Seminar - Digital Conversations
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Several large companies attempted digital transformations in recent years but many failed or struggled. GE created a new GE Digital business unit in 2015 but it tried to do too much without a clear strategic focus. Ford created a new Smart Mobility segment in 2014 but it was not well integrated with the rest of the company. Procter & Gamble aimed to be the "most digital company on the planet" in 2012 but its broad goal lacked purpose as it failed to consider industry trends and the economy. These examples show that digital transformations often fail when companies try to do too much without a strategic focus, and when digital efforts are not well integrated with the overall business.
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Seminar - Digital Conversations
- 1. RS Robin Speculand Digital Conversations Robin Speculand Strategy & Digital Implementation Specialist
- 2. RS Robin Speculand 2002 of strategy implementation failed 90% 2016 failed – we were steadily improving ☺ 67% 2019 of digital execution fail – we are getting worse again 84%
- 3. RS Robin Speculand Major players poured $1.3 trillion into transformation initiatives. 70% of which or $900 billion —was wasted on failed programs. Created a new GE Digital business unit– in 2015 - but was focused on size instead of quality and tried to do too much Started a new digital service that was separate from the rest of the company instead of integrating digital solutions Procter & Gamble didn’t consider the competition or impending economic crash “Among those that didn't fail outright, only 16% saw improvements in their performance” 2019 84% According to Forbes
- 4. RS Robin Speculand In 2011, GE started a major effort to build a huge IoT platform, adding sensors to products and transforming its business models for industrial products. In 2015 it created business unit called GE Digital. The goal was to leverage data to turn GE into a technology powerhouse. Despite pouring billions of dollars into GE Digital and its thousands of employees, the company’s stock price continued to drop and other products suffered. GE Digital quickly became stuck in the pattern of having to report earnings to shareholders and was focused more on short-term goals and earnings than long-term innovative goals and returns. The CEO was soon forced out. Focus on quality, not quantity. GE tried to do too much without a real strategic focus in any area. The company was simply too large to transform all at once, especially without a true vision of what it was trying to achieve. Digital transformations are often done best with a handful of passionate people leading the charge instead of thousands of employees. Lesson
- 5. RS Robin Speculand The goal was to build digitally enabled cars with enhanced mobility. The issues arose when the new segment wasn’t integrated into the rest of Ford. Not only was it headquartered far from the rest of the company, but it was seen as a separate entity with no cohesion to other business units. As Ford dumped huge amounts of money into its new venture, it faced quality concerns in other areas of the company. Ford’s stock price dropped dramatically, and the CEO stepped down a few year later. In 2014, classic American car company Ford attempted a digital transformation by creating a new segment called Ford Smart Mobility. Integrate digital transformation efforts with the rest of the company. In this case, digital transformation as less of an actual transformation and more of a pivot into a new business area. To be successful, digital transformation needs to be integrated into the whole company. Lesson
- 6. RS Robin Speculand In 2012, consumer packaged goods giant Procter & Gamble set out to become “the most digital company on the planet.” The company was already leading the industry when it decided to take things to the next level with a digital transformation. However, its broad goal led to broad initiatives that lacked purpose. Coupled with a slumping economy, P&G faced problems from the start. The CEO was soon asked to resign by the board. Lesson: P&G failed to look at what was going on in the industry, competitors and what was going on with the economy. The return on investment for a widespread and expensive digital transformation was small, especially with signs on an economy on the brink. A digital transformation for transformation sake only, won’t be effective. It must consider all outside factors and be tightly tied to strategy. Lesson
- 7. RS Robin Speculand A corporation fails every minutes!3
- 12. RS Robin Speculand Is technology more an opportunity to minimize risk & make incremental adjustments to business model (headwind) or redesign business model & relationships (tailwind)?
- 17. RS Robin Speculand Yesterday’s performance no longer guarantee tomorrow’s results.YESTERDAY
- 18. RS Robin Speculand Its not about having a digital strategy but, Key Message A strategy for a digital world.
