In digital transformation journey it is crucial to protect your team from the fear of failure: Maxim Mikhalyov

The first “Doing Digital Forum – Exploring Digital Future” will be held in Yerevan on 5 April to study the current trends and best practices around the digitization process in Armenia and globally, discuss failures and challenges, and outline solutions. The Doing Digital Forum’s founder and organizer is SPRING PR Company, co-organizer - Ameriabank.

Ahead of the forum, NEWS.am Tech organizes a series of interviews with the speakers of the forum. We talked to Maxim Mikhalyov, Digital Transformation and Product Management Expert, Program Director at Skolkovo Business School, Co-founder of ICDT Global.

How do you define digital transformation, and why do you think it's crucial for businesses and various industries today?

Digital transformation involves not just technology adoption, but a shift in organizational culture and mindset towards agility, innovation, and customer-centricity.

It's crucial for businesses and industries today because it enables them to meet evolving customer expectations, improve efficiency, and make data-driven decisions. A key aspect of digital transformation is the ability to change or disrupt existing business models. By embracing new technologies and innovative approaches, companies can reimagine traditional processes, create new revenue streams, and stay ahead of the competition.

In today's fast-paced digital era, businesses must be adaptable and resilient to stay relevant and succeed. Digital transformation fosters a culture of continuous innovation, empowering organizations to thrive in the face of constant change, and capitalize on emerging opportunities.

What are some of the most significant trends or technologies driving digital transformation now and outlined in the future?

The most significant trends and technologies driving digital shift include artificial intelligence (AI) and machine learning (ML), which allow organizations to automate decision-making processes, analyze large volumes of data, and gain valuable insights for business improvements. Another key driver is the Internet of Things (IoT), which enables real-time data collection, monitoring, and analysis from connected devices, enhancing efficiency and decision making across various industries. And finally, 5G technology is expected to revolutionize communication and data transfer speeds, creating opportunities for products like autonomous cars.

What advice would you give to entities just embarking on their digital transformation journey?

In our practice, we suggest thinking about digital transformation from four points of view: business model, assets, organization, and culture. I strongly believe that digital transformation is about a company's ability to create more value for its customers and bring more money to its shareholders using modern technologies and data. That is why the digital transformation journey starts with changes to the business model.

Then you should consider the means that will enable your new business model — they will combine digital services, data, and processes. And how your company should reorganize to support all the changes.

And finally, take care of your people's mindsets, communication protocols, and rituals — this is what we call "culture." Everything in business is done by people (and for people), so you should create a culture that will inspire your people to change and protect them from the fear of failure.

What main topics will you discuss in frames of Doing Digital Forum?

For me it’ll be digital transformation and how we may think about it in following aspects: business-model, technological assets, organization and culture. I believe that these four points of view on digital transformation allow a company to launch changes more efficiently and benefit more from the use of digital technologies.

What benefits can participants expect to gain from attending the forum?

The Doing Digital Forum is a great opportunity for people interested in developing their digital skills and knowledge. I hope to see best practices for going digital from industry experts and businesses that have successfully transformed themselves. It's also a chance to connect with other leaders and practitioners working on digital transformation, share experiences, team up, and explore possible collaborations.

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The event’s innovation partner is Visa, blockchain partner is Fastex, and investment partner - Apricot Capital.

20 top speakers from Armenian and international entities, such as Singapore University of Social Sciences, McKinsey, Forbes, Visa, Hexens, FAST Foundation, Revytech, Fastex, Beta Financial Technologies, Apricot Capital, ICDT Global, as well as RA Government, Central Bank of Armenia, Information Systems Agency of Armenia, SPRING PR Company and Ameriabank, will share their insights on digital business and technology through keynote speeches, panel discussions, and visionary speeches.

The upcoming event will focus on how digital transformation fosters business growth and innovation. Participants will explore strategies for adopting new technologies, gaining a competitive edge, and best practices for data protection and cyber security risk management. The forum's esteemed speakers and panelists will also delve into the latest trends in cryptocurrencies, the Metaverse, and NFTs, examining their potential benefits and associated risks.

The event is open to all interested in digital transformation, including business leaders, IT professionals, entrepreneurs, startups, investors, government officials, PR, marketing, and sales executives.

Other interviews of the series:

Planning is the cornerstone of a successful digital transformation journey: global fintech expert Chris Skinner's mantra