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Technology not always best fit for funds
Super funds that are implementing new technology systems should review their business processes to make sure they fit the new system, according to the chief executive of IQ Business Group, Graham Sammells.
Some super funds were procuring existing technology and excessively customising it to fit their past business processes when they should be looking at changing their processes instead, Sammells said.
The technology was being over-customised to the point where it would be an even bigger misfit to the business process than before, he said.
“They probably spend more than they would expect customising, and the result may be that they aren’t playing to the true strengths of the technology that was purchased,” Sammells said.
“It’s a natural human resistance to change. It’s natural to look at new technology for its new whizzbang features that can be easy to utilise, but they don’t look at the core processes behind it to really take advantage of the entire technology stack,” Sammells said.
Super funds should focus on their staff and their business processes first, rather than using technology to “save the world”, he added.
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