Page 14 - The Corporate Report Pack

‘Digital’ – what does it really mean for business?
a bitcoin-type system Bitcoin is a virtual currency used for trading in a system where transactions are veri ed in a distributed fashion by the system itself, and stored in an encrypted blockchain Blockchain has the potential to signi cantly disrupt nancial services, and the implications for assurance and risk are currently not yet well understood
short-term planning and execution) rather than the so-called waterfall method of project management (planning the full project in advance, and then executing in phases)
e conversation start changing in the corridors,the boardroom, formal planning meetings, and social
Where does one start on such a digital transformation journey?
A framework for digital transformation in a business
Any business going on a journey of digital transformation should start by imagining a future state of the business in the digital world – a vision which would embody their business strategy in this digital world With this vision explicitly articulated, the company should then iteratively and continuously innovate to imagine, develop and commercialise new products and services for their ever-changing customers and communities, led and managed through digital social media platforms that are always ‘on’ At the same time, the company, through internal digital business transformation, should continuously and iteratively improve the way they operate to incorporate the e ciencies of the SMAC paradigm and reimagine their business model in a digital world
is journey will not happen organically in an organisation, but rather through visionary, strong and decisive leadership e CEO and her C-suite team must be able to imagine a future state of the business in a digital world, articulate and communicate it, and then have the commitment, perseverance and resolve to make it happen It becomes an adventure, through a hybrid of formal and informal change management, and the dynamics between spontaneous innovators, transformers and mavericks, and designated change agents Innovators are like hummingbirds, bringing ideas from one domain and applying them in another ey are architects that create something from nothing, and transformers who change the way things are done altogether ey become more and more important in the transformation journey, working through an agile methodology (iterative
and team–building events e journey is sometimes exciting, and o en messy e culture changes to tolerance and then encourages the trying out of new ideas and even failing
Embarking on the digital journey
Where does one start on such a digital transformation journey? Here are a few pointers on how to go about building a company’s business strategy in the digital world – starting with the individual Build your professional social media pro le on platforms like LinkedIn and Twitter, expand your network by connecting with others that you know, build your professional brand and become known as an expert by commenting and blogging on topics in your eld
Experiment with new apps and try to change the way you work, professionally and in your personal life Try to go truly paperless through shared digital notepads (eg Evernote), le sharing (DropBox) and to-do lists (Wunderlist) Get a digital native as a mentor and set targets for yourself and others you can in uence Share your experiences with colleagues Consider evolving some of your company’s business systems to the cloud Be brave – rip and replace old IT infrastructure with cloud-native systems
Invest time and e ort in understanding how AI, ML and robotic advisors work through reading and discussions Get to a level where you can weave these topics into conversations at work or with clients Start and pursue conversations about the future of your company’s business model in a digital world Start and get involved in pilot projects that use these technologies
20 The Corporate Report