Digital Transformation of Businesses
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Digital Transformation of Businesses
A selection of documents, articles, papers, videos and other content for those interested in the transformation that is required when going 100% digital in an organization. I also try to highlight the impacts, both positives and negatives of that transformation. Like it? Please click "Recommend"
Curated by Farid Mheir
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Editing the Uneditable Blockchain - Accenture

Editing the Uneditable Blockchain - Accenture | Digital Transformation of Businesses | Scoop.it
Accenture examines the challenges of immutability to permissioned blockchain and distributed ledger technology (DLT) systems and explores a solution.
Farid Mheir's insight:

A report by Accenture that presents use cases where editing the blockchain may prove to be required, which goes against the blockchain fundamental principles.

 

WHY THIS IS IMPORTANT

Reading the report you realize how the blockchain can be used for non monetary transactions and proposes reasons why editing it may be good. If you are considering - as I am - to leverage blockchain in your projects and strategy, then this is a must read paper.

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Nerea Ráez Morales's curator insight, November 6, 2016 1:18 PM

#SCEUNED16

Craig Broadbent's curator insight, November 6, 2016 4:37 PM
THis is an interesting development. Agree with the premise that we should be open to changes!
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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 | Digital Transformation of Businesses | 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 Mheir's 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 | Digital Transformation of Businesses | Scoop.it
Farid Mheir's 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...

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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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Chain Blog- a blog dedicated to blockchain technology and innovation

Chain Blog- a blog dedicated to blockchain technology and innovation | Digital Transformation of Businesses | Scoop.it
Farid Mheir's insight:

If you are interested in the block chain technology and its applications, this is a great blog to follow!

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basedslate's comment, September 14, 2016 1:44 PM
Excellent...!!
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#AI mobile app provides real-time #stock market insights @numenta

#AI mobile app provides real-time #stock market insights @numenta | Digital Transformation of Businesses | Scoop.it

HTM for Stocks monitors financial and social data (specifically stock price, stock volume and Twitter volume) for a couple hundred stocks and alerts you in real-time when a significant anomaly is occurring.

Farid Mheir's insight:

Describes an artificial intelligence solution that monitors stock market and raises notifications when things are different than the predicted behaviour of the stock.

 

WHY THIS IS IMPORTANT

Our brain is a massive prediction engine, based on the work that Jeff Hawkins has presented in his book On Intelligence http://amzn.to/2caWZuk 

 

Applications from this brain architecture theory have started to emerge with this stock market prediction being one of them.

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Hong Kong Bitcoin Exchange BitFinex Loses Nearly 120,000 Bitcoins in Hack

Hong Kong Bitcoin Exchange BitFinex Loses Nearly 120,000 Bitcoins in Hack | Digital Transformation of Businesses | Scoop.it
$72 million-worth stolen, Bitcoin price plummets, individual customer accounts hacked despite multisignature protection
Farid Mheir's insight:

Describes how multisignature transactions can protect digital currencies - and the limitations of that technology.

 

WHY THIS IS IMPORTANT

Blockchain technology that is behind bitcoin currency remains immatures and open to fraud. I expect this to improve in the coming years as large FInancial organizations come to leverage this new tech.

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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 | Digital Transformation of Businesses | 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 Mheir's 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?

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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 | Digital Transformation of Businesses | 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 Mheir's 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.

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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 | Digital Transformation of Businesses | 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 Mheir's 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.

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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 | Digital Transformation of Businesses | 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 Mheir's 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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Don’t Be a Victim of Tax Refund Fraud in ’16 via @Krebs #mustRead

Don’t Be a Victim of Tax Refund Fraud in ’16 via @Krebs #mustRead | Digital Transformation of Businesses | Scoop.it

With little more than a month to go before the start of the 2016 tax filing season, the IRS and the states are hunkering down for an expected slugfest with identity thieves who make a living requesting fraudulent tax refunds on behalf of victims. Here’s what you need to know going into January to protect you and your family.

Farid Mheir's insight:

A very detailed post about potential identity theft and how to prevent it. Must read for any american. Not sure what to do in Canada or in Quebec though?

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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 | Digital Transformation of Businesses | 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 Mheir's 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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Transitioning to standard software: 5 key lessons from ERP pioneers via @McKinsey

Transitioning to standard software: 5 key lessons from ERP pioneers via @McKinsey | Digital Transformation of Businesses | Scoop.it
Standard software would appear to be an imperative for insurers, but the time and money required to make the change are limited. The software-vendor market is emerging, but the track record is scanty. Standardization is not a panacea, of course, and every insurer has to find its own way through this rocky terrain, but core-system-replacement lessons from the manufacturing and production industries could make the journey shorter and significantly reduce the risks.
Farid Mheir's insight:

For my friends in the insurance industry that are making the transition to packaged software, they may find confort in the following paper from McKinsey. The lessons learned and the 5 principles they highlight are good but do not provide a silver bullet or quick fix: you are in for a long and difficult transformation. Sorry...

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Strategic choices for banks in the digital age via @McKinsey

Strategic choices for banks in the digital age via @McKinsey | Digital Transformation of Businesses | 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 Mheir's 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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    How Insurers Can Seize the Opportunities Offered by Digital - Accenture

    How Insurers Can Seize the Opportunities Offered by Digital - Accenture | Digital Transformation of Businesses | Scoop.it
    Research shows how insurers are rising to the digital innovation challenge—and how to improve their performance.
    Farid Mheir's insight:

    Tons of data gathered from chief digital officers in the insurance sector.

