Making the Practice of Business Impact Management Matter

US Banker,  June, 2003  by Chris Edden, svp of Silas Technologies

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Executives in financial services are being challenged to justify future increases in technology investments after being on the short end of unfulfilled vendor promises. Unless technology initiatives provide significant return on investment (ROI) or are guaranteed to contribute to business and customer value, banking executives are reluctant to move forward with their original technology plans. Yet how do banks continue to innovate and offer superior levels of customer service if their business leaders are unsure how to correlate it so it impacts the entire business? Because technology is actually part of the product offering, it is imperative to measure the implications not just in technology terms, but also in business terms.

Much like a sailboat captain leverages measurements to plan for success, so must a bank executive. Without adequate metrics and continual measurement of progress (or knowing wind speed and direction, plotting a course and planning an angle of attack), ...