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  • 2 min read

Saga Pattern in Microservices Architecture

Welcome to Continuous Improvement, the podcast where we explore strategies and techniques to enhance our architectural practices. I'm your host, Victor, and today we will be diving into the fascinating world of microservices architecture and the Saga pattern.

The quote, "The whole is greater than the sum of its parts," by Plato, perfectly sums up the essence of great architecture. Great architecture combines experience, creativity, and mechanical sympathy to achieve the best results. However, in the realm of microservices architecture, maintaining data consistency and integrity across multiple services can be quite challenging.

Today, we will unravel the Saga pattern and understand its significance in microservices architecture. We'll discuss its benefits, considerations for implementation, and real-world applications.

So, what exactly is the Saga pattern? Well, it's a design approach that helps manage long-lived transactions across multiple microservices. By breaking down a large transaction into a series of smaller, local transactions, each representing a step in a broader business process, we create a saga. The saga ensures data consistency by utilizing compensating actions to reverse the effects of completed transactions in case of failures or errors.

The Saga pattern is incredibly valuable in microservices architecture as it offers several benefits. Firstly, it enhances data consistency by decomposing transactions and incorporating compensating actions. Secondly, it contributes to scalability and availability by allowing independent scaling and deployment of individual services. Lastly, it fosters flexibility and loose coupling by enabling independent development and maintenance of services.

To implement the Saga pattern, there are two common approaches: choreography-based and orchestration-based sagas. In choreography-based sagas, each service communicates directly with others via events or messages, indicating the completion of their local transactions. On the other hand, orchestration-based sagas utilize a central orchestrator to guide the flow of transactions and issue commands to individual services.

Now that we have a good understanding of the Saga pattern, let's explore some real-world use cases. For example, in e-commerce order processing, the Saga pattern ensures that services such as inventory management, payment processing, and shipping coordinate their tasks consistently and correctly, even in the presence of failures. Another example is hotel reservation systems, where a saga guarantees correct execution of steps such as availability, payment, and confirmation.

Before we conclude, it's important to remember that implementing the Saga pattern requires careful consideration of your specific use cases and system requirements. While it provides significant advantages, evaluating trade-offs and selecting the most appropriate implementation approach is crucial.

Thank you for joining me today on Continuous Improvement. We delved into the Saga pattern, its relevance in microservices architecture, its benefits, implementation considerations, and explored real-world use cases. Remember, continuous improvement is a journey, and we are here to learn and grow together.

Join me next time for another exciting topic. Until then, keep striving for excellence in your architectural practices. This is Victor signing off.

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  • 3 min read

Challenges of MBA Programs

Welcome to Continuous Improvement, the podcast where we explore ways to enhance our personal and professional lives. I'm your host, Victor Leung. Today, we're diving into the topic of MBA programs, their challenges, and whether pursuing an MBA is worth it. I recently came across a thought-provoking blog post that raised some interesting points on this subject, and I wanted to share my thoughts with you.

The declining attractiveness of MBA programs tops the list of challenges faced by business schools around the world. In recent years, we've seen a decrease in the number of applicants, leading to concerns about the future of MBA programs. Rising costs, reduced recognition by employers, and uncertain career prospects have all contributed to this declining trend.

One factor that can deter prospective students is the increasing cost of MBA programs. With tuition fees on the rise, many international students are finding it difficult to justify the investment. Additionally, employers' recognition of these qualifications has been diminishing in some regions, further impacting the perceived value of an MBA.

However, the worth of an MBA program ultimately depends on your personal career goals and the specific program you're considering. The skills and knowledge gained from an MBA, such as leadership, strategic thinking, financial analysis, and communication, are highly sought after by employers. These skills can help you advance your career and increase your earning potential. Additionally, the network and friendships formed during the program can provide valuable connections and open doors to new opportunities.

Another challenge faced by MBA programs is the inconsistency of international rankings. While rankings can be a useful tool for students, they can also be unreliable. Different ranking systems employ different criteria and methodologies, resulting in disparate outcomes. This makes it difficult for prospective students to accurately compare and evaluate programs.

For instance, the blog post highlights how the methodology behind Financial Times' business school rankings can skew the results. The exclusion of part-time programs and the reliance on alumni responses to surveys can affect a school's ranking. Additionally, career changes and relocations by alumni can further impact the ranking, making it an imperfect metric.

