The Good & Bad of Digital Transformation

Dominic GrounsellGlobal Marketing Director

Travelex is a large & diverse global business

• Multi-channel

Retailer

• Diverse B2B Play

• 29 markets

In 2014, the business made the decision to pivot

• Consumer behaviour & tech changing market

• Rapid shift to Digital & Customer

• Embrace bold, disruptive plays

Since then, we’ve been moving through 5 stages of transformation

1. Strategy - Definition & Alignment

2. Build - Capabilities & Teams

3. Delivery – Quick Wins & MVPs

4. Growth – Drive Scale & Significance

5. Re-wire – Culture, Org & Processes

There has been a lot of good….

• New products & services launched

• New capabilities starting to bear fruit

• New ideas & perspectives

• Organisation is changing

There has also been some bad

• Building the engine while flying the plane

• Competing priorities

• Catch 22 & Chicken / Egg

• Death by interview!

That said, the hardest parts have been cultural

• Aligning old with new

• Managing expectations

• Cultural whiplash

Key learning 1… It’s all about the people…

• Got to win hearts & minds

• Get ‘most’ people on the boat

• Spot the saboteurs

• Move quickly on square pegs

Key learning 2… Communicate, communicate, communicate

• Why, What, When, How

• Storytelling

• Don’t let questions / uncertainty breed

Key learning 3… Execution beats strategy every time

• Move quickly to deliver results

• Nothing builds belief better

• Don’t try and eat the elephant in one go

Key learning 4… Be bold, ambitious & unreasonable

• Set yourself big goals

• If you’re hitting all your targets, you’re not being bold enough

• Push hard and hold a very high bar

Key learning 5… Resilience is essential

• Need to stand up in the headwinds

• Need to keep your energy high

• Need to keep everyone facing forward

It’s been a wild ride so far….

• Pace & energy

• So much to do

• So much to learn

Any questions?