- 19. RS Robin Speculand What does, a strategy for a digital world, mean to you?
- 20. RS Robin Speculand 2017-18 s pu Obsolete Obsolete2019 Obsolete Ecosystems - Open APIs to enhance customer journeys 2020 First Wave of Digital Disruption
- 21. RS Robin Speculand Passé: • Disruption • Digital • E-business • VUCA • Data warehouse Today’s Language: • Ecosystems • AI • Hack2hire • Blockchain • Machine Learning • Cloud Native • Prescriptive Analytics
- 22. RS Robin Speculand Closer LookCritical Question Why the High Failure Rate?
- 23. RS Robin Speculand Top Three Reasons Top Three Reasons Why
- 24. RS Robin Speculand Senior Leaders Mindset Why Digital Execution Fails 1
- 25. RS Robin Speculand Culture Why Digital Execution Fails 2
- 26. RS Robin Speculand Whole business transformation Why Digital Execution Fails 3
- 27. RS Robin Speculand To be successful… Don’t approach digitalization as a tech driven initiative but as a core business strategy.
- 28. RS Robin Speculand Of companies believe their business models will remain economically viable through digitalization! McKinsey 8%
- 29. RS Robin Speculand Digital born organizations are: • Redefining new business models • Rewriting the rules of competition • Rewiring the way employees work • Reshaping the value is created and captured 4Rs of Digitalization
- 30. RS Robin Speculand What is disrupting your business?
- 31. RS Robin Speculand Different Digital Ambitions Low High High Levelofadoptionofnewtechnologies tochangebusinessmodel? Leveraging new technologies to change value creation from the business Different Different More Investment & New Way Same Way but Different Same Investment & New Way Same Same Same Investment & Same Way Same Way but Different More Investment & Same Way Plot your organization digital ambition?
- 32. RS Robin Speculand How long do you spend in meetings per week?
- 33. RS Robin Speculand There are about 55 million meetings in the U.S. alone, per day! Cost US$1.4 trillion annually. Too many meetings -cited as the top time- waster by 47% of U.S. workers. Two-thirds of all meetings are unnecessary! Elise Keith
- 34. RS Robin Speculand How many signatures do you need for over $250,000 investment?
- 36. RS Robin Speculand Has your language changed?
- 37. RS Robin Speculand New LanguageOld Language Customer service Creativity Measurement Process management Organizational transformation People Customer obsession Design thinking Data analytics RPA Business model disruption Robots! RS Robin Speculand
- 38. RS Robin Speculand How does your culture need to change?
- 39. RS Robin Speculand Module: Adopting Digitalization
- 40. RS Robin Speculand BridgesandPerformanceWorkslauncha major new researchpaper Transforming Your Company intoa Digital-Driven Business Digital transformationislevelling thecompetitiveplayfield andmost leadersarenot ready.
- 41. RS Robin Speculand Snapshot across 3 continents Falling behindSteady China Hong Kong India Singapore Vietnam United Kingdom France Italy Spain United States of America Canada Indonesia Malaysia Thailand Philippines Australia Poland Germany Accelerated performance Asia Rising
- 42. RS Robin Speculand Highlights 42 Almost half of all leaders interviewed are not prepared for digital transformation. 1 Digital is leveling the competitive playing field in the three continents we researched. 2 Bureaucracy in Western companies is hindering their digital transformation. 3 Alarm bells should be ringing in boardrooms. 4
- 43. RS Robin Speculand The Ticking Clock © Guys
- 44. RS Robin Speculand Recognition for the Ticking Clock© Guys and Model AwardsCoverage
- 45. RS Robin Speculand Establish a digital vision Protect your customers’ trust Build your architecture & evolve ecosystems Restructure to a data-first culture Become customer obsessed Prescribing your future Empower employees Learn to experiment and co-create Adopt agile Develop leadership digital mindset Measure digital value 11 1 2 3 4 5 67 8 9 10 Future Thinking Future Proofing Centricity: Customer, Culture & Operations Establish a digital vision Protect your customers’ trust Build your architecture & evolve ecosystems Restructure to a data-first culture Become customer obsessed Prescribing your future Empower employees Learn to experiment and co-create Adopt agile Develop leadership digital mindset Measure digital value 11 1 2 3 4 5 67 8 9 10 Become customer obsessed Establish a digital vision Restructure to a data- first culture Measure digital value Empower employees Develop leadership digital mindset Prescribe your future 11 1 2 3 4 5 67 8 9 10 Adopt agile Learn to experiment and co-create Become customer obsessed Build your architecture & evolve ecosystems Protect your customers’ trust Future Thinking Future Ready Centricity: Operations & Customer, Culture Ticking Clock© Model
- 46. RS Robin Speculand Strategic Questions What are your significant gaps to being future ready? Where are your areas of centricity today? How will you measure success? What do you need to do noticeably different from today?
