In the process of transforming digitally, naturally, there will be a period when the old and the new are working side by side, as you can't simply shutter the business until the new practices are in place and then re-open. Some companies keep this bi-modal approach for the long-term. It is important to convey a vision of getting to a single speed: fast while focusing on the new, digital methods. Explore the case example of Capital One and the steps it has undertaken to make itself, perhaps, the premier digital bank in the United States.
- On the path to digital transformation,…there'll be a period of operating in the old way…while adopting a new approach.…Now there are some who believe…that operating at two speeds is the new reality.…After all, if yours is a going concern of a certain size,…you can't shut down the business…and then reopen only after the change is made, right?…I believe it's important to set a vision…of becoming a one-speed, as opposed to a two-speed business.…Let me explain.…Not long ago, I spoke with Rob Alexander,…who's been the chief information officer at Capital One…for more than a decade.…
Even though the company's only about 25 years old,…he came to realize that new companies…were operating at a different pace and cadence…than they were able to.…He elected to embark…on a multi-year journey towards modernizing.…Together with the company's founder and CEO, Rich Fairbank,…Rob drove a radical transformation of the business.…First, he hired for learning agility of his team members.…He made sure that the people who were joining the team…
- Explain how accountability and collaboration can be synergistic.
- Recognize limitations when pursuing new ideas in an innovation lab.
- List the five stages of digital maturity.
- Identify the benefit of transparency in strategic thinking.
- Name one focus that would form a good basis for a capability team.