Summary of Accelerating Digital Transformation for BFSI Firms – Webinar by KNOLSKAPE

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00:00:00 - 01:00:00

This video discusses the importance of digital transformation and how to effectively implement it within an organization. The speaker explains that it is important to have a clear understanding of the organization's strategic priorities and to identify the skills that are needed to support those priorities. He also stresses the importance of having digital transformation champions at all levels of the organization and of providing opportunities for employees to learn on the job and mentor other employees.

  • 00:00:00 Mark Fernandez is a senior vice president at Kodak Life Insurance, and he is responsible for human resources and organizational capability development. He is a skilled and well-rounded human resource practitioner with 17 years of experience in the Big Four management consulting firms. He is a global thought leader in the space of employee retention and has been recognized as a global leader in the space of employee engagement by LinkedIn. He also has certification in coaching from the International Coach Federation.
  • 00:05:00 The panel discusses how digital transformations work and how different industries are affected.
  • 00:10:00 Digital transformation is the process of integrating new technologies into an organization in order to improve efficiency, elevate customer experience, and trigger increased value for the business. It is important to remember that digital transformation is a long-term process that requires a cultural shift as well as the skills and mindsets of both employees and leaders.
  • 00:15:00 The speaker discusses the importance of being business ready for digital transformation, explaining that today, it's about survival. He goes on to say that you have to be constantly adapting and innovating in order to stay ahead of the curve.
  • 00:20:00 The speaker discusses the need for a digital transformation framework that includes elements such as customer experience, operational agility, culture, leadership, workforce planning, and technology integration. He also discusses the need for differentiation between digitization and digitalization, and the importance of communication within the transformation process.
  • 00:25:00 The three key points that the presenter makes in this video are that we need to have a difference in how we construe information and data, common sense is not so common after all, and we need to have a curated strategy when undergoing digital transformation.
  • 00:30:00 The presenter discusses how digital transformation requires a start with a why, and emphasizes the importance of customer focus. They discuss how technology, people, and processes need to work together to create a successful transformation.
  • 00:35:00 The speaker describes how a customer-focused approach to product design and transformation is essential for success. He talks about a past organization where the leader switched from a waterfall methodology to agile without properly explaining why. This resulted in less inclusion and less understanding of why the change was being made. He argues that in order to successfully implement digital transformation, businesses must focus on including customers and understanding their needs.
  • 00:40:00 The speaker discusses the importance of understanding the value chain of business, and emphasizes the importance of teaching business rather than technology. He goes on to say that it is increasingly important for companies to focus on bringing technofunctional dyes into the organization, where the appreciation for technology is inherent. He also mentions the importance of change management, and how prepared an organization needs to be in order to successfully implement changes. Finally, the speaker stresses the importance of having patience and understanding, as it takes a lot of time and patience to bring about successful digital transformation.
  • 00:45:00 The video provides an overview of what a digital transformation champion looks like, including traits such as being open to change and having a growth mindset.
  • 00:50:00 The video discusses the importance of having digital transformation champions at all levels of an organization, and how to identify and position these individuals without calling them "champions."
  • 00:55:00 The speaker at the beginning of the video explains that in order to effectively address digital transformation, an organization must understand its strategic priorities and identify skills that are needed to support those priorities. He later goes on to say that in order to do this, an organization needs to have a holistic approach to capability development, including providing opportunities for employees to learn on the job and mentor other employees.

01:00:00 - 01:05:00

The speaker discusses the importance of digital transformation and how it should be approached from a business perspective, including the importance of customer focus and the need for a digital champion. He also provides a summary of some of the aspects of digital transformation that he and Northscape believe are important.

  • 01:00:00 The speaker discusses the importance of digital transformation and how it should be approached from a business perspective, including the importance of customer focus and the need for a digital champion. He also provides a summary of some of the aspects of digital transformation that he and Northscape believe are important.
  • 01:05:00 The speaker provides an overview of a webinar on accelerating digital transformation for BFSI firms.

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