Finally, graduates may face challenges in finding employment and progressing in their careers despite having an MBA degree. While an MBA equips graduates with valuable skills and knowledge, it doesn't guarantee success in the competitive business world. Intense competition for top positions and the current economic climate can complicate job searches and limit opportunities.

Personally, I believe the value of an MBA degree may be diminishing. As the blog post suggests, it could reach a point where an MBA is no longer a minimum requirement for certain positions, failing to differentiate candidates. This trend raises concerns about limited opportunities and social mobility, where only a select few can access certain positions.

MBA programs face significant challenges, but they also present opportunities for adaptation and innovation. By addressing these challenges head-on, business schools can continue to offer a valuable education and prepare graduates for future career success. Thorough evaluation of the costs and benefits, consideration of career goals, personal circumstances, and financial situations are crucial in making an informed decision about pursuing an MBA.

Thank you for tuning in to this episode of Continuous Improvement. I hope this discussion has provided you with new perspectives on the challenges faced by MBA programs and the worth of pursuing an MBA. As I mentioned earlier, this topic was inspired by a thought-provoking blog post, and I encourage you to read it for yourself to gain a deeper understanding of the subject.

If you have any questions or thoughts on this episode, feel free to reach out to me on LinkedIn. I always enjoy engaging with my listeners. Until next time, keep striving for continuous improvement in all aspects of your life.

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  • 4 min read

Checklist for Software Upgrades in Production Environments

Welcome back to another episode of Continuous Improvement, the podcast where we explore strategies and tips for enhancing productivity and efficiency in various areas of life. I'm your host, Victor. In today's episode, we'll be diving into the topic of software upgrades and how to execute them successfully in production environments. We'll be discussing a comprehensive checklist that can help ensure a smooth and hassle-free upgrade process. So, let's get started!

Before we begin with the checklist, it's important to understand the significance of software upgrades in maintaining up-to-date and bug-free production environments. Upgrades are essential for staying current with the latest features, security patches, and improvements. However, executing an upgrade can be a complex and challenging task. That's where our checklist comes in.

The first step in our checklist is to identify the scope of the upgrade. Determine the version you need to upgrade from and to. Review the upgrade path and associated policies. It's crucial to make note of any exceptions along the upgrade path.

Once you've identified the scope, the next step is to check the prerequisites. Consult the compatibility matrix for various infrastructure versions such as the database, secret managers, service mesh, Kubernetes cluster, and Docker runtime. Ensuring compatibility will help prevent issues post-deployment.

As we move forward, we need to assess the potential impact of the upgrade. Identify any risks or issues that may arise during or after the upgrade. Also, estimate any required downtime. It's important to review the "What's New," Release Notes, and Important Changes. For major upgrades involving schema changes or database migrations, scheduling dedicated downtime is wise.

Now, let's talk about developing a rollback plan. Creating a plan to revert to the previous software version is crucial in case the upgrade fails or causes issues. A well-defined rollback plan will help minimize downtime and mitigate potential risks.

Communication is the key to a successful upgrade. Notify all stakeholders, including end-users, regulators, and internal teams such as the IT department and management. Assign a Person in Charge (PIC) for relevant tasks on the checklist and establish real-time communication channels like Slack or Zoom.

Moving on, let's discuss the importance of checking configuration. Review any new fields that need to be configured or assess whether the default values are appropriate for your environment. Update the configuration files to match the new version.

Another important aspect is ensuring access to secrets. Make sure all necessary secrets, like the root database password, are available in the secret manager. Update them as needed to avoid any potential authentication issues during the upgrade process.

Now that we have completed the pre-upgrade checklist, it's time for the actual upgrade. Follow the steps outlined in the official documentation while closely monitoring the process for any issues or errors that may arise.

After completing the upgrade, it's crucial to conduct a health check. Assess the system's status and monitor for any unexpected issues like pods crash-looping. If any issues are encountered, raise a production issue and coordinate with the relevant teams for resolution.

Moving on to the post-upgrade checklist, it's important to perform any manual post-upgrade steps as per the documentation. This may include tasks like garbage collection or removing unused resources to optimize the system.

Verifying system functionality is the next crucial step. Ensure that the upgraded system operates correctly and that all data and configurations have been properly migrated. A thorough testing process, including user acceptance tests, will help confirm that the system meets all requirements and that end-users are satisfied.

