2023 CFO Report – Digital Transformation
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Text, U.S. Bank. Vipul Kaushal, SVP, Global Product Manager, Digital Transformation.

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VIPUL KAUSHAL: And as I think about the three things that businesses should look for in digital transformation, one is people, second, process, and third, technology.

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Include partners in the solution.

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And from a people aspect, as we as an organization are going through the digital transformation, you want to take people along. And when I say people, it includes your partners, your back office partners, your clients, take them along the journey.

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Two men walk together while reviewing papers and an iPad.

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Make them feel empowered about what they're trying to do, make them a part of the solution.

Second aspect, in my view, is the process. I mean, too many times we fall into the pitfalls of looking at processes and just trying to automate them as part of the digital transformation. What we don't realize is that these processes may have been in play for over the past 20 years, 30 years. And those times were different. Policies were different. So take a pause.

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Text, Identify what is wrong with the process today. A group of people gather around a conference table studying graphs.

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Identify what's wrong with the processes as they exist today. Can we make them simpler? And once they're simpler, it's much easier to use technology to automate them.

The third aspect is technology. And my viewpoint is don't fall in love with the technology solution itself. Fall in love with the problem. Because too many times, we try to boil the ocean, which means looking at the problem itself and thinking this is the particular technology solution that will solve the problem. And then we take multiple years to launch the solution. By that time, the problem may have changed.

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Launch solutions in smaller increments.

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The market may have changed. So it's much easier to do things in an iterative manner using your technology, along with your partners, to launch solutions in smaller chunks.

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Text, U.S. Bank. Equal Housing Lender. Member FDIC. Copyright 2023 U.S. Bank.

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