You are reading the article Doina Popa: Enabling Organizations To Foster Innovation And Drive Digital Transformation updated in December 2023 on the website Kientrucdochoi.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested January 2024 Doina Popa: Enabling Organizations To Foster Innovation And Drive Digital Transformation
InnoTrue
is the only Salesforce consulting partner worldwide founded by a woman Salesforce Certified Technical Architect.
Its
leadership team
members are
former executives
of
global
enterprises
and hyper-growth companies
(e.g.
former CIO at Barclays, CTO at Capgemini
)
,
who
have
strong business acumen combined with deep technology knowledge.
InnoTrue
helps its customers transform and innovate their processes, optimize their investment in technology, build
scalable and robust
digital
solutions and products and
run digital operations, across multiple industries like
F
inancial
S
ervices,
M
anufacturing,
H
igh
T
ech,
H
ealthcare and
M
edical
D
evices
,
R
etail and
C
onsumer
G
oods.
The company’s
software
solutions and
business consulting
services cover a broad range of areas
including
:
Customer
engagement
and relationship management
Lead-to-
R
evenue and
C
onfigure-
P
rice-
Q
uote solutions
Service management solution
s
Technology strategy and tools for
Mergers and
A
cquisitions and
D
ivestitures
Financial assets and funds management
Business analytics and data driven insights
Partner and customer collaboration portals
B2B and B2C eCommerce solutions
Integration solutions
Even
if
InnoTrue
is a young company,
it
already
works
with some of the most impressive organizations, either in the enterprise space or
fast
growth companies. This is very unusual for a
consulting
start
–
up and is a result of its strong team’s credibility in the market, deep knowledge and execution capability.
***
O
ne of
its
customers
,
UnternehmerTUM
,
is
the leading European Centre for Innovation and start
–
ups
.
UnternehmerTUM
brings together a community that creates value for good, by driving technology beyond the status quo and empowering people through education to make a difference.
Through the Salesforce solution, the 20+ program teams across
UnternehmerTUM
are able to collaborate, to share relevant information and to have meaningful interactions with their business partners and the start-ups they enable in varied ways.
Unternehmertum
Venture Capital is managing the collaboration with the investors, start-ups and the funds available for investments
through the solution
.
From
InnoTrue
, we got a 360-degree feedback, with support on defining the implementation strategy, including pragmatic instructions for implementation
.”
***
Another impressive customer of
InnoTrue
is the first European company to become a Decacorn in history and one of the fastest growing enterprise technology companies ever. The
InnoTrue
team
appreciates
that working with them is intense, fast
–
paced and, at the same time, truly transformational and extremely exciting.
As
this impressive list continues
with one of the most successful companies in the entertainment and the gaming industry, one of the major global healthcare companies and one of the major financial services providers in the Nordics
, to
mention just
a few other
examples
, t
he management
team
is humbled
and
deeply thankful for every single one of its customers
and
the trustful partnership
s
with them
.
***
During the past months, when the effect of Covid-19 was deeply felt,
the company
offered pro-bono services to Non-Profit organizations and small businesses to help them implement solutions to manage their activities, the relationships with their donors and their funds.
A Transformational Technology Leader
Always aiming high and challenging the status quo throughout her career,
Doina
was the first woman outside of the United States to achieve the highest level of Salesforce credentials, the Certified Technical Architect
(CTA)
. To this date, there are only a few more than 10 women CTAs worldwide.
Holding a MSc in “Computer Science”,
Doina
is a constant learner and has extended her knowledge by pursuing an Executive MBA in “Innovation and Business Creation” and an “Executive Certificate in Management and Leadership” at the MIT Sloan School of Management.
Leading to be a True Perfectionist
At the beginning of her career,
Doina
was fortunate to have a leader who was an expert in his field and also a true perfectionist. He has instilled this mentality within
Doina
very early on, and this has stayed with her since
then
, having a profound impact throughout all of her 20+ years of professional activity.
During her time at Salesforce, at another crucial moment in her career as
Doina
was developing to be a leader, she was mentored by one of the most efficient and successful women leaders in technology. She helped
Doina
learn, by observing her way of working and also through their conversations, how to prioritize, to focus and to consistently deliver impactful outcomes.
Another important influence in
Doina’s
career, as she had already become a CIO
at Barclays
and a leader herself, was
her
direct
manager,
from whom she learnt how to think in terms of business impact, helping her develop from a technology driven
mindset
towards business strateg
ic
thinking. Working with him sharpened
Doina’s
ability to deliver business outcomes and to be really effective in her communication at any executive level.
Conquering Challenges to Emerge Stronger for Success
At the middle of her career, which ha
d
been on a very strong upward trajectory from being a junior developer to a
B
usiness
L
ine
M
anager,
Doina
had a
significant
personal challenge related to her new-born son’s health. In order to overcome this, she had to leave everything that she had achieved
and
to
move from Romania to Germany
almost overnight
.
