David Chinn – Excellence and the Ways To Achieve It

David Chinn, Associate Director at McKinsey Israel, was a guest last Tuesday, June 28, 2022, at the final session of the Spider Series at DigitalRosh Live. His lecture focused on excellence and the ways to achieve it in the digital age, he shared why it is important to strive for excellence as well as what are the insights of a global organization like McKinsey regarding the management of digital transformation processes.

At the beginning of the lecture, David presented a video about the collaboration between the McKinsey company and a team from New Zealand that competed in the USA Cup, an international sailing competition, which led to the team’s victory in the competition by building and using a digital twin of the vessel during training for the competition. David used this example to open the first topic of his lecture, why is it important to strive for excellence?

David presented the power curve, a model that compares the leading players and, among other things, can be applied across any market. The power curve illustrates how the gap between the “outstanding in the market” and the other players is significantly large and explained how the corona virus increased the gap even more and accelerated the processes of assimilating technology in organizations.

How do you make a company great? David suggested 5 changes:

1. Improving the company’s differentiation
2. Improving productivity – using the appropriate technology may save time and money
3. Increasing investments in technological assets and reducing other capital expenditures
4. Flexibility – changing the company’s assets and investments according to market movements
5. Mergers, acquisitions and investments – companies that achieved a “digital unicorn” in one of the ways were found to be leaders in their field

Finally, David indicated which processes are required, according to the McKinsey company, for success in leading a digital transformation:

• Creating a technological road map that will help direct the company’s activities
• Finding or developing personnel with the necessary skills to implement the process
• An agile response to the frequent changes in the digital world
• Creation or purchase of appropriate tools and technology
• Adopting and promoting the change model that the company chose to implement