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TECHNOLOGY IDEAS EXCHANGE PROGRAM 11 AUGUST 2015 MELBOURNE
William ConfalonieriChief Digital Officer
Deakin Universitywconfalonieri @ LinkedIn
DIGITAL DISRUPTION. IT’S NOT COMING… IT’S ALREADY HERE.
Content
① Understanding the disruptors
② Impact on Financial Services and Super
③ The Quest for the Digital DNA
④ The new IT Leader
Content
① Understanding the disruptors
② Impact on Financial Services and Super
③ The Quest for the Digital DNA
④ The new IT Leader
Image credit: science.nationalgeographic.com
DIGITAL: MASSIVELY DISRUPTIVE TIMES AHEAD
TECHNOLOGY DRIVERS
THE AGE OF IMPATIENCE
1. Always on
2. Speed and ease
3. zero friction
4. Rapid take-up
CULTURAL DRIVERS
DIGITAL INNOVATION IMPERATIVESMILLENNIAL expectations
1. Beautiful and usable
2. Personalised and optimised
3. Consistent and seamless
4. Hyper social
5. Natural, emotional interfaces
GENERATIONAL DRIVERS
UBIQUITOUS TECHNOLOGY
1. Hyper connectivity
2. ‘Mobile everything’
3. Context-aware, location-aware
ENVIRONMENTAL DRIVERS
DISRUPTED MARKETS & SECTORS
“If the rate of change inside an institution is less than the rate of
change outside, the end is in sight.” - Jack Welch
Chairman and CEO of General Electric. During his tenure at GE, the company's value rose 4000%
11
Deloitte Digital. © 2014
Extinction Street is filling at fair pace…
Many waves of disruption
Collaborative Economy
3D PrintingManufacturing, supply chain and
retail disruptions
Driverless vehicles
Content
① Understanding the disruptors
② Impact on Financial Services and Super
③ The Quest for the Digital DNA
④ The new IT Leader
Demand for: • extremely personalised service• customised information, education and advice• memorable and simplified digital experience
Vanilla service would no longer suffice
Pressure Points
A financial Service Organisation is vulnerable to disruption if it suffers of:
• redundant intermediaries• limited access• broken trust• wasted assets• complexity
Vulnerabilities
• Streamlined Infrastructure • Automation of High-Value Activities• Reduced Intermediation • The Strategic Role of Data • Niche, Specialised Products • Customer Empowerment
Factors Driving Innovation
Impact of the Shared Economy
Personal loans, currency exchange and insurance are three sectors that are vulnerable to high competition from
the collaborative economy.
• Banks will find some of their services being cherry-picked by the new tech giants: Apple Pay, Paypal,etc
• Research suggests that by 2020 smartphones will be more use to pay for things than credit or debit cards.
A new business for the Tech Giants
• Robo-advisors are improving accessibility to sophisticated financial management and creating margin pressure, forcing traditional advisors to evolve
• The scope of externalisable processes is expanding, giving financial institutions access to the new levels of efficiency and sophistication
Investment Management Trends
Some well funded new players in the Robo-Advising space:
• FutureAdviser• Betterment• Wealthfront• Financial Guard• SigFig• Jemstep• Nutmeg
Investment Management Trends
Content
① Understanding the disruptors
② Impact on Financial Services and Super
③ The Quest for the Digital DNA
④ The new IT Leader
ORGANISATIONAL IMPERATIVES
PRE-EMPTIVE DIGITAL DISRUPTION
• Businesses must reconsider their strategies in the context of this new digital landscape.
• Digital innovations are impacting core business processes, workforce enablement, delivery models, customer experiences and, most importantly, established business models.
• Organisations are being forced to pre-emptively disrupt from within, or risk being unprepared for and unable to respond to external disruptions.
• Technology enables the movement from digital transactions to digital relationships.• We can know and treat our students, on a massive scale,
as unique individuals again.
