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The Road to Becoming "IT Savvy" at HarborOne Credit Union Analyst: Bill Bradway January 28, 2010 In June 2009, Peter Weill and Jeanne Ross published a book (“IT Savvy: what non-IT executives should know to make IT pay off,” Harvard Business Press) that reflected the results of their research across many industries, including the financial services industry. The authors define “IT savvy” as “a characteristic of firms and their managers reflected in the ability to use IT to consistently elevate firm performance.” This analysis explores how one institution is aggressively pursuing its business objectives with a multi-year strategy that is designed to make the institution “IT savvy.” The authors task senior management with defining an operating model for their firm. “IT-savvy firms distinguish themselves from others by building and using a platform of digitized processes. A digitized platform is an integrated set of electronic business processes and the technologies, applications, and data supporting those processes. Not all business processes are digitized – many require human intervention. And not all digitized processes are part of a platform – the platform integrates a set of related processes and transactions.” Several financial institutions are profiled in the book as examples of “IT savvy” firms. While presented as relevant across many industries, the book describes four operating models and related requirements for the digitized platforms. The authors’ research findings conclude that “IT savvy” firms across all industries realize a 20% higher level of performance than their peer competitors. This analysis uses the book's thesis as a framework for a case study synopsis of HarborOne Credit Union's journey to become "IT Savvy." HarborOne is a $1.8 Billion credit union with 14 branches and 350 employees.Read more to find out how to receive access to this and other A & O Briefs. Bradway Research permits the purchase of an individual Analysis & Opinion Brief for internal use by the purchasing party. We use PayPal to complete all online purchase transactions. Please click on the "Buy Now" button to use PayPal's credit card transaction service. Once the transaction has been completed and notice is received from PayPal, you will receive the A & O Brief by email. Please contact us at info@bradwayresearch.com if you have additional inquiries. |