MSc Management Leading through Digital Disruption Assignment Sample
Introduction
Digital transformation has been described as overall transformation of the utilization of technology within the business environment of the businesses in order to enhance their organizational performance appropriately.
Digital transformation has been considered as an integral aspect for the businesses to provide a valuable opportunity as well as enhance their services in such a manner that it benefits the business as well as the consumers effectively. With the help of digital transformation, the businesses has also been able to track down the standards of measurement as well as the relevant information that can be proven beneficial for the companies to enhance their service level.
Due to the utilization of the adequate data that has been collected by the companies, the businesses have been able to comprehend the requirements of the consumers and provide products or services accordingly. The main intention of the assignment is to discuss the various aspects of digital transformation occurring within the business environment of HSBC.
With the help of the assignment, the techniques adopted by HSBC to adapt to the changes within the market as well as the collaborative tools used by HSBC have also been discussed in a detailed manner.
Task 1 – The Case for Change
HSBC is a British multinational bank as well as financial services providing company. The company was founded in 1865 by Sir Thomas Sutherland. The headquarters of the company is situated in Canada Square, London, England.
It has also been stated that the company is the second largest bank throughout the Europe. The company has around about of 3900 offices within 65 different countries throughout the globe. The company employs around about of 226059 employees throughout its offices in the world. It has been found that the net income of the company has been estimated to be around $6.099 billion US dollars.
It has also been revealed that the overall revenue generation of the company has been estimated to be $50.429 billion US dollars. Moreover, it has been stated that the implementation of digital transformation within the business environment of HSBC has been properly implied with the help of cloud technology that is being aided by Amazon Web Services (Breidbach, Keating and Lim, 2019).http://MSc Management Leading through Digital Disruption Assignment Sample
As per the findings, it has been revealed that the financial services company will make use of the cloud technology in order to implement the digital transformation in its offices throughout the globe. The digital transformation occurring within the business environment of HSBC will also help the company to complete different applications that will help the consumers to avail the services provided by the HSBC in an appropriate manner.
Furthermore, it has been contemplated that there are several issues that have been experienced by HSBC in order to incorporate the ideology of digital transformation within its business environment accordingly. In addition, it has also been stated that the organizational culture of HSBC will be considered as a great barrier in order to incorporate the ideology of digital transformation.
As per the findings, it has been revealed that there are significant processes as well as structural alterations while implementing digital transformation within the business environment of HSBC. Henceforth, in order to deal with this issue, the company is required to implement a certain strategy as a segment of their digital transformation initiative (Katerina, 2020). http://MSc Management Leading through Digital Disruption Assignment Sample
The primary objective of HSBC in order to implement the concept of digital transformation throughout its business operations is to improve their services in regards to the consumers. With the help of the enhancement in the digital transformation, the company has also been able to experience a gradual hike in the customer engagement level and has also been able to provide personalize offerings to the consumers accordingly.
Task 2 – Capture Insights
There are several techniques that have been used by HSBC in order to recognize the alterations happening within the business market. Firstly, HSBC is required to identify the consumer segments that have the common features in terms of level of income, attitude, values and several others.
With this, the financial services company will be able to attention of the potential consumers towards the services provided by the company. Moreover, HSBC is also required to evaluate the situations during which the consumers tend to avail the services and products provided by the company.
Due to this reason, HSBC will be able to adapt to the changes happening within the business market as well as outgrow their business operations accordingly. It has been found that the major competitors of HSBC within the market are Bank of America, National Australia Bank, Deutsche Bank, Royal Bank of Scotland, Standard Chartered Bank, Citigroup and China Construction Bank Corporation (Zamani and Giaglis, 2018). http://MSc Management Leading through Digital Disruption Assignment Sample
Moreover, the financial services company has collaborated with different companies in order to provide the services throughout the globe in an appropriate manner. In addition, it has been stated that HSBC have joined hands with several companies such as The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership, Anti-Financial Crime Alliance, Project Protect, Joint Money Laundering Intelligence, Taskforce, The Anti-Money Laundering and Countering the Financing of Terrorism Industry Partnership and Fraud and Money Laundering Intelligence Taskforce in several different parts of the world (Agačević, Ming and Ali, 2019). http://MSc Management Leading through Digital Disruption Assignment Sample
With the collaboration of HSBC with different companies, the company has been able to minimize the possibility of financial crime up to a certain extent as well as provide their services to a larger group of consumers in an appropriate manner.
Task 3 – Make Fast Decisions
It has been stated that there are several initiatives that have been taken by HSBC in order to adapt to the rapid changes happening within the business market. First of all, the company has implemented certain strategies in order to avail the opportunities existing within the business market that has given eventually helped the company to enhance its organizational efficiency up to a certain extent.
