Michael Schank – Achieving Digital Transformation Success

Becoming Preferred

SEASON: 3 EPISODE: 30

Episode Overview:

It’s no secret that the enormous complexity involved in an organizational digital transformation can hinder its success. Consequently, some 70 percent of digital initiatives fail to meet their goals. Failure can put an organization at a severe competitive disadvantage, and in some cases, can be fatal. Executing on a solid digital transformation journey is a significant undertaking that demands leadership commitment, thoughtful planning, and rigorous execution.

In this episode, my guest, Michael Schank will be sharing invaluable strategies and frameworks on how to successfully tackle digital transformation. So whether you're a nimble startup striving to make your mark, or a global enterprise seeking to refine your operations, Michael's insights are incredibly valuable for entrepreneurs and business professionals alike.

If you're ready to take your digital transformation journey to the next level, then this episode is for you. Join me now for my conversation with Michael Schank.

Guest Bio:

Michael Schank is Founder and Managing Director at Process Inventory Advisors LLC. He has over 25 years of experience as a management consultant in the financial services industry, advising clients on technology, process, risk, and large-scale business and digital transformations.

Michael’s new book, Digital Transformation Success: Achieving Alignment and Delivering Results with the Process Inventory Framework, shares how to drive a new level of operating efficiency and agility necessary to thrive in this digital era.

Resource Links:

• Website: https://www.processinventory.com/
• Product Link: https://www.amazon.com/stores/Michael-Schank/author/B0CLBZB5HS?ref=ap_rdr&isDramIntegrated=true&shoppingPortalEnabled=true

Insight Gold Timestamps:

04:34 What's the state of transformation today?

06:05 Staying relevant in the age of digital

07:32 Another innovation model called Open Innovation

09:05 Organizations have to have a willingness to cannibalize their own success

09:20 Most transformations fail because of organizational complexity

10:47 In your book, you call it Process Inventory Framework

12:55 Organizations have a lot of operational data in various unconnected data stores

14:41 I write about this in my book, called the Process Center of Excellence Capability

17:24 What are some of the common pitfalls organizations encounter?

18:40 It's a way to get everyone on the same page

20:32 It really comes down to performance metrics

22:50 In the context of digital strategy, how do you prioritize?

23:07 There's a common technique we use called heat mapping

24:38 If you see something that is not optimal

25:37 3M has what's called a 15% rule

27:17 If you think about risk in an organization

28:45 Processes happen!

31:09 A concept called Digital Twin

32:07 That's when Process Inventory comes in

34:15 The book is Digital Transformation Success: Achieving Alignment and Delivering Results with the Process Inventory Framework

Connect Socially:

LinkedIn: https://www.linkedin.com/in/michael-schank/

Email: [e-mail]

Sponsors:

Rainmaker Digital Solutions: https://www.rainmakerdigitalsolutions.com/

Resources: https://becomingpreferred-podcast.com/resources/

Next Episode: Harnessing Your Caveman Brain with Dr Jean Oursler!