As we wrap up the post-upgrade checklist, monitoring metrics becomes important. Utilize dashboards like Grafana to identify any abnormal behavior and review logs for error messages. Monitoring will help ensure that the upgraded system is running smoothly without any unexpected issues.

For database upgrades specifically, it's essential to check hashing schema columns, as well as procedures such as query result generation, sorting, hashing, and comparison. Additionally, verify the accuracy of row counting to ensure data integrity.

Updating documentation is often overlooked but vital to maintaining a proper record of the upgrade. Revise all relevant internal documentation to reflect the changes made during the upgrade process. This will help future teams understand and troubleshoot the system effectively.

Lastly, conducting a post-implementation review is essential to evaluate the success of the upgrade. Identify areas for improvement and collect feedback from the teams involved. Incorporating lessons learned from the upgrade process will contribute to continuous improvement in future upgrades.

That wraps up our checklist for software upgrades in production environments. Upgrading to a new software version is no small task, but with a well-structured checklist tailored to your system's specific needs, it can be a smooth and successful process.

Thank you for tuning in to this episode of Continuous Improvement. I hope you found our discussion on software upgrades helpful and informative. Stay tuned for our next episode where we'll be exploring another topic aimed at enhancing efficiency and productivity. Until then, I'm Victor signing off.

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  • 2 min read

Digital Transformation

Hello, and welcome to Continuous Improvement, the podcast dedicated to helping organizations navigate the ever-changing landscape of digital transformation. I am your host, Victor. Today, we'll be diving into an insightful blog post about the key pillars of digital transformation and how organizations can leverage them to drive value and enhance customer experiences. So, let's get started!

Digital transformation has become a crucial strategy for organizations looking to stay competitive in the modern market. It involves harnessing the power of digital technologies to create value and improve customer experiences. There are three key pillars to successful digital transformation: digital, data, and talent.

Using data effectively is essential in the digital transformation journey. The blog post highlights several guiding principles for organizations to leverage data. It suggests capturing customer transactions daily, investing in promotions to encourage habitual usage, and exploring new revenue models. By implementing a feature store, utilizing advanced modeling techniques, and drawing upon the diverse experiences of their teams, organizations can improve their analytics capabilities.

In the banking sector, digital transformation can bring about personalization, scalability, and efficiency. The post highlights various types of digital banks, including challenger banks, offshore digital banks, banking-as-a-service players, and digitized hybrid banks. To stand out from the competition, digital banks can leverage hyper-personalization, data-driven engagement, and personalized parameters. Continuous learning and skill-building are key factors in this rapidly evolving industry.

Sponsorship and culture play a pivotal role in the success of digital transformation. It requires organizations to have leaders who champion the transformation and create a culture of innovation and adaptability. In addition to this, a willingness to change operating models and embedding commercial governance into the transformation process are also crucial factors in achieving success.

To wrap it up, digital transformation is about creating value. Organizations can achieve this by leveraging digital platforms, data, and talent to enhance customer experiences, maintain competitiveness, and foster business growth.

That's it for today's episode of Continuous Improvement. I hope you found this discussion on digital transformation insightful and applicable to your organization's journey. Stay tuned for our next episode where we explore more exciting topics related to continuous improvement in the digital age. Until then, keep learning, keep growing, and keep improving!

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  • 3 min read

Setting Up Python with Pyenv

Welcome to "Continuous Improvement," the podcast where we explore tools and techniques for enhancing our development workflows. I'm your host, Victor, and in today's episode, we're going to dive into the world of Python version management using a handy tool called pyenv.

Have you ever found yourself needing to work on a project with a specific Python version that you don't currently have installed on your machine? Well, pyenv is here to save the day! It allows you to install and manage multiple versions of Python on your local system with ease. But before we get started, let's first understand what pyenv is.

Pyenv is a straightforward tool designed to make managing different Python versions a breeze. It provides a clean and isolated environment for each Python version, ensuring that your projects are shielded from any changes made to other versions. With pyenv, you can seamlessly switch between different Python versions, making it effortless to reproduce issues in specific environments.

Now that we know what pyenv is, let's jump into the installation process. The steps may vary depending on your operating system, but fear not, I'll guide you through it.