She took
a
four
years career break to support her son, after which she decided to reboot her career, so she started from ground level again.
Doina
became bolder and, since then, she has the strong belief that unless one tries what they are passionate about, they won’t know if there is a chance for success.
I
n the 10 years that followed after
her
career break
,
Doina
built up a new path for
her
self
, discovered new technology areas that she
is
passionate about, and she just powered through all boundaries and levels of hierarchies.
Great
Leaders Enable and Empower Others
Doina believes that the best leaders are experts, are mindful, are bold. They think strategically but can also deeply understand the details. They listen, have an open mind, but also have a strong ability to make choices and take decisions. They enable and empower others. They are humble and stay true to their core values.
T
he
team
always
follows up on
the new capabilities that emerge and think
s
about their implications and benefits in the business context.
E
ven if forward thinking, the
y are
pragmatic in execution and always keep the
customer
outcomes in mind, finding the most efficient path to achieve the goals.
Drawing Relevant Insights from Disruptive Technologies
Doina
’s
opinion is
that
,
several years ago, disruptive technologies
like Artificial Intelligence (AI) or Robotics Process Automation (RPA)
were
exciting and very hyped, so everyone wanted to learn more about them, out of curiosity and in order to understand their potential, however most
companies
were not sure about
their
applicability
. Companies started implementing
some of
the
se technologies
in pilot mode, however they were struggling to leverage them on a broader scale.
She believes
that those
hurdle
s
are now being overcome
, as technology has developed significantly over the past years and the business applicability
of edge technology
becomes more and more clear.
Speaking of data, she adds that all leaders nowadays understand that there is significant potential in drawing relevant insights from data that
is
either owned by the companies
they are part of
, or that they can
have access to
by partnering up with other organizations.
Artificial intelligence and machine learning help to identify trends, correlations and
to
draw those business relevant insights, while cloud computing and robotic process automation help in streamlining operations, take away the worries about managing technology and allow
the individuals
to focus on the business strategy and drivers.
With all of these very powerful capabilities available nowadays, leaders have an increased responsibility to always “do good “in the
society
and to live by strong ethics.
Driving Significant
Customer
Value for the Future
Reflecting on
InnoTrue’s
very strong start,
Doina
says
“We will continue driving significant value for our customers by continuing to develop our team, our capabilities and also to expand geographically. As professionals, we have always been at the forefront of the
most recent
developments in technology, and we are keen to leverage the now called
‘
disruptive
’
technologies
,
so that they bring
business
value and become part of the everyday life and operations for our customers.”
With presence in 5 countries already (Germany, U
nited
K
ingdom
, Belgium, Spain and Portugal) and serving customers globally,
InnoTrue
is planning to expand to other regions, targeting Northern
, Central
and Eastern Europe and the U
nited
S
tates
.
InnoTrue
is
also
working on
new digital
products that will address some of the challenges that
the team
has
identified in the market and thus continue to make a positive contribution on a larger scale.
Advising Emerging Women Leaders
You're reading Doina Popa: Enabling Organizations To Foster Innovation And Drive Digital Transformation
Data Integration And Digital Transformation: Expert Advice
Also see: Top 15 Data Warehouse Tools
In the current tech era, there are two phrases that are viewed with almost mystical awe. First, “digital transformation” – we hear that effective digital transformation is the panacea for all enterprise concerns. Second, “data integration.” A massive chunk of enterprise spend goes to data integration.
1. How does being great at data and analytics impact business transformation?
2. Why is data analytics still so hard for vendors?
3. Apparently in the COVID-19 crisis, hacks are up markedly. Given this, how important is data governance, data privacy, data security?
4. As we move to cloud more often, where is data? And how do you integrate it and make it useful?
5. What is the future of data integration and digital transformation?
To provide insight into digital transformation and data integration, I’ll speak with two top industry thought leaders:
Myles Suer, Global Enterprise Marketing Head, Dell Boomi
Martin Mocker, Co-author of “Designed for Digital“
Download the podcast:
Suer: “I think the digital transformation has gone through a couple of phases. I think the initial phase was taking the analog process in making a digital one.
“I like to refer to Concur. I know it was a later piece of software but everybody can relate to expense reports and stapling things together in paper and they took that paper process and made it digital. And for me, it got me paid before the expense cycle on my credit cards which was a good thing.
“I think digital transformation today is very different, it’s about how do I transform and change the business? And there’s lots of great examples of. One of my favorites is General Electric where they started making streaming data off of jet engines and the president of company says, “Well, what does that mean for us? How does that transform what we do?”
“And they changed their business model, they’re no longer selling jet engines, they’re selling a service that says to the airlines, “I’m gonna keep you flying.” And there’s just lots of examples like that.
