Monique Koehli-Duquette - Where Should You Start?

Summary

In this insightful discussion with Monique Koehli-Duquette, hosted by WatSPEED - University of Waterloo, the focus is on the starting point for digital transformation in organizations. It emphasizes re-examining traditional business models, with a particular focus on data privacy, responsible data utilization, and ethical considerations. Monique, being a Gen Xer, shares her unique perspective on balancing digital-savvy decisions while valuing data privacy. Organizations are advised to mine data for customer insights and address low-hanging fruits for improvement. She also discusses modern operating models involving automation, AI, and the need for seamless product and service offerings akin to TD's innovative real-time mortgage pre-approval feature.

Highlights

• Digital transformation begins with re-evaluating the old-school business methods. 🔍
• Gen Xers lead the brigade with a balanced love for the digital world! 💾
• Embrace data privacy as a gift from customers and use it wisely. 🎁
• Discover the gaps in traditional models with an impeccable data mining strategy. 🔦
• TD's savvy move to real-time mortgage pre-approval is setting trends! 📱

Key Takeaways

• Data privacy is crucial when it comes to digital transformation. 🤔
• Responsible and ethical data usage should be a priority. 🛡️
• Re-examining and innovating traditional business models is essential for transformation. 🔄
• Identify low-hanging fruits by mining data for customer insights. 🍎
• Modern technology like AI and machine learning help in empowering teams. 🤖
• Organizations must evolve their product and service offerings, just like TD's real-time mortgage pre-approval. 🏡

Overview

Monique Koehli-Duquette dives into the pivotal steps organizations need to take when embarking on a digital transformation journey. She emphasizes starting with a re-examination of the traditional business model, keeping data privacy and ethical data usage at the forefront. Her experience as a Gen Xer provides a dual perspective balancing analog methods with digital advancements.

According to Monique, not only is understanding customer data essential, but utilizing it responsibly is key. She suggests that organizations should look internally, identifying low-hanging fruits that could benefit from improvement based on deep data mining. This process can significantly enhance the customer experience and streamline operational models.

Lastly, Monique highlights the importance of evolving organizational product and service offerings to align with modern demands. She uses TD Bank's innovative approach to mortgage pre-approvals as an example to illustrate how embracing technology and rethinking market strategies can better integrate companies into the customer's daily life.

Chapters

• 00:00 - 00:30: Where Should Organizations Start with Digital Transformation? The chapter discusses the starting point for organizations embarking on digital transformation. It suggests that a reevaluation of traditional business models is essential. The conversation highlights generational perspectives, with younger generations being more digitally inclined compared to older ones, such as Gen Xers, who are characterized as 'half digital, half analog.'
• 00:30 - 01:00: Considerations Around Data Privacy and Utilization The chapter discusses varying perspectives on data privacy, with some individuals opting to protect their information while others are unconcerned about sharing it. It emphasizes the importance of responsible data utilization by brands, viewing consumer data as a valuable gift that must be respected and handled with care.
• 01:00 - 01:30: Reexamining the Business Model The chapter discusses the initial steps in digital transformation, focusing on data capturing, storage, and responsible usage, while emphasizing ethical considerations. It suggests reassessing traditional business models, particularly criticizing traditional NPS or net promoter score surveys as inadequate.
• 01:30 - 02:00: Go-To-Market Strategies and Operational Models The chapter discusses the importance of data mining to identify areas for improvement in current offerings. It highlights that by addressing low-hanging fruits, or easy-to-fix issues that customers are already indicating, a company can better prepare itself to tackle more significant challenges, particularly in distribution and go-to-market strategies. Identifying and fixing these smaller issues can help a company fine-tune its operations before focusing on larger strategic objectives.
• 02:00 - 03:00: Innovation in Products and Services The chapter 'Innovation in Products and Services' discusses the importance of the go-to-market component in the operating model of a business. It addresses various aspects such as the roles and responsibilities needed, the organization and management of personnel, and the empowerment of employees through advanced technologies like machine learning and artificial intelligence. The chapter also emphasizes the importance of processes and guidelines to ensure effective collaboration among teams to deliver desired outcomes for customers.

Monique Koehli-Duquette - Where Should You Start? Transcription

• 00:00 - 00:30 uh where's to bring it back down to organizations where should they start with digital transformation what should their first steps be well i think they they need to re-examine their traditional business model um you know as you look at you know your generation of students that are in your classes today i'm a gen xer myself uh so i like to say i'm half digital half analog um but i
• 00:30 - 01:00 have i have a preference for data privacy uh i don't put it all out there um but others are much more open about it they're like uh they're gonna find it out anyway so go for it i think quite frankly that we need to look at responsible utilization of that data it is a gift quite frankly that's how it needs to be treated when a consumer engages a brand
• 01:00 - 01:30 in some type of digital capacity so i think the first step in digital transformation is what are we capturing how are we storing it how are we using it responsibly and are we applying the right level of ethics around the utilization or storage of that data then i think secondly they need to look at their traditional business model and figure out what's broken and traditional nps surveys or net promoter score surveys really aren't sufficient enough
• 01:30 - 02:00 if they actually executed some really good data mining they would find all the low-hanging fruit of the areas in which their customers want them to improve yet they haven't done so so i think they need to figure out what that low-hanging fruit is and how can they tune and adjust to fix that so that then they can tackle the bigger things which is around the distribution or how they actually go to market
• 02:00 - 02:30 and i think the go-to-market component has operating model considerations right so what are the roles and responsibilities and skills that you need how are those people organized how are they managed how do we empower them with a greater level of automation so whether that's machine learning or artificial intelligence and what are the processes or guard reels around those people working together to deliver an outcome for a customer and then i think it also boils down to
• 02:30 - 03:00 the formulation of the products and services in terms of how they go to market so credit cards is a great example mortgages is a great example you know td has just gone live with a real-time mortgage pre-approval via the mobile app and online and they're the first bank in canada to do so others have done pre-qualification this is the first one to go full pre-approval so i can open my map i can put in all my
• 03:00 - 03:30 information and i can get real-time pre-approval for a mortgage while i'm shopping for a home and so as you look at the banks that are looking to embed themselves in that home buying process from the very beginning when you're starting to think about buying a home through pre-approval of a mortgage to procuring the mortgage to then helping you once you've gotten into the home so do you need to renovate can they provide discounts and and different offers to help you
• 03:30 - 04:00 not be house corps when you've purchased so it's it's changing and expanding their products and services offering in a very different way you