industry-first initiative, our customer is leading Australia’s wealth market. The BMS is helping to deliver digital transformation as a key strategic priority, paving the way for growth by expanding their digital presence.
*PwC 2016 Wealth Management Trends
Holocentric sponsored the Gartner Business Transformation and Process Management Summit at the Hilton, Sydney.
It was well-attended with 280 delegates, and again, another engaging and insightful event, helping us better understand the future direction of enterprise software and technology.
We had some interesting conversations with conference attendees while showcasing the Business Management System and presenting capabilities to address business challenges and needs. During the networking event, we invited delegates to visit our booth to "learn about the building blocks of business excellence" with a game of giant Jenga to win power banks, branded Lindt bars and drink bottles.
The event covered 4 tracks including:
- Process Rethink: Making the Leap to Business Transformation
- Tackle Transformation: Reimagine Business Operations and Technology
- Politics, People and Change: Soft Stuff Makes or Breaks Transformation
- Applying Learning into Practical Approaches
Gartner discussed the importance of placing people and culture at the heart of business excellence and transformation, emphasising interconnectivity and the equal importance of organisational elements including people, strategy, processes, business intelligence and technology as drivers of success. Workplaces will change as organisations break down departmental silos and adopt an agile way of working (the concept of the bimodal approach), leveraging technology to gain a competitive edge.
Interestingly, Gartner envisions an evolution in operating models for organisations. Introducing the concept of a Business Operating System, Marc Kerremans showed that a new operating model encompassing enterprise business process analysis, performance monitoring and operational intelligence – linking to systems and technology – would be fundamental for success.
This is exactly what we offer. We help organisations develop models which connect all organisational elements with business priorities and strategy clearly outlined and tied to execution. Our Business Management System helps you understand the connections, design evolutionary changes and optimise performance for continuous improvement.
With the BMS being at the forefront and the Business Operating System being so closely aligned to what we offer, it’ll be very interesting to see how this research from Gartner develops.
Embraced by leading organisations, the BMS is designed for the future and engineered for business excellence.
According to Janelle Hill from Gartner, process leaders need to understand business ecosystems not just the traditional value chains.
The future of business is much more dynamic. Successful organisations will capitalise on business moments rather than being fixed.
A 'digital GPS' (such as the Holocentric BMS) will empower your people to deliver outcomes in a more dynamic world whilst ensuring compliance and managing risk.
Great to hear Marc Kerremans from Gartner talking at the Sydney BPM conference about the scale of BPM initiatives, the capabilities required and how to use them as you improve your maturity level.
A demerger is when a single business is broken into components, either to operate on their own, to be sold or to be dissolved. Companies generally announce a demerger on the grounds that separating the parts of a business will create value for shareholders by allowing a better strategic approach to tackling costs and growing earnings. In other cases, they may be necessary to satisfy regulators such as the Australian Competition and Consumer Commission.
Read the complete article here
Large complex programs, like the rollout of the NDIS, are notoriously difficult to implement. With the importance of the NDIS, the benefits it will provide and the general contribution to Australian society, we owe it to ourselves to do it right. Bruce Nixon, CEO of Holocentric shares some insights on how it can be done.
Read the full article by Bruce Nixon here