Contributed on October 17, 2014

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Digital Transformation (on the South Shore and Beyond)

Description

My recent keynote talk for the South Shore Chamber of Commerce TechConnect event on digital disruption and transformation, across the South Shore and beyond

Transcript

Are You Ready for
Digital Disruption?
How Emerging Tech is Changing
Business and Creating Unprecedented
New Opportunities for the South Shore
Community
Digital Transformation
Began on
the South Shore
Napster was
founded right here!
Napster still holds the “Guinness Book
of World Records” record for the
fastest-growing business ever,
exceeding 50 Million Users in less than one year
It completely disrupted the music industry, and
forever changed our relationship to digital content
It change the model of the Internet to P2P –
people sharing not companies controlling
Pre-Napster Post-Napster
1999 2001
Christmas Eve
2007, Saint
Peter’s Square,
Vatican City
Source: Morguefile.com
2007 the iPhone is Introduced
Same Scene, Five Years Later
2007 2013
Source: Morguefile.com
Meet Your Customers
for the Next 20 Years
Are you Ready
for the Post-PC,
Internet of
Everything,
Digital
Marketplace?
Meet Your Customers
for the Next 20 Years
“60% of smartphone or tablet owners who switched primary banks
in the fourth quarter said that mobile banking capabilities were an
“important” or “extremely important” component in their decision
to switch, versus only 48% surveyed 6 months earlier.”
Source: Mobile Financial Services Tracking Study,” AlixPartners, March 2014
There is a War for Your Customers,
and it is Happening on Their Phones
“60% of smartphone or tablet owners who switched primary banks
in the fourth quarter said that mobile banking capabilities were an
“important” or “extremely important” component in their decision
to switch, versus only 48% surveyed 6 months earlier.”
Source: Mobile Financial Services Tracking Study,” AlixPartners, March 2014
But Does Your
Mobile Strategy
Look Like This?
The App is Not Your
Mobile Strategy,
it is About the
Process!
What’s Happening Right Now?
What Happens Next?
Digital Transformation to Enable
Real-Time Response: Field Rep Scenario
“Intelligent$Capture”$
Ques1ons$answered,$the$applica1on$is$
completed$and$signed$electronically$
on$the$tablet.$$The$client$writes$a$
check$to$bind$the$applica1on$and$the$
rep$uses$the$tablet$to$take$a$picture$of$
the$check$to$bind$the$applica1on.$$
The$home$office$receives$the$
applica1on$electronically,$
underwrites$the$policy$and$
electronically$issues$and$
sends$the$policy$to$rep.$!
A$Field$Rep$(such$as$a$
Financial$Advisor)$conducts$
client$annual$review$–$
determines$client$needs$
addi1onal$life$insurance.$$
!
The$rep$can$choose$to$print$
the$policy$or$send$an$
electronic$copy$securely$$
to$the$client.$
1
4
The$rep$hits$the$
“Mayday”$buIon$
and$spawns$a$live$
video$chat$with$an$
underwriter.$$
5!
6!
6
3
2
rep brings up
an insurance
application on
tablet and fills
out with the
client. !
BPM.com Survey of 1,000 Mid-sized Firms:
Top 3 Challenges Expected for 2014-15
#1 – “Older IT systems cannot be changed or adapted
as fast as we would like”
#2 – “Growing maintenance burden on existing legacy
applications consumes precious resources and
budget better spent elsewhere”
#3 – “Customers expect easier ways to interact with us
and our systems (such as via web and mobile apps)”
Problems rooted in past eras of tech;
opportunities found in this generation
The 2nd Major Revolution in Business Tech
(this time it’s all about you)
The “Big Iron” Era
The PC Revolution
1970$ 1995$ 2013$ 2020$
The Cloud Era
Drivers = centralized control,
economies of scale, shared
distribution of costs
Drivers = de-centralized control,
economies of efficiency,
faster time-to-market,
ease of development,
business autonomy
Drivers = all the above!
(Yet even better, cheaper, faster)
1980$
Today’s Sole-Proprietor Has Access
to the Same Computing Power and
Customer-Engagement Capacity
as Any Fortune 100 CIO.
As do Both You and Your Competitors.
Will You be Disrupted or the Disruptor?
Digital Transformation Going Forward:
Strategy Take-Aways
Don’t Do Radio on TV: Process Should Drive Your Mobile
Strategy and Your Customer Engagement Strategy
Transformation is No Longer (just) About Saving Money,
Today It’s About Making Money
Focus on Response Time and Customer Experience,
Target Growth Areas With Momentum
Know When and How Success Will be Measured
and Make Visible!
Getting Started. . .
Start Small and Scale Your Team
• Start With Cross-Functional Team / Skillset
• Release Often – Results < 90 Days
• Create a Feedback Look for:
Target -> Results -> Review -> Redeploy
• Get Started!
Placing the Right Bets
How Will This Improve The Customer’s Experience?
Who Benefits From The New Process or System?
What Metrics Provide the Best Measurement of Success?
Do We Have Agreement on How and When Success is Measured?
Will the Users of the Process Measure Success the Same as
Other Stakeholders and/or Sponsors?
How Do We Engage Our Customers’ Perspective in the
Understanding and Definition of the Business Process?
Contact Info:
Nathaniel Palmer
nathaniel@bpm.com
+1 (781) 534-3868 mobile
twitter.com/nathanielpalmer
www.linkedin.com/in/bigdatasmartprocess/