Now that you have identified the needs of your secured finance business and how digital transformation can support your long term goals, it is time to get the wheels in motion. At this stage, you may have already researched what options are out there, and all that is select the right solution for your business. If you are still undecided, why not read the previous blog in the series for more guidance?
Before committing, here are some of the most important questions you need to consider to identify the perfect solution.
What do you need from your software?
Evaluate your core business transaction flows, alongside the roles and responsibilities of those in your team, and use them to inform your needs. You need to have an understanding of what each team in your business needs to be able to do, and what your business as a whole needs to be able to achieve.
Segmenting deliverables into workstreams helps define your project objectives. These should be looked at regularly, preferably weekly, so that you can track if you are getting what you need from your solutions.
How are you going to measure success?
Your KPIs should not be topline. By having metrics for each workstream, you can create individual measures of success to evaluate your performance.
Measuring value based on things such as “money saved on IT” or “number of applications processed” is easy, but it doesn’t leave you with much insight. SaaS isn’t just about the software itself, but the benefits that come as a result of it.
For example, in the financial services sector, mergers and acquisitions are common. This results in disparate technology, disjointed data and generally messy IT systems. Through implementing SaaS, reconciling these processes is much quicker and easier, unlocking a significant amount of value.
Can you ensure alignment across the team?
You may have been using the same legacy, on-premise software system for years. So, when you make the transition to SaaS, it is imperative that your stakeholders know what is changing, and most importantly, why.
Being clear on impact, risk, expectations from the team and the capabilities that will be implemented on day one of go live will make the implementation much more smooth and successful. Some people may not be as affected as others; in fact, there may be a few people in your business not using the software at all. However, it is important that the whole company understands the changes the digital transformation will bring to the business, regardless of their direct involvement.
Deciding on how you plan to train vendors, partners and customers on the new software is also key to alignment, as this will create more confidence in the team. A clear training plan to accompany the new technology roll-out will streamline your digital transformation journey.
At Solifi, we work closely with our clients to ensure success in their digital transformation. Our 50 years of experience mean we know exactly what secured finance businesses need, and we can help you take your digital transformation journey to the next level and beyond. Get in touch to arrange a demo to get started on your strategy today.
Digital Transformation 2024
Read part 1: SaaS frequently asked questions
Read part 2: Navigating changes in the digital secured finance landscape
Read part 3: Overcoming resistance to change
Read part 4: Keep it simple or completely customize?
Read part 5: How to pick the perfect SaaS solution
Read part 6: Defining success in your SaaS strategy
Read part 7: Best practices for continued success
Stay one step ahead in 2024 and beyond! Read our Digital Transformation for SaaS 2024 eBook