Barclays is e-enabling its entire business to compete and win in the new economy. This means a complete e-business transformation, using Internet technologies and specific e-commerce as well as non e-commerce strategies.
This is not simply a bolt on to our existing business or a purely retail strategy. We are tackling all of our businesses worldwide and all of the value chain. To do this we started very early, in many areas up to three years ago. We developed a group-wide e-enabled architecture (client to services).
We created the Service Provision Organisation, bringing together different parts of the group to build and deliver the e-enabled infrastructure. I was appointed group CIO to oversee the transformation. We are creating strategic alliances with key suppliers.
As part of this transformation, we will look at each of our activities and evaluate whether we should continue to do them ourselves, use conventional outsourcing, co-source, partner or sponsor innovative arrangements.
All decisions will look at the benefits that can be delivered to our customers and shareholders. E-enablement delivers a wide range of benefits: for customers, greater choice, convenience, ease of access and value for money; for staff the benefits of working with new technologies and processes; for shareholders a business that can sustain growth in the new economy.
There is no merit in becoming a dotcom business. Within five years successful businesses will have embraced and deployed at real scale across the whole enterprise the processes and technologies that we now know as dotcom.