Against the background of the megatrends of digitisation and globalisation, there is a need for existing family offices to pursue a course of ongoing development and optimisation. Creative and innovative solutions are required here.
One decisive element for the successful activity of a family office is developing its infrastructure for the administration, controlling and management of its assets. Smart data, intelligent networking and cloud computing are an essential part of a modern and efficient enterprise organisation today. The infrastructure of family offices, and the assets they manage, must meet the requirements in terms of flexibility, data volume and speed, as well as the expectations of the family members.
Actively trading family offices also face challenges: company shareholdings in general and family businesses in the trade and services sector have been strongly influenced by the effects of digitisation for a number of years. Retailers such as Amazon have been able to establish a dominant market position among the global competition. Customers decisions in favour of, or against, a product are frequently made today by recommendation marketing in social networks. The increasing Internet affinity of customers opens up new options for digitising business and service models. The traditional retailer, who did not view pressure to change as an opportunity, has been forced out of the market.
Digitisation changes the entire value-added chain of the enterprise – and not just of sales. Companies in all industries are forced to analyse and understand customer requirements in order to be able to offer demand-oriented products and services. To communicate with customers, companies thus need to use the customers’ digital communication channels (smartphone, iPad, etc.).