- 47. RS Robin Speculand Strategy Cadence Speed of Execution
- 48. RS Robin Speculand Strategic Paralysis Why are business leaders so ready to believe that agility, or even no reaction at all, is a better response? Disruption Cognitive Biases: People tend to overestimate the power of a threat and underestimate the time they have to respond.
- 50. RS Robin Speculand Xi Jiu is China's fastest growing liquor brand and in 2017 wanted to boost sales a head of CNY. If Xi Jiu was a Western company it would have involved looking at the market, talking to brand managers, meeting with customers, having internal meetings, asking for approval, possibly outsourcing to an agency, hiring a film crew and creative team. Xi Jiu Approach in the China market couldn't have been more different. it partnered with Tencent news, China's most popular news app and together they created a series of hour long, live streamed shows in which great chefs from different regions in China, taught viewers to cook local specialty dishes pairing them with offerings from the liquor brand. Xi Jiu
- 51. RS Robin Speculand Tencent news covered across their social, entertainment and gaming platforms and more than 1.2 million people clicked through on their mobile phones to watch every day. The planning did not take months. Xi Jiu and Tencent conceived, negotiated, created and produced the shows in just 5 days! When the program aired there was no mention of price promotions or discounts on the liquor. The campaign was aimed entirely at building consumer awareness and engagement. The Chinese market has developed a unique approach tailored to the mobile first consumer. It relies on the creation of shareable, viral content and the presence of a dominant, channel's trading media giant.
- 53. RS Robin Speculand Establish a digital vision Protect your customers’ trust Build your architecture & evolve ecosystems Restructure to a data-first culture Become customer obsessed Prescribing your future Empower employees Learn to experiment and co-create Adopt agile Develop leadership digital mindset Measure digital value 11 1 2 3 4 5 67 8 9 10 Future Thinking Future Proofing Centricity: Customer, Culture & Operations Establish a digital vision Protect your customers’ trust Build your architecture & evolve ecosystems Restructure to a data-first culture Become customer obsessed Prescribing your future Empower employees Learn to experiment and co-create Adopt agile Develop leadership digital mindset Measure digital value 11 1 2 3 4 5 67 8 9 10 Become customer obsessed Establish a digital vision Restructure to a data-first culture Measure digital value Empower employees Develop leadership digital mindset Prescribe your future 11 1 2 3 4 5 67 8 9 10 Future Thinking Future Ready Centricity: Operations & Customer, Culture Adopt agile Learn to experiment and co-create Become customer obsessed Build your architecture & evolve ecosystems Protect your customers’ trust Is your speed Slow? 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110 115 120 Strategy Speedometer Is your speed Medium?Is your speed Fast? Digital Speedometer©
- 54. RS Robin Speculand Construction HighLow High SenseofUrgency SpeedFollowers Market Leaders Aircraft Manufacturing Mining Real Estate Luxury Agriculture TechnologyBanking Transport Publishing Chemical Telecoms Manufacturing Healthcare/ hospitals Insurance Where are you?
