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Driving Change to Thrive in a Digital Future
- 1. BROUGHT TO YOU BY Driving Change to Thrive in the Digital Future
- 2. Digital Transformation Is not…simply enhancing and supporting traditional methods using digital Is…profound and radical change… Is…enabling new types of innovation and creativity… Is…big & small… …driven by… Doing things right, and doing the right things
- 3. External pressures Digital Transformation Lack of Curiosity Monetisation of Data Pace of Digital Change Increasing expectation of customers Data Privacy
- 5. Internal Opportunities Office of the Chief Data Officer* delivering Data Literacy: The New Core Capability of Digital Society The discovery/detection and fulfilment of Business Moments Relating Outcomes to Data Make the connection to the business
- 6. Information Literacy is the key “Digital society demands of its citizens data literacy, developed for competitive advantage and agility. Data and analytics leaders must follow the example of English as a second language (ESL) and treat information as the new second language of business, government, communities and our lives.” Valerie A. Logan – Gartner Analyst
- 7. The New Core Capability of Digital Business Conversational Literacy Competency Fluency Multilingual Information Literacy Levels of Proficiency While conversant in the "people, process and technology" capabilities of business models, most executives and business and IT professionals do not "speak information" fluently.
- 8. The CDO* as an agent of change #1 – CDOs* shift from defence to offence to drive digital transformation #2 – CDOs* are responsible for more than “just” data governance #3 – CDOs* are becoming impactful change agents leading data-drive transformation #4 – CDOs* are tackling a wide array of internal challenges #5 – CDOs* are diverse
- 11. Connect Outcomes to Data
- 12. The Information Supply Chain Source: LINQ Ltd (February 2015)
- 13. ©Julia Dakova 2018 VUW & LINQ PhD Student
- 14. 5 Information Value Areas Intellectual Capital Knowledge Management Value Chain Management Business Process Management Decision Support Decision Making Value Static view on Information Financial Value Accounting Dynamic view on Information Value in use Knowledge as action Information as a commodity SupplyChain Value Forecasting and Planning Information as a business support Business transformation value Knowing is action Information providing evidence Value based decision making Decision making value ©Julia Dakova 2018 VUW & LINQ PhD Student
- 15. Value Relationships Actor Process Object Knowledge Management Intellectual Capital Decision Support Value Chain Management Business Process Management Static Dynamic Autonomous Individuals Groups Organisations Workflow Planning ©Julia Dakova 2018 VUW & LINQ PhD Student
- 16. Value through the ISC Actor Process Object Knowledge Management Intellectual Capital Decision Support Value Chain Management Business Process Management ©Julia Dakova 2018 VUW & LINQ PhD Student
- 17. Infonomics; the monetisation of information Measure Information: • Quality • Value • Economics Gauging and improving information’s economic characteristics. Manage Information: • Barriers • Frameworks • Organisation/roles Applying traditional asset management principles and practises to information. Monetise Information: • Justification • Inspiration • Execution Generating measurable economic benefits from or attributable to available information assets. Infonomics Model: Measure, Manage and Monetise Information Source: Gartner February 2018 © Gartner
- 18. A clear view of the Information Supply Chain • What data is available? • How does it flow? • How is it accessed? • Who has access to it? • What is the purpose for which I have this data? • What business decisions does this data support? • What business value does it create? • Who is responsible for it?
