Digital Methodology Is A Key To Next-Gen Management
Vikram Pandya, Director - Fintech, S P Jain School of Global Management
Gone are the days when the usage of technology was optional, as today we have technology integrated across all the aspects of business and commerce. In this article, we are going to understand the importance of digital methodology as a key attribute to management decision making and culture. Let's start with dissecting digital methodology into its core components: Data lifecycle management, digital design thinking and process automation/transformation.
We all have heard that data is the new oil; however, seldomly organizations plan around the data lifecycle management. Most of the time when companies think about data management, it is already too late. And untangling the mess is often very time consuming and costly. Given the personal data protection regulation like GDPR and PDPA, companies can't neglect and ignore the data life cycle planning anymore.
"We all have heard that data is the new oil; however, seldomly organizations plan around the data lifecycle management"
Traditionally ETL management needs to be combined with data policy broker where policy metadata should govern each data source and the flow of data. This will ensure that data storage, retrieval, sharing and disposal are as per the preset compliance policy. This also enables easy PSD2 and Account Aggregator compliance. Creating a proper Data lake and allowing role-based access often enables quick and secure Application Programming Interface (API) implementation.
Process mining enables management to find frictions and inefficiencies in the digital processes. Based on this, management can focus on restructuring and reengineering the processes to ensure smoother and efficient workflows.
Everyone in the business world knows the importance of Design Thinking. Traditional design thinking refers to the cognitive, strategic and practical processes by which design concepts are developed with a customer-centric view to make the product or service intuitive, cost-effective and efficient.
However, with most of the business processes and solutions going digital, digital design thinking is of utmost importance. Digital design thinking primarily revolves around the usage of technology to create customer-centric, data-driven, scalable, flexible and cost-effective products and services. Tools like wireframing, A/B testing, Mouseflow tracking, user journey mapping and responsive design are popular.
Process automation and digital transformation is also very critical in creating cost-effective, scalable solutions for both internal and external customers. Robotic Process Automation (RPA) is rapidly transforming businesses and making them more competitive. While earlier ten people used to oversee one process, today one person is able to supervise ten processes at a fraction of cost and time.
The role of emerging technologies can't be ignored as well. Powerful Machine learning models are able to analyze complex data structures, thereby helping management in robust decision making. Blockchain technology is allowing users to operate with trust in a distributed decentralized environment. Let's take an example of trade finance where RPA and Blockchain have transformed the traditional workflow. Today banks like Kotak, ICICI, and Axis Bank are able to offer trade finance products with a settlement time of few hours rather than days. Behind the scene, RPA reduces back-office operation time and the blockchain/DLT platform allows all the participants to view the updated and synchronized status of various documents and events. It further ensures that the documents can't be used to avail financing multiple times from different parties. Using the Internet of Things (IoT) all the parties can track shipment and quality of goods. As we all know, what we can't measure, we can't control. With growing datasets and volume, tools like Hadoop can help management analyze the data and make informed decisions.
To conclude, next-generation management needs to adopt emerging technologies and adapt themselves with the dynamic environment to stay relevant and ahead of the competition.
Vikram Pandya, Director - Fintech
Vikram Pandya is Director of FinTech at SP Jain School of Global Management where he has designed Asia's first interactive classroom led FinTech program featuring Blockchain, API Banking, AI/ML and IoT labs. He has authored several white papers and articles on FinTech domain. Vikram has an extensive experience in banking, financial services, Fintech, consultancy and training domain. He is also associated as a mentor with various FinTech startups and Fintech focused funds across the globe. He is Fintech ambassador for Maharashtra Govt.'s Uday Fintech platform. He is also heading research arm of Fintech VC Fund Varanium. Vikram has been a successful banker for more than a decade where he has made key contributions in Financial & Investor Strategy, Business Intelligence, Balance-sheet Management and Business Development & Technology Solutions.
We all have heard that data is the new oil; however, seldomly organizations plan around the data lifecycle management. Most of the time when companies think about data management, it is already too late. And untangling the mess is often very time consuming and costly. Given the personal data protection regulation like GDPR and PDPA, companies can't neglect and ignore the data life cycle planning anymore.
"We all have heard that data is the new oil; however, seldomly organizations plan around the data lifecycle management"
Traditionally ETL management needs to be combined with data policy broker where policy metadata should govern each data source and the flow of data. This will ensure that data storage, retrieval, sharing and disposal are as per the preset compliance policy. This also enables easy PSD2 and Account Aggregator compliance. Creating a proper Data lake and allowing role-based access often enables quick and secure Application Programming Interface (API) implementation.
Process mining enables management to find frictions and inefficiencies in the digital processes. Based on this, management can focus on restructuring and reengineering the processes to ensure smoother and efficient workflows.
Everyone in the business world knows the importance of Design Thinking. Traditional design thinking refers to the cognitive, strategic and practical processes by which design concepts are developed with a customer-centric view to make the product or service intuitive, cost-effective and efficient.
However, with most of the business processes and solutions going digital, digital design thinking is of utmost importance. Digital design thinking primarily revolves around the usage of technology to create customer-centric, data-driven, scalable, flexible and cost-effective products and services. Tools like wireframing, A/B testing, Mouseflow tracking, user journey mapping and responsive design are popular.
Process automation and digital transformation is also very critical in creating cost-effective, scalable solutions for both internal and external customers. Robotic Process Automation (RPA) is rapidly transforming businesses and making them more competitive. While earlier ten people used to oversee one process, today one person is able to supervise ten processes at a fraction of cost and time.
The role of emerging technologies can't be ignored as well. Powerful Machine learning models are able to analyze complex data structures, thereby helping management in robust decision making. Blockchain technology is allowing users to operate with trust in a distributed decentralized environment. Let's take an example of trade finance where RPA and Blockchain have transformed the traditional workflow. Today banks like Kotak, ICICI, and Axis Bank are able to offer trade finance products with a settlement time of few hours rather than days. Behind the scene, RPA reduces back-office operation time and the blockchain/DLT platform allows all the participants to view the updated and synchronized status of various documents and events. It further ensures that the documents can't be used to avail financing multiple times from different parties. Using the Internet of Things (IoT) all the parties can track shipment and quality of goods. As we all know, what we can't measure, we can't control. With growing datasets and volume, tools like Hadoop can help management analyze the data and make informed decisions.
To conclude, next-generation management needs to adopt emerging technologies and adapt themselves with the dynamic environment to stay relevant and ahead of the competition.
Vikram Pandya, Director - Fintech
Vikram Pandya is Director of FinTech at SP Jain School of Global Management where he has designed Asia's first interactive classroom led FinTech program featuring Blockchain, API Banking, AI/ML and IoT labs. He has authored several white papers and articles on FinTech domain. Vikram has an extensive experience in banking, financial services, Fintech, consultancy and training domain. He is also associated as a mentor with various FinTech startups and Fintech focused funds across the globe. He is Fintech ambassador for Maharashtra Govt.'s Uday Fintech platform. He is also heading research arm of Fintech VC Fund Varanium. Vikram has been a successful banker for more than a decade where he has made key contributions in Financial & Investor Strategy, Business Intelligence, Balance-sheet Management and Business Development & Technology Solutions.
