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Digital Transformation - How the world is changing for you

Digital Transformation is changing the world and in your industry. It's not all about technology, but having a strategy to move forward, innovate and not be left behind.
This presentation talks through what a transformation strategy is, some of the challenges you will face, technologies to be looking out for and key takeaways if you're looking to transform your company into the next era.

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Digital Transformation - How the world is changing for you

  1. 1. DIGITALTRANSFORMATION How the world is changing for everyone - ILESH MISTRY
  2. 2. ABOUTUS MMT Digital
  3. 3. ILESH MISTRY Digital Transformation3 mmtdigital.co.uk @ileshmistry ilesh.m@mmtdigital.co.uk About us http://bit.ly/ilesh-linkedin http://bit.ly/ilesh-mistry http://bit.ly/ilesh-mvp
  4. 4. 4 mmtdigital.co.ukDigital Transformation GROUP About us
  5. 5. AN EVER-CHANGINGLANDSCAPE Digital Transformation
  6. 6. THEANALYSTVIEW An ever-changing landscape 6 mmtdigital.co.ukDigital Transformation …OF BUSINESSES THINK THEY HAVE A DIGITAL STRATEGY …OF EXECUTIVES BELIEVE THEIR FIRM HAS THE SKILLS AND RESOURCES NECESSARY TO DELIVER …OF EXECUTIVES THINK THEIR FIRM HAS THE RIGHT STRATEGY 74% 34% 16% According to the 2017 Report
  7. 7. WHATISDIGITALTRANSFORMATION? An ever-changing landscape 7 mmtdigital.co.ukDigital Transformation “Digital transformation represents the next stage of business maturity which will improve how the enterprise works and interacts with its ecosystem, with the people at the center of its focus.” PearlZhu, DigitalFit: ManifestFuture ofBusinesswithMultidimensionalFit
  8. 8. THEFIVESTAGESOFDIGITALTRANSFORMATION An ever-changing landscape 8 mmtdigital.co.ukDigital Transformation DISRUPTION Recognise the catalyst for change. REACTION Look into the results from disruption. Think about what do you need to do? IDEATION AND DEVELOPMENT Adopt a product mentality. DEFINE ENABLERS What technology innovations will help support initiative? DEFINE OPERATING MODEL Costs for it, team to perform it and support it.
  9. 9. THECUSTOMERJOURNEY Digital Transformation9 mmtdigital.co.uk An ever-changing landscape
  10. 10. DIGITALTRANSFORMATIONTAKESTIME An ever-changing landscape 10 mmtdigital.co.ukDigital Transformation “Digital transformation does not happen quickly. Some companies seem to expect it to happen over the course of a year. In my experience, particularly for larger organisations, closer to five years is more realistic. Even then, the task is never over.” AshleyFriedlein, Econsultancy
  11. 11. COMMUNICATION ISKEY An ever-changing landscape 11 mmtdigital.co.ukDigital Transformation Digital transformation is 5.8 times more likely to be successful when CEOs communicate a “compelling high-level change story” Digital transformation is 6.8 times more successful when senior leaders share aligned messages with the rest of the company about the change
  12. 12. THESTATEOFPLAYIN DIGITALTRANSFORMATION What’s the industry saying about this?
  13. 13. NAVIGATINGTHECHANGINGLANDSCAPE Which generations will be pushing the future digital transformation drive? 13 mmtdigital.co.ukDigital Transformation The state of play in digital transformation BUILDERS Born: < 1946 Age: 73+ BABY BOOMERS Born: 1946 – 1964 Age: 54 – 72 GENERATION X Born: 1965 – 1979 Age: 39-53 GENERATION Y Born: 1980 – 1994 Age: 24-38 GENERATION Z Born: 1995 – 2009 Age: 9 - 23 GEN ALPHA Born: From 2010 Age: Under 9
  14. 14. ABUSINESSCHALLENGE- RISKVSREWARD 14 mmtdigital.co.ukDigital Transformation The state of play in digital transformation Businesses split across the stages Standing still is no longer an option Not everyone can afford to be an innovator Risk aversion must be balanced with drive towards change
  15. 15. DIGITALTRANSFORMATIONCREATESNEWROLES 15 mmtdigital.co.ukDigital Transformation The state of play in digital transformation
  16. 16. KEYAREASOFINFLUENCE 16 mmtdigital.co.ukDigital Transformation The state of play in digital transformation TECHNOLOGY - Technology continues to evolve - Cloud vs on-premise - Software as a Service vs Traditional Licence model PEOPLE - Shifting behaviour in end customers - Technology impacts employee roles creating training and education - Empowering and gaining buy-in PROCESSES - Changing specific company processes - New risks - New governance models
  17. 17. DIGITALTRANSFORMATION INTHEFINANCIALSERVICESINDUSTRY “Digital transformation means we have the power to transform the financial services industry to be even more customer-centric,” “We’re no longer just competing with other financial firms for consumers’ attention and loyalty. We’re competing with anyone who’s offering a positive experience, including consumer and technology brands. It’s critical to remember that the purpose of digitizing a process or creating an app should be to focus on making people’s lives easier.” Tobin McDaniel,Senior Vice President of Digital Advice and Innovation CharlesSchwab 17 mmtdigital.co.ukDigital Transformation The state of play in digital transformation