“Our mutual friend, our friend Jeanne Ross like to talk about her shopping experiences at Nordstrom, where she transformed how she purchased and figured out what she wanted. So the challenge for the CIO and the challenge for the business today, is to add as a business capability, data and analytics, and then use that to transform the business and how it interacts and sells to its customers.
Mocker: “Well, the business models get transformed. We view digital transformation or business transformation that has to do with digital, it’s two different transformations actually that are going on. And the role of data in that is also different, depending on which transformation you’re looking at.
“One of them we called digitized and the other one being called becoming digital. Digitization is about using digital and data to improve operational excellence in your business processes, how you do things. And digital is exactly about what Myles talked about, it is using digital to create new offerings for your customers. You try to solve problems for your customers you weren’t able to solve before.
“And with digitized, data plays an important role and it’s about a transparency into your processes, visibility into your processes, showing data among processes. And for digital, data moves into your offering towards the customer. For example, you want to offer consulting services based on the used data of your machines that you are selling if you’re a manufacturing company, so very different roles, more internal versus external customer-focused.”
Myles: “Part of is the way we thought about our organizations. And so now you’ve got all this data and the silos and you’ve got to get it out, you got cleanliness issues because it’s not perfect. You’ve then got issues with it because there isn’t a single view and then once I do that I, if I’m gonna do analytics, I’ve gotta prep it and make it ready and then the data scientist spend, as a friend of mine likes to say, most of their work doing janitorial things rather than building model.
“And so all of those things are need to get solved and they need to get solved quicker. And Martin, you know these as well as I do, I had to call, send Jeanne a note saying okay tell me what how it breaks out. But only 28% of companies have digitized and when you look at it, you got 51% that are still in silos and 21% that I like to say you’re in duct tape and Band-Aids. So a lot of businesses aren’t good at it, but they have to get on in it or they’re not gonna cross the digital chasm.
Mocker: So one thing is technology legacy and it’s the spaghetti of systems. You have data everywhere. They’re in silos. Everyone loves their own data and it’s hard to integrate.
“I think the other legacy issue we have is the business legacy. I’d say if we talk about data integration, data integration is really business integration. One of my favorite examples is USAA, when they moved towards becoming a more integrated company on their offering side, we move away from just selling individual products. Like here’s a car insurance, here is a car loan towards we help you buy a car.
“You need to integrate across your business units and that’s hard, and that takes so much more than integrating the IT system. It means we change incentive systems for our salespeople. We change the governance structure. How do we make decisions across these different units?
“Our prioritization process changes. It means skills. They had to go through organizational surgery and that is just really difficult and you don’t do it unless you have really pain or lots of passion.
“It’s a moving target for sure and these things do interact with each other. Technology allows you to do things you weren’t able to do before but it requires you to change in ways you weren’t able to change before. Absolutely.”
Myles: “I think that if you look at it, we haven’t governed things before – we, for a long time, thought about putting moats around our castle. And we think about firewalls. That’s kind of the world that we were in but a friend of mine wrote this book several years ago called The Privacy Engineer’s Manifesto and she talked about why aren’t we designing for data access in terms of who can see something, who can’t see something and so we really need to think more broadly about the data we collect, why we collect it, but how we protect it.
“In many cases, the courts have said that the data is co-owned. So we have a stewardship relationship with the data folks. So, but data governance has been a tough thing, for a long time CIOs told me they didn’t wanna even get into the topic. They didn’t like it. They want somebody else to go find the stewards and all that but that’s changed.
“So CIOs are taking a more active role and so are chief data officers. Both of them are trying to get in place the practices and I think the business is starting, with COVID-19, if they weren’t already to realize the data is really important, and access to data is important and they need to protect that stuff.”
Mocker: “Well, it’s both a boon and a bane, right? On the one end, so data is clearly moving into the cloud but it’s not just moving into one cloud, it’s not just moving into your cloud and it’s kind of like within the cloud – it’s moving towards the edges. So it’s everywhere. So data is ubiquitous. It’s everywhere.
“Which makes the integration issue well more challenging for sure. And I think there are a number of ways to tackle that on the technical side but also from the business side. I think what it takes from the technical side a lot of well make the data available via APIs, your own data within your own company. So you have various platforms there which serve different purposes. You have the operational systems.
“You have the digital offering platform and they need to talk to each other. You wanna, whatever register, and you IoT connected product on the platform. That’s one platform. But you also need to be able to invoice, that’s your ERP system. You wanna decouple them via APIs, right? And so that’s clearly a trend. You put an API on everything if you wanna get the data.
“And it’s external for your offering. So you’re offering data externally, but it’s also within your company, of course, everything gets wrapped in APIs and component ties. I think this integration issue what it needs to actually work from the business side is you need to have a purpose from the business side.
