IMD team wins highest prize for its work transforming organizations in the 2019 EFMD Excellence in Practice Awards
Transformation work with Thailand’s oldest bank led by Professor Misiek Piskorski earns Gold Award
The winners of the 2019 EFMD Excellence in Practice Awards have been announced and IMD has once again received international recognition for the excellence in its learning and development programs. This year IMD Professor Misiek Piskorski has won a Gold Award in the Organizational Development category for their case study titled: “SCB & IMD: Accelerating digital transformation at Thailand's oldest bank”.
“We are humbled by this recognition of our ongoing partnership with SCB, which seeks to improve the lives of its customers and its employees and contribute to the economic growth of Thailand,” said Misiek Piskorski. Professor Piskorski was supported by Simon Craft, Executive Director of IMD’s Executive Learning Center in Southeast Asia.
About the case study:
Digital technology has been developing faster than many industries can exploit its advantages. Often organizations embark on digital transformation initiatives by starting with low-hanging fruit such as embracing social media and making their products and services available online. Real transformation requires a new business model, but companies often struggle to develop and implement it.
Siam Commercial Bank (SCB), one of Thailand’s largest retail banks, was not interested in piecemeal efforts. For SCB president and CEO Khun Arthid Nanthawithaya, digital business transformation would have to touch the bank’s entire structure to succeed. All segments of the workforce would have to develop execution skills, engage in hands-on transformation projects and forge a shared organizational mindset.
To accelerate this process, SCB partnered with IMD to implement a framework for digital transformation strategy and leadership. It was then rolled out across four different levels of the bank, using a variety of learning methodologies appropriate to each level. The rollout emphasized training senior SCB executives to become trainers across the bank, which allowed the company to propagate the key messages as well as develop a learning and coaching culture.
Mr. Worawat Suvagondha, First Executive Vice-President, Head of Agile Capability Development at SCB said: “We are pleased and honored to accept this award in joint partnership with IMD which we have long admired and respected. An enormous salute to all of this year’s nominees each of whom have made incredible contributions to the success of their organizations.”
EFMD is the largest international network association in the field of management development.