Digital Transformation - How the world is changing for you

DIGITALTRANSFORMATION
How the world is changing for everyone - ILESH MISTRY

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 mmtdigital.co.ukDigital Transformation
GROUP
About us

AN EVER-CHANGINGLANDSCAPE
Digital Transformation

THEANALYSTVIEW
An ever-changing landscape
…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

WHATISDIGITALTRANSFORMATION?
“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

THEFIVESTAGESOFDIGITALTRANSFORMATION
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.

THECUSTOMERJOURNEY
Digital Transformation9 mmtdigital.co.uk

DIGITALTRANSFORMATIONTAKESTIME
“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

COMMUNICATION ISKEY
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

THESTATEOFPLAYIN DIGITALTRANSFORMATION
What’s the industry saying about this?

NAVIGATINGTHECHANGINGLANDSCAPE
Which generations will be pushing the future digital transformation drive?
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

ABUSINESSCHALLENGE- RISKVSREWARD
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

DIGITALTRANSFORMATIONCREATESNEWROLES

KEYAREASOFINFLUENCE
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

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

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

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…
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

WHYDOESDIGITALTRANSFORMATION FAIL?
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

DATACOLLATION &ANALYSIS
Understanding the landscape

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

Understand your data sources and how you can access them
Define the metrics
Establish a collection and engagement plan
Implement
Analyse
Formulate ideas
WORKINGWITH DATA

Ensure collection and engagement complies with GDPR and relevant data
protection principles
Establish clear security guidelines
Anonymise where appropriate
BEMINDFULOFDATAPROTECTION

MAKINGTHETRANSFORMATION
What can you do to make the shift?

TRANSFORMATION JOURNEY
Making the 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

KEYTECHNOLOGIES
Be aware of available technology…
ARTIFICIAL INTELLIGENCE ROBOTICS MACHINE LEARNING MASS 3D PRINTING BIOTECHNOLOGY BLOCKCHAIN
VIRTUAL REALITY DEEP LEARNING DRONES AUGMENTED REALITY SMART OBJECTS CHATBOTS

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

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…

AUTOMATICRECOGNITIONGONEWRONG–CHIHAUHAUORMUFFIN?

AUTOMATICRECOGNITIONGONEWRONG– PUPPYORBAGEL?

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

KEYRECOMMENDATIONS
What can you takeaway from this?

KEYTAKEAWAYS
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

THANKYOU
ilesh.m@mmtdigital.co.uk
@ileshmistry
http://bit.ly/ilesh-linkedin

Digital Transformation - How the world is changing for you

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