11. It is easy to launch change initiatives. This preview shows page 1 - 5 out of 13 pages. Your next digital transformation project should look very different, When digital transformation fails, focus on the why and how of change, not just technology and transactions, Overnight digital transformation: Welcome to the year 2025, 60 months early, Digital transformation: Why companies need a sense of urgency.

Digital transformation is upon us, and every industry and every business is part of it. This helps on three fronts. European insurer Axa, for example, invested €950 million over just two years. Technology Office that tackle the theme of digital transformation as part of our continuing major research program on the economic impact of information technology. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. Any transformation will be dead in the water if it does not have the commitment of the CEO and the leadership team. This white paper will include an overview of current digital trends, insight on digital transformation of core processing and an outline of the key features that comprise

:7�-pk�� �;b���8������H�$74#� Terms of Use, A CXO's guide to digital transformation (free PDF), Most customers expect companies to accelerate digital initiatives due to COVID-19, Digital transformation: The difference between success and failure, Survey: 60% of respondents have altered digital transformation plans due to COVID-19. We are in the second camp. The digital unit therefore needs to be reintegrated at some stage, and that becomes more difficult as time passes. The more value a transformation captures as it progresses, the more it becomes self-funding and the greater the support it garners.

Along the way there will be important markers of success.

Digital transformation: the post-industrial utility.

$.' h�b```����@(�����������T�����A,��$^0�3�6�88˲�nȺ�Ģ�$����t Flip the odds. This almost always means looking for ways to cut costs—a counterintuitive notion for many executives who tend to focus on digital technology’s growth potential. Course Hero is not sponsored or endorsed by any college or university.

tab. CIO Jury: It's possible to undergo digital transformation without a roadmap in place.

“The reason traditional agency distribution hasn’t innovated is because it’s very hard to find someone steeped in digital who also understands field sales, and vice-versa,” she says. But context matters.

Typically, companies also struggle with cultural issues and challenges in recruiting new types of talent. digital banking features through the lens of customer experience, but also planning a total overhaul and transformation of their institution to suit the modern age. ��%U�G��jѣq�Do>0f���7�"�n��`x�\PYM��ᚦnx�r.HU3_U��D���g���*0��U@��q�rv�9�^;�A���1��9�Ժ��Zwy�t8�T����G� We'll email you when new articles are published on this topic. Getting to the purpose of digital transformation: Put relationships and trust first, How Coca-Cola European Partners juggles supply chain, offices amid COVID-19, Australian Red Cross putting data at the centre of its cloud strategy, © 2020 ZDNET, A RED VENTURES COMPANY. Please try again later. That investment is likely to result in lower profits for a while—but without it there is a serious risk to profits in the longer term. Everything you need to know, Digital transformation: It's time to invent the future we want (TechRepublic). One would be digital product and design. Nearly 2,600 CIOs surveyed by Gartner in 2016 said they devote 18 percent of their budgets to digital transformation, a figure that is expected to increase to 28 percent by 2018.

", According to this month's CIO Jury, some companies start the process of change without a solid plan in place. IT projects fall behind schedule, channel conflicts arise, and unexpected regulatory concerns emerge. It's also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.

They know that first-movers have an advantage. In the article  "How to use digital transformation to win budget," TechRepublic contributor Patrick Gray explains how to leverage interest in digital transformation to win budget dollars. No wonder McKinsey research has shown that 46 percent of financial services executives feel cultural or behavioral change is the biggest challenge they face in pursuing their digital strategies. Andrew Brem, chief digital officer of Aviva, says CEOs need to be “single-minded and aggressive” about driving the transformation. h�bbd```b``�"��H�� ��,��

It tried to defne what a digital process is and the …

To begin with, newcomers can (unintentionally) run roughshod over what is valuable in an incumbent: the reason many insurance companies have been around for more than a century is that they excel at what they do. Learn more about cookies, Opens in new

Whatever the choice, the ultimate goal has to be to enmesh the old and the new. To read all these articles, plus details on original research from ZDNet sister site TechRepublic Premium, download the ebook Digital Transformation: A CXO's Guide (free registration required).

To ensure early efforts thrive and build momentum, companies should consider carefully which projects to start with and support them with the necessary resources. endobj endobj

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Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it.

Disruption of other lines of business will surely follow.

Roughly, an insurer with premiums worth more than $5 billion should expect to hire between 20 and 100 new specialists during the first 18 months of a transformation.

That statement seems almost glib, given how often CEO commitment is positioned as the solution to any major challenge. ", The rapid set up of remote working due to the coronavirus has raised expectations around technology. 2 0 obj

For example, rather than making decisions by considering the business case or what competitors are doing, insist that the starting point is “How does this create value for the customer?” Moreover, change can begin in areas where there are fewer risks—in marketing, for example, by testing messages and channels to find out what is most effective. B7䱀'A��K��$J���|`�T��

One way to meet the challenge is to start by hiring a renowned expert to serve as an anchor hire, who will help to attract others, on the basis that they will be drawn to him or her more than they would be to an insurer per se. And from these early efforts and successes a set of ten guiding principles is starting to emerge (Exhibit 1). It is hard to keep them afloat and spawn more. To win early support, companies should start with projects that offer potential for significant rewards with manageable risk.

%���� cookies, McKinsey_Website_Accessibility@mckinsey.com. Digital transformation is a concept that increasingly figures at . Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy.

The importance of securing a high-caliber launch team, often under a CDO, cannot be overstated. Insurers that pursue digital transformation will meet challenges. We use cookies essential for this site to function well. Digital transformation is composed of the “digital” and “transformation” terms where the first one refers to the emerging technolo gies in today’s world while latter one describes the ZDNet contributor Mark Samuels explains more in the article "Your next digital transformation project should look very different."

This session focused mainly on the frst three of these, particularly in relation to digital processes. View 1.0 - Digital Transformation.pdf from CIS MISC at Lahore University of Management Sciences, Lahore. Most insurers are responding to some degree, albeit often cautiously. ZDNet contributor Eileen Yu digs into why in the article "Singapore firms credit COVID-19 for clarifying digital transformation plans.

If such people are simply parachuted into the existing structures of incumbents they can become bored and frustrated at the pace of change. Often, targets can be raised during the course of the transformation as prototypes reveal greater productivity improvements than have been assessed on paper. By registering, you agree to the Terms of Use and acknowledge the data practices outlined in the Privacy Policy. Change is happening fast and many, if not all, industries will be redefined. Such projects include customer services activities and the redesign of the claims process, from the moment a customer needs to file a claim to the moment of reimbursement. <>

* Initiatives that are strategically important, pay back quickly, and reduce complexity are the ones to prioritize.

tab, Travel, Logistics & Transport Infrastructure.

*�K�VVŕ�#��o�W4��Bm� �$������J;�:��軼��j�}�.r�V"��b So why bet on an uncertain future and risk cannibalizing existing profits or alienating distributors when they face more pressing issues, such as regulatory compliance? They can also start to create channel conflict, particularly if innovations threaten to cannibalize revenue streams.



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