WHY IT MATTERS: Digital Transformation
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The telltale signs of successful Digital M&A often relies on #technology due diligence according to @McKinsey - I agree and that's one of my raison d'être...

The telltale signs of successful Digital M&A often relies on #technology due diligence according to @McKinsey - I agree and that's one of my raison d'être... | WHY IT MATTERS: Digital Transformation | Scoop.it

In our experience, technical due diligence is the single biggest differentiator of deals done well—or poorly. What’s more, technical due-diligence failures can usually be avoided. Almost always, the disappointed acquirer insufficiently vets the technology and discovers too late that it fails to work as advertised. Or the technology does work, but only in constrained environments, and won’t scale. In other cases, crucial parts of the IP turn out not to be owned by the seller.

Farid Mheirs insight:

WHY IT MATTERS: organizations spend considerable time and effort for financial due diligence but relatively little on technology due diligence. Often this is due to lack of knowledge at the executive or even at the CIO level - especially when acquiring a new tech or in a new field. In the past, I've come to develop an approach where I perform a 360 degree technology audit that not only dives into the capabilities of the solution (the software code) but also on other essential elements of success (software engineering best practice and processes, design and requirements, etc.).

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Stripe financial solutions teardown by @CBInsights

Stripe financial solutions teardown by @CBInsights | WHY IT MATTERS: Digital Transformation | Scoop.it

In this report, we dive into Stripe’s unique strategy, growth trajectory, product set, and where the $35B payments giant sees the global online commerce market heading next.

Farid Mheirs insight:

WHY IT MATTERS: payment processing is a critical retail & eCommerce component. This report dives deep into the STRIPE solution and market positioning, providing insights into the payment processing industry players as well.

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What year is it again? Sure feels like the 1999 #dotcom bubble all over again - thanks to Annie Thabet & Claret

What year is it again? Sure feels like the 1999 #dotcom bubble all over again - thanks to Annie Thabet & Claret | WHY IT MATTERS: Digital Transformation | Scoop.it

Is this 1999?  It sure feels like it...

It seems to us that profitless companies seem to be back in vogue. Recently, companies like Uber and Lyft have gone public with very disruptive business models but no profit in sight. At best, profit might come a long way down the road. Yet they are given market valuations at levels that suggest a wildly profitable business model.

Farid Mheirs insight:

WHY IT MATTERS: for digital transformation, this post does not matter because digital transformation will continue for years to come because the fundamentals are good: new tech that solves a real problem, cost reduction, better customer experience, more flexibility, more features, etc. Fundamentals are also great for Machine Learning (AI) and blockchain because they truly represent milestones in the evolution of digital technologies, like HTTP did during the dotcom era.

Many companies will burst as the current bubble bursts (digital bubble? AI bubble? Blockchain bubble?), as did pet.com and Webvan in 2001. Yet, the same way Amazon & Google survived the downturn to emerge bigger and better, companies with crazy valuations today but with proper business models will survive this one. So go back to looking at the leaders behind those companies and determine if they can lead their ship past the disturbances that are bound to come with a bubble burst...

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You must mention #AI in your earnings call otherwise you maybe seen as missing the boat - and do not mention Big Data or Cloud otherwise you will really show how far behind you really are #boardroo...

You must mention #AI in your earnings call otherwise you maybe seen as missing the boat - and do not mention Big Data or Cloud otherwise you will really show how far behind you really are #boardroo... | WHY IT MATTERS: Digital Transformation | Scoop.it

The graphs below show Artificial intelligence (AI) and Machine learning (ML) mentions in company earnings calls, by industry. The graph shows Artificial intelligence mentions by industries other than IT. Big data and Cloud mentions are added to put AI / ML mentions in perspective. This analysis uses only companies publicly traded on the New York Stock Exchange.

Farid Mheirs insight:

WHY IT MATTERS: digital technology is something that executives at the highest level must master. The AI report shows how often certain words are uttered in earnings calls of public corporations and it shows what is trendy: AI and machine learning. Big data and cloud are not. What does this mean: if you are not deploying actively big data and cloud solutions, you re behind. If you are not piloting AI or ML projects, then your investors will see you are behind the times and missing out.

