5 Steps to a Successful Execution of a Digital Transformation Project

5 Steps to a Successful Execution of a Digital Transformation Project

Vinod Menon
Head of Customer Success
Vinod Menon
Head of Customer Success

Digital Transformation is bringing about a radical shift in the way you run your business, deliver services or manage your customers. The objective of digital transformation is to gain long term value, competitive edge, and substantial growth to the business over a period of time.

Introducing new system and technologies, automation etc. are actually parts of the digitization exercise and enterprises confuse this to be digital transformation. Digitization is just enabling businesses to automate processes or replacing manual processes with new IT systems to stay relevant whereas digital transformation has a larger objective and mission.

The TOPS Approach

Total Optimization of Process and Systems is a step by step systematic approach to execution of a Digital Transformation project.

The TOPS approach to digital transformation takes into consideration the 3 I’s of any transformation project viz.

  1. Intelligent Business Process
  2. Integrated Risk Management
  3. Increase User Adoption

The 5 steps for successfully rolling out a Digital Transformation Project are –

1) Process Discovery

Clear understanding of the current state is the first step. An entire end to end flow of the current AS-IS process is required for the area which is considered for the digital transformation. As far as possible the AS-IS process should be visually depicted – “A picture is worth a thousand words”.

2) Process Improvement

Processes need to be analysed subjectively and objectively through the GQM method – Goal, Question and Metrices. Try and find the Goal, answer to questions and various metrices for the process. These would help in detailed evaluation and come up with improvement methodologies.
“ If you cannot measure it you cannot improve it “

3) Risk & Control

A risk and control structure will be setup to keep track of incidents, events, trigger action plan and look at deviations and take timely remediation of the same. Many enterprises try to overlook this aspect as part of the transformation.

4) Process Adoption

Your initiatives will be as successful as how well they are adopted.
Enabling team members, by providing proper learning and training tools digitally, DIY (Do It Yourself) mode of training, gamification, certification etc. required to improve the adoption rate.

5) Process Measurement
Digital transformation is a continuous process and should not be treated as a one-time activity. Process monitoring and measurement need to be carried out at regular intervals to evaluate the results of change and continuously surface new improvement opportunities.

Recent Blog’s

Share

Explore more

Simple steps to Automate and Standardise your Risk & Control Self Assessment (RCSA)
Risk Management

Simple steps to Automate and Standardise your Risk & Control Self Assessment (RCSA)

Risk and Control Self Assessment process is a widely accepted methodology used by banks, financial companies, insurance companies and others to identify and assess the …

Key Risk Indicators -A Powerful Tool to Anticipate Your Risk Within the Enterprise
Risk Management

Key Risk Indicators -A Powerful Tool to Anticipate Your Risk Within the Enterprise

In simple terms, Key Risk Indicator (KRI) is a metric used to measure the level of exposure to risk. These are indicators that denote the …

Hongkong’s Regulations for Operational Resilience
Operational Resilience

Hongkong’s Regulations for Operational Resilience

On 22nd December, 2021 HKMA (Hong Kong Monetary Authority) came up with a Supervisory Policy Manual for Operational Resilience to provide Authorized Institutions (AI) with …

Irelands’ Financial Service Sector Guidance on Operational Resilience
Operational Resilience

Irelands’ Financial Service Sector Guidance on Operational Resilience

The Central Bank of Ireland`s objective of this guidance is to communicate to industry how to prepare for, respond to and recover and learn from …

New Operational Resilience Regulation
Operational Resilience

New Operational Resilience Regulation for Financial Institutions in United States (USA)

The Federal Reserve, the Central Bank of the United States in August 2021 has released a paper intended to help community banks assess threats when …

Process Mapping is an important step in building an Operational Resilience Framework
Operational Resilience

Process Mapping is an important step in building an Operational Resilience Framework

The Covid -19 pandemic has clearly shown two trends within firms: The intensified use of technology and Operations can be managed through digital work force …

What is Game-Based Employee Onboarding? Tips and tricks to implement the right gamification strategy
Game-based Learning

What is Game-Based Employee Onboarding? Tips and tricks to implement the right gamification strategy

Learning begins with joining. Effective Onboarding contributes to a newbie commencing with confidence, feeling supported, and acclimatizing much sooner. Conversely, employees who spend weeks and …

Strategies for Improving Banks’ Operating Efficiency
Digital Transformation

Strategies for Improving Banks’ Operating Efficiency

Banks occupy a place of pride because of its structure of undivided attention and contemporary functions. They have come an extended way from merely performing …

Get started with Digital Identity Verification
Digital Identity

Get started with Digital Identity Verification

In a growing interconnected digital economy, identity verification of an individual’s real-world identity against their digital one has become ever critical in fraud detection. The …

Growing Importance of Operational Resilience in the Digital Era
Operational Resilience

Growing Importance of Operational Resilience in the Digital Era

Operational Resilience assumes that things will go wrong, and it will force organizations to plan on how to recover from the disruption. It is a …

Why are organizations jumping onto the AI-enabled Identity verification bandwagon?
Digital Identity

Why are organizations jumping onto the AI-enabled Identity verification bandwagon?

Who has not experienced being asked to show some kind of government ID, be it to receive your courier, or check into a hotel, or …

What is Identity Proofing?
Digital Identity

What is Identity Proofing?

As per the Digital Identity Guidelines published by NIST, a US agency, Identity Proofing is verifying the claimed identity of an applicant by authenticating the …

New Amendment to KYC Regulation by RBI
Digital Identity

New Amendment to KYC Regulation by RBI – 10th May, 2021

In Jan 2020, Reserve Bank of India amended the KYC norms allowing banks and other lending institutions to use Video based Customer Identification Process (VCIP) …