Modestas Juonys is Head of Corporate Cash Management for the Baltics at Luminor. He joined BMI Executive Institute’s short programme on “Innovation & Digital Transformation” looking for not just theoretical knowledge of the topic, but also practical tools to help handle innovation and digital transformation challenges in his company more effectively. Has the knowledge he gained helped him in real life? What challenges do companies face with digital transformation and innovations nowadays? Read our interview with Modestas and find out.
Why did you decide to seek deeper knowledge about digital transformation and innovations?
I think all companies have to innovate – that’s vital for anyone who wants to achieve their goals. We see many companies failing for lack of innovation.
BMI’s “Innovation & Digital Transformation” programme is well designed to address these needs and get a good grip on the topic.
Did you have specific challenges you hoped the programme would help you solve?
The main challenge was a lack of attention to innovation, with no “hands-on” framework for that. The BMI programme gave me not just general competence, but also very practical frameworks for how to grow an innovation culture.
Have you been able to apply the knowledge gained during the programme in practice?
Yes. We started an innovation programme of our own in one part of my organization. It’s now in its second year. And we now have a tangible innovation culture, with more advanced tools, more buy-in from personnel, etc. I’m very happy that together with my management team we consciously chose to make this a long-term initiative and not a one-off activity.
During the first year of our programme, we gained quite valuable expertise and skills which helped us in an M&A transaction – we successfully acquired the fintech company Maksekeskus. That in turn will help us accelerate innovation and will enhance our offering for customers in the Baltics.
Why would you recommend joining the “Innovation & Digital Transformation” programme?
I recommend it because it gives you not only an understanding of the topics from a helicopter view, but practical tools and real-life examples as well.
Digital transformation in a company – what is that all about in your opinion? What are the most important digital transformation processes and goals at your company right now?
Digital transformation for me means constant improvements to your online dimension. It can be more efficient processes, better products, different approaches to daily work, a seamless customer experience, etc.
To me, what’s most important is not implementing any specific feature or functionality, but having endless digital improvements. And that requires a different approach than just market research and a project to be launched and completed.
What do you think are the most common digital transformation challenges companies are currently facing?
Lack of attention and skills. Many companies want to innovate, but they don’t know how to do it, where to start, how to get it prioritized in their companies. I think digital transformation can succeed if, first, it is agreed as a high-importance initiative in the company, second, your people have the needed skills and tools, and third, the work is organized properly.