Business transformations have always been difficult to pull off, but now even harder during the ongoing digital age. The rate of success is inherently low, as per the McKinsey Global Survey. Even digitally- savvy industries such as media, telecom and high- tech suffer from this tendency. A few factors though have been identified that are common to most such successful digital transformations. For a start, they have digital savvy leaders, who implement such transformations with zeal. These companies build capabilities for the future, by providing the existing workforce with the required corporate training. The regular tools used at work get a digital upgrade. Communication is the lifeblood of such businesses. So the people involved remain well connected via digital as well as traditional means. Such companies are also known for their humane talent management practices. As a result, the employees are empowered to innovate at the workplace.

Source:https://www.mckinsey.com/business-functions/organization/our-insights/unlocking-success-in-digital-transformations

Uploaded Date:12 June 2019

Cyber attacks are now one of the greatest threats to businesses worldwide. A study conducted by management consulting firm McKinsey, confirms this as the single greatest risk, as per most corporate board members. Board members want greater structural organization to their teams. They bemoan the lack of clarity. Another of their complaints is the challenge in data warehousing, thanks to the lack of real- time data available. Thus, a holistic strategy needs to be devised across the industry. This must involve the people, assets, applications, infrastructure, governance, processes, organization, controls and all third parties involved. To weed out such cyber risks from their roots, one needs to start by identifying the risks, and also by gauging the risk appetite. Its consistent analysis and monitoring is then needed. Silos too need to be cut down so that the relevant information may be shared between teams. Blind activism has to be avoided, as it helps no one.

Source:https://www.mckinsey.com/business-functions/risk/our-insights/cyber-risk-measurement-and-the-holistic-cybersecurity-approach

Uploaded Date:08 June 2019

Blockchain and its resultant cryptocurrencies have long been touted as the next big thing in the financial world. Several of the existing business activities for transactions could be replaced by the methods applicable using blockchain. It is a form of DLT (Distributed Ledger Technology). Cryptocurrencies are a new native digital asses class, withthe added advantage of not having any central authority. A lot of its value is tied to speculative buying, instead of the actual use cases. A DLT can be of particular value in countries where its main currency is troubled, as has been the case lately with Venezuela. The first wave of applications have been in private operations. The entire industry though needs to finalize the benchmark rates and prices, to ensure standardization. Detailed studies need to be done on the data warehousing thus far. This is to detect signs of how false or fraudulent data may creep in. A great amount of duplication will this be saved.

Source:http://knowledge.wharton.upenn.edu/article/blockchain-will-impact-financial-sector/?utm_source=kw_newsletter&utm_medium=email&utm_campaign=2018-11-20

Uploaded Date:07 June 2019

Digital transformation is a term much in vogue now. This is leading to automation of processes, leading to more seamless business experiences. Its prime components include the internet of things, automated workflows, cloud computing and the use of business analytics. Downtime has also been reduced as a matter of fact. A lot of these concepts are not per se brand new, but simply being made to use more now. Data integration and sharing are also now being much practiced. Digital transformation has its appeal, but also its set of concerns, especially on the security side. One thing companies need to take care of is Organizational Transformation (OT). This will ensure that the employees’ mindset can also be tweaked according to the newly emerging situation.

Source:https://www.forbes.com/sites/forbestechcouncil/2018/10/17/digital-transformation-requires-organizational-transformation/#7ea67ace2634

Uploaded Date:07 June 2019