Management consulting firm, McKinsey & Company, launched on October 22 the McKinsey Digital Campus in Singapore, which aims to help enterprises in Asia stay competitive in a digital age.
Announced at the at the 9th McKinsey Innovation Forum, this new establishment brings together McKinsey's global capabilities in digital strategy and technology, advanced data and analytics, and rapid prototyping, tapping into the knowledge of over 850 digital experts from across 30 countries, including designers, user experience experts, data scientists and agile developers.
"Everyone wants to go digital. The first step is truly understanding what that is. For some executives, it's about technology. For others, digital is about growth and a new way of engaging with customers. And for others still, it represents an entirely new way of doing business," said Michael Gryseels, Senior Partner, McKinsey & Company and Leader of the McKinsey Digital Campus. "To be meaningful and sustainable, we believe that digital should be seen less as a thing and more of a way of doing things - which is why we are setting up a campus."
According to a media statement, the goal of the campus is to help companies in Asia transform and execute their digital initiatives at scale. As organisations in Asia rush to become more digital, the campus will work with business leaders at different stages of their digital journeys.
Firstly, it helps them to identify new areas of value creation. Being digital requires being open to re-examining the entire way of doing business; but for some companies, capturing new frontiers may be about developing new businesses in adjacent categories. In a start-up like environment, participants will be able to identify the new frontiers of value for their businesses through experimentation.
Secondly, it helps to leverage existing core businesses: Digital's next element is rethinking how to build new capabilities to improve how customers are being served. The Digital Campus will organise hackathons through which peers will collaborate to innovate on customer journeys. It will also offer expertise on real time analytics and artificial intelligence.
Lastly, it seeks to establish the appropriate organisational framework. To be agile and fast, organisations need the right organisational and technological processes in place. The campus will help companies institutionalise mindsets to encourage the use of data, and digitise IT systems by building networks that connect devices, objects and people.
"Digital will unlock new phases of growth and the campus will facilitate interaction between business leaders and our global experts to experience first-hand how digital can be applied to their organisations and lift their game," concluded Oliver Tonby, Managing Partner, Southeast Asia, McKinsey & Company.
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