Pick any organisation in the FTSE500 and they will probably have a digital transformation initiative of some kind. Indeed, according to IDC, budgets allocated to be spent on digital transformation globally are forecast to reach an estimated $1.2 trillion – an upward trajectory that shows no signs of slowing. But when you dig into what those budgets are actually spent on, it is solely on technology in some form.
This baffles me because we know that the biggest barriers to leveraging the agile, connected ways of working are not lack of tech spend, but behavioural. Legacy structures and processes, entrenched for decades from pre-digital era thinking, actively make it harder to enable the responsive practices that would allow an organisation to become adaptive.
Having new apps and mobile-optimised websites mean little, if your processes are still siloed with clunky hand-offs between departments. All the enterprise collaboration tools and digital workplace deployments in the world will have little effect, if people are still working out of their inbox between meetings, while big data architecture deployments alone will not save you from layers of hierarchy that block your people from acting on any insights derived. Put bluntly, all you will get from focussing on tech alone, is lipstick on a pig.
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Source: Digital Transformation: Why Tech Alone Won’t Cut It | POST*SHIFT
The world of Asset Management is on the cusp of change. A growing interest from new digitally savvy investors, along with an increasingly sophisticated clientele is changing relationship management and challenging every asset management firm’s entrenched ways of working. Today’s connected customer expects a high standard of service – that’s more personal, more immediate and multi-channel…
Join ORM for their ‘Differentiating Through Digital’ event where they will explore:
- How you can deliver a truly personalised, compelling customer experience
- Set out the automation technology and techniques that can help you to turn prospects into loyal clients
- Uncover the cultural and operational hurdles you’ll face in implementing an omni-channel marketing strategy
Wed 7 June 2017
15:00 – 19:30 BST
The truth is B2B is different than business-to-consumer (B2C) when it comes to digital strategy, and it requires a different approach. There are many lessons to be learned from digital innovators like Amazon, and the opportunities are very real. But simple comparisons to what works for these digital standouts aren’t always useful in an industrial setting and often come off as naive or impractical, feeding the notion that digital is more hype than reality. This gets in the way of deciding how digital can, in fact, transform important parts of a business and makes it hard to create alignment around the right path forward.
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Source: Digital Strategy for a B2B World – Bain & Company
Digital transformation is more than just a technology initiative. It means ensuring our organisations are ready for the challenges and opportunities of digitisation in terms of products and services, but also the organisation that produces them and the business models it operates. It impacts structures, culture, practices, and leadership, which means it is as much about people as it is about technology.
It is imperative to involve the wider organisation in the discussion about the ‘why’ and the ‘what’ of digital transformation, and also to get people involved in the ‘how’ rather than leave it to a single function that is the designated ‘owner’ of digital.
Reflecting on the work we have done with clients from small professional services firms through to huge industrial groups, there are four foundational actions that we think underpin successful transformation initiatives:
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Source: De-mystifying Digital Transformation | POST*SHIFT
Christopher Truce – Saxo Bank A/S via Finextra
Fintechs are disrupting many aspects of the financial services industry and wealth management is no exception. These new entrants can provide scale and greater customisation at a much lower cost than traditional wealth management models, many of which are heavily dependent on human resource and have highly manual processes.
So, what will be the impact of this trend – will the new guard succeed in transforming the wealth management business to the extent that it sweeps away the traditional incumbents or will they simply bring more commoditisation to an industry which is already suffering from low margins?
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OK this post should have been shared in December but if you’ve survived January and you’re still smiling then you might find this useful when planning how you’re going to change
the world your organisation in 2017.
If you are like us, you will be spending the next two weeks tying up projects and working through a long task list. The most concrete references to 2017 may still be in your planning documents. Even so, now is a good time to sequence your 2017 activities, so that you maintain the momentum of your digital transformation as the year changes. To help you take stock, we have pulled together a few practical tools and techniques to set New Year priorities, make better decisions, and stress-test your transformation roadmap.
Two of the most effective tools to set priorities are diagnostic tests and health checks. They provide objective data for your current status and reveal the gaps you need to close to reach your objectives. Their standard structure means that multiple people across the business provide input, thereby creating a more balanced, honest view of progress.
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Source: How to Set 2017 Priorities for Digital Transformation | POST*SHIFT
SURVIVAL OF THE FITTEST: DEFINING FUTURE LEADERS IN ASSET MANAGEMENT
Secular catalysts such as technology, regulation and shifting buyer demands are presenting asset management firms worldwide with the greatest challenges they have faced to date. Investment performance is necessary, but no longer sufficient, for success.
This paper outlines the bold, transformative changes in business models – including cost reallocation, streamlined operations, new technologies, differentiated investments and consumer-oriented brand attributes – that asset management firms will require to win in a rapidly maturing industry.
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Via Financial Express – source: 5 ways for asset managers to remain competitive in today’s operating environment
Too often, both crash diets and Digital Transformation go for appearances at the expense of lasting results.
Today’s Digital Transformation case studies are mostly technology deployments, with some digital labs or hackathon sparkle dust thrown on top. Even efforts to redesign the customer experience fixate on the external face of the organisation. While important, this perspective does not capture the full scope and potential of Digital Transformation — which has significant implications for all aspects of how a company creates value, including the make-up of the organisation itself.
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Source: What Crash Diets And Digital Transformation Have In Common – Medium
Everyone wants to go digital. The first step is truly understanding what that means.
Companies today are rushing headlong to become more digital. But what does digital really mean?
For some executives, it’s about technology. For others, digital is a new way of engaging with customers. And for others still, it represents an entirely new way of doing business. None of these definitions is necessarily incorrect. But such diverse perspectives often trip up leadership teams because they reflect a lack of alignment and common vision about where the business needs to go. This often results in piecemeal initiatives or misguided efforts that lead to missed opportunities, sluggish performance, or false starts.
Even as CEOs push forward with their digital agendas, it’s worth pausing to clarify vocabulary and sharpen language. Business leaders must have a clear and common understanding of exactly what digital means to them and, as a result, what it means to their business (for a deeper look at how companies can develop meaningful digital strategies and drive business performance, see “Raising your Digital Quotient”).
It’s tempting to look for simple definitions, but to be meaningful and sustainable, we believe that digital should be seen less as a thing and more a way of doing things. To help make this definition more concrete, we’ve broken it down into three attributes: creating value at the new frontiers of the business world, creating value in the processes that execute a vision of customer experiences, and building foundational capabilities that support the entire structure.
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Source: What ‘digital’ really means | McKinsey & Company
As part of any digital transformation agenda, the ability the test and learn gives businesses the opportunity to experiment, iterate and grow skills and competences throughout the organisation. For digital marketers, this opportunity is becoming increasingly important as technology continues to advance and larger companies face new and emerging threats from more nimble, innovative competitors.
To drive meaningful digital transformation at scale, businesses must therefore be open to the adoption of a test and learn culture, which will enable marketers to optimise digital media activation, create first-class digital experiences and develop learning across the organisation. Much of this will be dependent on each organisation’s stage in the digital transformation journey:
Three big digital trends
The importance of developing a test and learn culture is reflected in the numerous digital trends impacting businesses today. However, I’d like to highlight three that I believe are particularly significant and should influence test and learn planning for digital marketers across all types of businesses:
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Source: Developing a test and learn programme | One Too Many Mornings