Digital is the new personal, especially in the world of financial services. Till even a few years back, customer experience at such financial services firms depended on the people involved. But now fewer Americans are visiting physical branches, as most transactional functions take place over the internet. Business intelligence provided by the likes of McKinsey, PwC and Bankrate clearly testifies to this trend with algorithm-powered portfolio management ruling the roost. The ADI US Finance Survey 2017 meanwhile states that more than half of all financial planning takes place online while for a fourth of respondents the over time-taken in the planning process was reduced due to smartphones and on-the-go apps. About three-fifths of all millennials and generation Xers prefer financial planning online, with the proportion being slightly higher for the latter. Due to such enormous volumes of online business, equally large quantities of data gets generated. This enables advanced business analytics operations to be performed leading to more informed decision-making. Even within the oft-traditional insurance field, some companies have risen to be digital disruptors. Fintech has even enabled a major chunk of transactions to be performed as a self-service.

Source:https://www.adobe.com/insights/redefining-exceptional-experiences-in-financial-services.html

Uploaded Date:07 June 2018

Several US based organizations are in the middle of a major thaw towards transformation, but many aren’t getting the strategy correct. They are preparing for ways to use technology to the max and leverage capabilities such as AI. According to business intelligence shared by PwC’s 21^st CEO Survey, most business leaders view organic growth as the best one, both in the US as well as abroad. Cost-reduction and increased M&A activity are seen as key to this push. Post this study, some principles have been drafted by PwC to ensure successful transformation ahead. Firstly, change initiatives must emanate from the very top. One this is done the functional aspects need to be aligned to the overall corporate strategy to avoid mismatch in goals. A new beginning must be made, with amnesty granted to all previous methodic flaws. Quick successes must be glorified to bring out positivity. Challenges must be curated on processes, targets and methodologies. Nothing will work unless the costs involved are balanced out with the investments made on capabilities. The transformation must not be headed by the usual team, but a separate team dedicated to change management. Constant communication with different levels will keep the momentum going on.

Source:https://www.pwc.com/us/en/operations-management/principles-for-organization-transformation.html?platform=hootsuite

Uploaded Date:05 June 2018

Industry 4.0 is upon us and it is important to distinguish it from Industry 3.0. While the latter was about automating single machines, the present one is about doing so to the entire ecosystem. PwC’s business consulting wingtook on a study across twenty-six countries to identify the Digital Novices, Followers, Innovators and Champions. It also studied what were the steps needed to become one such Digital Champion. Such digital champions make up only a tenth of manufacturing concerns. Perhaps surprising to some, the Asia-Pacific region leads in terms of digitization. They demonstrate value through their unique customer solutions systems. These companies have mastered the four key areas on the way to be champions. These fields are- customer solutions, operations, technology and people. Operations includes the smooth work involving sourcing, planning, warehousing, product development, logistics and academia interaction. Technology includes the suite of modern forces such as AI, IoT, sensors, robotics, VR and AR. The people ecosystem involves the right recruitment, vision to match skills with talent, the management training imparted and fostering an overall digital culture.

Source:https://www.strategyand.pwc.com/industry4-0

Uploaded Date:01 June 2018

A new course on digital transformation is set to be launched by online platform Coursera. It will have two broad components within the pedagogy. One will be the pace of this transformation and the kinds of opportunities it presents to various businesses. The other will be ways to leverage such transformation for business benefits for various kinds of organizations. BCG is the lead knowledge partner in this, providing inputs on digitizing core processes, use of technology and framing the appropriate corporate strategy. Market disruptions will be studied along with the pros and cons of using such digital tools. The key trainers for this course will be Michael Lenox, Sonja Rueger, Ching Fong Ong and ArmaneDannouni.

Source:https://www.coursera.org/learn/bcg-uva-darden-digital-transformation?linkId=48760885

Uploaded Date:12 March 2018