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Understanding the strategic value of IT in M&A via @McKinsey #CIO #M&A #digitalTransformation

Understanding the strategic value of IT in M&A via @McKinsey #CIO #M&A #digitalTransformation | WHY IT MATTERS: Digital Transformation | Scoop.it

Many mergers don’t live up to expectations, because they stumble on the integration of technology and operations. But a well-planned strategy for IT integration can help mergers succeed.

Farid Mheirs insight:

WHY IT MATTERS: this older article from McKinsey helps highlight the importance of IT - and I would assume digital technologies if the paper was written in 2019.

More insights into a framework to leverage IT in M&A context here: https://sophisticatedfinance.typepad.com/sophisticated_finance/2011/01/it-due-diligence.html 

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Digital agile transformation at ING shows it is possible to transform legacy non technology organizations to #agile using the concepts of #tribes #squads #chapters via @McKinsey #digitalTransformat...

Digital agile transformation at ING shows it is possible to transform legacy non technology organizations to #agile using the concepts of #tribes #squads #chapters via @McKinsey #digitalTransformat... | WHY IT MATTERS: Digital Transformation | Scoop.it

Established businesses around the world and across a range of sectors are striving to emulate the speed, dynamism, and customer centricity of digital players. In the summer of 2015, the Dutch banking group ING embarked on such a journey, shifting its traditional organization to an “agile” model inspired by companies such as Google, Netflix, and Spotify. Comprising about 350 nine-person “squads” in 13 so-called tribes, the new approach at ING has already improved time to market, boosted employee engagement, and increased productivity.

Farid Mheirs insight:

WHY IT MATTERS: banks are notorious for their lack of agility and fear of change, making digital transformation a challenge. Here ING move to the concept of agile tribes is explained.

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Quebec ministry of economic development has released an industry 4.0 digital transformation framework to guide manufacturing companies #goodJob #MESI @economie_quebec

Quebec ministry of economic development has released an industry 4.0 digital transformation framework to guide manufacturing companies #goodJob #MESI @economie_quebec | WHY IT MATTERS: Digital Transformation | Scoop.it

L’avènement de l’industrie 4.0 modifie les façons de faire des entreprises. Le numérique vient non seulement transformer les systèmes et les processus, mais apporte aussi des changements au sein des différentes fonctions de gestion d’entreprise. Afin de rester concurrentielles, tant les PME que les grandes organisations doivent se tourner vers les nouvelles technologies.

Farid Mheirs insight:

WHY IT MATTERS: manufacturing industry has labelled digital transformation efforts as "industry 4.0" and governments such as Quebec are providing guidance to small and medium businesses on how to do it. Well worth the read.

A direct link to the framework is here (in french): Feuille de route industrie 4.0

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Deutsche Bank CEO: 50% of workers replaced by machines soon, social turmoil to increase in coming years #danger

Deutsche Bank CEO: 50% of workers replaced by machines soon, social turmoil to increase in coming years #danger | WHY IT MATTERS: Digital Transformation | Scoop.it

By next year, around 75% of financial firms will either explore or implement artificial intelligence technologies, according to a survey by Greenwich Associates. The research and consulting firm thinks some 15% of the industry’s jobs are at risk.

Farid Mheirs insight:

WHY IT MATTERS: social turmoil in the coming years. Trump has capitalized on coal workers fears of loosing their jobs. In 5 and 10 years, millions of workers in Finance, accounting, clerical jobs, but also truck drivers and warehouse workers will be out of a job - or fearing they will loose their jobs or seeing their salaries frozen or wages pressured in downward trends. They will be asked to retrain and maybe re-locate. Most won't and will expect their unions or their governments to do something against the business world and rich techies. We must - sadly - plan for social turmoil in the coming years.

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What do you think about #CRYPTO20, a #cryptocurrency index fund #ICO #shouldIinvest?

