The global pandemic – which saw entire CBDs shut down across Australia and the world – has led to an unprecedented spike in demand for secure, remote access to enterprise data; as well as for collaboration tools to enable distributed teams to work together, no matter where they are. Indeed, the need for modern workplace tools has never been more keenly felt – particularly in the financial services industry (FSI).
With modern workplace tools in place, FSI firms are in a much better position to enable teams to work from anywhere, securely and collaboratively. Platforms like Microsoft 365 for Business are geared for this new normal of remote work while protecting business assets and adhering to strict compliance regulations from APRA or ASIC.
Yet, as we explore in our new eBook on the modern workplace, some common obstacles get in the way of smaller FSI firms upgrading their systems. Things like security and compliance concerns, a lack of in-house IT resources, and a lack of budget can slow transformation right down.
Here, we look at three simple strategies that smaller firms can implement to kick off transformation projects in which traditional systems are replaced with modern workplace tools like Microsoft 365 for Business.
1. Start small and grow strategically
Instead of trying to refresh all employees’ devices and systems instantaneously, you could take an iterative approach to transformation – identifying key teams or departments that might be quicker or easier to upgrade first (or, those that stand to benefit the most from an upgrade).
A stepped approach helps to address FSI firms’ concerns around lack of budget. With careful planning, you can achieve your IT goals without blowing your budget. In fact, subscribing to modern workplace tools like Microsoft 365 for Business on a per-month, per-user model can deliver significant cost-savings.
2. Tackle complex security issues head-on
Twin obstacles that get in the way of transformation are security and compliance concerns. Fair enough. APRA and ASIC are constantly changing their stringent rules, and FSI firms are often worried that transforming systems may break the rules, so to speak.
In fact, the opposite is often true – upgrading to a modern workplace may help you better address the rules. Using tools like Microsoft 365 Compliance Centre, you can implement rigid security controls and compliance controls; to ensure that your IT policies comply with the very latest regulations. Enhancing your IT is a great opportunity to make sure that your systems are spot on when it comes to security and compliance.
3. Extend your in-house resources by partnering with experts
Within smaller FSI firms in particular, a common obstacle getting in the way of digital transformation is time. Or, lack thereof. In-house IT teams simply lack the time and capacity to engineer transformation themselves – often, they also lack the confidence to ensure that business-critical systems can be upgraded while addressing compliance and security.
The simple fix for this is to partner with an IT provider that has specific experience in financial services, and understands the APRA and ASIC requirements you must adhere to. TAS ticks all the boxes here, with deep understanding of modern workplace tools as well as the specific requirements of the financial services industry.
Ready to get started?
If you are keen to start leveraging the productivity and collaboration benefits of modern workplace tools like Microsoft 365 or Business, contact TAS today for an assessment.