According to Gartner,
“By 2024, more than 70% of large global enterprises will have over 70 concurrent hyperautomation initiatives mandating governance or facing significant instability.”
Based on our understanding from the report, as revealed in the 2021 Gartner CIO Survey, “almost half of banking and investment CIOs (49%) and insurance CIOs (44%) indicated that they will increase their automation investments in 2021."
As per the report, ”Bank, investment and insurance CIOs have an abundant choice of overlapping automation tools, making it a challenge to determine what to use and how. CIOs should start the selection process with a clear view of the business problem and then determine which automation technologies can solve it."
The report recommends that “CIOs responsible for financial services technology modernization and transformation:
• Design the most suitable process to accomplish the business need by determining where to enhance, convert, eliminate or hide steps in the process, before starting to determine how to apply automation technologies.
• Choose automation tools by breaking down the process needs into the tools’ underlying strengths and characteristics.
• Assemble a portfolio approach to automation by establishing mixologist principles, applying an understanding of how multiple technologies can operate together to solve business problems."
Source: 4 Steps to Automation Success in Financial Services
By utilising these steps as a guide, we believe CIOs responsible for technology modernisation and transformation can successfully implement the right technologies for the right reasons.
Gartner, 4 Steps to Automation Success in Financial Services, 1 February 2021
This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Omilia