To stay competitive digital transformation of companies has no alternative – Hovhannes Toroyan

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. Here is the interview with Hovhannes Toroyan, Chief Financial Officer of Ameriabank.

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

Digital transformation assumes fundamental change in business processes, propositions and form of customer interaction. It involves adoption of new technologies to offer better customer experience, enable operating more efficiently and reduce costs. It also requires changes in the organizational culture, skills and processes required to leverage these new technologies effectively. To me, currently digital transformation has no alternatives if companies want to stay competitive in an increasingly digital environment.

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

I see four main factors shaping the trends in digitalization: rise of technological solutions; customer needs and tech-savviness; regulatory environment and cyber security. And while different industries have different level of practical use for certain frontier technologies (Cloud; Artificial intelligence; Internet of things, blockchain, etc.), a lion share of such dissemination is due to the fact that more and more solutions are open by their nature. This does accelerate innovation in those technologies as well as greatly reduces cost of adoption. Today it is so much easier to plug-in to certain solutions and use them on your own platform.

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

I think, most importantly, companies should have a clear goal and understand why do they want to transform. Without clear goal it is so easy to get lost in the middle of that journey and eventually fail. Be brave and quick in decision-making, but without betting your company. Stay focused: there will be many lucrative opportunities, but most will add little value and will simply dilute your resources. Invest in talent and cultural transformation, at times it will be not easy, but you will need buy-in of your key personnel. Replicating where others have succeeded is not always a good formula for quick gains.

What main topics will you discuss in frames of DDF?

Chris Skinner, being a phenomenal keynote speaker and commentator, will lead our discussion to cover the hottest topics currently on the table. Be it vision and strategy development, addressing specific technologies and use cases, importance of culture and leadership, collaborations and network effects in digital transformation I am sure participant will hear many interesting insights and perspectives.

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

Having one of the most respected figures in the financial technology industry at the forum, participants will have first-hand opportunity to hear where the future of finance is heading. Also other distinguished panelists will share their hands-on experience and attendees can see what has worked or what did not. What are some of the aspects that should be in the focus throughout digital transformation, etc. Potentially participants may also reveal new collaboration opportunities and as mentioned above, I consider it to be one of the main drivers of digital transformation.

***

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

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