“For Citigroup CEO Michael L. Corbat, growth will come from within: focusing on customersâ€™ financial needs to help inform the bankâ€™s digital offerings, as well as understanding when to invest and when to stay the course.”
The ways our customers are choosing to observe and to be part of their financial lives have changed
This way, we allow people to be the architects of the information theyâ€™d like to receive and when theyâ€™d like to receive it.
I fully expect over time that weâ€™re going to continue to see, as an industry, a reduction in terms of physical-branch footprint. If you look at branch traffic and the things today that we can do online, thereâ€™s not that necessity to go into a branch like there was historically.
Digital has been very powerful in terms of our ability to look at our customers holistically, of having that information and being able to pull that information together so that we can see the entire financial lives of our customers
So now, just measuring clicks, we can see where weâ€™re losing their attention or where people become uncomfortable giving us information. We really went back and tore things apart by looking at what was really essential and putting ourselves in the customerâ€™s perspective.
We pay attention to whether the employee has a geographical preference or a product preference or whatever those things are. And thatâ€™s caused us to really engage in a very different way with our employees, asking them to really take ownership and be vocal about their career
Iâ€™ve been very conscious of making sure that even though the institution needs to spend a lot of time on regulation, only the people who absolutely need to spend time on it do so. Our other people have the ability, then, really to be focused on customers and clients.
One is our work around what weâ€™ve termed as execution 2.0, which is a combination or series of six work streams. Every member of my management team, of my direct reports, is an owner of one of those work streams. Itâ€™s incorporated in my scorecard and cascaded down through the institution.
“Not knowing what is potentially the â€˜real needâ€™ and just â€˜of interestâ€™ just gives us one extra big data bucket or headache to work through.
We then suddenly move from digital speed to innovating speed and this is determined more by the people engaged within the innovation process and boy, arenâ€™t these really operating at different execution speeds.”
Do we have any real alignment or necessary experience to interpret what is coming in?
Are we seeing a re-run of the tortoise and the hare?
So where does the agile, shorter business cycles, faster innovation come into play. Can you honestly tell me really though our existing innovation systems, that are totally reliant on human interactions? How will the well set up stage gate systems of approval and validation cope? Digital technology is seemingly potentially fast yet the human is still very slow in comparison. Is this a heading for a total miss-match or the beginning of finding new ways to build â€˜fusionâ€™ differently?
Fragmentation is everywhere and different communities of interest are demanding real change
The question remains â€œso how significantly different will all of this be?â€
It will call for some fairly bold management decisions and a growing risk in undertaking but more than likely having a greater risk in not being well thought through and designed.
Bolting this onto existing systems, many manual does not sound to even be a compromise, although Iâ€™m sure many will initially try to achieve, creating real operational problems.
“CMSWire has released a free ebook â€œBuilding a Better Digital Workplaceâ€, which features contributions from Digital Workplace Group (DWG)â€™s CEO and Founder Paul Miller, together with other key thought leaders. To celebrate, we have put together a DWG reading list on digital workplace thinking.”
connected device or machine becomes something entirely new.
Cars are undergoing a similar transformation. Self-driving cars are already a reality.
In a similar way, a company producing interconnected industrial devices becomes a fundamentally different company.
Connecting the digital world of research, design, engineering and manufacturing enables a company to drastically reduce the time to introduce new products, leading to faster responses to customer needs and higher engineering productivity.
Platforms are essential to enable and monetize the value of interconnectedness. Interconnectedness is all about communication, collaboration and compatibility, including for big industrial equipment, and it all starts with platforms.
i. collecting and analyzing data from a larger set of different industrial assets, creating a deeper and more informative information set that delivers more effective insights; ii. enabling the interoperability of a wider range of assets within an industrial operation or system, boosting operations optimization; iii. allowing applications to be adapted and adopted across different industrial sectors; iv. making it easier for developers, engineers and data scientists to collaborate on a wider range of industrial solutions, leveraging the Global Brain to the maximum effect.
n fact, from a data collection perspective, every machine or controller might generate megabytes of data that often are not used to their fullest extent.
Integrating and fusing those data into one interoperable platform allows engineering, factory and supply chain leaders to gain visibility over their functions and to understand the system-level trade-offs of their decisions.
Platforms will play a key role in accelerating the growth and unleashing the value of the Industrial Internet, and the Future of Work more broadly.
