Financial services like every other major product/ service category is undergoing a revolution to the digital transformation. The customer experience around the product now needs to be core focus. The category must be tailor made and pertinent as much as possible. Similarly the offering must differentiate itself from the rest of the competing pack. Employees in the firm must be encouraged to work in their own unique way rather than abide by strict regulations. It must be understood across the firm that the digital approach needs to be everyone’s responsibility and not of any department as such. Processes passed on as heirloom still holding back on achieving true digital transformation. 

To create a strategy based on shared value, there exist many business systems. The social thinking model relies on customers to respond differentlythan to other forms. Product innovation is one field where customers tend to value organizations with a proven track record in CSR. Existing sponsorship deals worth billions of US Dollars for football matches or celebrities may be fruitfully re-directed towards aid programmes. Similarly lean thinking is a concept which embodies the minimum environmental footprint and maximum societal benefits accruing.

While most organizations today are involved in tapping analytics, some have over-complicated their procedures. There are however simpler ways. Fast data leads to fast insights and thus fast outcomes. Thus data flow must be accelerated. Certain aspects involving analytics technologies must be delegated. Examples could be data visualization, business intelligence, data discovery, cognitive computing, machine learning and analytics applications. Also one must understand all approaches towards generating data insights are unique. 

While there may be no secret formula to succeed as entrepreneur there are some golden priorities following which success is usually attained. Innovation is top priority as no business can survive without it especially in today’s dynamic business environment. Instead of constantly expanding the scale of business, due focus must be paid to the per unit profitability. There must be consistent cash flow. Unless the work culture is sound, the business will never grow beyond a point. In spite of early success, one must constantly vie for improvement.

While technology is constantly changing and upgrading itself, businesses need to evolve simultaneously. There are ten ways in which technology is used by business leaders. The constantly innovate and do not fear change. The Cloud is used effectively by them. Mobile phones are not treated as mere accessory but as key business tool. Social media is well integrated into the business. Even tablets are used effectively. Time and space sharing are followed using teleconferencing and telecommuting. The online marketplace is well understood. To boost productivity, digital solutions are used. Internet security is not neglected for even a moment. Marketing is automated.

A new model called Business Model Canvas has developed which is possibly the most detailed matrix developed as a tool so far. The matrix is divided into 2 zones- cost structure and revenue streams. These 2 share one subzone called- value propositions. Revenue stream involves – channels, customer segments and customer relationships. And cost structure includes- key activities, key pictures and key resources. As per the permutation, there are 14 ways to use this. There is also the concept of value proposition design. This seeks to describe how firm will create value for clients using services or products. Then there is product market fit. This will align the strategy on paper and the actual execution which are often disparate. By this one can successfully tap others’ work without possessing massive assets of own

It is in many ways easier to develop employees who are team players rather than thinkers. But those employees who ‘think’ for themselves cause a challenge for which there are certain solutions. The first step involves shifting accountability and allied benefits in the process to worker from manager. Then, workers must be enabled a certain identity. This ensures lower attrition rates. Increasingly time is being seen as a luxury and in case firms do provide workers with greater leisure time, then firm’s goodwill increases exponentially in the eyes of the employees.