Embracing the Future Transforming Trade Finance Through Technology

Embracing the Future: Integrating Your Solutions – Part 1

Writing this part of the blog is a challenge. Despite having delivered this topic in talks several times, distilling it into a concise blog is no easy feat. So, consider this the first part of a two-part series, and please feel free to contact me (free) for a deeper discussion or consultation.

The Dream of Integration

The concept of fully integrated systems where users can perform all tasks from a single platform has long been a professional aspiration. However, the reality of IT projects has frequently fallen short, with most failing to meet desired ROI, deadlines or budget expectations. Let’s break down the key goals, common pitfalls, and strategies for a more effective approach.

Understanding Your Goals

Begin by clearly defining where you anticipate the highest return on investment (ROI). Quantify this ROI in monetary terms to justify the budget, IT involvement, and other resources. If you’re struggling with this process, don’t hesitate to contact me for a free template that can assist in calculating ROI.

The Full Integration Dilemma

Often, full integration may not be necessary or could be prohibitively expensive, failing to deliver the anticipated ROI. Instead, consider starting with standalone solutions and then evaluating which integrations are truly beneficial. This approach allows you to tackle integrations gradually, minimizing the risk of overwhelming complexity. In my 45 years in IT, I’ve seen many projects falter and careers suffer from attempting/promising too much too quickly.

The Crucial Role of Data

Data is at the heart of successful integration but is frequently overlooked. Here are some critical questions to address:

  • What data are you capturing and manipulating? Understand the types and sources of data involved.
  • Where is this data currently located? Is it in paper documents with varying levels of legibility, or is it in digital formats that you can easily access?
  • What do you want to do with your data? Define the intended use and processing of the data.
  • Who will use this data and how? Identify the end-users or systems that will interact with the data and have your security team involved in looking at who will access data, permissions, where it goes and any privacy issues there.
  • What results do you expect? Determine the outcomes you aim to achieve with the data.
  • How will the data be stored and accessed later? Plan for data storage, accessibility, and security.   Always store for minimum legal requirements – no longer.
  • How will you guard and protect the data?  Have your security team involved.
  • Is there an audit trail? Ensure that your system provides a way to track changes and access to data.

Failing to address these questions can lead to purchasing shelfware—solutions that are bought but never fully utilized. Many organizations, including banks, struggle with poorly managed data, leading to over-budget and delayed projects.

To Summarize:

  • Know your goals clearly and precisely and track progress and attainment.
  • Calculate potential ROI to justify your investment (we can help).
  • Consider running standalone solutions initially and integrating later as it makes sense.
  • Have success criteria for when operational and for when integration work can begin.
  • Understand your data and how it will fit into your integration plans.

In Part 2 of this series, we’ll dive into additional challenges and provide a guideline for moving forward with your integration strategy. I’m available for further discussion, so don’t hesitate to contact me.

Recent Posts

Embracing The Future – Part 3

Embracing The Future – Part 3

This blog post delves into two critical areas: the distinction between "Digitization" and "Digital" in the trade finance industry and the strategic use of talent as technology continues to advance. Digitization vs. Digital: Clearing Up the Confusion A question arose...

A Journey of Hunger, Hard Work, and Humility

A Journey of Hunger, Hard Work, and Humility

Running the London Marathon for Mencap: A Journey of Hunger, Hard Work, and Humility As I lace up my running shoes and prepare to take on one of the most iconic marathons—the London Marathon—I am filled with a deep sense of purpose and determination. This is not just...

Embracing the Future: Transforming Trade Finance Through Technology

Embracing the Future: Transforming Trade Finance Through Technology

Embracing the Future: Transforming Trade Finance Through Technology - Part 2 The Paper Challenge and Digitization Paper, Paper Everywhere! We have been lamenting our dependence on and excessive use of paper for years. Despite some improvements, we remain ensnared by...