- 55. RS Robin Speculand Digital Speedometer© is what happens when you are slow. Disruption is what happens when you are fast. Digital Execution
- 56. RS Robin Speculand Speed is more important today than size. Digital Speedometer©
- 58. RS Robin Speculand Top Three Reasons Module: Digital Business Model
- 59. RS Robin Speculand “The biggest obstacle to any transformation is literally just the way we’ve always done things.” Siemens USA, CEO
- 60. RS Robin Speculand “The chains of habits are too light to be felt until they are too heavy to be broken.” Warren Buffet
- 61. RS Robin Speculand What habits need to stop your business?
- 62. RS Robin Speculand “In an era or relentless change, a company survives and thrives based not on its size or performance at any given time but on its ability to reposition itself to create a new future and to leverage a purpose driven mission to that end” 2019
- 63. RS Robin Speculand Aeroflot has transformed itself from one of the worst to one of the best airlines. Using digital technology to significantly improve collectivities operations, reporting passenger bookings and scheduling customer care. Specifically it created dashboards that provided management with an instant overview of more than 450 key performance indicators. The company also aggregates information from censors installed on the plane allowing visibility into aircraft performance and preventive maintenance and therefore reducing costs.
- 64. RS Robin Speculand MasterCard has a systematic process for building squads which is overseen by MasterCard Labs. Employees from various functional areas can submit an idea to qualify for three stage awards. Orange box, red box and green box. The orange box gives employees, a chance to explore their ideas and pitch them. Recipients of this award receive $1000 prepaid card and coaching to develop a presentation about solving a specific customer problem. At the red box stage people turn an idea into a concept. The team received $25,000 for testing, prototype, development and research and a 90-day guide outlining the steps needed to refine the concept. The green box is designed to create a commercialized product from an official incubation project inside the labs. At this stage members receive you leave their job for six months to work on the project.
- 65. RS Robin Speculand World’s first ever pizza by drone.
- 66. RS Robin Speculand Old Value Proposition Were known for delivered in 30 minutes or free “We are as much a tech company as we are a pizza company.” New Value Proposition
- 67. RS Robin Speculand Millennials love it. Went public in 2004 the same year as Google. If you bought a $100 stock of each which is… more valuable today? Stock price $8.762010 $2502019
- 69. RS Robin Speculand Digital Operating Model Traditional Operating Model Value Number of Users The value that scales delivers eventually tapers off in traditional operating models In digital operating models' value can climb much higher
- 70. RS Robin Speculand Technologies Shape Us We humans designed the telephone, but from then on, the telephone influenced how we communicated, conducted business, and conceived of the world. We also invented the automobile, but then rebuilt our cities around automotive travel and our geopolitics around fossil fuels. We shape our technologies at the moment of conception, but from that point forward, they shape us.
- 71. RS Robin Speculand Are you ready for business model disruption?
- 75. RS Robin Speculand Nissan develops a self-driving golf ball that putts perfectly every …
- 76. RS Robin Speculand AI in Sports
- 80. RS Robin Speculand Dubai police test hoverbike patrol units
- 81. RS Robin Speculand Newest member of the family - Social Companion Robots
- 82. RS Robin Speculand Board Member, with a vote
- 84. RS Robin Speculand Builder Complete House in Just Two Days
- 87. RS Robin Speculand Can China electrify all new passenger cars by 2030?
- 89. RS Robin Speculand Seven out of ten companies report minimal or no gains so far from their AI initiatives from MIT 2019 research of 2,500 executive.
- 90. RS Robin Speculand AI leaders look backwards from strategy, not forward from AI as AI can not be in a vacuum to the rest of the biz “What are our business objectives and how can AI meet them?” They ask:
- 91. RS Robin Speculand AI Rule of Thumb It’s 10% Algorithms, 20% Technology and 70% About business process transformation
- 92. RS Robin Speculand What are the significant digital trends of 2020 that you see?
