As the name suggest, Digital Transformation involves thinking and rethinking about how an organization can use technology in business. It helps in improving ongoing processes and bring changes to business. Digital Transformation vary widely based on specific demands of an organization. However, there are few digital transformation elements that should remain in focus. They are – Workforce Enablement, Operational Agility, Customer Experience, Culture and Leadership, and Digital Technology Integration. Even though many companies are trying to in cooperate digital transformation, 84% of them are failing!

Following are the three keys to success:

1. Establish Clarity
2. Prepare from the core
3. Learn to iterate quickly

Read more about them at https://www.cio.com/article/3292262/digital-transformation/3-fundamental-keys-to-digital-transformation.html

Data awareness is a sensitive topic within the crypto community and fears regarding crypto will be disseminated by new efforts that educate people about data privacy and security.

The Information Commissioner’s Office (ICO) has started conducting a number of data awareness campaigns with the aim of building trust in cryptocurrencies. Data security breaches and privacy violations are the two most concerning issues underlying the faith in crypto market. Data privacy laws and EU’s Global Data Protection Requirement (GDPR) work to encourage people to the usage of cryptos and re-establish consumer confidence thus restoring faith in digitalization. Under the new data guidelines in the era of GDPR, ICOs are working to ensure compliance among the users of cryptocurrencies. Smaller businesses, despite having smaller budget, less brand equity and subject to draconian fines,  too garner trust and meet compliance targets. ICO Data Awareness efforts inevitably benefits the crypto industry.

Read More at: https://www.smartdatacollective.com/ico-data-awareness-campaigns-create-more-trust-cryptocurrency/

Digitalization has become a global movement and initiatives are being set to accelerate the rate of adoption. 2030 has been declared as the target and many initiatives are already on their road. One such automation process that can that can change everything significantly is the business automation process. From improving customer experience to cutting down cost, business automation has the power to help the firm grow. 

However, automation efforts are only beneficial if the CIOs make right investments and decisions. It is often seen that with a wish to automate, many leaders often make wrong decisions which could cost them potentially higher than excepted.

The three business goals that investments in automation will help are:

1. Digitalize and optimize operation
2. Create and act upon advanced insights
3. Drive business technology innovation.

Read about them at https://www.techrepublic.com/article/how-to-automate-your-business-3-critical-steps/ 

Over the past decades, risk management has been transformed in the banking sector after the emergence of global financial crisis. Still we can’t draw a blue print about the risk function. Since customers' experience has become more and more important, banks need to offer real time response to customers and their problems. Similarly, after evolution in technology, it has become important to look upon new risk management techniques. By 2025, manual interventions will be minimizing, hence, there is need to digitalize core processes. Also, more automation and digitalization leads more experimentation with machine learning and advanced analytics.

Better risk reporting requires to adjust with market development and broaden regulations. Different regulatory ratios require to collaborate with balance sheet optimization. With this, high performance data is the urge for high risk performing function. Build a right mix of talent and embed a right culture. To read more, click on the following link: http://www.mckinsey.com/business-functions/risk/our-insights/the-future-of-bank-risk-management

Like others, retailers also require advanced analytics to compete in the digitalized marketplace. With the expansion of Internet of Things (IoT), the effect of multichannel retailers will increase as they will start using advanced analytics. Advanced analytics, the analysis of data kinds using sophisticated quantitative methods that produce insights unlike the traditional approaches to business intelligence (BI).  These advanced analytics tools put information in the hands of business analysts and business users offering significant potential to create business value and competitive advantage. The need to improve real-time business decision-making will force retailers to acquire self-service and big data discovery capabilities. Read more at: http://www.analytics-magazine.org/special-articles/1352-retailers-need-advanced-analytics-to-compete-in-the-digitalized-marketplace

Digitalization revolution is forcing organizations to change or review their organization processes and strategies. Jay Scanlan (Strategy leader of McKinsey Digital) in his Mckinsey article talks about some questions which an organization should ask at the time of introducing digitalization into their organizations:
• Whether your current business model is viable, or do you need to fundamentally change the nature of how you compete in the marketplace?
• Do you need to transform your core business-as-usual organization rapidly, or you can afford to build new businesses and the new capabilities required to compete and win over the next 10 to 15 years?
• How many new functional capabilities do you need to grow and develop, and how much do you need to change your existing supply chains, your existing operational capabilities, and your existing channel architecture to be more effective?
And to introduce digitalization, you need to rethink on your resource allocation and budgeting strategies. To know more about the benefits of digitalization and how digitalizing is changing strategy, please follow this link: http://www.mckinsey.com/insights/strategy/how_digital_is_changing_strategy