“So I think when I talk about APIs and say, “Hey, you wrap your systems in APIs or your data in APIs.” There comes this, “Oh, yeah, let’s have a big project that actually does that to all of our systems,” and that’s typically like, “No, no, you don’t wanna do that.” You actually wanna have kind of this push by offerings or by business process initiatives that there’s a business purpose that pushes for a step-by-step integration because otherwise it’s going to be tough.
“I think you do wanna use an API strategy. I think you just don’t wanna use the big bang, this large master data management like we are going to change this world and after this seven and a half years’ project it’s going to be a bright future. These projects are very tough to get funding for, to keep going over a long perspective, and to get business people to get ownership for and to kind of see the value in it.
“But if the integration is being done kind of offering by offering if you can say like, “We have a new offering that we wanna create and we need to integrate data from all of this,” all of a sudden you have a business push. We need to get this out and that is when integration works.
Myles: “I think there are a lot of companies out there who, their message is, “Hey, look, go and throw away all your integrations that you’ve built up over the years and then now go build APIs.” And they end up going, “Wait a minute. You have to code all these things.” And there it slows them down in the process.
“So we think a smarter strategy is to start from your integrations and then off of that you build APIs, but let me give you one amazing example. So I had an early view of Martin’s book because Jeanne sent it to me to review and I had gotten to the point where I’d read about DBS Bank and I got this request, the enterprise architect for DBS Bank was to come see it.
“He really just said we’re doing it. We really do have account. What they did is they created two catalogs, they created a catalog for internal use which was broad and deep, and then they created a catalog for external users.
“And so one of the things they exposed is an API. I would never have thought of before was, let’s take our ATM application and expose it as an API. This company came along and said, “Oh, I can make this mobile payments application where you could go into a convenience store and pull cash out from the cash register.” Which actually is a win-win.
“I studied this several years ago and cash is actually the most expensive form of payment because it gets lost and pilfered and all these things happen. And so if you can pull cash out of the cash register, it’s a good thing for that convenience store. And so who would have thought you could have taken the ATM application which was built years ago, put a wrapper around it, and expose it.”
Mocker: So here’s the answer I would love to give. It’s going to be really exciting. It’s going to be people are going to do so many cool things with data, with their own data, and they are going to allow other people to do even cooler things with their data because we’re moving towards an ecosystem economy, and lots of companies are thinking about, “Well, so I have this digital platform and these other data and how do I enable others to innovate on it?”
“And that would be awesome because assuming that you are the only one who has the coolest ideas and the best people, isn’t probably the best assumption to make. So I’d love that answer.
“I’m skeptical whether that is going to be the case in 24 months because these things take a long time and companies have been at the data integration part in their operational systems for decades, and large companies… BISF announced in 2023, in 2025 we’ll have restructured our architecture.” Which sounds: are you crazy? But no, it’s not crazy. Seven years is actually pretty… I mean it makes sense to actually plan for this.
Mocker: So I think it’ll look cooler, but I don’t expect that everything will be so much ahead. I mean, so people do underestimate how fast things can move. And digital is all about speed but, man, do digital transformations take time.
Myles: “Booze and Company came up with this idea about capabilities years ago. And enterprise architecture adopted. I’m trying to figure out where the origin point of the connection was, but I haven’t figured that out yet. But I think data and analytics are becoming a core capability of businesses.
“But I was encouraged a few years ago, I went to a class, to an all-day event with a bunch of modelers. And it was funny after a while ’cause I knew enough to be dangerous. And I had to calculate between my two master degrees, how much, how many classes I had and realized I had taken seven classes on it, but it was interesting because what they were doing were solving really interesting problems.
“And so, if you aren’t helping them make their data useful to use something that open group talks about making data useful, you’re not doing something about that now and then building your modeling community. And organization also matters importantly about this time.
“Davenport has talked a lot about you need to have a centralized organization that’s shared out rather than here there’s a modeler in this group and a modeler in that group. There’s a lot that happens from collaboration. And then you need to figure out how do I discover and expose the data I have? If I can do all of those things, I can start to do it, but IDC has done this analysis and just about every industry has a competitor coming about me.
“There is an example in one of the books I read recently of a company in Asia Pacific that does more online transactions – by about five times – then Chase Bank. And everything is automated from the credit scoring through all of that stuff. They build models for how do you figure out all of that stuff? So, if you’re not building that quickly, you’re in a difficult situation.”
How To Ensure Your Digital Transformation Strategy Is A Hit
Strategic digital transformation is quickly moving beyond IT to lead a change impacting entire enterprises, compete, modernize how companies work and grow in the digital economy. Digital transformation is much more than a technical change; it is also a cultural and procedural change that organisations embrace. Digital Transformation has the potential to change how thousands of employees do their jobs, collaborate across the company, and make business decisions. Thus, digital transformation brings about a change in the entire organisation.