- 93. RS Robin Speculand 2. Personal data value platforms 3. Autonomous things 1. A deeper level with AI 4. Augmented analytics 6. Ecosystems Digital Trends 2020 5. IoT becomes intelligent
- 95. RS Robin Speculand API & Ecosystem Ecosystems define the new competition APIs externally are about connectivity and internally are about both control and connectivity They have rapidly become a business requirement and are no longer the domain of digital natives Platforms beat products Start with customer need Open APIs rapidly growing Five of the six most valuable firms in the world are built around these types of platforms
- 96. RS Robin Speculand Lower customer cost acquisition - in banking for example up to 20% according to McKinsey Advantages from Ecosystems 1 2 3 4 5 Shift from product and distribution centric to customer centric - allows you to analyze customers from a multidimensional approach rather than a traditional product and channel distribution. Also focus on digitalizing offline touch points analytical tools that gather end to end data with insight generation. Develop market centric technology- don’t focus on new technology to improve operations and safe costs but to improve market competitiveness and efficiency E.g. blockchain Improve customer relationships by offering more value - GRAB Super app Data access leading to revenue increases- Alibaba for example has 58.2% of China’s online retail sales and employs advanced analytics to conduct consumer behavior analyses and make purchase- relevant predictions.
- 97. RS Robin Speculand API & Ecosystem Management Your customers and market Other people's customers and markets End users Digital Platform Your products, services and data Other people’s products, services and data Innovations from developers
- 99. RS Robin Speculand Owns the world’s highest-valued Fintech (Ant Financial), a global logistics network (Cainiao), a massive digital health care platform (Alibaba Health) and a cloud computing service (Aliyun) Aims to become the world's 5th largest economy? Alibaba and Tencent jointly have a valuation equivalent to Switzerland’s GDP Ecosystem reaches 2 million merchants
- 100. RS Robin Speculand Ecosystem were built simple at first, linking buyers and sellers of goods. As technology advanced, more business functions moved online—including established ones, such as advertising, marketing, logistics, and finance and emerging ones, such as affiliate marketing, product recommenders, and social media influencers.
- 102. RS Robin Speculand The problem is that platforms fail at an alarming rate.
- 103. RS Robin Speculand A Study of More Than 250 Platforms Reveals Why Most Fail, HBR The Most Common Mistakes 1 2 Mispricing on one side of the market Failure to develop trust with users and partners Prematurely dismissing the competition Entering too late. 3 4
- 104. RS Robin Speculand Success Factors 1 2 Big data and cloud computing – larger data storage, faster processing Customer Analytics – advanced analytic tool and skilled data scientists are critical Risk Management – leverage sophisticated price elasticity modeling that utilizes complex machine learning algorithms Dynamic Pricing – design customized and competitive pricing strategy 3 4
- 105. RS Robin Speculand Execution of API strategy
- 106. RS Robin Speculand Orchestrator – enhances customer offer by leveraging open API's to connect with other companies with different value seamlessly. Orchestrator is the rule maker. Orchestrator or Participant Participant – adding your strengths to an orchestrator. Participant is the rule taker.
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- 108. RS Robin Speculand As much as $1 trillion in total economic profit globally could be up for grabs through the redistribution of revenues across sectors within ecosystems.
- 109. RS Robin Speculand Ecosystem strategy isn’t for everyone. Should your organization be adopting it?
