Delivering on the Promise of Digital Transformation – Harvard
Article Synopsis :
Emerging technology trends dictated by the empowered omni-channel customers are prompting insurers to take a more proactive approach towards managing their IT digitisation challenges.
How can IT best deliver organisations’ digital agenda?
In the BMC sponsored report “Delivering on the Promise of Digital Transformation”, the Harvard Business Review Analytic Services team highlight that in order to lead digital transformation, IT executives must focus on three areas: collaborating with business leaders to build a strategic vision, modernizing technology infrastructure, and rebuilding IT organizations to execute against new digital business goals. Although not specific to insurance, the report is still highly relevant to the industry and presents a framework to transform the business technology landscape. The report emphasises that IT and business must work together collaboratively and identifies seven areas to target which are among IT’s highest priorities:
- Strengthen the IT-business partnership
- Redesign IT performance reporting
- Become business-driven instead of technology-driven
- Improve IT resource prioritization
- Improve business intelligence and analytics competency
- Implement technology to support knowledge-centric processes
- Develop externally facing IT skills
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Digital Insurer's Comments
The insurance industry is in the midst of huge digital change and IT and technology teams are critical for the successful development and delivery of a digital strategy. However, we also believe that in order to be successful, IT leaders must transform their teams in order to meet the expectations of the business and its customers. Critically, organisations must break down any silos between IT and the business so that they can work collaboratively and this ethos must persist throughout the organisation.In addition, we believe that success in the emerging digital landscape will be highly dependent on three key technology driven initiatives:
- Seamless integration of legacy systems into modern IT infrastructure
- Monitoring and implementation of technology trends being adopted by customers
- Learning and adopting technology innovations from outside the industry
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About the Author
Hugh Terry
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Hugh Terry
CEO
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