Digital Transformation – Altimeter by Brian Solis
Article Synopsis :
A new era of connected markets is emerging brought about by new technologies and evolving customer needs. In the research paper “Digital Transformation”, Brian Solis from Altimeter explains what digital transformation is, how companies are embracing change, and the challenges and opportunities that emerge throughout the process. Although not specific to Insurance, the research paper findings represent important recent trends and milestones in digital transformation that can benefit insurers who are seeking to adapt to digital markets in meaningful ways. Key findings of the research paper are:
- Social, mobile, real-time, and other disruptive technologies are aligning to necessitate bigger changes than initially anticipated.
- Digital transformation is quickly becoming a priority for many leading organisations.
- Mapping and understanding the customer experience is becoming critical in guiding transformation efforts.
- While gaining momentum, digital transformation as a formal process is still in its infancy.
- Digital transformation is driven partly by technology and also by the evolution of customer behaviour.
- Three key elements form the compound upon which digital transformation efforts are built:
- It is most effective with pointed vision and supportive leadership.
- Optimizing the digital customer experience becomes the initial objective.
- Change materialises through the formation of a digital transformation team.
- A list of best practices will serve as a checklist to help strategists take the next steps to beginning digital transformation or optimising current efforts.
The report also highlights important benefits of the digital transformation that include:
- Updated company vision
- Thriving culture of innovation
- Improved customer journey
- Greater competitive advantage
- Increased internal collaboration
- More empowered workforce
- Improved efficiency
- Deeper data analysis
- Increased customer conversion and loyalty
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Digital Insurer's CommentsInsurers today need business agility to address the challenges posed by the overwhelming digital disruption caused by digital technologies and platforms. Insurers’ success at addressing the disruption challenge will be directly proportional to the digital customer experience they deliver. Digital empowerment has raised customer expectations and insurers who succeed in addressing heightened customer expectations through seamless operations and business processes will emerge as leaders in the coming future.
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