- 110. RS Robin Speculand AI is Data Analytics
- 111. RS Robin Speculand ProactiveAnalytics Descriptive Analytics Diagnostic Analytics Predictive Analytics Prescriptive Analytics What happened? Typically company reports. HistoricalAnalytics AnalyticsMaturity Prescriptive Analytics
- 112. RS Robin Speculand ProactiveAnalytics Descriptive Analytics Diagnostic Analytics Predictive Analytics Prescriptive Analytics Why did this happen? Historical analytics. HistoricalAnalytics AnalyticsMaturity Prescriptive Analytics
- 113. RS Robin Speculand Descriptive Analytics Diagnostic Analytics Predictive Analytics Prescriptive AnalyticsWhat could happen? Proactive investigation to understand the future. HistoricalAnalyticsProactiveAnalytics AnalyticsMaturity Prescriptive Analytics
- 114. RS Robin Speculand Descriptive Analytics Diagnostic Analytics Predictive Analytics Prescriptive Analytics How can we influence the future? Uses optimization and simulation algorithms to advice on possible outcomes and answers “What action should we take?” HistoricalAnalyticsProactiveAnalytics AnalyticsMaturity Where is your Company? Prescriptive Analytics
- 115. RS Robin Speculand of Business Analytics currently falls within the ambit of Descriptive Analytics 80%
- 116. RS Robin Speculand GPS Navigation System Example Descriptive analytics - tell us which way to go. Predictive analytics - tell us when we are likely to get there. Prescriptive analytics - monitor that forecast in real time against destination. If it finds that another solution will be better, it will recommend that and change your current route and take a different route instead. It tells you what you should do.
- 117. RS Robin Speculand AI is used to help match candidates to jobs with the hopes of creating better employee-employer matches. Prescriptive analytics everyday examples Tag people in an uploaded photo, uses a nine-layer deep neural network with more than 12 million parameters to automatically Machine Learning to determine the price of your ride.
- 118. RS Robin Speculand Prescriptive analytics everyday examples Uses filtering algorithms to personalize service. In 2016, the Hong Kong company Aidiya, led by Ben Goirtsel started a hedge fund that performed all operational transaction through artificial intelligence solely, without any intervention of humans. “If we all die, it’ll still continue to trade,” — Goirtsel remarked When you begin typing a search term and Google makes recommendations for you to choose from, that’s AI in action.
- 119. RS Robin Speculand Prescriptive analytics everyday examples Bank of America, noticed that its top performing employees at call centers were those who took breaks together. They instituted group break policies and performance improved 23 percent. Technology applied to pricing and revenue management helped The Lion King generate the highest box office revenues in Broadway history despite being staged in a smaller theatre and having a shorter run than other popular shows. Launched an AI platform in 2018 that helps “scientists, software developers, clinicians and health care providers access advanced analytic capabilities to curate and analyze health care data and offers them tools and technologies to build, maintain, deploy and scale AI-based solutions.”
- 120. RS Robin Speculand Why wouldn’t you?
- 121. RS Robin Speculand Target analytics team ran multiple data analysis and looked for patterns. E.g. pregnant woman bought lotion and supplements at specific times during pregnancy. Target could even predict delivery date and would then send automatically relevant material.
- 122. RS Robin Speculand Sales Force “Business invested in digital analytics are 19 times more likely to be profitable”
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- 125. RS Robin Speculand Increase in revenue from using thermostat data is 40%
- 126. RS Robin Speculand Extract from the big data the small data, that can have a big impact
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- 128. RS Robin Speculand The real issue is not that you are acquiring large amounts of data. It's what you do with the data that counts.
- 129. RS Robin Speculand Insist that data trumps opinions.
- 130. RS Robin Speculand Insist on data AND opinions.
- 132. RS Robin Speculand 20 years old, has a stock-market value of nearly $165 billion more than Disney Netflix recently got 112 Emmy nominations, the most of any network or streaming service, toppling HBO. Its reputation is so strong that a simple PowerPoint slideshow about its culture and HR policies has been viewed more than 18 million times.
- 133. RS Robin Speculand Grants its people the freedom and trust to make decisions and information is shared across the organisation so all employees are involved in each aspect of the company’s strategy. ‘No vacation’ policy, - employees choose when and how often they take time off work.
