by Alex Jarett
One of the biggest “Macro” trends is the shift to the Digital Enterprise. Everyone seems to agree that the shift is an important opportunity, but what does the “Digital Enterprise” really mean?
We asked this question at our 2015 Technology Innovation & Leadership Summit. One of the panels was called, the “Move to the Digital Enterprise.” The panel was moderated by Jim Vaselopulos, VP of the PSC Group and included the following Senior Technology Executives: Tim Daniels, CIO of Merieux NutriSciences Corporation, Tim Dickson, VP of Front Office Solutions, Motorola Solutions, Inc, Todd Spight, VP of IT of Smalley Steel Ring, and Nikhil Torsekar, Director, Data and Information Management at HSBC.
Here’s the key insights offered by our panel:
Merieux NutriSciences Corporation. The shift to the digital enterprise has been a transformation process and included discussion with the CEO and the board. The biggest impact to the company has been the ability to create new businesses adding top line revenue. The company was already providing consulting to other companies for food safety, and they realized they had a tremendous amount of data regarding food safety. So now the company is creating a new service offering this information for sale, which is providing Information As a Business.
Smalley Steel Ring. As a manufacturer, the change starts with Mass Digitization of Data, Sensor Technology and Networking and brings the company’s machines online. But just getting the information and processing it is the start. The vision is to start controlling behavior through automation. This enhanced efficiency at the machine level opens the door to different revenue opportunities, such as globalization and scalability. As an example – being able to drive profit margin to individual items and not just bigger lots is now made possible through scalability.
Motorola Solutions The two big shifts are Data and Automating the Customer Experience. From a Data perspective, knowing exactly who the customer is, whether an internal customer or a channel customer is a great starting point. Facts like, who they are, their buying behavior, etc. before anything is presented to them. The company has to know everything about its customer in a large repository, so pulling the data sources together is vital and having all parts of the company accessing the same data is critical.
The second piece is giving the customer the customer experience they want, which is an easy to use, self service purchase experience without having to talk to a sales representative. The shift the company is experiencing is from a manual, subject expert driven experience to a digital experience is a culture change both internally and for our customers. Automating this process and removing any manual interruptions is critical to creating growth and scalability.
HSBC HSBC is a worldwide bank that has shifted many of the traditional in-bank experiences to an online Digital Experience and this is a major priority for the bank. As an example use case, simple functions like opening up an account, or asking for assistance is now done online. Think of each customer experience, such as learning which mutual fund or other investment vehicle is the best for a customer as something the bank needs to automate in that customer experience. This is a huge shift and provides scalability and a digital customer experience. The second big shift is getting a handle on all the data that the bank has, including databases, and data in video, email, etc. Tying together all of the data.
Conclusion: As you can see, the panel covered a variety of topics and offered many insights. For many companies, the ability to create greater efficiencies is a plus. While other companies are creating new, top line revenue streams. It seems like all companies are evaluating the customer experience and looking to digitize it for scale. And that leads each company to have greater control over their “big data.”
The key, then, is to identify the opportunities represented by the combination of your customers, your core expertise and industry and the new technologies, and then pick the ones that offer the best opportunity for your company. Learning how other companies are implementing these new technologies offers additional examples and insights so you can correctly navigate and lead your own Digital Enterprise transformation.
The Entire Panel Discussion can be heard via MP3 at our online education portal, The Technology Innovation Institute. Go to this page for details.