What do you think about #CRYPTO20, a #cryptocurrency index fund #ICO #shouldIinvest? | WHY IT MATTERS: Digital Transformation | Scoop.it

CRYPTO20 is an autonomous token-as-a-fund allowing you to invest in cryptocurrencies like bitcoin and ethereum in a diversified index fund.

Farid Mheirs insight:

WHY IT MATTERS: this is a blockchain based on ethereum that is composed of 20 cryptocurrencies that is about to start trading. I wonder if I should buy into it? Would you? If so why would you or would you not?

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IMF Head CLagarde Foresees the End of Banking and the Triumph of Cryptocurrency

IMF Head CLagarde Foresees the End of Banking and the Triumph of Cryptocurrency | WHY IT MATTERS: Digital Transformation | Scoop.it

In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.

Farid Mheirs insight:

WHY IT MATTERS

The potential for blockchain to disrupt Financial institutions has been discussed for a few years by techno leaders and bitcoin enthusiasts. What makes this important is that Christine Lagarde, IMF top gun, said it. Take note!

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Bank of America shift physical to digital, closing 26% of its branches in favor of #mobile

Bank of America shift physical to digital, closing 26% of its branches in favor of #mobile | WHY IT MATTERS: Digital Transformation | Scoop.it

Since 2009, Bank of America (BofA) has closed 1,597 branches in 253 counties across the US, selling the spaces to local banks in some areas and directing customers to further branches in others, according to The Wall Street Journal. For context, that's equivalent to 26% of the branches that the bank currently operates, and represents a big cut that's reflective of a rising industry trend.

Farid Mheirs insight:

WHY THIS IS IMPORTANT

I remember a time in the late 90s early 2000s when cutting cost meant outsourcing to India. Today, it seems the trend is moving to digital. This stat from BofA is quite clear: digital saves costs.

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FinTechnicolour a summary of key McKinsey article on #finTech

FinTechnicolour a summary of key McKinsey article on #finTech | WHY IT MATTERS: Digital Transformation | Scoop.it

McKinsey’s summary of leading FinTech articles is a fantastic summary of the issues facing global financial services players.  There are several sections in this 80-pager that we believe our clients will find the most value….

  • Cutting through the noise (page 6) – this is a noisy space with many old and new entrants laying claim to a place in FinTech land.  This section of the report truly cuts through the noise and presents a very clear view of the primary value drivers for F/S players and love the “6 Digital Imperatives” chart on page 12. 
  • Helping Incumbents not Disrupting (page 24) – the notion of cooperation vs. competition between FinTechs and Incumbents has emerged as a more realistic future for the industry.  Canada has a unique F/S model with large, dominant and highly successful incumbents controlling the vast majority of clients and assets.  We see cooperation as being the only role that we will play as a FinTech provider and this seems to be an increasingly popular position in our industry.
  • Banking on the Cloud (page 49) – the movement from resistance to acceptance and now to adoption of cloud apps is accelerating.  In our business, revenues generated from Cloud services have increased from 10% to 50% in just 3 years and the discussions that we have had with clients around “resistance” to the Cloud have virtually disappeared.  Innovation at a higher pace and lower cost is becoming table stakes and embracing this technology is now an afterthought.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

Fintechs are paving the way for the transformation of a very slow moving industry - the Financial sector. We should all learn from this example in other industries that move slowly, for example grocery.

 

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This chart shows where robots are going to replace humans on Wall Street

This chart shows where robots are going to replace humans on Wall Street | WHY IT MATTERS: Digital Transformation | Scoop.it

The robots are coming for Wall Street's jobs, and McKinsey & Co has an idea of exactly what jobs they are coming for.

  • Automated technologies could have a big impact on 60% of Wall Street jobs, according to a new report by McKinsey, the consulting firm.
  • Integration of new technology doesn't guarantee big revenue spikes, but it is necessary to keep firms afloat in the digital age. Some big firms are already taking action.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

AI will impact the jobs market in all industries, including banking, Finance, legal, and accounting. As highlighted here, it may help focus humans on higher value activities but may - will? - also lead to job cuts. High paying job cuts. Watch out for possible human anger against the machines in the coming years.

