Digital Transformation Framework Superannuation
QMV’s digital transformation framework for superannuation is a tool and common reference point that guides all levels of an organisation through the transformation journey.
The critical first stage is vision development in which member experiences and outcomes are defined. The member is always at the heart of the reason for digital change. Every decision, action and optimisation throughout the transformation journey must be answerable to this overarching vision.
Our framework comprises eight clear stages in which stages one to four set the foundation for success and stages five through to eight recur on a feedback loop.
The framework is a very simplified explanation of a complex undertaking. It is essential to defer to simplicity as a rule in transformations; otherwise, they are prone to partial or complete failure often due to over-engineering and complexity.
While every aspect of the transformation journey is crucial to achieve success, we emphasise the utilisation of rich and clean data to underpin strategy and decision making, and importantly to maximise the investment in new technologies.
Superannuation Digital Transformation Framework
1. Vision
Develop the vision by identifying what your fund must offer to retain and attract members with leading member experiences and outcomes.
2. Strategy and roadmap
Define an integrated and holistic digital strategy through a whole-of-organisation lens. Utilise rich and clean organisational data to shape strategy and inform decision making.
3. Leadership
Empower leaders to champion and cultivate a digital culture. Achieve results faster, promote organisation-wide innovation and attract the right talent.
4. Technology review and selection
Review current technology ecosystem then buy, build and partner to achieve the right balance of technology that offers a higher degree of modularity, semi-permanence and adaptive risk management.
5. Data quality management
Apply rigorous data quality audits, execute remedies and enhance the ongoing data governance framework as part of your digital transformation journey.
6. Implementation
Implement and integrate new digital capabilities using robust project methodologies and governance to ensure outcomes are delivered via a timely and cost-effective program.
7. Embed
Ensure the value proposition behind transformation is well-understood by all stakeholders. Provide dedicated assistance to employees and members for as long as necessary so change is fully adopted and maximised.
8. Optimise
Continuously measure and optimise digital capabilities against member requirements, experiences and financial outcomes. Remain forward thinking and innovative ideally to progress from transformation to digital disruption.
Digital Transformation Framework Superannuation
Wherever your fund is on the digital transformation journey, QMV can help. Please reach out to QMV for further information on p +61 3 9620 0707.
ABOUT QMV
QMV provides independent advisory, consulting and technology to superannuation, wealth management, banking and insurance organisations.
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