• This new level of potential digital intimacy represents an immense competitive advantage waiting to be realised …
• The challenge however is for organisations to pioneernew engagement strategies
External Trends
-Mobile centric applications
-BYOD mobile device-Device independence-Cloud services
PredictionsGartner predicts that by 2013 mobile phones will overtake PCs as the most common Web access device worldwide 1
Nearly half of all application and web hosting capacity will be on cloud-based architectures by 20152
Digital innovations offer opportunities to improve staff retention by providing more flexible working arrangements and allowing teams to use their own devices, such as smartphones, tablets and homecomputers. Companies can in turn reduce office space and travel needs, tap into new models – such as usingshared office facilities in locations where they have small teams – and explore ways to give staff more autonomy. 4
PredictionsDigital technologies will transform the way education is delivered and supported, for example through applications that enable real-time student feedback, and the way education is accessed in remote and regional areas3
Universities will need to rethink the role of digital channels and third party partnerships in recruiting students and delivering teaching and research programs.3
PredictionsUniversities will need to have a clear strategy and execution around targetstudent segments and theirspecific needs and preferences.3
leading organisations are allowingconsumers to connect, design and configure products to their unique personal preferences. 4
External Trends- Increased collaboration across
universities- Industry-based research
partnerships & commercialisation
- Teaching-research nexus- Relationships with important
international institutionsPredictionsDigital collaboration brings together informal and formal ways for people to learn about each other’scapabilities and backgrounds. 4
Australia will need to deepen and broaden our relationships across the community as competition for influence and access to markets increase in coming decades. 5
References1: Gartner Identifies the Top 10 Strategic Technology Trends for 2013, Gartner 2012: http://www.gartner.com/it/page.jsp?id=22096152: What’s on the Emerging Technology Roadmap for 2013?, Mark Tonsetic IEC 2012: http://tech.exbdblogs.com/2012/09/18/whats-on-the-emerging-technology-roadmap-for-2013/3: University of the future, Ernst & Young 20124. Digital Disruption Short fuse, big bang, Deloitte 20125. Australia in the Asian Century, Commonwealth of Australia, 2012: http://asiancentury.dpmc.gov.au/
PredictionsBig Data is moving from a focus on individual projects to an influence on enterprises’ strategic information architecture1
Another capability inviting investment is data analytics, due to the increasingly greater potential to capture and gain value from information about customers,operations and other factors. 4
As digital solutions result in ever-more-available data, and analytics discovers the meaningful patterns within those data, approaches tobusiness intelligence are maturing to change the way that management responds to information 4
TRACEInformat ionSPACECollaborat ionFACEPersonalisat ionPACEFlexibi l i tyPLACEM obil i tyExternal Trends-Significant growth in
research data commensurate with growth in computing power
External Trends-Changing student profile &
expectations- Context-aware computing- e-Identity of staff and students
- Self administration of student information
-Digital technologies in campus based learning
-Industry based content delivery and certification
- Changes to the University teaching model
-Public cloud storage-Remote assessment methods-Cloud based office productivity
tools
External Trends
-MOOCs-Free online
education-eLearning - Increasing
Expectations of research data transparency
41*
Five Megatrends at the core of the 2013/5 eStrategy
What is Watson@Deakin?
Personalised, adaptive, all-in-one Hub
DeakinSync
SOCIAL MEDIA COMMAND & INNOVATION CENTREThe SMCIC plays a pivotal role in driving the digital frontier
As part of the LIVE the future: Agenda 2020 Deakin is striving to become the premier university in driving the digital frontier, requiring us to provide a world-class digital and customer experience.
The SMCIC is a centre of excellence for social media, with the aim of driving a University-wide approach to delivering a consistent, personalised and engaging experience for our communities, customers, staff and partners. It is a centralised hub for all things social and is the central driving force behind digital and social interactions.