Leaders of ChangeWho are the people who bring about this change? Ownership of digital efforts is expanding to the C-suite and cross-functional groups that encapsulate a broad view of the organization. The owners of change include top leaders like CIOs who most often own or sponsor digital transformation efforts, and are increasingly transforming to business partners who facilitate change organization-wide and key digital investments. The CIOs are followed by CEOs in taking a more proactive role in digital transformation leadership. The CEOs are followed by boards (14%), chief digital officers (11), chief innovation officers (11%), CMOs (5%), and chief experience officers (5%) by order of proactive digital transformation adaptability. The leaders of change credit knowledge transfer as an essential tool that helps them manage digital transformation, close skill gaps, and reduce adoption risk. Knowledge transfer empowers employees to manage their own skill development and gives them access to the information, expertise, documentation and tools they need to become an expert on new systems. It empowers with the essential support they need to be successful at their jobs even when the company is changing around them.
The Guide to a Smooth Knowledge Transfer• Identify an expert to set the standard, who can train a team of people to be experts in the new system. • The next step is to create a skill development plan. Collaborate with the expert to identify the skills that the employees and trainees will need to develop to become proficient in the new application. After the skills development plan is set, break down each of these skills into teachable blocks that can be learnt within a timeframe. • In the process of knowledge transfer, trainees and apprentices are the principal knowledge receivers. As apprentices and trainees have the most to gain, it is essential to arm them with processes, tools, and goals to get to work in a way that works for them. • The final step is to test the transfer. To test, create a series of questions for each lesson for the trainees and apprentices. When they can answer each of the questions to the expert’s satisfaction, both the expert and the apprentice can be confident that the new skill has been acquired and the apprentice is now proficient in the new application.
Challenges and How to Overcome ThemDigital transformation efforts are coming up short on the intended ROI partly because it is as much a leadership issue as it is a cultural, strategy, technology and talent issue. Some challenges that organizations face when taking the transformation journey include lack of funds, the need to replace legacy systems, cultural challenges like resistance to change and lack of people with the right skills. In order for digital transformation initiative to succeed, it is essential that the organization changes the way it does business. This can include getting employees reskilled, analysing processes and investing in infrastructure to clean up legacy IT systems.
Key to Digital Transformation SuccessThe following priorities are the key to a digital transformation maturity and success: Pace the employee journey towards change An organisation’s success into digital transformation depends on how its employees have embraced change management. Organisations must work together with employees to develop digital literacy, train and engage them around a digital transformation vision, to empower them and become partners in transformation efforts. Understand the importance of data In many organizations, data is fragmented, siloed and not monetised. Businesses must build centralized data infrastructures to support cross-functional efforts, in a bid to promote integration, collaboration and unify digital transformations around data-supported efforts. Organisations must not shy away from investing in data science, artificial intelligence (AI), and machine learning technologies. Audit the state of digital transformation When an organisation implements digital transformation, it must audit the current levels of progress at strategic intervals to track the digital progress, and align its roadmap with those that are succeeding the change. Study the digital transformation in accordance with the customer experience Organizations hurry up to prioritize customer experience initiatives without studying their customer’s digital or mobile experiences. For a successful Digital Transformation, change leaders need to understand how customers’ intents, preferences and behaviours, are evolving to shape digital strategies.
Strategic digital transformation is quickly moving beyond IT to lead a change impacting entire enterprises, compete, modernize how companies work and grow in the digital economy. Digital transformation is much more than a technical change; it is also a cultural and procedural change that organisations embrace. Digital Transformation has the potential to change how thousands of employees do their jobs, collaborate across the company, and make business decisions. Thus, digital transformation brings about a change in the entire chúng tôi are the people who bring about this change? Ownership of digital efforts is expanding to the C-suite and cross-functional groups that encapsulate a broad view of the organization. The owners of change include top leaders like CIOs who most often own or sponsor digital transformation efforts, and are increasingly transforming to business partners who facilitate change organization-wide and key digital investments. The CIOs are followed by CEOs in taking a more proactive role in digital transformation leadership. The CEOs are followed by boards (14%), chief digital officers (11), chief innovation officers (11%), CMOs (5%), and chief experience officers (5%) by order of proactive digital transformation adaptability. The leaders of change credit knowledge transfer as an essential tool that helps them manage digital transformation, close skill gaps, and reduce adoption risk. Knowledge transfer empowers employees to manage their own skill development and gives them access to the information, expertise, documentation and tools they need to become an expert on new systems. It empowers with the essential support they need to be successful at their jobs even when the company is changing around them.• Identify an expert to set the standard, who can train a team of people to be experts in the new system. • The next step is to create a skill development plan. Collaborate with the expert to identify the skills that the employees and trainees will need to develop to become proficient in the new application. After the skills development plan is set, break down each of these skills into teachable blocks that can be learnt within a timeframe. • In the process of knowledge transfer, trainees and apprentices are the principal knowledge receivers. As apprentices and trainees have the most to gain, it is essential to arm them with processes, tools, and goals to get to work in a way that works for them. • The final step is to test the transfer. To test, create a series of questions for each lesson for the trainees and apprentices. When they can answer each of the questions to the expert’s satisfaction, both the expert and the apprentice can be confident that the new skill has been acquired and the apprentice is now proficient in the new application.Digital transformation efforts are coming up short on the intended ROI partly because it is as much a leadership issue as it is a cultural, strategy, technology and talent issue. Some challenges that organizations face when taking the transformation journey include lack of funds, the need to replace legacy systems, cultural challenges like resistance to change and lack of people with the right skills. In order for digital transformation initiative to succeed, it is essential that the organization changes the way it does business. This can include getting employees reskilled, analysing processes and investing in infrastructure to clean up legacy IT chúng tôi following priorities are the key to a digital transformation maturity and success:An organisation’s success into digital transformation depends on how its employees have embraced change management. Organisations must work together with employees to develop digital literacy, train and engage them around a digital transformation vision, to empower them and become partners in transformation chúng tôi many organizations, data is fragmented, siloed and not monetised. Businesses must build centralized data infrastructures to support cross-functional efforts, in a bid to promote integration, collaboration and unify digital transformations around data-supported efforts. Organisations must not shy away from investing in data science, artificial intelligence (AI), and machine learning chúng tôi an organisation implements digital transformation, it must audit the current levels of progress at strategic intervals to track the digital progress, and align its roadmap with those that are succeeding the change.Organizations hurry up to prioritize customer experience initiatives without studying their customer’s digital or mobile experiences. For a successful Digital Transformation, change leaders need to understand how customers’ intents, preferences and behaviours, are evolving to shape digital strategies. Once an organisation knows why it needs to change, it must determine how digital transformation will affect its business processes and must begin planning strategies to carry out the initiative, and must engage its employees towards the change. The key to digital transformation is achieving the highest levels of customer satisfaction with an increase in revenues. Once these are achieved, an organisation will be marching ahead of its competitors and setting up a change in the corporate arena.
What Are The Steps To Digital Transformation In Banking Sector?
Ever since COVID-19 gatecrashed the world, banks are stopped face-to-face interactions and have sped up the process of digital engagement. Starting in 2023, almost 20% of banks started leveraging tech, and this number has dramatically risen ever since.
The automatic opening of digital bank accounts is one significant change technology has brought into the banking sector. Additionally, APIs are leveraged to create new products and services that drive innovation. Some financial institutions have even started migrating to the cloud for faster speed to market.
Want to plan a digital transformation strategy for your banking institution? Follow the article to implement proper transformation techniques and make a resilient change.
Is there a Promising Future for Digital Banking?Before we make a call on whether you can start implementing a digital transformation strategy right away, let’s look at the foreseeable future of digital banking.
Sci-Fi SecurityWith digitalization comes the danger of customer data being seen by third parties, aggravating the cyber risks. In the future, technologies like data analytics, artificial intelligence, and automation will be utilized to priorly detect fraud and potential threats to digital banking sites.
New TechnologiesFinancial institutions have already begun scratching the surface of AI and automation to look at their value to a bank’s daily operations. Blockchain technology has already proven to be a boon for investment banking institutions. In the future, banking institutions will leverage more technologies to maintain a solid customer while delivering a wide range of services.
Adopting the Agile CultureWith the rise in technology usage, banks need to speed up revamping their business models. The focus of these business models should be speed and agility. Banks are starting to think outside the box and adopt digital technologies by utilizing the agile working methodology to stay on top.
As you can see, there is a greater chance for financial institutions to optimize their products and services through digital transformation. To reach there, banks must utilize the data, tools, and platforms at their best disposal.
5 Steps to Successful Digital Transformation in BankingBy now, you might be well convinced that technologies impact banking operations, competencies, and customer experiences in a good way. However, like many others, if you are also finding it challenging to acquire digital resources and start the digital transformation process, we’re here to help you. Here’s a step-by-step plan to successfully transform any financial institution digitally.
1. Be Clear With ObjectivesThe digital transformation team at a financial institution must discuss several questions before achieving workplace transformation. The team must put focus on points like what the organization wants to accomplish. Does it want to bring in new customers with digital services? Does it want to improve legacy systems? Does it just want to improve its loan portfolio?
For instance, a financial services company based in the UK, Santander, wanted to create an ecosystem that has more agility and simplifies day-to-day processes. It is understood that it ran the IT processes poorly, leading to inefficiently managed resources. It resorted to an agile operating model and integrated most processes.
So, once your goals and objectives are set, it becomes a cakewalk to deal with the further steps. After your objective is set, keep the following in mind −
Think if you need support from a third party
Keep all your data and metrics in hand
Whether you want a gradual progression or a radical one
2. Evaluate your Technology and ProcessThe next foundation you must build on is assessing your current service and product inventory. A thorough review of your current processes can give a deep insight into where you stand and if you need to work on them.
Do you implement annual product planning activities that align with your strategic goals and budget? Do your current processes support the digital shift? Do you have a process for monitoring consumer feedback on social channels?
When you can answer these questions, you’ll get an analysis of what more you need to introduce to improve your digital transformation efforts.
While deciding on transforming your processes, think about −
Branch services
Whether the current digital services are up-to-date
Omnichannel experiences
3. KYC through Data and AnalysisDigital transformation in the banking sector is nothing but providing customized services to valuable customers in faster and more efficient ways. To get here, you need to start aggregating your data to understand your target audience better.
So, try and analyze how you segment your customer. Is it based on demographics, purchase history, or a product mix? Can your digital services align with these customers?
The goal here must be to predict how many of your customers are likely to go ahead with your upcoming digital services so that you can plan with targeted marketing
4. Improve Technical TalentFor digital transformation to occur, technical talent is the need of the hour. Financial institutions or banks cannot create world-class experiences that attract clients are coming to expect without it.
Building a creative corporate culture that can compete with tech giants like Google, Apple, and Amazon is the first step in attracting high-performing product managers and software engineers. The fact that these tech companies nurture and persuade their employees and immerse them in an innovative culture that aims to solve the world’s most difficult problems and create cutting-edge products is one reason why they have been so successful in attracting top technical talent.
5. Build a Product MindsetDigital transformation in every sector is an ongoing process. Financial institutions must stay abreast of customer expectations at any point in time. This process requires a product mindset. How can you develop this mindset?
Always look for a KPI to work on
Be clear with the problems of your target audience and how you can solve them
Design the top 3 ideas and start building prototypes
Measure the results of these and the impact on your audience
Learn what’s working for you and repeat
ConclusionAlong with the above steps, banks also need to build enthusiasm among their staff and also customers. You can develop an internal communication plan where you can clearly explain how your digital transformation strategy works and what your customers can expect from you.
Once you execute all these steps and still feel you’re lacking in something, reach out to a trusted digital transformation partner who can provide turnkey solutions designed specifically for your business.
Kiran Kuchimanchi: Leading Teams To Find A Simple Route To Digital Transformation
Digital transformation is fundamentally changing how businesses function and deliver value to customers. It is also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure. Organizations that have embarked on the digital transformation journey are reaping benefits while those that are procrastinating this shift have fallen behind. The process of digital transformation is itself multi-fold and complex. To help businesses make the right choices,
About RoundSqrRoundSqr was setup with a vision to solve customer problems through digital solutions leveraging emerging technologies like Big Data, Artificial Intelligence, Machine Learning & Blockchain. Headquartered in Hyderabad, the company has offices worldwide. According to Kiran, RoundSqr services its global clients across three broad segments:
Consulting services using a Proof-of-Concept driven approach to identify solutions to unidentified and unarticulated problems. As an example of this service, Kiran says “For a large manufacturing firm, we leveraged computer vision to digitally fingerprint the equipment from their manufacturing lines. This was not possible using traditional methods due to the extreme conditions involved in the manufacturing process. The potential for this solution is immense, in improving the customer experience of the business as well as run the manufacturing lines very efficiently. Another example is the solution we are building to identify gender bias (and then automatically replace text to mitigate it) in the content that is published by a global publishing house. In most cases, when we start discussing such problems, we are not sure that these can be solved using existing technology. It calls for a deep understanding of the domain, tech know-how at the highest end of the spectrum, and extensive research to be able to come up with a viable solution. We are thrilled to be working in such areas and hope to build IP-led solutions for some of these problems in the future”
The second area involves providing digital services to help customers translate ideas into products. This is sort of a de-facto “CTO + Technology Team” role. RoundSqr helps customers right through the process of brainstorming requirements, finalizing technology & infrastructure, deciding on the MVP features, and iteratively enhancing the product based on market feedback. For a healthcare firm, RoundSqr helped launch multiple solutions to improve the efficiency and experience of the users – Patients, Doctors & Nurses. The success of this initiative has prompted the firm to create a new stream of revenue by offering these solutions to other businesses similar to them.
The third areas involves helping customers expand their delivery capability by building strategic teams based on the customer’s specific needs. By hiring & grooming digital talent and providing the right processes & framework, RoundSqr is able to deliver continuous value to its customers. A prime example of this is the multiple AI/ML+Data initiatives being taken up for a mid-sized Bank in North America.
Past experienceKiran Kuchimanchi, has over two decades of experience in the IT services and digital space. He has played multiple roles in both Technology and Business settings. He has headed Country operations as well as Global Delivery. He has been instrumental in setting up a digital division encompassing Big Data, Cloud, Mobility, and Analytics. Late in 2023, Kiran setup RoundSqr along with a few friends, who also believe that AI / ML will fundamentally transform the way businesses operate in the future.
Experiences That Built the MindsetWhen asked about the experiences that shaped him, Kiran said, “Take responsibility for everything. Never shy away from new challenges. Believe that anything can be learned.” He also says that it is not very difficult to find a solution if one gets to the crux of the problem and takes a common sense approach to responding to situations. Being a part of a tech company, Kiran always had to be abreast with the latest tech. However, the exposure to the intermingling of business and technology has stood him in good stead at all times.
Overcoming Challenges to SucceedKiran’s CEO role started with believing in the potential of the company. According to him, it is even more critical in a start-up context when one is unsure of where the first revenue Dollar is going to come from. This personal belief had to be articulated into a vision to the rest of the company. Kiran adds that using this vision to rally everyone around and shifting focus to identify business opportunities was the most challenging phase. At RoundSqr, Kiran and his team were fortunate on three counts. First, a set of like-minded founders came together who were friends and shared the same passion to build an organization. Second, the initial group of customers that saw the company’s potential and came forward to work with them, and third, the colleagues who took a leap of faith and joined RoundSqr. Kiran believes that one has to take strategic punts when building a company. While some of them pay off, others don’t. Balancing the risk while constantly experimenting is crucial to the success of any organization. Another aspect of his role is to engage with potential investors and to convince them that the organization’s vision can translate into fiscal success. In a nutshell, Kiran explains that keeping the intent always correct by looking after the long-term benefits of the customer, his team, and investors is his success mantra.
Aids to better decision making Leveraging the Capabilities of Disruptive Technologies Plans for the growth of RoundSqrDespite the pandemic, we have doubled our team size. As the markets open up, we plan to expand our presence across the US and Europe. We are looking at relocating one of our senior colleagues to Australia as soon as travel permits. We plan to have our senior team travel frequently to have facetime with our customers and prospects. We have also ramped up our efforts to bring on board Architects and digital consultants. We plan to aggressively engage reputed colleges from where we can hire talent to meet our growing demands. We expect to double our revenues y-o-y for the next 2-3 years. The journey should be exciting, given the high-end problems we are solving, and the resultant impact on our clients.
Shaping Future CEOs10 Essential It Roles For A Successful Digital Transformation
Defining an organization’s digital transformation success relies on different IT teams
Organizations are rapidly implementing sophisticated technologies as they are shifting to the
Data ArchitectA data architect plays a key role in today’s
Cloud SpecialistsCloud specialists are responsible for maintaining the cloud-related issues within an organization. They implement and maintain server and network infrastructures. As a cloud specialist deals with a company’s information and services to be migrated to the cloud, their role is critical for continued operation in a digital landscape. Migrating a business application to cloud infrastructures are a significant step towards digital transformation, cloud specialists help companies to make faster and successful cloud migration.
Digital Product ManagersThe success of a product team lies in the ability of a digital product manager. They oversee the entire life cycle of a product. A digital product manager is also responsible for storytelling, crafting product narratives, while owning the entire product from top to bottom to ensure effective user experience (UX).
Financial AnalystFinancial analysts make business recommendations for an organization based on analyses they carry out on factors like market trends. They articulate the financial value of digital transformation strategies, create a business case and present an accountability matrix. They are primarily responsible for creating financial models that can envisage the outcome of business decisions. Financial analysts work with all members and other finance professionals to ensure that the team looks at transformation activities from a financial standpoint.
Solution ArchitectA solutions architect is an expert and one of the most imperative and client-facing roles in the IT industry. They are the technology leaders that design the IT architecture of a software system. As digital transformation demands specific expertise and a set of practices to align business focus with technology solutions, solution architects perform a crucial role in explaining how the adoption of these practices can help solve business problems.
Data AnalystsData analysts hold a vital role in the digital transformation journey as they retrieve, gather and assess data. They enable organizations to take a data-driven approach to the decision-making process. Data analysts explore the way how data can be used to answer questions and solve problems businesses face while making the digital leap. With the development of computers and an ever-increasing move toward technological intertwinement, data analysis has evolved greatly.
Chief Digital OfficerA chief digital officer (CDO) focuses on creating new business opportunities, revenue streams and customer services by using digital technologies. The role of a CDO can be found operating under different titles such as digital strategist, digital marketing officer, and digital general manager. CDOs are typically responsible for helping the enterprise to develop and execute a cohesive digital strategy.
UX Designers Database AdministratorDatabase administrators specialize in storing and organizing data. They comprise everything required to manage a database and make it available as needed. They install and upgrade the database server and application tools. As a database administrator requires knowledge of database queries, database theory, database design and more, they ensure compliance with database vendor license agreement, including a number of installations, while taking care of licensing renewals.
Systems IntegratorsUpdate the detailed information about Doina Popa: Enabling Organizations To Foster Innovation And Drive Digital Transformation on the Kientrucdochoi.com website. We hope the article's content will meet your needs, and we will regularly update the information to provide you with the fastest and most accurate information. Have a great day!