Being challenged by Business Transformation?

By 15th January 2020 No Comments

LYS TRADE Business Services is working on SMART PROCESS AUTOMATION. The target is about delivering seamless connections between people and businesses radically faster in an efficient and cost-effective way.

“Client experience improvement”. How to reach my clients on mobile app and web site that matters.
“Assisting employees, Business Onboarding”. How to free employee from slow tasks while improving accuracy, profit and speed of processes.
“Optimising processes, Developing new Business Models”. How to make some changes where cost or time in IT is too high.
– “Closing gap between ICT and Business”. How ICT will become central to the core business and changing services to deliver.

– Our new technology enables us to automate processes that can use heterogeneous existing platforms in a matter of days.
– Our customers can experience new processes that are efficient, resilient and let workforce focus on the high-skilled and creative part of the jobs.
– We are able to implement changes with one of the most effective and fast solutions IT organisations decide to implement.
– Our methodology helps customers taking a proactive approach to Data Management.

The spectacular growth of the Fintech industry is shaking up the traditional financial institutions. The Fintech disruptors now cover everything from Capital Markets to Banking Infrastructure. On top of that, there are now many new verticals appearing with the name of InsurTech, RegTech or WealthTech. Disruption is infiltrating every aspect of the services as we know it. We are also seeing new technologies coming under the technology umbrella Artificial Intelligence, Machine Learning, Internet of Things, Cryptocurrency and Blockchain. According to McKinsey, traditional banks for example might lose up to 60% of retail profits to Fintech players. The study estimated also that 40% of their revenue could disappear to Fintech businesses by 2025. To respond to constant changing consumer habits and “Real Time” businesses the traditional institutions have to unlock a new face of doing business and move away from old legacy technology systems – more costly to maintain – and provide more functionalities, adopt more agile, more flexible IT services, offer more personalised customer approach. If the large institutions are looking to succeed in the era of Digital Transformation, they must then take the initiative and move forward with more advanced IT environments that are compatible with the new breed of digital services and new regulations.

The face of your business must be a face customers can trust!

So what should traditional companies do to remedy the situation? Just like with any major transformational initiative, they should begin with a “Strategy”. Digital is no different. Forget the “Home Made – uncoordinated” initiatives taken on by separate and individual business units. This is the kind of undertaking that will require companies to stretch outside their comfort zone. They need to tackle Digital Transformation as a comprehensive, enterprise-wide strategy, one that’s lead from the very top by the C-Executives with the CEO firmly steering the ship to ensure that both digital leaders and non-digital leaders are making good decisions about their transformation efforts. Without a top-down, integrated approach involving every layers of the organisation, traditional institutions will struggle taking advantage of powerful new tools such as Big Data, AI and Blockchain. Digital is not just a thing that you can you can buy and plug into the organisation. It is multi-faceted project that doesn’t just involve technology. Digital transformation is an ongoing process of changing the way you do business. It requires foundational investments in skills, infrastructure, mixing people and business processes.

To do list for your transformation:
– Take a fresh look at the existing customer journey and fundamentally redefine the customer experience: Digital onboarding, automated Digital transactions and decisions.
– Unleashing the power of Data Analytics: Get the most out of your Data to offer highly tailored solutions.
– Define a new operating model including initiatives for quick returns.
– Create a Digital culture in your organisation, adopt the Fintech way of doing business, embrace Digital solutions.
– Create a timeline for implementation.
– Assess existing technologies and study technology enablers in the market.

Are you looking for guidance to make your Digital Revolution a success? Just reach LYS TRADE Ltd (info@lystrade.co.uk) to set up an appointment with our representatives in Luxembourg or in London. LYS TRADE Ltd is a niche consulting firm only focus on Business problems and thereby offering in-depth expertise in particular areas. As small consulting firm we are able to target our efforts and tend to be more flexible. We resolve issues more creatively.
As a Lys Trade client, you will beneficiate from the joint expertise of international consultants and strategic advisors. Together with our accredited business partner VALUESBOX (www.valuesbox.com) we will be able to advise you about the requirements for your Business Transformation and prevent you from making costly mistakes.

Our purpose – helping enterprises create more prosperous businesses.

Philippe Johan Castelain, Managing Director@Lys Trade