When planning a road trip, you can’t map out your route if you don’t know your starting location. The same applies to a digital transformation journey – you can’t chart a course to your business goals without a clear understanding of your current technology situation. 

For the increasingly competitive and digitally enabled superannuation sector, this is a crucial step in digital transformations. In a complex, ever-changing landscape, super funds need technology that enables them to innovate quickly, provides engaging member experience, is adaptable to regulatory frameworks, and maintains security compliance—all while being cost-effective.

As technology evolves and businesses grow, getting an up-to-date view of your current infrastructure can be challenging. But without it, it’s impossible to build on your current situation, spot innovation opportunities and effectively plan for the future. 

In this blog series, we’ll be sharing the four steps to accelerating digital transformation, starting with why a digital health check is vital to achieving next-generational change. 

What is a health check?

An Equal Experts health check provides a holistic overview of your technology landscape, including cloud infrastructure and data capabilities. With Gartner predicting Australian businesses will spend A$23.2 billion on cloud in 2024, optimising cloud capabilities and maximising the value of this investment is critical to achieving business goals.

Our 10-day health check enables organisations to assess where they stand today, identify areas for improvement and outline the steps needed to achieve success. 

• We start by understanding your desired business outcomes.
• Then we evaluate your current technology infrastructure – tools, platforms, data and processes.
• Next, we identify optimisation opportunities, from quick wins to long-term priorities.
• Finally, we create a blueprint detailing the time, resources, and effort required to achieve your transformation goals.

A health check can be a catalyst for digital transformation or technology optimisation. For example, our health checks have helped a leading insurance provider reduce its cloud spend by 35%, while a key public sector department achieved an A$200,000 reduction in cloud costs.

Why superannuation funds need a digital health check

For superannuation funds, a health check provides a roadmap for future growth and helps achieve business goals with an actionable digital itinerary.  It delivers much-needed clarity on the current scalability and adaptability of your technology and identifies opportunities to release greater business value through improved time to market or optimised costs. Health checks are the first step for superannuation funds looking to build the foundations to accelerate next-generation innovation while maintaining crucial security and regulatory compliance.

Take Spirit Super for example. Formed following the merger of Tasplan and MTAA Super, the super fund realised its current technologies had hit a ceiling and could no longer be relied upon to navigate the competitive landscape. A review of its monolithic, on-prem systems and software development life cycle uncovered opportunities for improvements as the super fund looked to move to the cloud. With our help, Spirit Super laid the groundwork for a transformative cloud migration, modernised its approach to software delivery and delivered its first cloud capability in just three months.

With mergers and acquisitions continuing to reshape the superannuation sector, funds need a clear understanding of their technology to stay competitive, navigate changes and seize new opportunities. 

Start your digital transformation journey

Understanding where your organisation stands today is the first step in any successful digital transformation. Our health check benchmarks your performance against competitors and provides actionable steps to accelerate your journey. Whether it’s unlocking quick wins or setting up for long-term success, we can help you unlock greater value from your technology infrastructure.  Want to know more? Book a health check today.  

You can also find us at ASFA Conference in Sydney from 19 to 21 November 2024. Visit Expo stand 36 where we’ll be sharing more information about the digital transformation journey and demonstrating our AI-enabled complaints management concept, which transforms the way super funds monitor and action complaints while ensuring regulatory compliance.

Don’t forget to watch out for our next blog in this series – Establishing the right foundations to accelerate transformation.