If you're using Linux, start by installing the necessary dependencies for pyenv to function properly. Open your terminal and enter the following command:

apt install -y make build-essential libssl-dev zlib1g-dev \
libbz2-dev libreadline-dev libsqlite3-dev wget curl llvm libncurses5-dev \
libncursesw5-dev xz-utils tk-dev libffi-dev liblzma-dev python-openssl \
git

This will ensure everything is set up correctly.

Next, let's clone the pyenv repository. Execute the following command in your terminal:

git clone https://github.com/pyenv/pyenv.git ~/.pyenv

This command will install pyenv in the ~/.pyenv directory on your system.

Great! Now that pyenv is installed, let's configure your profile. Open your terminal and enter the following commands:

echo 'export PYENV_ROOT="$HOME/.pyenv"' >> ~/.bashrc
echo 'command -v pyenv >/dev/null || export PATH="$PYENV_ROOT/bin:$PATH"' >> ~/.bashrc
echo 'eval "$(pyenv init -)"' >> ~/.bashrc

These commands will set up the necessary environment variables for pyenv to work properly. Don't forget to relaunch your terminal for the changes to take effect.

For those using macOS, you can install pyenv quickly using Homebrew. Open your terminal and enter the following command:

brew install pyenv

Once pyenv is installed, you're ready to start managing your Python installations.

Now that we have pyenv set up, let's take a look at installing different Python versions. To install a specific version, use the pyenv install command followed by the version number. For example, to install Python 3.9.6, execute:

pyenv install 3.9.6

This command will download and install Python 3.9.6 in the ~/.pyenv/versions directory.

To see a list of all installed Python versions, use the pyenv versions command:

pyenv versions
  system
  * 3.7.10 (set by /Users/user/.pyenv/version)
  * 3.9.6 (set by /Users/user/.pyenv/version)

Once you have multiple Python versions installed, you might want to specify a global version for all your projects. To do this, use the pyenv global command followed by the desired version number. For example:

pyenv global 3.9.2

This sets Python 3.9.2 as the default version for all new shell sessions.

But what if you need to set a specific Python version for a particular project? Fear not, pyenv has you covered. Using the pyenv local command, you can specify a Python version for a specific project. For instance:

pyenv local 3.7.3

Executing this command will create a .python-version file in your current directory, indicating which Python version should be used for that project. Remember to install any necessary dependencies for each Python version you switch to.

And that's it! You're now equipped with pyenv, a powerful tool to manage multiple Python versions on your local machine. With clean, isolated environments for each version, your projects will stay safe from any conflicts caused by changes in other versions. Switching between Python versions and setting global or local versions for your projects has never been easier.

[Closing]

Thank you for tuning in to "Continuous Improvement." I hope you found this episode on pyenv helpful. If you have any questions or suggestions for future topics, feel free to reach out. Until next time, happy coding!

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  • 3 min read

Singapore Startup Ecosystem

Welcome to Continuous Improvement, the podcast that explores the art of entrepreneurship and the pursuit of success. I'm your host, Victor, and today we're diving into the exciting world of startup ecosystems. In particular, we'll be taking a closer look at Singapore and what makes it a thriving hub for startups. Join me as we explore the factors contributing to Singapore's success and highlight some of the most promising players in the ecosystem. Let's get started!

When it comes to creating a supportive environment for startups, Singapore's government takes the lead. Through initiatives like the Startup SG scheme and the SGInnovate program, they provide funding, mentorship, and regulatory support to help entrepreneurs thrive. Speaking of which, one outstanding organization in Singapore's ecosystem is SGInnovate. They focus on deep tech startups, making sure they get the right support to develop their ideas into scalable solutions. You can find out more about them at sginnovate.com.

Beyond SGInnovate, there are other key government agencies playing a vital role in Singapore's startup ecosystem. A*Star and GovTech are just a few examples. A*Star supports enterprises in technology and innovation, while GovTech works on digital transformation across the government. These agencies provide invaluable resources and assistance to propel startups forward. You can find out more about their efforts at a-star.edu.sg/enterprise and tech.gov.sg.

But it doesn't end there. The Singaporean government has gone a step further by creating co-working spaces, accelerators, and incubators like BLOCK71. These spaces not only provide affordable office spaces but also serve as hubs for mentorship and networking opportunities. BLOCK71 is a prime example of this phenomenon, and you can learn more about them at singapore.block71.co.

