Page 6: Driving forces underpinning the new approach
Morgan Stanley's move from using technology functionally into using it strategically has been underpinned by 5 main driving forces.
- Developing people. Morgan Stanley sees its workforce as a key resource. The new way of working offers Morgan Stanley's employees an opportunity to be innovative, creative and closely involved in problem-solving. It is helping to enrich jobs and enhance job satisfaction.
- Risk management. The company knows that any organisation operating at the frontiers of technology and/or developing new ways of doing business must develop a procedure for assessing risk and the costs of reducing the probability of things going badly and expensively wrong.
- Efficiency. Intense competition in the financial services industry has given Morgan Stanley a huge incentive to explore every possible avenue for improving its operating efficiency.
- Client centricity. The company recognises that the key to ongoing success lies in offering superior consumer-service.
- Innovation. The company realised that new technologies offered the prospect of trading 24 hours a day worldwide. The challenge was to be the first to turn potential into reality by finding ways of maximising the opportunities that new technologies offered.