Author Talks: What is the key to unlocking digital transformation? Flashcards
Who are the authors of the book ‘Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI’?
Eric Lamarre, Kate Smaje, Rodney Zemmel
Published by Wiley on June 20, 2023
What was the primary motivation for writing the book?
Frustration over clients struggling with digital transformation
Authors aimed to share learnings from hundreds of digital transformations
What is the ‘playbook’ mentioned by the authors?
A documented recipe for successful digital transformations
Evolved from versions 1.0 to 4.0 over several years
What does AI enable in the context of digital transformation?
Faster return on tech investments
Especially through the use of generative AI and large language models
What is a key risk when implementing AI in companies?
Pilot proliferation without a clear roadmap
Companies need to structure data and have a proper technology architecture
What concept did the authors emphasize regarding AI and human intelligence?
The importance of human intelligence alongside machine intelligence
This involves considering the human role in AI applications
What makes the book different from other books on digital transformation?
Focus on practical implementation rather than just theory
Addresses specific steps and real-world applications
What is the authors’ view on the term ‘digital transformation’?
It is a continuous journey, not a one-time event
Companies must constantly evolve and build their ‘rewiring muscle’
What is a critical initial step in digital transformation according to Eric Lamarre?
Learning from other companies that have successfully transformed
Creating a common language within the team is also essential
What percentage of companies are reported to be engaging in digital transformation?
Eighty-nine percent
The remaining eleven percent are not identified
How is tech savviness in the C-suite correlated with digital transformation success?
Higher tech savviness increases chances of success
More tech-savvy members lead to better economic performance
What does a digital culture emphasize compared to an old IT culture?
Ownership of problems and solutions rather than just managing requirements
Business leaders must be technology leaders
What is the most important focus in a digital and AI transformation?
Creating real value rather than just improving processes
Focus on the financial aspects and reimagining the business
Fill in the blank: According to the authors, a successful digital transformation requires a common _______.
language
Essential for team alignment and effective communication
True or False: The authors believe digital transformation is a one-time project.
False
It is viewed as an ongoing process that requires continuous effort
What is the most important part of a digital and AI transformation according to Rodney Zemmel?
Focus on where the money is and how to reimagine the business to create value.
Emphasis on not just improving processes but doing new things to make more money.
What does Rodney Zemmel mean by ‘necessary, but not sufficient’?
Having the best people in technology and business teams is necessary, but it is not sufficient without a focus on creating value.
Importance of aligning business goals with technological capabilities.
What is Kate Smaje’s perspective on delivering value in digital transformation?
Having alignment on value and technology is not enough; there must be a way to deliver it and change jobs/functions accordingly.
Highlights the importance of user adoption and functional changes due to technology.
What was Eric Lamarre’s significant contribution to the bank’s digital transformation?
Facilitated an initial trip to Silicon Valley for the CEO and C-suite to learn and align on digital possibilities.
This trip helped build confidence and ambition within the bank’s leadership.
What was the outcome of the initial trip to Silicon Valley according to Eric Lamarre?
Increased ambitions, confidence, and alignment on the need to adopt a technology mindset.
Led to subsequent trips and a shift towards being more like a tech company.
True or False: According to Kate Smaje, the focus on ‘what’ to do is more important than how to deliver it.
False.
She argues that delivery and user impact are crucial, not just the planning phase.
Fill in the blank: Rodney Zemmel emphasizes that if a business is not focused on _____, then the rest doesn’t matter.
how we’re going to make more money by doing new things.
This statement underscores the importance of aligning business strategies with new opportunities.
What does Kate Smaje identify as a common miss in digital transformation efforts?
Spending too much time on what to do without considering how technology will be used and its impact on jobs/functions.
Emphasizes the need for practical implementation in addition to strategic planning.
What does Eric Lamarre believe is essential for embedding a technology mindset in traditional organizations?
Leadership alignment and confidence in digital capabilities.
Importance of cultural shifts and leadership buy-in in digital transformation.