From 1965 to 2012, the â€œtopple rate,â€ at which they lose their leadership positions, increased by almost 40 percent1
By evaluating 18 practices related to digital strategy, capabilities, and culture, we have developed a single, simple metric for the digital maturity of a companyâ€”what might be called its Digital Quotient, or DQ
First, incumbents must think carefully about the strategy available to them. The number of companies that can operate as pure-play disrupters at global scaleâ€”such as Spotify, Square, and Uberâ€”are few in number
Ninety-five to 99 percent of incumbent companies must choose a different path, not by â€œdoing digitalâ€ on the margin of their established businesses but by wholeheartedly committing themselves to a clear strategy.
Second, success depends on the ability to invest in relevant digital capabilities that are well aligned with strategyâ€”and to do so at scale.
a strong and adaptive culture can help make up for a lack of them.
Fourth, companies need to align their organizational structures, talent development, funding mechanisms, and key performance indicators (KPIs) with the digital strategy theyâ€™ve chosen.
1. Getting the strategy right
Executives must arrive at a common vernacular for what â€œdigitalâ€ means for them
First, where will the most interesting digital opportunities and threats open up?
Second, how quickly and on what scale is the digital disruption likely to occur?
Third, what are the best responses to embrace these opportunities proactively and to reallocate resources away from the biggest threats?
A smaller-scale disruption of your own business model to enter a new space or redefine an existing one.
Fast-following to ride the wave and capture some of the value created by an industryâ€™s evolution.
Aggressively reallocating resources from digitally threatened assets to more digitally interesting ones.
2. Capabilities at scale
For digital success, certain capabilitiesâ€”especially those that build foundations for other key processes and activitiesâ€”are more important than others
Data-empowered decision making
High-performing digital companies distinguish themselves by keeping pace as their customers undertake the digital consumer decision journey
A closely related skill is connectivity. Digital leaders embrace technologies (such as apps, personalization, and social media) that help companies establish deeper connections between a brand and its customers
Top-performing digital players focus their automation efforts on well-defined processes, which they iterate in a series of test-and-optimize releases
Todayâ€™s consumer expectations put a new set of pressures on the IT organization as legacy IT architectures struggle with the rapid testing, failing, learning, adapting, and iterating that digital product innovations require. Our diagnostic shows that leading companies can operate both a specialized, high-speed IT capability designed to deliver rapid results and a legacy capability optimized to support traditional business operations.
3. A fast, agile culture
While strong skills are crucial, companies can to some degree compensate for missing ones by infusing their traditional cultures with velocity, flexibility, an external orientation, and the ability to learn.
As companies develop their collaborative cultures, they position themselves to participate more meaningfully in broader networks of collaboration, learning, and innovation.
Appetite for risk
Our DQ research finds that digital leaders have a high tolerance for bold initiatives but that executives at laggards say their cultures are risk averse.
Test and learnâ€”at scale!
At the heart of agile cultures is the test-and-learn mind-set and product-development method, which can usefully be applied, or translated, to nearly any project or process that incumbents undertake. Instead of awaiting perfect conditions for a big-bang product launch or deferring market feedback until then, digital leaders learn, track, and react by putting something into the market quickly.
Teamwork and collaboration are important in any context, digital or otherwise. Whartonâ€™s Adam Grant says the single strongest predictor of a groupâ€™s effectiveness is the amount of help colleagues extend to each other in their reciprocal working arrangements
4. Organization and talent
Beyond strategy, capabilities, and culture, leading digital companies use a wide set of coherent practices in talent, processes, and structure.
High-DQ companies sometimes feel the need for a digital leader on the executive team who combines business and marketing savvy with technological expertise.
Leading digital companies track and communicate digital key performance indicators frequentlyâ€”in some cases in real time.
While no one answer works for all companies, high-DQ businesses carefully and deliberately build organizational structures that reflect where they are in the digital transformation. Some acknowledge that the core business cannot transform itself fast enough to capture new digital growth. For example, many successful traditional media organizations have carved out their digital businesses from more mature content operations.
The journey to digital maturity requires a whole-hearted commitment from a companyâ€™s leadership and a sustained investment in people, capabilities, technology, and cultural change. To get started, an organization must be honest about its DQ, clear about its long-term strategic opportunity, and open to iterating and refining solutions along the way.