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Bank of America Merrill Lynch has become the latest bank to implement #AI

Bank of America Merrill Lynch has become the latest bank to implement #AI | WHY IT MATTERS: Digital Transformation | Scoop.it

HighRadius' solution uses AI, machine learning, and optical character recognition to identify a payer, match them to an uncontextualized payment, and match that to an open receivable. Moreover, it gives companies the option of sending an automatic prompt to customers whose debts are outstanding. By leveraging this solution, BAML aims to reduce costs for its large business clients.

Farid Mheirs insight:

WHY THIS IS IMPORTANT

AI is moving into back office operations in a big way, replace "traditional" human activities, reducing costs and improving performance. AI is being applied to receivables, credit scoring, customer service, compliance, trading and many other activities.

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Bracing for seven critical changes as fintech matures | McKinsey & Company

Bracing for seven critical changes as fintech matures | McKinsey & Company | WHY IT MATTERS: Digital Transformation | Scoop.it

Fintechs have matured rapidly in recent years, and the industry is entering a new phase of development. With no signs of the industry’s growth abating, its reach is likely to broaden quickly to embrace even newer technologies and offerings, blurring the boundaries now delineating financial services. As the momentum continues, some aspects of fintech are likely to reach into a broad swath of the global economy, much like how digital technologies have become a necessity, rather than an option, for every industry. Understanding the seven features that characterize this new era will allow companies to stake out the most valuable plots in the new landscape.

Farid Mheirs insight:

WHY THIS IS IMPORTANT

Fintechs are paving the way for the transformation of a very slow moving industry - the Financial sector. We should all learn from this example in other industries that move slowly, for example grocery.

 

The accompanying report to this article is also full of interesting background information: http://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/bracing%20for%20seven%20critical%20changes%20as%20fintech%20matures/fintechnicolor-the-new-picture-in-finance.ashx 

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Weekend read: 350 slides Mary Meeker’s 2017 internet trends report - eCommerce is killing traditional retail #1

Weekend read: 350 slides Mary Meeker’s 2017 internet trends report - eCommerce is killing traditional retail #1 | WHY IT MATTERS: Digital Transformation | Scoop.it

The most anticipated slide deck of the year is here. Key takeaways:

  • Global smartphone growth is slowing: Smartphone shipments grew 3 percent year over year last year, versus 10 percent the year before. This is in addition to continued slowing internet growth, which Meeker discussed last year.
  • Voice is beginning to replace typing in online queries. Twenty percent of mobile queries were made via voice in 2016, while accuracy is now about 95 percent.
  • In 10 years, Netflix went from 0 to more than 30 percent of home entertainment revenue in the U.S. This is happening while TV viewership continues to decline.
  • Entrepreneurs are often fans of gaming, Meeker said, quoting Elon Musk, Reid Hoffman and Mark Zuckerberg. Global interactive gaming is becoming mainstream, with 2.6 billion gamers in 2017 versus 100 million in 1995. Global gaming revenue is estimated to be around $100 billion in 2016, and China is now the top market for interactive gaming.
  • China remains a fascinating market, with huge growth in mobile services and payments and services like on-demand bike sharing. (More here: The highlights of Meeker's China slides.)
  • While internet growth is slowing globally, that’s not the case in India, the fastest growing large economy. The number of internet users in India grew more than 28 percent in 2016. That’s only 27 percent online penetration, which means there’s lots of room for internet usership to grow. Mobile internet usage is growing as the cost of bandwidth declines. (More here: The highlights of Meeker's India slides.)
  • In the U.S. in 2016, 60 percent of the most highly valued tech companies were founded by first- or second-generation Americans and are responsible for 1.5 million employees. Those companies include tech titans Apple, Alphabet, Amazon and Facebook.
  • Healthcare: Wearables are gaining adoption with about 25 percent of Americans owning one, up 12 percent from 2016. Leading tech brands are well-positioned in the digital health market, with 60 percent of consumers willing to share their health data with the likes of Google in 2016.
Farid Mheirs insight:

WHY THIS IS IMPORTANT

This is an annual bag of goodies.

