Other parts of this series:
Liquid applications build speed and agility into software deployments, allowing you to quickly scale up and down and add new capabilities to your business processes—making your firm more competitive. Intelligent applications manage and leverage the continually escalating volume and velocity of incoming data, making your business “smarter” and improving business performance.
The third strategy in the triad of new applications strategies that set financial services businesses up for “success” is connected applications—software that acts as a dynamic interface with partners, customers and the Internet of Things.
More than application integration
In the age of software-driven business, connectivity has a new meaning and purpose. It’s all about creating new competitive opportunities by opening new dimensions of connectivity. Connected applications do that for you.
These days, growing revenue and defending market position depends on being able to connect to and interact with partner and customer ecosystems as well as the myriad of Internet-enabled devices that extend well beyond smartphones and tablets to include manufacturing environments, industrial equipment, automobiles, wearables and more. As the Internet of Things grows, these capabilities are also expected to grow, and connected applications will run everywhere.
For example, why not hire or leverage from a highly-specialized startup company that provides digital scoring based on customer social behavior instead of building those capabilities internally?
Building a borderless business
Firms embarking on creating and managing new dimensions of applications connectivity should pay close attention to these three components of a successful overall implementation strategy:
- Develop and implement an ecosystem strategy. Building and nurturing an ecosystem takes place in phases. Start with your internal developers and business functions, learning as you go. Once your ecosystem is established, identify strategic external partner opportunities.
- Prepare for resiliency. Extended connected applications bring both benefits and risks—among them security. Resiliency and robust security capabilities should be architected into the system from the beginning and designed for immediate remediation in the event of an attack.
- Integrate information technology (IT) with operational technology (OT). Growing revenue from new product-service hybrids requires a way to combine physical assets with software and third-party services—elements previously managed separately. Firms should be creative in weaving together data generated by disparate assets, including leveraging the cloud.
In my next post, I’ll share how viewing applications as a business asset and incorporating all three applications strategies into a new business and IT operating model will equip your firm to meet the challenges of the software-driven world.
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