In our "Why You May Be Wrong About Digital Transformation" blog, we challenged how many in the Australian superannuation industry incorrectly use the term digital transformation. In practice, most are only engaged in digital evolution. Digital evolution is about upgrading your digital business capabilities in stages as opposed to a complete overhaul, but it is an unsustainable, fragmented approach. When you truly transform—when you bring digital to your core and connect the entire ecosystem—you not only future-proof your technology but you open up the ability to reimagine and reconfigure your entire operating model.

As investment management firms explore ways to lower costs and improve their operational efficiency, they continue to focus on opportunities to streamline the whole front-to-back office process.  This presents a tremendous opportunity to transform the business so it is positioned to grow and have the agility to meet opportunities for years to come. While few disagree that an end state of having everything on one technology platform would achieve this outcome, the challenge is getting there.