Additionally, it is also very essential for the financial services company to look out for the customer trends as well as giving the relevant feedback given by the consumer in order to enhance their services (Ekaterina, 2021).http://MSc Management Leading through Digital Disruption Assignment Sample With the help of the feedback gained by the consumers, HSBC has been able to tackle the fierce competition as well as to come up with innovative ideas in order to gain a competitive edge within the market.
In addition, HSBC has also been stated to be agile in order to effectively engage in the remaining alterations as well as the innovations occurring within the business environment of the company. With the help of an effective leadership style as well as collaborative work among the team members, the company has been able to adapt to the rapid changes happening within the market accordingly.
On the other hand, the capability of the financial services company in order to evaluate the risks as well as concerns in terms of the alterations occurring within the business market has also been stated to play a vital role for HSBC to accommodate with the changes happening within the market in an appropriate manner (Arcanjo, 2018).http://MSc Management Leading through Digital Disruption Assignment Sample
It has also been found that the company has implemented certain policies to enhance the overall communication system as well as reward systems in order to deal with the rapid market changes.
Task 4 – Acquire and Engage Talents
There are definite strategies that have been implemented by HSBC in order to engage the talents as well as resources existing within the business environment to implement the ideology of digital transformation in an appropriate manner.
With the proper allocation as well as utilization of the talents as well as resources, HSBC has been able to enhance the productivity level of the overall workforce as well as minimize the overall costs incurred to to the company accordingly (GÜNEŞ, 2019).http://MSc Management Leading through Digital Disruption Assignment Sample In addition, making the proper use of the talents to incorporate the ideology of digital transformation has also held the company to enhance its processes involved in the innovation up to a certain extent.
First of all, it is the sole responsibility of HSBC to inculcate a pro digital mindset among the overall workforce of the company in such a manner that assess the level of collaboration as well as satisfaction level of the employees on a broader extent. With this, HSBC has been able to experience a gradual hike in the management of its organizational efficiency appropriately.
Additionally, the financial services company is also required to implement certain strategies that can help the employees to understand the utilization of technology in order to embrace the concept of digital transformation within the business environment of the company.
Furthermore, it is also very essential for HSBC to make the most effective use of technology that has been implemented within the business environment of the company. Due to this reason, HSBC has been able to provide efficient services to its consumers that have eventually leveled up the satisfaction level of the consumers up to a certain level (Lapersonne, 2018).http://MSc Management Leading through Digital Disruption Assignment Sample
With the effective utilization of technology that is embedded within the business environment of the company, HSBC has been able to access the relevant information as well as utilize it in a hassle free as well as rapid manner.
Task 5 – Create a Digital Ready Culture
Digital ready culture can be defined as the division of the set of practices as well as values that have the businesses to attain higher performance in context of innovation. With the help of a digital reading culture, the businesses have been able to establish a certain business environment that is digitally enabled. Due to this reason, the businesses have been able to gain a competitive edge in comparison to its competitors within the business market.
It has been stated that there are several initiatives that are taken by the leaders after digitally enhanced companies to promote the ideology of digital transformation accordingly.
First of all, it is the sole responsibility of the leaders existing in HSBC to develop habits of rapid experimentation as well as self organization in the process of decision making occurring within the business environment of the company (Fasnacht, 2018). http://MSc Management Leading through Digital Disruption Assignment SampleIn addition, due to the development of certain habits, the leaders of HSBC has been able to enhance the organizational efficiency as well as experience growth when the business environment in an appropriate manner.
HSBC has also been able to come up with different innovative ideas due to the implementation of certain habits within the business environment. Additionally, the leaders have also incorporated certain practices to promote the ideology of unification as well as steadiness within the workforce of the company. Due to this reason, the leaders have been able to enhance the communication level as well as level of cooperation and coordination among the employees on a higher level.
Furthermore, the higher authorities existing in HSBC have also practiced certain ideologies that have helped the company to give the valuable feedback of the consumers and provide the services as per the requirements and demands of the consumers in the business market (Waite, 2018). http://MSc Management Leading through Digital Disruption Assignment SampleWith this, the leaders of HSBC have been able to enhance the consumer service level of the company as well as increased the profitability level of the organization accordingly.
Task 6 – Steer Collaboration
There are different collaboration tools that have been used by HSBC in order to enhance their productivity level up to a certain extent. In the context of the collaborative tools used by HSBC, the collaboration tool, known as Slack is primarily used by the financial services company in order to enhance the processes involved in the digital transformation accordingly.
Due to the implementation of Slack within the business operations of HSBC, the company has been able to utilize the resources as well as their associated skill sets in an appropriate manner (Agačević, Ming and Ali, 2019).http://MSc Management Leading through Digital Disruption Assignment Sample Moreover, making the proper use of the collaboration tool known as Slack has also helped HSBC to effectively enhance its communication system throughout the different hierarchies of the company in an effective manner.