- 134. RS Robin Speculand ▪ Doesn’t reveal its viewership (as other do) ▪ Buys a whole program season without a pilot (as others request) ▪ Release full seasons in one go (others don’t) ▪ No ads as because people pay a subscription rate ▪ In 2015, the company’s stock rose 134%, which was the best performance of any Fortune 500 organization
- 135. RS Robin Speculand Aim is to build a platform that shapes what customers watch, not just how they watch. Big data is powerful, but big data plus big ideas is transformational. Netflix is a technology juggernaut whose analytics, algorithms, and digital- streaming innovations have changed how customers watch movies and TV shows.
- 136. RS Robin Speculand • This powerful data system creates a rich social system that influences the movies and shows members see, based in part on which shows they’ve liked in the past what other subscribers see and like. • The company has vast amounts of data on the viewing habits of its 125 million subscribers, from which movies and TV shows they liked or disliked to how long they watched an individual episode or how much they binged a new series.
- 137. RS Robin Speculand The idea behind Netflix came in 1997 after the CEO was charged $40 for a late VHS copy of Apollo 13. Yet what’s truly remarkable about the company’s trajectory over the last two decades is how dramatically it has disrupted itself in service of its mission. Netflix began, of course, with a pretty simple innovation — crushing Blockbuster by shipping DVDs by mail and abolishing late fees. It then transitioned from mailing content to streaming movies and TV shows digitally. Today, Netflix is most noteworthy as a creator of content; it will spend a staggering $12 billion this year alone on programming. Netflix could be the dictionary definition of a Silicon Valley disruptor, a new entrant that reshaped the logic of an entire industry.
- 138. RS Robin Speculand Reed Hastings and his colleagues think just as rigorously about people and culture as they do about digital streaming and content. When it comes to who it hires and what it promises them, how it makes decisions and shares information, even what it does about vacations, Netflix has invented (and reinvented) a range of practices that are designed explicitly to connect what the company aims to achieve in the marketplace to how it organizes the workplace.
- 139. RS Robin Speculand The average Netflix subscriber streams around 90 minutes a day. In 2000, Netflix was offered to Blockbuster for $50 million. The now practically dead video rental company declined the offer. Netflix is currently worth $20 billion and is very much alive.
- 140. RS Robin Speculand 20 years old, has a stock-market value of nearly $165 billion
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- 146. RS Robin Speculand Amazon customers were polled to see the portion that would be willing to open an Amazon online bank account if they were offered 2% back on Amazon purchases. The results were staggering with 65% of Amazon Prime customers signaling that they would be willing to sign up for an Amazon bank account. With an estimated 100 million Prime customers, this could imply a target market in the 65 million range. Moreover, with 43% of Amazon customers without Prime, this would imply another 86 million potential customers. These results demonstrate the potential reach of a company such as Amazon, which already has thousands of happy customers owing to an outstanding convenience proposition. It's unlikely for any tech company to want to offer basic banking products, but there’s tremendous incentive for them to work to find a solution (which could include partnerships).