This unified approach to social media has significant organisation wide benefits.• Uplift social media capability by training staff members.• Impact student decision making during key moments of truth.• Track and measure our product and service offerings by identifying enablers and barriers.• Gain a competitive advantage by utilising our social presence to identify valuable insights about our brand,
products and service offerings.• Build strong brand awareness and consideration and help deliver on Deakin’s promise through its operations with
their social media communities.• Leverage Deakin’s globally dispersed and demographically varied online community to showcase our ‘Worldy’
brand.
Cloud Campus ProjectThe Cloud Campus Project is coming . More information will be available at this site in July 2015.
The ultimate goal …
CompellingConsistent
OmnichannelDelightfulPowerfulSimple
PersonalInspiring
DigitalExperiences
The objective should be to transform the
digital cacophony into a digital symphony !!!
The response to DIGITAL DISRUPTION is not INFORMATION TECHNOLOGY. The response is DIGITAL TRANSFORMATION.
Technology is the Reason and the Driver but not the Solution.
DIGITAL TRANSFORMATION is not TECHNOLOGY MODERNISATION.
DIGITAL TRANSFORMATION is the process of acquiring DIGITAL MATURITY.
Altimeter Group released their new report on The 2014 State of Digital Transformation“The vast majority of people Altimeter interviewed for this report claimed they are undergoing Digital Transformation, even though most of them don’t know what it is”“Thinking they are changing but in reality they’re only investing in technology. That’s not really digital transformation.”
THE HUGE CONFUSION
DIGITAL MATURITY CONSIST OF:
IngredientsIdeas
Investment Pockets of TalentResults
(Early) Impact(Non sustainable) Market Share
(Soft) Reputation(Short Term) Increased Revenue
The WHAT
It is about TOOLS
The HOW
It is about PEOPLE
IngredientsVision
Focus/MotivationSkills/Understanding
Cross Functional CoordinationStructureCulture
GovernanceIncentives
ResultsIncreased Collaboration
Age AlignmentEfficiency, Speed and Performance
Sustainable Digital IntensityFuture Proofing
DIGITAL PERFORMANCE
+
DIGITAL DNA
Strong Infostructure Core
Adaptive Integrated Systems & Processes
Soft & Beautiful Digital Skin
THE ANATOMY OF A MATURE DIGITAL ORGANISATION:
The pre-digital approach to Initiatives, Governance, Incentives and Coordination in general:
Strong Infostructure Core
Adaptive Service Oriented Systems & Processes
Soft & Beautiful Skin
The Ultimate Digital Machine
CRICOS Provider Code: 00113B
Eyes on the forest, not on the trees !
Content
① Understanding the disruptors
② Impact on Financial Services and Super
③ The Quest for the Digital DNA
④ The new IT Leader
The New IT Leader
• Technology is now a core part of our life, everywhere and anywhere. Organisations continue to depend on secure, reliable, efficient and stable platforms, but the traditional approach to IT will not meet the new digital multidimensional challenge. Transformational leadership is needed now.
• IT/Digital must help businesses quickly adapt to this new, still forming digital environment and succeed in the face of rapid, ubiquitous technological change.
• Focus on enterprise strategy and not solely on technology. It is essential that digital leaders build a culture of sustainable enterprise change, embrace innovation, and take an outside-in perspective.
The New IT Leader
• The market expects a new breed of digital leader who is focused on enterprise strategy and not solely on technology. Rather than only implementing foundational enterprise platforms, the primary focus must be on orchestrating complex digital ecosystems to deliver premium experiences to customers
• The new mission is to architect digital blueprints, build big data backbones, establish agile service architectures and orchestrate powerful, complex digital ecosystems, with the absolute primary goal of delivering premium experiences and creating competitive advantage
• The new IT function is being called upon to be the innovation engine of the business – strategic, agile, hyperaware, predictive and bold.
Image credit: science.nationalgeographic.com
DIGITAL: MASSIVELY DISRUPTIVE TIMES AHEAD
