Defining a Problem Space
“Houston, do we have a problem?”
| Challenge | A belief that Asset Management firms today ALL experience and must deal with the same challenges surrounding Asset Management data. |
| What’s wrong with that? | – Redundant spending – Stifled growth and innovation – Delivery of marginal customer experience – Challenges reporting to regulators |
| Innovation services delivered | Brought together cross-industry competitors to collaborate and explore this shared challenge, culminating in a defined problem and case for moving forward to fix this for the industry. |
Context
A leader in Data Management noticed that their clients in the Asset Management industry seemed to all be dealing with very similar and debilitating challenges grounded in data. They observed that asset and wealth managers spend a great deal of time and money doing the same custom build of solutions to address data issues without the industry as a whole, or their direct firms ever becoming more efficient. With each firm working in isolation to address these challenges, the Asset Management industry as a whole was delivering a marginalized service to customers, as well as regulators.
Approach
- ChangeUp|GLOBAL partnered with our Data Management leader to construct a hypothesis articulating what they believed to be a cross-industry problem which, if addressed, could benefit the industry as a whole, improve each firm’s ability to deliver top-notch customer experience, and simplify regulatory reporting processes for all. In other words, ‘lift all boats’.
- Then invited data management experts representing various firms across the U.K. Asset Management industry to engage in a series of three 90-minute virtual collaborative working sessions.
- Designed and facilitated this discovery exercise whose goal was to validate the hypothesis through their own direct shared experiences, determine if indeed this was a cross-industry challenge, and create a picture of the problem ecosystem and inherent hot spots.
Impact
- Discovery: Confirmation of a cross-industry problem surrounding the acquisition, maintenance, retention and use of Asset Management data. Definition of the data management problem space and identification of common, highly problematic areas.
- Building consensus: Brought together a group of competitors to form a team of partners who developed a meaningful understanding of their shared problem and desire to fix it together.
- Advancing the cause: Articulated a case for moving forward with a cross-industry effort, and enabled the next step – engaging organizations already charged with enabling industry-wide efficiency and governance to take up this effort on behalf of and with the industry as a whole.
Contact Us today and make an appointment to give you a more detailed story on this case study as well as others.