Consulting Quest hosted its Second Annual New York Consulting Procurement conference, in the format of a Digital Workshop, at the AMA Conference Center on June 29th. Thank you to everyone who joined us.
This year’s event focused on the topic of Digital disruptions—how Digital is disrupting entire industries, transforming business operations and opening a vast real of possibilities. The event was insightful thanks to a combination of both speakers and attendees from companies like Verizon, Bloomberg, Solvay Group, Solvay Novecare, SpecialChem, Stratalis Consulting, Valeocon Consulting, Association of FinTech Professionals, Flevy and many more as well as our Advisory Board Member from Canada.
The workshop was broken into five sessions, each led by a guest speaker from a focused industry. Our speakers presented us with valuable insights into their expertise and experiences dealing with different facets of Digital innovation, spurring intense and insightful discussions among the attendees.
Innovation in the Digital Environment
As Digital flows command an increasingly growing share of trade and economic growth, business executives must understand what possibilities Digital is opening for organizations in different industries and the actions they need to take to adapt.
Various mega trends suggest that Digital is opening a vast realm of possibilities, with Tech Giants moving in the value chain. Laurent Thomas, VP Strategy at Solvay Novecare, explained that in the Chemical industry, digital technologies such as Artificial Intelligence, Augmented Reality, SaaS, Chat Bots, 3D printing, etc. are used to boost operational excellence, innovate business models and create the conditions required for digital transformation, leading to exponential changes.
Bijon Mehta, President at Association of FinTech Professionals, gave a fresh perspective on the innovation and digital transformation journey for financial institutions. He stated that the most recent wave of digital transformation started within the past 4 years, through the introduction of innovation labs, launch of new incubators & accelerators and the pursuant of a broad range of innovation activities including Design Studios, Corporate Venture Funds, University-based Programs, etc. and 2017 is a critical year in seeing how these initiatives progress.
Digital Transformation: A Challenging Path
However, there are many challenges in Digital transformation efforts, some of the most common ones include: difficulty in building an innovation culture and awareness; disconnection between the digital group with the rest of the organization; competing or misaligned internal efforts; under or over-budget and the lack of senior management support.
Therefore, a complete paradigm shift is needed to avoid these problems. Thomas Bertels, Partner at Valeocon Management Consulting, explained that organizations need to put in place an operating model with a rapid design and execution cycle and place emphasis on executive involvement.
Rajiv Gupta, an expert in procurement, suggested that the procurement function also needs to support enterprise digital transformation objectives. Procurement units need to change the mechanization of the old ways of doing business and orchestrate a procurement-as-a-service portfolio. They also need to understand the pros and cons of using a single technology provider vis-a-vis a suite of solutions.
Three Ways Digital Transforms Consulting
David Tang, CEO of Flevy, offered insights on how consulting firms are adapting their offerings to the Digital revolution. He explained that Digital is transforming the Consulting industry in three ways: i) Increasing Customer Touchpoints across channels, devices and platforms; ii) Rise of Robotic Process Automation and iii) Unbundling of traditional Consulting Service and the emergence of New Business Models such as Subject Matter Expertise, Analyst Work, Framework/Methodologies, as well as Data and Market Research reports.
Digital is Much More Than Technological Advancement
However, it is important to recognize that Digital is not just about technology, as George Hemingway, Partner at Stratalis Consulting, pointed out that Digital is about Value, Vision and Victory. Digital itself is not enough to create value without the right vision and systems in place. To go from Digital to Intelligent, a human touch is needed.
To conclude, Digital Innovation is about Culture, Clarity, Consistency, Corporate Experience and Curious Market. Those in an innovation capacity need to play a role in shaping and influencing the culture and be prepared to play the long game.
Thanks everyone again for a fantastic event!
Please contact us at Info@consultingquest.com for more information about future events.