Despite rapid innovations in data processing and machine learning, many businesses have yet to make the leap from the Industrial Age to the information age, and the gap between technological and organizational progress is widening. Closing this gap requires much more than short-term fixes, like adopting new technologies. Businesses need to organize around long-term strategies for growth and partnership in a sustainable way. The consequences for not doing so can be dire.
The financial services industry is still in the early stages of digital transformation. Some organizations have been quicker to embrace this shift, while others remain firmly entrenched in Industrial Age mindsets. Goldman Sachs falls into the former category, and is providing a model for industry peers to emulate. Beyond simply nodding to the need for greater innovation, it has begun to take a series of bold, decisive steps that are atypical of financial services firms companies. From elevating its former CIO to CFO, as it increasingly defines itself as a technology company rather than a financial services firm, to emerging as one of the most high-profile advocates of cryptocurrencies, it’s clear that the company is thinking in longer time horizons than quarter to quarter or year to year.