“Is customer experience management important in a business-to-business (B2B) organization?” Yes! It’s interesting how often this question arises. I’ve been in the customer experience (CX) field in B2B organizations since 1989. What both business-to-consumer (B2C) and B2B companies are doing in CX management today (surveys, service/product improvement, customer loyalty/retention/value growth) is pretty much what we were doing in B2B since the ’80s and ’90s as well.”
The multiple influencers (end-user, purchasing agent, plant manager, safety department, etc.) of B2B buying decisions infers a need for more complex/comprehensive VoC and internal follow-up on findings
The interfaces between functional counterparts (e.g. seller engineers meeting ad-hoc with buyer engineers, not always as a specific step orchestrated by the sales team) at seller and buyer companies is another complexity in the buyer journey and in managing a consistent customer experience.
Many buyers are also sellers to their buyer,
B2B buyers are sometimes more influenced by downstream demands and economic factors than by their own whims/preferences.
The competitive nature of B2B firms’ customers sometimes makes “likely to recommend” less relevant than in B2C.
As such CX must refer to the whole enchilada â€” not just post-sales service, or pre-sales, or moments in time
A key reason why most companies are struggling with ROI on CX management is that they don’t have high enough expectations for internal change according to customer inputs.
B2B Customer Experience Management Examples Here are some of many examples I’ve come across, in hopes that some of these stories may serve as inspiration in your company:
“Customer experience is gaining more attention within business-to-business (B2B) organizations. Rightfully soâ€”customer experience drives loyalty with business customers. At the same time, clients and prospects, who increasingly compare business interactions with their personal consumer experiences, are raising the expectations of B2B relationships. While our research has shown that most B2Bs are still mastering the basics, our interviews with 28 companies uncovered best practices for building a more client-oriented mindset through closed-loop voice of the customer programs, customer journey maps, and virtual client advisory boards”
Building a client-oriented mindset. Organizations have a natural tendency to operate from an internal perspective, focusing on the needs of their functional silos more than on their clients.
Building client-centric relationship management. Today, account management functions tend to be oriented around sales generation and firefighting. To build stronger, longer-term ties with clients, Temkin Group expects that B2B firms will head towards a more client-centric model of account management that uses client insights throughout the relationship management continuum.
“This is an interview with Nigel Sullivan, Group HR Director at TalkTalk. Nigel is also a non-executive director at the Royal United Hospital Bath and was previously Group HRD and Board Member at Wincanton, VP HR at Marconi Communications and HR Director at Nortel.”
When I first joined it was called Personnel Management and was much more “functional” and administration-based than it is today.
Nowadays the emphasis is more on change, transformation, OD, engagement and business partnering rather than necessarily deep functional specialism.
Our goal was to offer our people a consumer grade experience which has been designed “mobile firs
The fundamental change with Workday is that everyone has direct access to information that had previously been held by HR and that people managers now have full responsibility and the information and tools to manage their team
Today, 50% of our appointments are filled internally and year-on-year weâ€™ve seen a huge leap in the amount of our people who feel they can progress their career at TalkTalk
With the advent of the next generation HCM systems, the onus will be much more on organisation development and design, transformation, change management and talent management.
Weâ€™ve delivered a series of initiatives against the plan already, such as refreshing our key sites and introducing more collaborative working areas and systems, offering all of our employees money-canâ€™t-buy tickets to the live X-Factor Final, and most recently, partnering with digital consultancy Decoded to help all of our colleagues to be more digital.
mployee engagement went up again in our survey this year to 76%, that means weâ€™ve delivered a 20% uplift in engagement over the last three years
“Celio, leader franÃ§ais du prÃªt Ã porter Ã masculin, mise sur la data pour maÃ®triser sa connaissance client. Ses plateformes lui permettent de suivre le parcours client depuis le Web jusquâ€™Ã la caisse du magasin”
“I have shared my Modern Workplace Learning (MWL) framework in a number of places (for example, here and here). I use it to illustrate how we need to embrace all the different ways that we learn at work. However, it is not meant to imply that all these elements need to be added into the â€œtraining blendâ€ organised and managed by L&D. Rather it means offering a range of separate (and yet inter-related) services to the business, which involve working with managers, teams and individuals in different ways. I have added these new services to the framework to be more explicit about this (see diagram below). “