Capital markets: The tech consultancy model is broken
- Posted on December 19, 2022
- Estimated reading time 4 minutes
I feel your pain. I know you've had conversations or engagements with consultancies or technology firms that left you underwhelmed and frustrated.Too many times, clients come to us following bad experiences with other firms. The complaints often mirror one of these:
- “The agency had no idea what we do”
- “They prescribe costly, lengthy 'discovery processes' – it shouldn’t take so long!”
- “It felt like they had never done this for a client like us; we expected them to have the answers and the tech ready to go. But they didn’t. ”
- “It’s so complicated – surely my money is better spent elsewhere? Where is my return on investment?”
These are all valid criticisms. To successfully navigate disruption and transform a capital markets organisation, you need a partner that understands your business, your objectives, and your barriers so they can help you find a safe path to the winning solution.
One size does NOT fit all (warning, sales pitch incoming)
Avanade has acknowledged the need to build industry focused solutions for our clients. One size does not fit all, but if you focus on an area in depth, you will inevitably get pretty good at what you do. In this scenario, being a jack of all trades loses out to being the master of one.
Admittedly, one of my pet hates is when consultancies talk about themselves – and that’s exactly what I’m about to do right here: talk about Avanade. But just this once I ask you to indulge me (it’s essential to the point I’m making, so bear with me!).
In the same way that the capital markets industry is changing, Avanade has been listening to its own advice and are evolving too. We’re aware that our clients are facing big changes just over the horizon, and that has led us to look at our own working methods.
Sector-focused experts, not generalists
As a result, I’m proud to say that we've completely shifted our client approach. We're now far more sector-focused, developing sector-specific solutions, which, we ultimately believe, add more value to our clients.
We focus on Microsoft, we focus on capital markets, especially wealth and asset management or private quity. We already had fantastic depth of experience in using Microsoft technologies to deliver change, but we recently made a shift, investing and hiring industry-focused people who understand capital markets and financial services organisations We then combined these experts with the best technologists available.
This winning combination helps untangle challenges and obstacles, helping clients like you imagine how you want to be in the future and deliver the services and tools to help you get there.
In practice, for my industry, this means the following solutions:
What we bring to the table:
- Unrivalled expertise: Our insights and advice are underpinned by a depth of knowledge, research and expertise. We know your sector, and we’ll help your business thrive in the future.
- Bespoke digital solutions: With us by your side, you can uncover the untapped potential of Microsoft's ecosystem and supercharge how your firm operates, interacts with customers and delivers services.
- A commitment to knowing you: Forget the lengthy discovery work and a one-size-fits-all approach. We promise to start our relationship already in the know about your firm and the significant challenges you face.
- Cost efficiency: Our solutions are bespoke, but that doesn't mean they are expensive. We work with you to drive future growth and improve the bottom line, not take away from it.
- Innovation and competitiveness: With our deep knowledge of the industry and relationships with Microsoft and Accenture, we offer services that are agile, forward-thinking and effective, propelling you into the future and empowering you to architect change rather than be disrupted by it.
These capabilities are especially important when we consider the complexities of the themes, contexts and influences impacting today's capital markets firms. A blanket, one-size-fits-all approach to reinvention and digital transformation won’t work. It only leads to wasted investment and disappointment.
To successfully navigate disruption, you need a partner that listens, thinks holistically and helps you tackle your unique challenges. Change, as they say, is hard. Yet many capital markets firms are waking upo the new realities, realising that change is necessary.
Join me for the third blog post in the series
Coming soon, we’ll be looking at how major societal changes are reshaping the very nature of what it means to be a capital markets firm.
I’m always happy to talk about the future and how best to prepare for what’s just around the corner. Drop me a line.