Another key ingredient in Singapore's startup success story is its talented workforce. With an excellent education system and favorable immigration policies, Singapore attracts top talent from around the globe. The government has even introduced entrepreneurship education in schools and universities, encouraging young people to venture into the world of business. NUS GRIP, for example, is an initiative by the National University of Singapore that empowers students to explore entrepreneurship. To learn more, visit nus.edu.sg/grip.

Of course, no thriving startup ecosystem is complete without investment opportunities. And Singapore boasts a robust investment landscape. Venture capital firms like EDBI and Vertex Ventures are actively investing in promising startups, while early-stage accelerators like Antler and incubators like Innovate360 provide crucial support for startups in their early days. And for those looking for alternative fundraising options, crowdfunding platforms like Angel Central and Auk Industries offer a unique way to secure funds. You can find out more about these investment players and crowdfunding platforms at edbi.com, vertexventures.sg, antler.co, innovate360.sg, angelcentral.co, and auk.industries.

It's worth noting that Singapore's startup ecosystem also benefits from major global investors, such as Softbank, Sequoia, and Accel Partners. Their presence attracts further investment and provides startups with access to global markets, opening doors to endless possibilities.

Now, let's take a moment to highlight some of the promising startups in Singapore's ecosystem. Grab, Southeast Asia's leading ride-hailing and logistics platform, valued at over $16 billion, undoubtedly stands out. Another notable startup is Carousell, an online marketplace for buying and selling secondhand goods. With over 30 million listings across eight markets, Carousell has created a significant impact.

In addition to these startups, Singapore is home to other key players in the ecosystem. Crowdsourcing platforms like the Open Innovation Platform and intellectual property organizations like IPI contribute to the innovation landscape. And for those interested in apprenticeships, Innosparks provides invaluable opportunities. To discover more about these key players and associations, check out the links in the episode description.

As our discussion comes to a close, it's clear that Singapore has managed to create a thriving startup ecosystem in a relatively short period. The combination of strong government support, a skilled workforce, and a vibrant investment community has propelled Singapore to the forefront of innovation. With its favorable business climate and strategic location in Southeast Asia, it's no wonder that entrepreneurs and investors from around the world are drawn to this dynamic ecosystem.

That wraps up this episode of Continuous Improvement. Thank you for joining me as we explored Singapore's startup ecosystem and the factors contributing to its success. Stay tuned for more exciting episodes where we delve into the world of entrepreneurship. Until next time, keep innovating, keep improving, and keep pursuing success. This is Victor, signing off.

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  • 3 min read

Start With Why - Book Review

Welcome back to Continuous Improvement, the podcast dedicated to personal and professional growth. I'm your host, Victor, and today we're diving into the concept of starting with "why."

In a recent blog post, I explored the idea of beginning any task or request by asking for the reason behind it. Simon Sinek, in his book "Start with Why," emphasizes the importance of understanding our deeper motivations, as it enables us to make better decisions, stay motivated, and effectively communicate our message to others.

Sinek introduces the concept of the "Golden Circle," which consists of three concentric circles: why, how, and what. The outer circle represents what an organization or individual does, the middle circle explains how they do it, and the innermost circle expresses why they do it. According to Sinek, starting with "why" inspires and engages others on an emotional level.

At my company, Thought Machine, where we are building the future of banking, the Golden Circle is a crucial framework for us. It helps our team align our goals and truly understand the purpose behind our work.

But why does starting with "why" matter? Well, Sinek's statement, "People don't buy WHAT you do; they buy WHY you do it," holds truth in today's world. Customers are not just looking for a product or service; they are seeking a connection with a company that shares their values. By starting with "why," we can articulate our purpose clearly and connect with our clients on a deeper level.

In fact, this concept extends beyond companies. As individuals, understanding our "why" can help us clarify our own identities. It serves as a unifying force within organizations, aligning employees, partners, and customers around a shared vision.

Take Apple, for example, a company that starts with "why." Their focus on innovation, design, and user experience has earned them global trust and respect. By prioritizing their "why," they have attracted top talent and fostered loyalty among customers, employees, and partners.

So, how can we apply this concept in our own lives? Whether you're a software developer building a feature or a consultant providing services, understanding the "why" behind what you do is just as important as the "what." Knowing your purpose can help you deliver value beyond expectations and build lasting relationships.