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    The future of global payments via @McKinsey

    The future of global payments via @McKinsey | Digital Transformation of Businesses | Scoop.it
    While strong growth has returned to the payments industry, disruptive forces will continue to reshape the competitive landscape. A McKinsey & Company article.
    Farid Mheir's insight:

    Opportunities and challenges for financial institutions and retailers alike.

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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 | Digital Transformation of Businesses | 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 Mheir's 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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    3 strategies for developing the data-driven store brings amazing examples of omni-channel via @gigaom @sanguit

    3 strategies for developing the data-driven store brings amazing examples of omni-channel via @gigaom @sanguit | Digital Transformation of Businesses | Scoop.it
    Tracking customers through today’s data-driven shopping journey provides retailers a fresh take on doing business and the chance to deliver the best customer experience and build loyalty.
    Farid Mheir's insight:

    Most overused these days, omni-channel is often a concept that is difficult to understand. This paper sheds some lights onto the concept as well as provides very useful concrete examples that describe how companies put omni-channel through its paces. 


    Moreover, the paper delivers the concept with a focus on data, which indeed appears to be the glue that ties omni-channel together very well. Even though the focus is on retail, I believe this may also apply to banks and other physical locations where customers interact with businesses.

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    Stripe is a new payment processing solution that you should know about @TechCrunch

    Stripe is a new payment processing solution that you should know about @TechCrunch | Digital Transformation of Businesses | Scoop.it
    The payments industry has a new billion dollar company. Online payments company Stripe is announcing more than $80 million in Series C funding, at a $1.75..
    Farid Mheir's insight:

    You know of paypal, right? Well Stripe is another amazingly simple payment solution for eCommerce sites that is attracting a lot of attention. You should know about them too.

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    Banking in 2020: Capturing Emerging Opportunities via digital improvements @Accenture

    Banking in 2020: Capturing Emerging Opportunities via digital improvements @Accenture | Digital Transformation of Businesses | Scoop.it
    With disruptive factors affecting banks from all sides and new business models emerging, banks should plan for the future now by taking three strategic steps.
    Farid Mheir's insight:

    Presents a convincing case for investing in digital and viewing bank morph into many new models in the year 2020.

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    Digitizing Banking Back Office = 30% cost savings but requires people-process-tech-business combo via @capgemini

    Over 94% of executives see digital transformation as an opportunity.And indeed, most banks are investing in digital transformation in a big way. 

    Farid Mheir's insight:

    Pretty clear message her from Capgemini: consider automation of back-office (ie. not customer facing) activities in banks (hey, this applies elsewhere by the way!) can generate massive cost savings (and reduction in processing time).


    Not surprisingly, this is not a technology only solution but rather a people-process-technology-business combination. As usual!


    For those in need of a quick fix, have a look at the infographics instead: http://bit.ly/1c8Hr33

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    Real-life Solutions that can be developed with @Grok

    Real-life Solutions that can be developed with @Grok | Digital Transformation of Businesses | Scoop.it
    Farid Mheir's insight:

    This page presents some solutions that can be built on top of Grok, a new service that will be demonstrated in 2 days at the Amazon re:invent conference


    I believe there are many more applications that those listed here. In Retail, for eCommerce prediction and fraud prevention. In Finance, for anomaly detection in the price of stocks or fasat changing data. Medical applications, weather applications, etc. etc.


    For those like me that were impressed with the book "On Intelligence" and are fans of the theory behind "Singularity is near", then this feels like another small but major step in the direction of intelligent machines.

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    To an Analog Banker in a Digital World: careful you may fall off the digital cliff via @booz @cdpalmieri

    To an Analog Banker in a Digital World: careful you may fall off the digital cliff via @booz @cdpalmieri | Digital Transformation of Businesses | Scoop.it
    What happened to recorded music is about to happen to you. But only a few banks are making the right moves from branches to online services.
    Farid Mheir's insight:

    Right inline with a post I wrote regarding the Digital Cliff (in french). This is so true!

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    How Banks Are Digitizing Their Business via @booz

    How Banks Are Digitizing Their Business via @booz | Digital Transformation of Businesses | Scoop.it
    How streamlining bank–client interaction can lead to cost savings of 15 to 30 percent.
    Farid Mheir's insight:

    Sounds simple, right? Actually it is from a technology standpoint if you were starting from scratch. But very costly and time consuming to change existing processes and retrain people on technology that has to be fitted within a whole lot of other existing technologies. But the goal is clear and innovative banks and financial institutions that put their muscle and mind to it may actually reap the benefits...

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    Jean-Marie Grange's curator insight, September 17, 2013 10:16 AM

    Short but very interesting interactive presentation of the advantages of process automation in the banking industry. This optimization of the client on boarding process can bring 15% to 30% savings to the bank costs.

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    How advanced analytics are redefining banking- leading to huge differentiation

    How advanced analytics are redefining banking- leading to huge differentiation | Digital Transformation of Businesses | Scoop.it

    Innovators are using big data and analytics to sharpen risk assessment and drive revenue.

    ...

    And they [large US bank] applied the analytical techniques to redo their models and essentially took the Gini coefficient of the models up into the 75-percent range from the 40- to 45-percent range, which is a huge improvement in the discriminatory power of those models.

    Farid Mheir's insight:

    Big data is being hailed as the next differentiator. It has been leveraged in Marketing quite a bit but this short video gives insight on how it can be applied to more in depth financial processes, in this case underwriting. It gives predictive information, knowledge that can be leveraged before a client calls or walks into a bank. It gives sales reps and financial planners insight into customer behaviour and possibly better targets offers, promotions, and may even give you better - or worse - discounts. 

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    Curated by Farid Mheir
    Digital transformation technology consultant and Enterprise Architect. Works with business executives in the fields of eCommerce, Cloud, Web2.0, enterprise2.0, sourcing2.0