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Digital Transformation

Engineering design and product development are set for largescale changes over the next few years, promising to change the landscape. Fields such as AI, IoT and machine learning are witnessing newer adherents. This entire process can be clubbed under Engineering 4.0. Certain key building blocks need to be kept in mind while executing this transformation. A clear strategy needs to be in place for such implementations. Platforms need to be leveraged for data warehousing functions, so that more specific insights may be gleaned from this huge treasure trove. This data can further be leveraged by data scientists and software architects to develop new skills in-house. Digital tools need to be integrated into functions such as prototyping, and virtual teamwork. A cardinal rule to establish better talent management practices at present is having agile ways of working. Internal operations get smoothed out in this manner, while better products may be designed and customer relationships enhanced. The first phase in such implementation needs to be a diagnosis and pilot identification. Capabilities need to be built in so that deliverables can be mapped for instant impact. At the final stage, operations need to be scaled up to ensure Engineering 4.0 can be a reality.

Source:https://www.bcg.com/publications/2018/race-toward-engineering-4.0.aspx?linkId=51698013

Uploaded Date:04 July 2018

Since digitization began on a large scale, retail banking has been heavily impacted. Somehow, the impact on corporate was at a slower pace, but now gathering steam. Platforms, Blockchain and Artificial Intelligence (AI) have now begun to make a serious dent on the financing supply chain and international money transfers. A lot of this was effected by fleet-footed fintech startups, who were able to leverage this new ecosystem to their advantage. The BCG conducted their annual Corporate Banking Executive Survey 2017 to gauge the moods of bankers towards digitization. While a handsome majority envisages major digitization, few have a clear-cut corporate strategy to execute this. In this second wave of digitization, headed by corporate banks, a few main priorities need to be kept in mind. Focus must be on the customer journey. Data must be used for high-powered business analytics which will identify opportunities and help reduce costs. The operating model needs to be redefined towards setting up the digitally defined organization. A few recurring themes occur during this process, beginning with a focus on nonlending products. Lending margins too need be carefully managed. Proper investment needs to be made in the sales force. Asian market surprisingly has picked up much better than in Europe, while SMEs need greater attention from corporate banks.

Source:https://www.bcg.com/publications/2018/global-corporate-banking-2018-unlocking-success-through-digital.aspx?linkId=49472991

Uploaded Date:22 June 2018

With every company in the world on the gold rush to establishing a digital infrastructure, there are two key questions grappling business leaders. One is about which model ought to be followed for its implementation. The other is about the right kind of people who must be in charge of this transition. If these questions are addressed, the wrong way, it will instead send the company on the opposite downward spiral. Digital business models differ fundamentally from earlier forms, and so need to be approached accordingly. Digital offers enormous scope for data warehousing, processing power and bandwidth. Before plunging headlong into this, the team needs to address the overall ambition of the firm. They also need to understand in which aspect do they most need to accelerate to ensure the correct implementation of company objectives. The company needs to be digitally mature in the most critical of its areas. A strong governance structure also ought to be implemented at first Digital natives such as Zappos or Spotify have been able to negotiate this strategic transition more smoothly. Some established firms too such as the Netherlands-based ING have come out of older, linear structures to become digital players on an equal footing.

Source:https://www.bcg.com/publications/2017/technology-organizing-for-digital-future.aspx

Uploaded Date:22 June 2018

Corporate transformation has become the new buzzword, especially for digital initiatives. Management consulting giant BCG in a study confirms that a little over half the large companies are going through some sort of transformation and nearly three-fourths of them have overlapping programmes to execute this. Few companies though have proper change-management policies in place. That is why BCG has developed its Transformation Impact Platform (TIP) where the right tools have been produced from the 750 plus clients the company has worked with in the sphere of transformation. A sense of commitment from the organization is first cemented followed by a dedicated execution achieved through the BCG Impact Centers. Bureaucracy and inertia are first stripped off by TIP which follows a three-dimensional approach. Those triple maxims are- energize, equip and execute. TIP performs better than rivals as it has greater flexibility in approach and produces results quicker. Its impact is sustainable, not only immediate. TIP’s portfolio management is extremely adaptive.

Source:https://www.bcg.com/capabilities/transformation/business-transformation/bcg-new-platform-ensures-transformations-hit-targets.aspx

Uploaded Date:15 June 2018

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