Starting with "why" also fosters trust and connection. When people perceive that you are genuinely committed to a larger cause, they are more likely to trust and work collaboratively with you. Trust is crucial, especially in industries undergoing transformation, like the banking sector we operate in at Thought Machine.

So, what's your "why"? Take the time to reflect on your deeper motivations and let them guide your actions. Remember, starting with "why" can unlock a world of possibilities and lead you to a more meaningful and fulfilling life.

That's it for today's episode of Continuous Improvement. I hope you found value in exploring the concept of starting with "why." Join me next time as we continue our journey towards personal and professional growth.

Thank you for listening to Continuous Improvement. Make sure to subscribe to our podcast and leave a review to help us reach more listeners. You can also follow us on social media for daily inspiration and updates. Until next time, keep growing, keep improving.

[FADE OUT]

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  • 2 min read

Taking Career Guidance to the Next Level

Welcome to Continuous Improvement, the podcast that aims to help you elevate your career to new heights. I'm your host, Victor, and today we're diving into the topic of effective career guidance through mentoring. Whether you're a seasoned professional looking to give back or a mentee seeking guidance, these tips will be invaluable. So, let's get started!

The first step in effective mentoring is understanding your mentee's goals. You need to listen carefully to their aspirations and ambitions in order to provide tailored advice. One helpful framework for setting goals is the SMART goal checklist. It stands for Specific, Measurable, Achievable, Realistic, and Time-bound.

Another important aspect of effective mentoring is identifying your mentee's strengths and weaknesses. By understanding their strengths, you can help them leverage those in their career. And by recognizing their weaknesses, you can collaborate on strategies for improvement. One useful exercise for gaining insights is the life ladder activity.

Now that you have a clear understanding of your mentee's goals, strengths, and weaknesses, it's time to develop a plan of action. This plan should include achievable steps that will help your mentee progress in their career. One powerful tool for this is writing letters to yourself.

Moving on, fostering self-awareness and emphasizing core values can be transformative in one's career. Values shape our actions and decisions, so it's important to understand and apply our core values in the workplace. Let's explore how to do that.

Lastly, it's crucial to help your mentee explore potential career pathways. By reflecting on their interests, competencies, and past experiences, they can uncover exciting opportunities. Let's dive into the steps to facilitate this discovery process.

And there you have it - tips for providing effective career guidance. By understanding your mentee's goals, identifying their strengths and weaknesses, developing a plan of action, fostering self-awareness, and exploring potential career pathways, you'll be well on your way to helping your mentee achieve professional success.

Thank you for joining me on this episode of Continuous Improvement. I hope you found these tips valuable and can apply them in your mentoring journey. Remember, continuous improvement is the key to personal and professional growth. Stay tuned for more episodes that will help you reach new heights in your career. Until next time, this is Victor signing off.

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  • 3 min read

Reflection on Scenarios & Strategic Foresight

Welcome to "Continuous Improvement," the podcast where we explore the mindset and strategies necessary for success in an ever-changing digital landscape. I'm your host, Victor, and in today's episode, we'll delve into the importance of continuous reflection and adaptation for digital leaders like ourselves.

As digital leaders, it's crucial for us to constantly engage in ongoing reflection. We cannot underestimate the future, and to remain ahead of the curve, we must remain open-minded, consider alternative approaches, and think from multiple perspectives.

One way to cultivate this mindset is by surrounding ourselves with people from diverse backgrounds. By doing so, we can suspend judgment, facilitating the discovery of creative and viable solutions. Instead of dismissing new ideas outright, we should challenge ourselves to welcome them, fostering an environment where innovation thrives.

It's tempting to settle into a comfort zone, relying on our expertise in our respective domains. However, approaching work with a beginner's mindset allows us to see the bigger picture and prepares us for all plausible futures.

Now, let's talk about the importance of adaptation and implementation. As digital leaders, we have two options: adapt or perish. We've witnessed examples like Blockbuster's decline versus Netflix's rise, Sony's failures compared to Apple's dominance in the iPod market, or even Kodak being replaced by iPhone cameras.

Market shifts are not optional, and inaction poses a genuine threat. Instead of competing solely on price in a saturated market, we should aim to implement a blue ocean strategy. This entails focusing on differentiation and value creation without compromising on cost, making competition irrelevant. The ERRC (Eliminate, Raise, Reduce, Create) framework for innovation can help us explore new possibilities.

