As Shawn Dubravac wrote in Digital Destiny, "Humanity is entering a new era. Beyond the mere acquisition of ever more digital devices with ever more incredible functionality, the immediate future will usher in the all-digital lifestyle and an 'Internet of Everything.' The transformation of our lives will be breathtaking." Now comes the critical question, what are you, as a leader of your organization going to do --transform, or die a slow, painful death?
The top three digital destinations are new business opportunities, better customer loyalty and better business results.
No organization is too big to fail. The avg tenure of a S&P 500 company is forecast to shrink to 14 years by 2026. Large companies are feeling the pressure from customers and competitors to "go digital" more and more everyday.
It starts with digital mini journeys.
Register for this webcast to find out what the top ten fool proof digital mini journeys are.
A successful digital business initiative relies upon adopting agile principles, an enduring focus on improving customer experience and executing programs with a business process based view with enabling digital information technology.
Measuring what matters to customers and challenging the current operating model of the business are two important characteristics of digitally mature organizations.
Join Gregg Rock and our leading digital business experts as they discuss the critical skills needed in your digital transformation initiatives:
Businesses from across the globe - both large enterprises and small and medium businesses - want to improve their operations and advance. This is where technology is crucial. Data science and analytics is changing the way we do marketing and has given us many new opportunities for profit, growth and so on.
Big data analytics is enabling enterprises to do many tasks in real time and with ease. This rapid digitalization has given companies many new opportunities and choices.
Global revenues in big data and business analytics has increased from $130 billion to more than $203 billion in the future.
Big data science and analytics include statistics, math and many other mechanisms which enable companies to analyze data and get valuable information from it. The amount of data is increasing with each day.
Robotic Business Process Automation is all the rage right now. It is the new cost reduction initiative that many executives are eager to implement. There are numerous conferences focused on Robotic Process Automation (RPA) and the evolution to Cognitive Processing or Machine Learning (AI). There are many emerging companies that show great promise and businesses are strongly considering adopting these tools. The following from Accenture, is a succinct depiction of the spectrum of Robotics, with RPA being the simpler end of the spectrum.
https://www.accenture.com/us-en/robotic-process-automation-software
Strategy Execution in a Digital World
This management book presents value-driven business process management as a successful discipline to turn strategy into people-and technology-based execution, quickly and at minimal risk. It shows how to achieve high performance successfully in a digital business environment.
Digital transformation is still one of the business buzzwords of the year. It is estimated that 89% of organizations have digital transformation as a business priority. But if you feel like you’ve come to a standstill in your digital transformation efforts, you are not alone. As many as 84% of digital transformation efforts fail to achieve desired results. And that statistic would likely be higher if we examined only the larger, enterprise level efforts.
What exactly is digital transformation? According to researchers at MIT Sloan, digital transformation occurs when businesses are focused on integrating digital technologies, such as social, mobile, analytics and cloud, in the service of transforming how their businesses work. The preoccupation with digital transformation makes sense given the pace of change. Richard Foster, at the Yale School of Management, found that the average lifespan of an S&P company dropped from 67 years in the 1920s to 15 years today.
As I pondered topics for this quarter’s missive, I decided to browse presentations from some recent conferences that focused on both technology generally, and financial services specifically. The former was full of optimism and excitement over a new day dawning and the power that advances in big data, analytics, and decision management might bring. The latter was replete with complaints over burdensome regulations, an inability to meet customer’s needs, and the desire to modernize extremely outdated legacy platforms. It truly seems that the approaches we discuss regularly here at BPMInstitute.org are not being fully recognized as potential solutions to alleviate the significant pain being felt. But why?
There’s a fair amount of excitement around Robotic Process Automation or RPA. Some of it is just hype and some of it has substance. In February of this year, *Forrester forecasted that the size of the RPA market will reach $2.9 billion by 2021 – only to quickly point out that this number pales in comparison to the size of the total Artificial Intelligence (AI) spend estimated at $48.5 billion. Forrester also estimated that there will be over 4 million robots doing office and administrative and sales and related tasks by 2021 and the cost of an RPA robot is currently in the $5,000 to $10,000 range per annum. As a single robot may replace as many as three to five workers – the savings are easy to calculate.** Further, the return on investment (ROI) from RPA has been predicted at a potential of 30–200% —in the first year. ***
Increasingly any business change is tied to new systems implementation or an upgrade. So it naturally was left to the IT department; “it’s software, right” But to exploit technology, an organization needs strong business analysis skills. As companies implement multiple cloud based apps enable faster and more significant change, the new breed of business analyst must have a broader combination of skills: business, analysis and problem solving, technology implementation & project management. Those with the right blend of skills are in short supply. Those with these skills can command higher salaries or consulting day rates.
Leveraging your business analysis skills
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