- 148. RS Robin Speculand A road accident in China use to mean hours of delay waiting for an insurance inspector to reach you, form filling and then the processing. Now: “Superfast Onsite investigation” Open Ping An app, take picture, submit. 2018 – settled 7.3 millions claims (62% of total). Saves Ping An $750 million in bogus claims and human error. It matches photo against a database of 25 million parts used in 60,000 different auto makes and models sold in China. The app responds in three minutes with a repair estimate – wancheng! Funds transferred
- 149. RS Robin Speculand Ping An means, peace and safety and started in 1988! Is now 32 companies and invested over $7 billion in R&D. Its insurance has over 184 million customers and is the largest contributor to the company's 164 billion in revenue in 2018. Today it has over 200 million financial customers who have an average of 2.8 products. It has five ecosystems: 1)Finance 400 millions calls every year handled by 80,000 contact agents. 2019 chatbots handle 70% - some customers don’t even realize in a 20 min call! 5) Smart cities.4)Real estate 2)Healthcare 3)Autos
- 150. RS Robin Speculand Uses facial recognition in its consumer lending business. It can read 54 distinct micro expressions determine whether the loan application is telling the truth or lying! “Good Doctor” – a one-stop healthcare ecosystem platform that’s an unstaffed clinic using AI. Gathers medical history and comes up with a diagnosis plan, then checked by a specialist consultant via telemedicine. The “One- Minute Clinics” can then connect patients with a clinician on Ping An in-house medical team. It has over 265 million patients. Autohome is China's largest online auto-buying platform with 29 million daily user. In 3 years it's tripled its market cap to $10 billion
- 151. RS Robin Speculand Processed 11.32 million claims in 2018 and… 98.7% were paid within a day! 60% were self service. Its AI model for assessing credit risk is the favorite of financial institutions in China, over Alibaba’s and Tencents. Built its own cloud with its own suite of AI driven software leveraging online and offline information. 2018 gave $55 billion in loans (grown 10X in five years), closed all 832 branches. Loan up to $1 million to customers with no credit record in central bank
- 152. RS Robin Speculand Ping An is a company that went from being a pureplay insurance provider to an ecosystem creator. It has expanded its offer to: • Health care consultations • Auto sales real estate listings • Banking services It has more than 350 million online customers through a single customer portal called the One Account and become the world's most valuable insurance brand.
- 153. RS Robin Speculand Ping An’s Ecosystem Approach – “One Account”
- 154. RS Robin Speculand Ecosystem Health care Real Estate Smart City Finance Autom otive Insurance Pharmacy Hospitals Pharma company Clinics Consumers Mobility service providers Dealers QEM Ecosystems Developers Local governments Intermediaries Consumers Suppliers Education Property Finance Security protection Small & Medium size AMCs Small & Medium size banks Small & Medium size insurance companies Consumers Environmental protection
- 155. RS Robin Speculand Top Three Reasons Ling Shou Tong’s
- 156. RS Robin Speculand Alibaba is using a retail-management platform called Ling Shou Tong (which roughly translates to “retail-integrated”) to help store owners optimize product procurement and boost sales. Ling Shou Tong’s app gives store proprietors recommendations, based on sales analytics, on what to buy and how to display goods in their stores. In the background, it uses Alibaba’s cloud-computing and logistics businesses to create a digitally connected inventory- management system. Store owners can also use the app to place orders, fulfilled by Alibaba and shipped directly from its warehouses, eliminating the need for middlemen. Ling Shou Tong’s
- 158. RS Robin Speculand Our brain processes visuals 60,000X faster than text.
- 159. RS Robin Speculand World Economic Forum More people live inside the circle than outside.
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- 169. RS Robin Speculand RS Robin Speculand Don’t drown in the sea of data Turn data into Information. Then information into knowledge. Then knowledge into right actions.
- 170. RS Robin Speculand Leader’s Digital Mindset Digital Mindset
- 171. RS Robin Speculand Use data Open to learning Encourage failure Digital Mindset Limit meetings Customer Obsession
- 172. RS Robin Speculand Move from: Checking everything Controlling everything to Guess work to Know it all to Punishing failure to Data work Learn it all Encouraging failures Produce perfect products Test, test, test
- 173. RS Robin Speculand Your leadership style is reflected by your mindset.
- 174. RS Robin Speculand ✓ Reduced bureaucracy ✓ Moved from static report to real-time decision-making ✓ Less and more efficient meetings ✓ Number of approval levels reduced ✓ Invested in new skills for employees ✓ Broken down silos ✓ Treats tech as business and business as tech Digitalization Checklist
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- 176. RS Robin Speculand What is one thing you will do different?
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- 180. RS Robin Speculand Strategy Implementation Roadmap (SIR)
- 181. RS Robin Speculand A new solution for strategy implementation Upgrade your skills Certification by AMPG after seven module course Community of implementation specialists Membership US$120 Course $550 Certification $350
- 182. RS Robin Speculand Robin SpeculandAntonio Nieto Rodriguez
- 183. RS Robin Speculand Please follow me on: