“A Harvard Business Review analysis looked at 17 hiring studies that used algorithms and found that they outperformed human recruiting by about 25 percent. The data was based on post-hiring stats, such as the supervisorâ€™s ranking of the hiree after having been at the job for a while, the number of promotions, and how well the employee did during training.”
For many organisations, legacy systems and customer experiences are likely to be underperforming and/or not providing the right digital foundations upon which to innovate and build.
In addition, companies are starting to recognise they are not just competing with their peers, but with all the digital experiences their audience is interacting with.
Those with a deeper understanding of digital know it’s only by taking the time to uncover their needs, expectations and constraints of target audiences across all customer touchpoints that you can truly understand (and refine) the direction the transformation needs to take.
A ‘discovery’ phase is designed specifically for this purpose and will validate any subjective assumptions or opportunities along the way.
A digital revolution can only be successful with a unifying, insight-led understanding about its goals and the path organisations need to take to achieve them.
“Professional service firms seeking to help companies navigate the demands of globalization face a tough challenge because advisers with the specialized expertise needed to address sophisticated issues are most often distributed throughout the firm and around the globe. This makes collaboration difficult.”
Global collaboration creates significant coordination costs:
For one, it can promote us and them thinking
working at a distance also limits the amount of information we hold about our colleagues
these two problems reinforce each other. We donâ€™t share as much information with our outgroup, but the less information we have about them, the more we see them as them.
Focus on commonalities: The problem with us and them thinking is that we focus on our differences over our similarities, but itâ€™s just as easy to reverse our focus.
Remind your team of its shared and distributed goal.
Recognize your interdependence in reaching your objectives.
Symmetrize Information: Focusing on commonalities, however, will only get you so far because every day the information asymmetries between locations serve as a constant reminder of the differences between offices.
Schedule regular meetings and touchpoints to share task-related information
Take time to share the personal updates as well.
Equip the team with the right resources.
Give (and take) a virtual tour to provide context.
Businesses often focus on the end result of digital transformation. Donâ€™t fall into the same trap â€“ start small. Barclaysâ€™ â€˜Digital Eaglesâ€™ began as an internal brand for 21 bright and passionate front line staff.
2. Form alliances
This is a huge opportunity for CIOs and CTOs. The C-suite needs direction from those who understand the role technology â€“ and the application of it â€“ plays in their business.
3. Make the most of a head start
Businesses are already blessed with a vital catalyst for change: employees are ready for it. In fact, over 80% of them acknowledge that digital technologies will transform the way they work in the next three years.
4. 10% understanding, 100% commitment
In any successful transformation programme, the business must be 100% committed. That part speaks for itself. Equally important, however, is recognising that digital education doesnâ€™t mean turning the entire workforce into digital gurus.
We have a three- [or] four-year strategy to take us to the next level in three areas. One is operational efficiency or improved performance. Two is customer intimacy. And three is innovation.
In terms of operational efficiency, weâ€™re using analytics on engine performance data for our fleet. That increases reliability and also helps reduce fuel burn if we can fine-tune the aircraft engines.
We also use analytics to optimize crew and shift deployment. We have 15,000 staff who have to be matched to plane types, to the destinations, to special breaks that they have to have, etc.
n terms of customer intimacy, we use analytics to look at frequent flyer preferences and assess flying preferences
Basically, weâ€™re using analytics to make more data-driven decisions. But we combine that with experience and insight. Analytics will give you statistical spreads, give you training, but you still need to have this thing called experience and insigh
We created an innovation center in IT. Itâ€™s a small team of young people who are given problems that require design thinking, and they come up with solutions or proofs of concepts. They are based in headquarters and work with a small, targeted budget.
Right now, the guys are developing a tag for baggage. We know how many bags get lost or misdirected. We can look at data that says it will cost us, on average, X dollars on a lost-bag retrieval, customer follow-up, etc. â€” and then ask, â€œWhat can we do on the end-to-end process? What causes this? By looking at the data and analytics, can we redesign this whole process?â€
Today when people change their flights or flights are delayed, they have no idea if their bag made it with them or not. These new LED baggage tags can change dynamically as the circumstances change
The cycle-time of decision making gets shorter and shorter, and operationally, things change very quickly.
Weâ€™ve created a customer hub so we can grab data from all different touch points, whether they are online, kiosks, check-in counters, etc. Now, if we are to take this correctly, the entire management team will not only be able to run more efficiently, but actually come up with new product services and operational areas of improvement.
you need to size the plane on the right route based on the right forward passenger predictions. You donâ€™t want a big plane flying one-third empty, or youâ€™re making a loss.
I think some of the risks are interoperability, data security, proper taxonomies and data ownerships.
I donâ€™t think itâ€™s educating it out. I think itâ€™s just [an issue] of leadership.
And I think thatâ€™s how we need to think about analytics and data. Put it in your context and understand it.
PagesJaunes â€œrealized a few years ago that selling ads in thick, yellow print directories would not remain viable for long in an age of Google and Yelp,â€
â€œThe companyâ€™s CEO saw an opportunity to redirect the business toward digital services,â€ the authors write. Instead of selling ads in books, the company could sell online advertising.
anagers saw that the assets related to printing and delivering books would have little use in the new model, but the companyâ€™s knowledge of local businesses and the relationships its salespeople had with business owners were potentially critical assets going forward,
Examining your strategic assets through a digital lens can help you identify which assets will keep their value, which ones wonâ€™t and which ones you may be able to use in new ways
“People have long worried about the impact of technology on society, whether discussing railroads, electricity, and cars in the Industrial Age, or the Internet, mobile devices and smart connected products now permeating just about all aspect of our lives. But the concerns surrounding AI may well be in a class by themselves. Like no other technology, AI forces us to explore the very boundaries between machines and humans.”
While generally optimistic about technologyâ€™s long term benefits, the authors are quite concerned about the major challenges weâ€™re already facing, in particular, the disappearance of many mid-level jobs and the stagnation of average incomes, first in the US and other advanced economies but over time in emerging economies as well.
â€œAs the Second Machine Age progresses, will there be any jobs left for humans?,â€ the interviewer asked. Brynjolfsson and McAfee mentioned three skills areas where, – at least for now, – humans are still far superior.
High-end creativity including â€œgreat new business ideas, scientific breakthroughs, novels that grip you, and so on. Technology will only amplify the abilities of people who are good at these things.â€
Emotion and interpersonal relations, including â€œcaring, nurturing, coaching, motivating, leading, and so on. Through millions of years of evolution, weâ€™ve gotten good at deciphering other peopleâ€™s body languageâ€¦ Machines are way behind there.â€
Dexterity and mobility. â€œItâ€™s unbelievably hard to get a robot to walk across a crowded restaurant, bus a table, take the dishes back into the kitchen, put them in the sink without breaking them, and do it all without terrifying the restaurantâ€™s patrons. Sensing and manipulation are hard for robots.â€
The key, they write, is to â€œreframe the threat of automation as an opportunity for augmentationâ€¦
Step Up: Head for higher intellectual ground.
Step Aside: Big-picture, abstract thinking may be an option for a small fraction of the workforce. â€œBut a lot of brain work is equally valuable and also cannot be codified. Stepping aside means using mental strengths that arenâ€™t about purely rational cognition but draw
Step In: This means knowing how to monitor and improve the work of computers.
Step Narrowly: Find a deep and narrow professional specialty thatâ€™s not worth automating.
Step Forward: This means â€œconstructing the next generation of computing and AI tools. Itâ€™s still true that behind every great machine is a person – in fact, many peopleâ€¦
â€œThe strategy that will work in the long term, for employers and the employed, is to view smart machines as our partners and collaborators in knowledge work
“In order to be a successful company you must create an environment that encourages the contribution and open sharing of information. As the CEO of a high growth company I found it necessary to implement very simple, but incredibly powerful software tools to help us create that environment.”
If a CEO is unwilling to participate in the contribution and open sharing of information, then quite frankly, it just wonâ€™t happen.
An easy way to help facilitate this process is to have a robust online Employee Directory. However, in order to make it truly valuable it is necessary to give more detail than just a title, an email, and a phone extension.
One thing that I found incredibly helpful as the CEO of a company was the implementation of an online Employee Discussion Board where any employee in our company could post questions or comments and every other employee in the company could respond with comments.
“A little while ago an article The future for law firms: virtual law firms, legal outsourcing and the battle for talent appeared in Thomson Legal reporting on some of my thoughts on where the legal industry is headed. “
First, they can wave their business goodbye as their competitors, who offer this cheap and efficient alternative, undercut their service.
Or firms can make the most of the opportunity to specialise in their chosen area of law, leaving the process-oriented work to their competitors and the LPO service providers
The problem with the traditional model is that partner profits are dwindling due to margins being squeezed, as well as the impact of globalisation and competition.
There is a cycle where you need to attract the best people to charge the highest fees and attract the best clients. If youâ€™re not able to attract people with the right pay and conditions, that cycle starts to break down
All professional work will be determined by personal brands and presence that are significantly driven by social media, so these are critical capabilities for any lawyer in any firm
Youâ€™re not hiring a lawyer, per se. You need an expert as opposed to a search engine to say,
There is now also an opportunity for access to network experts who can engage clients in conversations and communities from which lawyers and their clients can discover the best information â€“ a fundamental shift from the database aspect that has been so much of the legal information industry to date.