In addition, did the improvement in the overall communication system, HSBC have been able to assemble as well as designate the task as per their priority. This has eventually aided the company to minimize the possibility of replication of the tasks as well as accomplish the tasks quickly.
Furthermore, the incorporation of Slack within the business environment of HSBC has eventually e enhance the overall capability of the company to provide services to its consumers (Wilson and Daugherty, 2018).http://MSc Management Leading through Digital Disruption Assignment Sample Due to this reason, the satisfaction level of the consumers has been enhanced as HSBC has been able to lessen down the probability of duplication within its business processes.
Task 7 – Select your Leaders
In the context of the attributes as well as behaviors of the leaders existing within the business environment of HSBC, it has been contemplated that the higher executives of HSBC have always embraced the change in relation to the digital transformation of the company.
Moreover, it is the sole responsibility of the leaders in HSBC to make sure that they make most of the use of the technology that has been utilized by the company along with their team members within the business operations of HSBC (Isenhour, 2020). http://MSc Management Leading through Digital Disruption Assignment Sample
The behaviors as well as attributes of the leaders have effectively help HSBC to gain a competitive edge within the business market. Moreover, the leaders in HSBC have been stated to provide a suitable environment for the employees to come up with different innovative ideas and experiment with the ideas accordingly. With this, the higher executives employed in HSBC have been able to enhance the possibility of success (Gürsel, 2020).http://MSc Management Leading through Digital Disruption Assignment Sample
In addition, the higher executives of HSBC look out for the possibilities to discuss the areas of concern along with the team members and take necessary actions accordingly.
Conclusion
It has been concluded that digital transformation has been defined as the overall transformation of a company’s use of technology within its business environment in order to improve its organizational performance.
It has been reported that the execution of digital transformation within HSBC’s corporate environment has been properly implied with the assistance of cloud technology provided by Amazon Web Services. The fundamental goal of HSBC in implementing the notion of digital transformation across its corporate processes is to improve customer service.
HSBC is also expected to assess the circumstances in which customers are likely to use the company’s services and products. The financial services firm has partnered with a variety of businesses in order to deliver high-quality services to customers all around the world. The company has implemented specific tactics in order to take advantage of opportunities in the business market, which has helped the company improve its organizational efficiency to some level.
HSBC has been able to see a progressive improvement in the way it manages its organizational efficiency. Furthermore, the financial services organization must implement particular tactics to assist employees in understanding how to use technology in order to accept the concept of digital transformation inside the organization’s business environment
References
Agačević, A., Ming, X. and Ali, S.A., 2019. Financial Supply Chain Management and Working Capital Management: The Competitive Analysis of HSBC Financial Chain Management. International Business Research, 12(1), pp.65-72.
Agačević, A., Ming, X. and Ali, S.A., 2019. Financial Supply Chain Management and Working Capital Management: The Competitive Analysis of HSBC Financial Chain Management. International Business Research, 12(1), pp.65-72.
Arcanjo, M., 2018. Learning from the “Least Vulnerable”? Climate Adaptation in the Nordic Countries. A Climate Institute Publication.
Breidbach, C.F., Keating, B.W. and Lim, C., 2019. Fintech: research directions to explore the digital transformation of financial service systems. Journal of Service Theory and Practice.
Ekaterina, Z., 2021. Market research and market entry recommendations in UK, Poland, and Germany for a FinTech company.
Fasnacht, D., 2018. Open innovation ecosystems. In Open Innovation Ecosystems (pp. 131-172). Springer, Cham.
GÜNEŞ, K., 2019. An Overview of the Talent Management in Turkey: An Application on the Participation Banks (Doctoral dissertation, Ankara Yıldırım Beyazıt Üniversitesi Sosyal Bilimler Enstitüsü).
Gürsel, Ö.F., 2020. Digital Transformation with Design Thinking. Case study for a micro sized destination management company.
Isenhour, L.A., 2020. Research of Leadership Qualities Exhibited by Female Leaders’.
Katerina, T., 2020. The challenges of digital transformation in banking industry.
Lapersonne, A.H., 2018. The hybrid competitive strategy framework: a managerial theory for combining differentiation and low-cost strategic approaches based on a case study of a European textile manufacturer. The University of Manchester (United Kingdom).
Waite, A.M., 2018. Examining experiential learning and implications for organizations. International Journal of HRD Practice, Policy and Research, 3(1), pp.23-42.
Wilson, H.J. and Daugherty, P.R., 2018. Collaborative intelligence: humans and AI are joining forces. Harvard Business Review, 96(4), pp.114-123.
