#DigitalTransformation #Strategy, #Innovation #TrenchesOfExecution

In the last 8 years, Lino Rivolta has worked on more than 60 consulting projects in strategy, innovation management or digital transformation for companies, corporations, transnationals and NGOs from different economic sectors, both public and private, mainly in Central America, Panama and Dominican Republic, currently serves as EY Senior Strategy Manager for the region. Lino, in addition to participating as a guest professor on innovation and digital transformation issues at universities in Costa Rica and the Dominican Republic, is a member of the INTECO National Technical Committee for “Innovation Management” and has certifications in strategy implementation, frameworks agile work and business management systems. Lino is a Materials Engineer, with postgraduate studies in Innovation Management and a Master’s Degree in Business Management and Administration. Lino shares with us his purpose: to activate spaces to help people achieve their goals and dreams. To do this, it works together with companies to materialize all the value generated by the synergies between strategy, innovation and digital transformation.

CONFERENCE

Unlocking Opportunities: Essential Insights for Guiding Digital Transformation

This talk is prepared with the purpose of sharing a finding that has been identified, built and validated throughout 8 years of consulting experience, after participating in more than 60 projects advising companies from various industries in Latin America. The main message I want to convey is that success in managing digital transformation lies in the ability to manage the uncertainty and risk that are generated in all interested parties: shareholders, leaders, managers, collaborators, customers, suppliers, community, environment and even considering the company and its processes as an additional entity that must be managed.

The presentation is divided into three parts:

Part 1: “Digital transformation is a journey, not a destination. The key is to constantly adapt and evolve.” That is why it is so important to know the barriers of the process to know how to recognize them and take advantage of them to attend to what the process itself demands:

.- Complexity at multiple levels: refers to complexity in governance and decision making, complicated legacy environments and workarounds, as well as “tribal” knowledge about how the process actually works. This may also affect continued sponsorship of the program.

.- Investment fatigue: relates to difficulties in obtaining discretionary financing due to the increasing regulatory burden. Investments in new technologies are subject to extensive analysis.

.- Risk aversion: this is due to regulatory pressure and lack of strategic investment, leading to resistance to impacting areas that have experienced previous regulatory findings and audits.

.- New participants in the market: the entry of non-traditional actors that operate with agile and customer-focused models.

.- Evolution of consumer expectations: the rapid evolution of customer expectations can make transformation efforts obsolete.

.- Regulatory hangover: in regulated industries such as banking, insurance, utilities and governments, new regulations with aggressive deadlines have required intensive tactical and manual responses, causing areas of focus to be constantly changing due to new regulations.

Part 2: Do companies make the decision to transform or is it an intrinsic evolution process of the business? Regardless of the origin, the beginning of the process is characterized by confusion, disorder and inefficiency, mainly due to the lack of a digital strategy and a transformation strategy to support it. In this section, we will explore frequently asked questions based on my experience working with companies:

How can I assess if my organization is ready to begin a transformation?

What are the best practices for effectively leading and managing a transformation?

How to identify and overcome resistance to change in the organization?

What emerging technologies or trends should we consider in our transformation strategy?

What is the role of organizational culture in managing transformation and how can it be changed?

How to measure the success of a digital transformation initiative?

What resources and skills are necessary to achieve a successful transformation?

How to ensure cybersecurity and data protection during digital transformation?

What is the impact of the transformation on the relationship with customers and the user experience?

Part 3: Although there is no correct or perfect transformation model, there is an appropriate way to manage and execute it. We understand that the transformation path is not unique and must adapt to the environment, culture and potential benefits. However, we have developed a framework based on lessons learned and the knowledge of experts in each industry where it has been applied.

Managing digital transformation is a complex and challenging journey that involves adopting new technologies, transforming business processes and culture, and learning new ways of thinking and doing business. On this journey, business leaders must learn to manage the risk and uncertainty that comes with aligning market focus, operating model, and business architecture.

The transformation begins with the definition of a digital strategy, which involves identifying opportunities where technology can accelerate the business. This digital strategy needs a transformation strategy that designs the governance model to develop new capabilities and promote changes in the operating model and business architecture. During the talk, we will share some learnings, such as the opportunity to divide the transformation process into stages, implement an iterative approach, and use approaches to measure progress and impact.

Participating in this event aligns with my personal purpose: activating spaces to help people achieve their goals and dreams. The audience knows that digital transformation is a challenging journey but full of opportunities. It’s not about technology, it’s about business, people and processes. We as leaders must embrace change, manage uncertainty and forge a path towards innovation only then will we be working towards success on this exciting journey into the future. We can all learn to do it.