Highlight #1: retail stores are closing at record pace while Amazon opens stores. This is such a huge trend because it transforms stores from a mini-warehouse into something else: a destination for experience, service, and training. Think Apple store with the highest sales per square foot, genius bar, classes and a showroom. Amazon has pushed its Amazon GO, no lines, no registers concept and it is rolling it out slowly. This is just the beginning...

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A #startup expriment in #transparency shares reasons, financial details and nextsteps when laying off 10 people

A #startup expriment in #transparency shares reasons, financial details and nextsteps when laying off 10 people | WHY IT MATTERS: Digital Transformation | Scoop.it
Some tough news: Buffer has made 10 layoffs, 11% of the team. We want to share openly how we got here, the financial details and how we’re moving forward.
Farid Mheirs insight:

A great read on how digital economy startups are doing things differently by sharing everything from revenues to salaries to how they are hiring and firing people. A great source of inspiration for anyone that ever had a startup and needed to take tough decisions.

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Digital Transformation Review n° 9: The Digital Strategy Imperative : Steady Long-Term Vision, Nimble Execution | Capgemini Consulting Worldwide

Digital Transformation Review n° 9: The Digital Strategy Imperative : Steady Long-Term Vision, Nimble Execution | Capgemini Consulting Worldwide | WHY IT MATTERS: Digital Transformation | Scoop.it
Farid Mheirs insight:

Always interesting reading on digital transformation by Capgemini which has been at the forefront of defining digital transformation. Read this one, then flip through old ones...

Jean-Marie Grange's curator insight, October 24, 2016 2:02 PM
Very good examples of digital transformation in some industries. The platform strategy developed by Visa could be very successful... if they really open it to developpers. 
There is also a list of 15 startups showing good potential at the end of the document...
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41% pay Starbucks with mobile app / 1.2B$ in loyalty programme: More Cash Than Many Banks

41% pay Starbucks with mobile app / 1.2B$ in loyalty programme: More Cash Than Many Banks | WHY IT MATTERS: Digital Transformation | Scoop.it

Starbucks customers in the U.S. and Canada are splashing less cash at the coffee chain than ever before. That doesn't mean that they are buying fewer beverages and snacks. Rather, they are embracing the company's loyalty card (which can be loaded with money) and app. The company has 12 million loyalty members in the U.S. alone and that means that Starbucks boasts a serious amount of cash on its customer cards. Wall Street Journal data featured in Market Watch shows that Starbucks has more customer cash than many banks have in deposits.

 

Before long, splashing the cash at your local Starbucks might become a thing of the past. 41 percent of the coffee chain’s customers in the U.S. and Canada now pay for their beverages and snacks after loading money onto their Starbuck’s card. With 12 million loyalty members in the U.S. alone, the coffee chain boasts more customer money on its cards than many banks have in deposits.

According to Wall Street Journal data featured in Market Watch, Starbuck’s customers in the U.S. have loaded at least $1.2 billion onto the company’s cards and app. That’s higher than the deposits held by Customers Bank ($780m) and the Green Dot Corporation ($560m). Starbucks still has a long way to go to catch Paypal which boasts a whopping $13 billion on its customer accounts across the world.

Farid Mheirs insight:

Chart shows amount of money held in cash by institutions. 41% of Starbucks customers pay using the mobile app.

 

WHY IS THIS IMPORTANT

Mobile payment is a great thing when done right. Moreover, coupled with loyalty programme, this becomes a huge profit generating machine (some of this cash never gets spent + payment fees to credit and debit card companies are lowered). So why has mobile payment adoption been so slow? Why are not more companies jumping into this bandwagon? Should credit card companies and Apple Pay / Google Pay / etc products be worried?

