The TCS Summit Asia Pacific 2019 brought together an eminent panel of transformation agents to explore how the Business 4.0™ concept of leveraging ecosystems has driven success for their organisations.
Leading the market with innovative digital strategies, panelists John Hunt, Chief Information Officer, Woolworths, Simon Moorfield, Executive General Manager, Future Business and Technology, AGL and Patrick Lam, Chief Information Officer, Digital Asia Pacific, HSBC open our eyes to the opportunities of the future.
Transformation is an ongoing project
Setting the scene for a rich discussion, Krishnan Ramanujam, President, Business and Technology Services, Tata Consultancy Services pointed out that advances in digital technology means that companies are in a perpetual state of transformation.
Krishnan explains that TCS’s landmark thought leadership framework Business 4.0™ is empowering enterprises to exploit digital technologies to grow and transform with the four key pillars - driving mass personalisation, creating exponential value, leveraging ecosystems and embracing risk, powered by automation, artificial intelligence, agile and the cloud. Research by TCS shows that the role responsibilities of chief information officers and other senior professionals has undergone substantial change in the past decade, morphing well beyond IT to encompass a holistic client-focused business strategy. “CIOs are no longer digital enablers, he said, but rather change and transformation agents who champion business model innovation,” he said. Krishnan said this meant CIOs are in the best position to lead the next phase of organisational transformation.
He then posed a critical question for the panel - what opportunities and challenges is digital technology bringing to industry and how are organisations capturing them?
Digital powering a customer-centric vision
Patrick Lam, Chief Information Officer, Digital Asia Pacific, HSBC said digital was enabling the organisation to meet the needs of its customers in new and innovative ways. “We are connecting our customers to opportunities and helping customers to achieve these opportunities and their life goals,” Patrick said. Patrick said digital transformation helped HSBC to cultivate a culture of collaboration and innovation. “We have a ‘one team vision.’ Not only do we work more agilely, digital has brought our teams much closer together,” Patrick said. “Our implementation of real time end-to-end connectivity across different jurisdictions has revolutionised our business and enabled us to fully exploit the talent of our individual staff.” Patrick said harnessing abundance and leveraging ecosystems was leading to exciting disruption in the banking and financial services markets.
Connecting and engaging customers
Simon Moorfield, Executive General Manager, Future Business and Technology, AGL said collaboration is critical to undergoing transformation. Digital enabled the organisation to dramatically transform customer engagement and experience. “This had led to a dramatic increase in the number of customers using our online channels as well as greater satisfaction,” Simon said. When it comes to the future, harnessing technology and the abundance of data would be critical and presented huge possibilities. “Leveraging ecosystems and big data can help you tap into new markets and understand your customers’ needs better as well as anticipate their future needs,” Simon said.
How digital will change the face of next-gen enterprises
John Hunt, Chief Information Officer, Woolworths said enhancements in the technology is powering the business, leading to huge growth opportunities. Algorithms and data were fundamental to developing platforms which engage customers more through one-on-one personalisation as well as better forecasting and product ranging. “Online platforms are the way of the future,” John said. “We are getting closer to our customers along the way.” Computer vision, camera technologies, artificial intelligence and machine learning is leading to a complete experience, improving efficiencies and reducing wastage throughout its value chain, ultimately improving the customer experience. “This will be as significant in the next five years as the advent of the barcode was years ago.” Having a plan for the future and a “vanity or sanity” approach to technology responding to today’s and tomorrow’s needs is critical, he said, but the focus must be squarely focused on the customer.
Woolworths, AGL and HSBC are leading the way in a new era of transformation with product to purpose and customer experience at the centre of their strategy.
By harnessing the power of digital and leveraging their ecosystems these organisations are at the very edge, using platforms that enables them to make innovation and disruption part of their everyday business and shape the possibilities of the future.