In this Silicon Valley Series I was honored to interview a number of very smart and experienced Silicon Valley dignitaries on a variety of important business trends, technologies and strategies. I hope you find this series of short interviews useful. In this episode, I interview Silicon Valley veteran and three time CEO Tom Thimot on how artificial intelligence and automation are evolving from hybrid models to more trusted automation models. Read more from Kevin Benedict at the Center for Digital Intelligence: 12 Step Plan for Digital Transformation Speeds Artificial Intelligence, Combined Actions and Digital Strategies Competition, Artificial Intelligence and Balloons 7 Imperatives for Thriving During Digital Transformation What Artificial Intelligence Can Teach Us Speed as a Competitive Advantage in Digital Transformation Culture as a Competitive Advantage in Digital Transformation Digital Technologies and the Compression of both Time and Distance Patterns, Platforms and Automation Making the Hard Decisions in Digital Transformation Center for Digital Intelligence Interviews: Hitachi's Rob Tiffany on Industrial IoT Digital Transformation and the New Rules for Start-Ups Digital Transformation and Leadership Development Digital Transformation and Competitive Decision-Making Combinatorial Nature of Digital Technologies and Legos Digital Transformation from 40,000 feet Winning in Chaos - Digital Leaders 13 Recommended Actions for Digital Transformation in Retail Mistakes in Retail Digital Transformation Winning Strategies for the Fourth Industrial Revolution Digital Transformation - Mindset Differences Analyzing Retail Through Digital Lenses Digital Thinking and Beyond! Measuring the Pace of Change in the Fourth Industrial Revolution How Digital Thinking Separates Retail Leaders from Laggards To Bot, or Not to Bot Oils, Bots, AI and Clogged Arteries Artificial Intelligence Out of Doors in the Kingdom of Robots How Digital Leaders are Different The Three Tsunamis of Digital Transformation - Be Prepared!
For many businesses, the pandemic brought about a greater focus on digital transformation, and globally we are seeing, on average, a seven-year increase in the rate at which these projects are being undertaken. With digital firmly in the spotlight, many enterprises have undergone extensive digital transformation projects in recent months in order to compete. Unfortunately, these projects can be difficult to execute at the best of times and digital transformation is growing increasingly complex, especially for those organisations, whose primary concerns are ethical and environmental. Ethical digital transformation can be tough to break down. For instance, what exactly makes a digital project ethical, and how do we integrate ethics into our digital transformation strategies and digital products?
The definition of digital transformation is the realignment of, or new investment in, technology, business models, and processes to drive new value for customers and employees and more effectively compete in an ever-changing digital economy. This is how I define digital transformation, having evolved it slightly over the years. This definition, which was introduced in 2013/14, was different at the time in that it didn't solely focus on technology. Early in its rise though the hype cycle, digital transformation was largely technology-centric with a majority of its audience consisting of CIOs, IT (information technology) professionals, vendors, integrators and consultants. While this is still the case, I noticed in my early research, that digital transformation was more than "digital."
Has your organisation been discussing the potential for digital transformation? In the last five years, many procurement professionals have dedicated their time to aligning their strategies to begin a digital transformation, yet too often unforeseen events have put on the breaks or suspended altogether the launch of such strategies. "In fact, according to McKinsey, more than seven in ten survey respondents say the progress of digital transformation efforts has slowed or stalled at some point," said Katie McEwen, Community Advocate at Tealbook. As the disruption from unforeseen events subsides, the process begins again and the cycle continues. However, the more frequently this happens the more organisations begin to experience'digital transformation burnout'. "Even with a large number of companies experiencing that stall during the digital transformation process, there are several steps that can be taken to avoid burnout and ensure that your journey to using more innovative technology goes smoothly," added McEwen.
Digital Transformation has become a major agenda item for many Retail Banks. In this blog, I wanted to explore some of the reasons behind this. We will explore what Digital Transformation might mean for a Retail Bank. We will also look at the importance of data in supporting of these types of programs. Especially in the Retail sector, Banks are having to consider what they do.