- 19. How to get started The Business Manifesto The Implementation Manifesto Information Value Flow Modelling to create Information Supply Chains
- 20. Make the Smartest Decisions Visualise your information. Gain clarity. Champion value. Deliver profound and radical change. Come and see us at our booth in the exhibition hall to learn more neil.calvert@linq.it
Editor's Notes
- Firstly, let’s consider what it is that we are discussing here. What is Digital Transformation against just “Transformation”. The key aspect is the application of digital technology to create new opportunities where the things that we are doing are enhanced; we are not just making what we do today faster… It’s that application of digital that needs to be the discussion point. How do we know what we should and shouldn’t do? How do we know that the decisions we are making are the right ones? How do we assess where we are today so that we can articulate through the whole organisation the opportunity to transform our business that is represented by transacting in today’s digital economy? My presentation doesn’t have all the answers…but what I hope to do today is to show you that the pressure to get this right is growing and that if we can better understand how people and systems in our business enable our business outcomes set against what tomorrow might look like for us, we have the chance to ensure our business continues to thrive. To kick things off I think it is worth considering the external and internal pressures that are dominating our decision making and how these may help lead us towards a solution…
- 5 key external pressures; #1 – customer expectation driven by the requirement for a simple and personalised service, fuelled by the app store…C2B and C2G expectations are that the experience is all the same #2 – this is being fuelled by new data privacy laws such as EUGDPR which puts the rights back into the hands of the citizen. In a recent survey, 80% of Brits said they would invoke their new rights to data portability in the event a service provider could not prove they were looking after their data; this will become a common MO #3 – the pace of digital change is accelerating; AI, big data, IOT, IIOT, machine learning, bots, drones, etc. What should you care about, what should you ignore? Without #4 – curiosity in the business, the weak signals that are the precursor to fundamental disruption are missed. A McKinsey report recently stated that if organisations weren’t already considering the impact of digital on core processes and plans were in motion to digitise them, those processes may as well be jettisoned from the business as they would lead to profit erosion. Curiosty is represented by 11 of 125 core human values, values which rarely make the corporate value statement #5 – the growing realisation of the value of information is driving infonomics – the weaponization of data leading to the monetisation of information. How you combine information into new knowledge which enables new lines of business to be created. This is the digital economy and we are all in it whether we have realised it or not – and the fuel of that economy is data, information and knowledge which drive accurate decisions based in evidence.
- Gartner predicts…
- The internal opportunities lie around the exploitation of the information asset… The OOCDO* enabling data literacy as a core competency and generating new revenue through valuable information The connection of business outcomes to the data required to enable them and The opportunities presented by discovery and fulfilling against business moments which understand and react to the changing customer journey associated with digital society. Let explore these further…
- Information Literacy and enabling information as a second language within a business will lead to an information enabled business where the value of information and the business value it generates is measured, managed and monetised many times over.
- Information Literacy is enabled by a relatively new role in the enterprise – the CDO*
- #1 – increased revenue as a top measure of success #2 – 36% responsible for a P&L #3 – 77% developing new data and analytics solutions to compete in new ways #4 – top internal roadblocks are cultural change, lack of information literacy and internal capabilities #5 – 19% female, 29% under 40
- Information as an enabler of business value This begins to expose the definitions of value; it moves away from a purely financial perspective and makes “the value of information” more pervasive and possibly therefore more acceptable to many parts of the business. As you scan through this model, you will begin to see that value can constitute speed of delivery of information, accuracy of information, accessibility of information across the business, decision making support, as well as the financial cost of creating information that delivers value and how it ultimately contributes to the bottom line. You cannot build up a full perspective of value without having an understanding of the whole – but you can’t expect to do that on day 1.
- Intellectual Capital – information as a price system (a static view), based on the economic value of information objects Knowledge Management – information as value is use (a dynamic view), based on people’s decision making utilising knowledge as action Value Chain Management – information as a commodity enabling the delivery process where information provides inputs to mathematical models emphasising optimisation Business Process Management – information as business transformation where the relationship passes between people and systems through processes, capturing the requirements to work well together Decision Support Systems – information as decision support enabling people’s decisions to act based on evidence where information is valued according to positive and negative contributions to decision making
- The relationship between these distinctions has the capacity to grow the value of the overall information assets within the business. Perhaps today you are only considering information against 1 of the 5 areas described, in which case, you may only be accounting for 1/5th of the potential value of your information. By understanding how one value area can be connected through the relationship between People & Systems, Processes and the information object created, we can create an environment where information connected to business value is truly understood, ultimately playing a critical role in defining the transformation needed within our business to account for our internal and external pressures.
- The relationship between these distinctions has the capacity to grow the value of the overall information assets within the business. Perhaps today you are only considering information against 1 of the 5 areas described, in which case, you may only be accounting for 1/5th of the potential value of your information. By understanding how one value area can be connected through the relationship between People & Systems, Processes and the information object created, we can create an environment where information connected to business value is truly understood, ultimately playing a critical role in defining the transformation needed within our business to account for our internal and external pressures.
- Simplified, we talk about the 5 W’s of data: who, what, where, when & why… A modern data catalogue contextualises this knowledge and applies a value to information within the “system” and also the value of the things that enable the information.