“One of the things that people used to ask me when I arrived was: should we grow or should we be profitable?” said Anne Myong, Chief Financial Officer at Walmart eCommerce.
“And I thought, is that a trick question?”
There’s nothing harder than being honest with yourself…
And that goes double for Chief Digital Officers, who not only have to track their own progress, but also justify their digital transformation efforts in the context of what their organization is doing as a whole.
At the “Driving and Measuring Digital Transformation” panel at the NYC CDO Summit, presented by Centric Digital and hosted by Thomson Reuters on April 27, 2016, we assembled a group of digital leaders to discuss how they track transformation across sectors like retail, government, banking, and healthcare.
Sponsored by Centric Digital and moderated by Brian Dearth, Chief Strategy Officer at Centric Digital, the video of the panel is available in its entirety at the bottom of the post.
Panelists included, from left to right in the photo and video below:
- Lauren Lockwood: Chief Digital Officer at City of Boston
- Jeff Reid: EVP Digital Center of Excellence at Humana
- Jeff Dennes: Former SEVP – Business Development & Digital Transformation at BBVA Compass
- Anne Myong: Chief Financial Officer at Walmart eCommerce
- Brian Dearth (moderator): Chief Strategy Officer at Centric Digital
Here are 5 top ways Walmart, Humana, the City of Boston, BBVA Compass, and Centric Digital track digital transformation:
1. Focus on User Experience
The number of widgets sold no longer matters. It’s the experience of the person buying the widget that matters, our panel agreed.
“The industry has been up-ended. This idea of selling insurance to a business, or an individual being passive until they need help, is going out the window,” said Jeff Reid, EVP Digital Center of Excellence at Humana.
“Today it’s about how we enable the healthcare experience no matter where consumers want to engage in healthcare.”
Lauren Lockwood, Chief Digital Officer at City of Boston, also stated that increasing customer touch points and engagement is one of her most important metrics.
“There is only one way to pay your parking ticket; and that is city hall. As a result, I think there has been a huge under-investment in meeting consumers where they are, where they want to consume your resources.”
“I sure would love it if, when I get a ticket for driving while looking at my phone, if I could just hit ‘pay,’” quipped Jeff Dennes, Former SEVP – Business Development & Digital Transformation at BBVA Compass, in response.
“Banking is being disrupted on all edges of its core industry,” he said.
“You can still keep the core banking, but the experience is starting to be created by other companies. Not just startups. They are creating an experience much simpler on your phone. Much more convenient. As a result, banks are really, really struggling.”
CDO Club registered members can watch the video and read the rest of “Driving and Measuring Digital Transformation“
To register, visit here: http://cdoclub.com/membership.....
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