April 29, 2019
Jeremy Blain is an award-winning Business Leader, Futurist, New Era Learning Professional, Author & Conference Speaker.
Jeremy is founder and CEO of PerformanceWorks International (PWI). He has created PWI because he knows that his experience, knowledge and passion can help organisations and individuals face into the changing workplace and help them be fit and ready for the future.
We had an opportunity to have a chat with Jeremy to discuss digital transformation and what it holds for the future of companies and their retention of customers and brand loyalty to become a more digitally centered business.
1. How Do Define Successful Digital Transformation?
By not calling it digital transformation but re-orientating that to Whole Business Model Transformation. This is the real need.
Digital transformation seems to have lost its meaning for many companies, who are seeing it as the integration of technology, a system, a structure or similar. Multiply that effect by the potential for different technologies being implemented across different functions, without necessarily talking to each other, and they are compounding the problem. In many companies, a further question is not even considered…how does my digital strategy and transformation align to what my customers need and want? Here lies the problem.
For me true success is looking at the end to end transformation the business needs to include the digital, the people, the customer and partners; all led by a credible leadership and management team. Whole business consideration, not just piecemeal interventions that may not work. It is no coincidence that in research across 2016/17 by IBM and Forbes that 84% of digital strategy fails**. A staggering amount and this is largely due to a misunderstanding of what digital transformation actually is, what it means and how to go about it.
My latest research goes into this in some details and proposes a brand new 11-step model for digital strategy implementation. While doing the research, it was clear very little guidance actually exists – until now. You can see more here.
2. How Do You See The Effect Of Digital Transformation On The Public Sector?
It depends on the part of world we focus on. For example, Countries like Vietnam, India, China, Singapore, HK and more across Asia have digital at the core of their policies. Be that in the development of Smart Cities like Singapore or building the economy on technology-driven services and business.
In Europe, from my recent survey (white paper above) it is clear that Red Tape and Bureaucracy is getting in the way of adequate planning, budgeting and execution of government level policy and implementation when it comes to digital. For example, very few public sector organisations we surveyed have a digital vision or even a leadership capable of understanding what is needed…compounded by a ‘laisse faire’ attitude. Unless that changes, transformation in the public sector will be slow and only in certain areas; rather than an integrated, policy-driven actionable plan – which is adequately funded.
Interestingly digital is levelling the global competitive playing field and allowing emerging economies across the world, notably in Africa, SE Asia and Latin America to start from the same place as more established economies. The more enlightened governments are centralizing their planning around this to build future-ready economies and attractive investment sites for external developers, investors and businesses. Whole conferences are being fast-tracked around this area as a platform for global, not just local, participants. Such as Africa Com later this year and many more. This is as important to government as it is to private enterprise of course.
3. How Do You See Digital Transformation Efforts Affecting Customers In The Next 5 Year?
It is not just about our customers, it is more a question of how we do more together with our customers, fuelled by digital and driven by human expertise. For example, as we transform our businesses, how do we ensure that our technologies, data and processes align with those evolving in our customers. To the extent that within the next 5 years our systems should actually ‘talk to’ those of our customers to fast track data sharing, informing more rapid joint decision making and forward strategy planning. This is the gold at the end of the rainbow for suppliers and their customers.
4. Which Are The Emerging Technologies That Will Play A Significant Role In The Digital Transformation Process?
This could be a long list but key tech that can enable successful transformation includes AI (Artificial Intelligence) – around big data analysis, strategic planning and rapid decision making. Bin the excel spreadsheets and be driven by hyper rapid analytics, for real-time action.
5G will be a game-changer in terms of the above and the ability for businesses who are ahead of the curve to secure competitive advantage. This not just about bandwidth, download speeds etc. this could become the life-blood running through the veins of our businesses and how we interact with employees, partners, customers and competitors even. More leaders need to truly understand the power that 5G can provide their businesses. Right now, too many ‘don’t know what they don’t know’
Aligned to this will be technology to allow systems to talk to each other. Prior to a true ‘Internet of Things’ filling the gap, the use of API (Application Programming Interface) should be adopted by more organisations (small, medium and large). API is a way to ensure that there are clearly designed methods and communication lines across the varying technology components you may use internally – and – over the next few years, to enable better integration with your customer systems and technologies. A key component for competitive advantage.
RPA – robotic process automation. A way to automate your future business processes to ensure the technology, AI, robotics etc all work together and are linked to the human heart of your business. Crucial to some industries over the next 3-6 years and something that many informed corporations are budgeting now for, as they prepare their forward strategies. Others are not doing enough…
In the digital age one could argue that the human touch is as important as it ever was. Leveraging your human capital in the age of whole business model transformation can be the ‘edge’ as far as competitive advantage goes (particularly around the attraction, protection and retention of Talent). This is why many organisations are restructuring their organisation around Human Design Centres. Mobilising your resources according to core personality, preference and capability, not necessarily job role or function. It embraces ‘difference’ and enables your people to perform in ways suited to them. A more fluid way to use Talent and more sophisticated way to mobilise resources be they permanent, contingent workers, in an office or remote. Equally a way to understand how this can work best with the digital thread of the business as much as the human.
5. How Do You See The Integration Of Block-chain Affecting The Businesses?
By 2021 it is predicted that over $6Trillion USD will be lost through cyber crime. As part of any digital strategy, cyber risk, secure systems and end-to-end secure processes, technologies and tools require much work in many organisations. Not just for how they work internally but how they interface externally most importantly. Those organisations with 20th century systems in place now are not fit for purpose in the Industry 4.0 era. But many heads are being buried in the sand. It is perceived as expensive, non-urgent and, again, a fundamental misunderstanding of the ‘cost of doing nothing’ is the biggest risk here.
In 2020s ‘trusting’ a company, system or tool is not good enough. In the era of fake news, sophisticated scams and readily available ‘credible’ technology, you need more. And that is where Blockchain comes in. For me – as a summary – Blockchain is the end to end ‘traceability’ your organisation needs internally and to be seen externally. It is TRUTH over TRUST. And that is the key point and why it is so important.
Thank you to Jeremy for taking the time to speak with us at Upwise. We have certainly learned a lot and hope this insight has helped our community too.