While aiming for moonshot thinking may pave the way for exponential impact, it's crucial to embrace failure and learn from it. Failure may not be glamorous, but audacity is essential for driving meaningful change.

Planning and implementing change can be challenging, especially when senior management engages in convergent thinking, narrowing down ideas. It's important to step back, address industry challenges with innovative solutions, and have the courage to make mistakes and fail quickly.

Dismantling primary revenue sources and adapting to new disruptions can be a significant hurdle for many companies. Achieving corporate-level coordination is also challenging, as most companies are short-term oriented. As innovators, we must remain distinct from the core business while maintaining stakeholder support and finding the right balance.

To adapt to future changes, we need to develop skills in stakeholder management and storytelling. Dismissing science fiction technologies would be unwise, as they may eventually find practical applications. The future extends beyond what we already know; it encompasses what we have yet to discover.

Early adopters are already using technologies that will gain broader adoption down the line. For example, AI co-pilots in programming may soon become commonplace for routine tasks, while space travel, currently a luxury, may soon be accessible to all. Our preparation should involve setting and measuring deliverables, directing execution, influencing others, and acting as both an advisor and a facilitator.

That's all for today's episode of "Continuous Improvement." Thank you for joining me as we explored the mindset and strategies needed by digital leaders to thrive in a rapidly evolving world.

Remember, continuous reflection, adaptation, and embracing a beginner's mindset will prepare us for the challenges and opportunities of the future. Until next time, keep improving and stay ahead of the curve.

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  • 3 min read

DBS Case Study

Welcome to "Continuous Improvement," the podcast where we explore the strategies and stories behind companies' efforts to evolve and thrive in today's ever-changing business landscape. I'm your host, Victor, and in today's episode, we delve into the fascinating journey of DBS, a bank that has embraced digital transformation to stay ahead in the fintech revolution.

In the midst of disruptive forces and emerging fintech companies, DBS recognized the need to adapt and proactively engage in a second phase of digital transformation. As Piyush Gupta, the CEO of DBS, aptly noted, "The second stage was tougher because no one knew what a digital bank should look like."

Previously, DBS viewed its external relationships as vendor-oriented. But now, the bank has shifted its approach to collaboration, recognizing the value of partnerships in its digital transformation strategy. Notably, DBS has forged a strong partnership with Microsoft, where both organizations have invested in building a collaborative environment and learning from each other's expertise.

The focus of DBS's transformation extends beyond products and services—it centers around people and processes. By breaking down silos and nurturing a collaborative work environment, DBS is harnessing the power of partnership and realizing that success lies not just in service provision, but in building a strong relationship that drives innovation.

DBS's digital transformation journey hasn't been limited to its home market. In fact, the bank has actively sought partnerships in new markets, like Indonesia and India, and launched property and electricity marketplaces in Singapore. By collaborating with existing players and avoiding duplicative efforts, DBS is expanding its horizons and making significant strides in its digital transformation.

A strong technological foundation is the bedrock of DBS's future. After significant investments in basic IT infrastructure, the bank is re-architecting its backend systems, enabling true digital transformation. This robust infrastructure ensures that DBS continues to adapt to future technologies and offer innovative banking solutions.

To thrive in this digital era, DBS understands the importance of cultivating a new work culture—one that emphasizes speed, agility, and embraces change. By envisioning itself as a 22,000-person startup, the bank is nurturing a mindset that encourages experimentation and risk-taking. This cultural shift is crucial in driving the digital transformation journey forward.

CEO Piyush Gupta has been instrumental in championing digital transformation at DBS. With a top-down approach, he has incorporated digital KPIs into scorecards and encourages a culture of continuous improvement. Gupta recognizes the need for an organizational shift and works diligently to instill this change throughout DBS.

DBS's transformation journey began in 2014, and since then, it has evolved into a technology company that offers financial services. With its focus on hiring more engineers than bankers, DBS has been recognized as the world's best digital bank multiple times by Euromoney. With a solid infrastructure in place, DBS is well-prepared to adapt to future technologies and continue offering innovative banking solutions.

And that brings us to the end of today's episode of "Continuous Improvement," where we explored how DBS, through partnerships, collaboration, and a robust technological foundation, has successfully navigated the evolving financial landscape. Join me next time as we dive into another company's continuous improvement journey.