Hardy Jonck's curator insight, August 5, 2016 3:36 AM
Simple loyalty programme but well executed
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IBM has just open-sourced 44,000 lines of blockchain code on GitHub

IBM has just open-sourced 44,000 lines of blockchain code on GitHub | WHY IT MATTERS: Digital Transformation | Scoop.it
IBM has created a 'consensus algorithm' to help with decision-making, as well as smart contracts templates that can be coded in Java or Gola.
Farid Mheirs insight:

More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.

Olivier Domy's curator insight, March 24, 2016 7:30 AM

More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.

Buzzy Bee's curator insight, March 31, 2016 4:32 PM

More information about blockchain, which now appears to be a revolution in many fields including Finance. With IBM open sourcing code that provides the raw ingredient for any company to create its own solution. This is something we should all become aware of and know as it will most likely be at the heart of many transactions in the future, not just monetary ones.

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Banks still push 1940s technologies onto their clients #fail #digitalTransformation

Banks still push 1940s technologies onto their clients #fail #digitalTransformation | WHY IT MATTERS: Digital Transformation | Scoop.it
But my brand spanking new chip card from a UK issuer not only arrived with a 2000s app of a 1990s implementation of a 1980s product (debit) on 1970s chip, it also came with a 1960s magnetic stripe on it and a 1950s PAN with a 1940s signature panel on the back. It’s no wonder it seems a little out of place in the modern world. 
Farid Mheirs insight:

A rant on the failure of banks to push into the digital world when it comes to payments systems, and in particular credit cards. Funny article.

Paulose Babu Poovathukaran's curator insight, March 25, 2016 8:45 AM

A rant on the failure of banks to push into the digital world when it comes to payments systems, and in particular credit cards. Funny article.

Björn Pirrwitz's curator insight, April 11, 2016 6:46 AM

Entertaining article on banks' failure to adopt digitization and technology...

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#Video: Bitcoin's blockchain technology explained in 2 minutes

#Video: Bitcoin's blockchain technology explained in 2 minutes | WHY IT MATTERS: Digital Transformation | Scoop.it
Bitcoin continues to be a controversial digital currency. But the financial world is buzzing about new applications for the blockchain, the underlying technology that makes Bitcoin possible. Here's how it works.
Farid Mheirs insight:

Everyone is talking about blockchain, the technology underlying the bitcoin currency.This short video explains in layman's terms what the technology is all about.

 

For a more detailed explanation, see the following:

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How the payments industry is being disrupted- and banks will have to follow

How the payments industry is being disrupted- and banks will have to follow | WHY IT MATTERS: Digital Transformation | Scoop.it
While we expect the payments industry to keep growing at a healthy rate, powerful disruptive forces will begin to reshape the global landscape. A McKinsey & Company article.
Farid Mheirs insight:

Banks already have noticed but now they must make digital transformation a reality otherwise they'll get disrupted by newcomers in the payment area.

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Strategic choices for banks in the digital age via @McKinsey

Strategic choices for banks in the digital age via @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it
Consumers around the world are quickly adopting digital banking. Incumbents only have a short period to adjust to this new reality or risk becoming obsolete. A McKinsey & Company article.
Farid Mheirs insight:

Interesting how McKinsey presents digital innovation as both a threat and opportunity. In particular look at 7 traits of effective digital enterprises: it applies not only to banking.

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    C-suite must switch over and start being data driven instead of intuition driven to stay relevant via @McKinsey

    C-suite must switch over and start being data driven instead of intuition driven to stay relevant via @McKinsey | WHY IT MATTERS: Digital Transformation | Scoop.it
    Technology is getting smarter, faster. Are you? Experts including the authors of The Second Machine Age, Erik Brynjolfsson and Andrew McAfee, examine the impact that “thinking” machines may have on top-management roles. A McKinsey Quarterly article.
    Farid Mheirs insight:

    A bit long winded for those that follow the topic, this article nevertheless brings forward essential strategic thinking the C-suite executives should ask themselves today. Most important thinking comes at the end, so stick through it.


    Think of banking, which essentially a data-driven business, and ask yourself if their leaders have read papers like this one... Or retailers, which often sit on millions of transaction data from their POS and websites without using it to drive their business decisions. 

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    Curated by Farid Mheir
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