  18. 18. FUKOKU MUTUALLIFEINSURANCE Japanese insurance company (Fukoku Mutual Life Insurance) who optimised their insurance claim process using an AI system that would handle all customers more efficiently The firm believed it would increase productivity by 30% It expected to save around 140m yen (£979,500 / $1.2m) a year in salaries after the 200m yen AI system Maintenance of the set-up was expected to cost about 15m yen annually 18 mmtdigital.co.ukDigital Transformation The state of play in digital transformation
  19. 19. LLOYDSBANKINGGROUP Consumer and bank offerings have changed with demands for 24/7, high availability, across the world Competition from big tech over the payments game e.g. Amazon, Apple pay etc… 19 mmtdigital.co.ukDigital Transformation The state of play in digital transformation New breed of digital-first consumers have pushed them to innovate Lloyds Banking Group removed 6,240 jobs to create 8,240 jobs to support digital transformation of which 75% of new roles would be filled in by existing staff Changing the skills in demand from the existing staff
  20. 20. WHYDOESDIGITALTRANSFORMATION FAIL? 20 mmtdigital.co.ukDigital Transformation The state of play in digital transformation MOVING TOO QUICK Making key technical decisions without sufficient evidence INTERNAL POLITICS Poor communication on key decisions and prioritisations results in internal friction LACK OF OWNERSHIP No one person driving digital transformation and taking responsibility for the strategy SENIOR MANAGEMENT No buy in from senior management SOFTWARE / ARCHITECTURE Investment into overpriced legacy software / architecture
  21. 21. DATACOLLATION &ANALYSIS Understanding the landscape
  22. 22. 22 mmtdigital.co.ukDigital Transformation MANYSOURCESOFDATA Data collation & analysis SINGULAR VIEW & INSIGHT ANALYTICS OTHER SYSTEMS CUSTOMER DATA (SALES, CRM, ETC.) EMPLOYEE DATA SURVEYS CUSTOMERS AI CONVERSATIONS HOTJAR, SURVEYS, INTERVIEWS GROUPS RAW DATA
  23. 23. Understand your data sources and how you can access them Define the metrics Establish a collection and engagement plan Implement Analyse Formulate ideas 23 mmtdigital.co.ukDigital Transformation WORKINGWITH DATA Data collation & analysis
  24. 24. Ensure collection and engagement complies with GDPR and relevant data protection principles Establish clear security guidelines Anonymise where appropriate 24 mmtdigital.co.ukDigital Transformation BEMINDFULOFDATAPROTECTION Data collation & analysis
  25. 25. MAKINGTHETRANSFORMATION What can you do to make the shift?
  26. 26. TRANSFORMATION JOURNEY Making the transformation 26 mmtdigital.co.ukDigital Transformation OBJECTIVES / KPIs Set clear objectives and KPIs to provide focus CUSTOMER JOURNEY Ensure relevant data (quantitative AND qualitative) is captured at all stages of the journey ANALYSIS Structured frameworks for interpreting and analysing captured data IDEAS Fusing insight with technology knowledge to create potential solutions AGILE ITERATIONS Build, measure, learn cycles with a focus on continuous analysis
  27. 27. KEYTECHNOLOGIES Be aware of available technology… 27 mmtdigital.co.ukDigital Transformation ARTIFICIAL INTELLIGENCE ROBOTICS MACHINE LEARNING MASS 3D PRINTING BIOTECHNOLOGY BLOCKCHAIN VIRTUAL REALITY DEEP LEARNING DRONES AUGMENTED REALITY SMART OBJECTS CHATBOTS Making the transformation
  28. 28. TRANSFORMATION FAILS Kodak – dominated the photography market, but failed to innovate and were in denial from the digital market Sony Walkman – failed to compete with MP3 players and smart phones HMV – refused to believe the online retailer boom and downloading music Google Plus – supposed to be Facebook’s competitor, but basics let them down Windows Vista – meant to be the replacement for XP, but was less user friendly 28 mmtdigital.co.ukDigital Transformation Making the transformation
  29. 29. AN EXAMPLEIN PRACTICE Automation, artificial intelligence and cognitive services offer all manner of benefits and opportunities for a wide range of processes Suites from the big players (Microsoft, Google, Amazon, etc.) compete with specialised services from niche players But they are not fool-proof and care must be taken to implement appropriately. Consider the following examples… 29 mmtdigital.co.ukDigital Transformation Making the transformation
  30. 30. AUTOMATICRECOGNITIONGONEWRONG–CHIHAUHAUORMUFFIN? 30 mmtdigital.co.ukDigital Transformation Making the transformation
  31. 31. AUTOMATICRECOGNITIONGONEWRONG– PUPPYORBAGEL? 31 mmtdigital.co.ukDigital Transformation Making the transformation
  32. 32. SUCCESSFULDIGITALTRANSFORMATION ISDRIVEN BYDETAIL A strange example but it points out the pitfalls of technology if not married with detailed training, testing and governance frameworks The same is true of any technology Planning is a key ingredient in successful implementation 32 mmtdigital.co.ukDigital Transformation Making the transformation
  33. 33. KEYRECOMMENDATIONS What can you takeaway from this?
  34. 34. KEYTAKEAWAYS 34 mmtdigital.co.ukDigital Transformation Key recommendations REVIEW YOUR GOVERNANCE AND RISK MANAGEMENT IN LINE WITH NEW TECH & PROCESSES UNDERSTAND YOUR BUSINESS – CUSTOMERS & INTERNAL PROCESSES UNDERSTAND THE TRENDS IN YOUR INDUSTRY & YOUR COMPETITORS MONITOR TECHNOLOGY TRENDS ACROSS THE GLOBE COMMUNICATION AND ENGAGEMENT WITH YOUR EMPLOYEES TO DRIVE CHANGE
  35. 35. THANKYOU ilesh.m@mmtdigital.co.uk @ileshmistry http://bit.ly/ilesh-linkedin

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