"Digital has given us this amazing opportunity to completely reimagine what we do as a bank," Angus Sullivan, Group Executive, Retail Banking Services at the CBA told KPMG in a recent meeting. "A decade ago, we thought it was about digitising existing functionality. Now, we see digital as an opportunity to deliver greater value to our customers in many different ways. And that is leading us to entirely new business models."

Rethink what you do as an Organisation

To be successful, your organisation needs to be agile – to rethink its future, to reposition and reinvent itself. It's clear that the recent pandemic with COVID-19 has been a catalyst for digital transformation, with organisations now leveraging new technologies and ways of working to increase their business value and adopt a new culture.

The answer to creating a digitally enabled business now hinges around putting the customer at the center. And the key is to become a "Connected Enterprise".

A Connected Enterprise is an enterprise where you're fully connected with your customers, employees, and business partners. An enterprise that enables you to respond quickly to market signals and pivot to seize opportunities as they arise. Every critical process, function, and relationship of a business should be focused on meeting customer expectations, creating business value and driving sustainable growth in a digital world.

A focus on value creation: giving customers what they need

Customers nowadays want services and offers that are highly relevant to their lives and their needs. What they do not want is a "junk yard" app that tries to be all things to all people, therefore, every new model, offer and service must meet a high bar for relevance.

"We need to remember that people often come to our app with a different purpose in mind – they want to make a transaction or are looking to update their information, so we need to make sure anything we put in front of them is really valuable and highly relevant. And as we expand our ecosystem of partnerships, we need to be very focused on keeping things relevant," Angus Sullivan added.

How do you embark on a Digital Transformation Journey? Your first step matters.

Developing the right Digital Strategy based on the Connected Enterprise mindset and approach is the very first step towards a customer-centric and value-creation focused Digital Transformation. This will allow your Organisation to:

  • Assess its digital maturity and readiness on all your Organisation's sections, operations and functions, and people and compared with competition and best practices.
  • Align all Projects, Initiatives, and Resources with your Organisation's Vision and Strategy.
  • Break the "Silo Approach" within your Organisation. Collection of needs and requirements as well as implementation of solutions will ultimately occur in an organization-wide manner and not fragmental within each Organisation's Department and Unit. Therefore, every initiative sequentially adds to a "Grand Design" (the holistic Connected Enterprise Picture).
  • Prioritise all initiatives based on Configurable Constraints (i.e. Customers, Budget, Resources) by identifying the "Must-Haves" tailored to your Organisation.

Therefore, the right Digital Transformation Strategy will help you rethink what you do holistically as an Organisation, and ultimately, avoid wrong Investments and Costs on non-strategically impactful and non-value-added initiatives. This subsequently, and via the identification of the "Quick Wins" will help you accelerate the transformation, culture change, digital upskilling, and adoption within your Organisation.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.