Mix one part passion, one part vision and two parts practitioner who is engaged in defining and executing strategic initiatives. The result will be a simple but powerful recipe for transformation.
While digital transformation is a topic that is often discussed, the broader goals are often lost in:
By isolating specific use cases, both these approaches only partially serve the purpose of building out a roadmap to digital transformation.
Our webinar on digital transformation in insurance, led by Ashish Srivastava took a different, and a more holistic view. Ashish is an expert in digital business in the insurance sector for Mindtree, and essentially laid out three pillars that span the entire organization and the complete value chain:
These fundamental pillars encapsulate customers (and segments) and stakeholders, channels, product portfolios, business functions, information orchestration, data and analytics and innovations for the future, thus enabling a bird’s eye view of the organization.
These pillars are then mapped against three capability stages:
By assessing your capabilities against these pillars and against these capability stages, the as-is picture clearly emerges while highlighting the gaps and priority areas to focus on.
Some interesting questions came up:
Congratulations! But it’s time to evaluate two aspects. First, evaluate against the three stages to see how mature your tech and operational processes are. Generally, in a fast-paced innovation environment, there is significant refactoring to be done, which gets ignored as time passes. While the tip of the iceberg may shine, the rest may not. Secondly, evaluate how the customer views you. Do they work in silos with one part of your product portfolio, or do they receive a treatment based on who they are and what they aspire to achieve (explicit and implicit)?
True. This is indeed a fast paced world with disruptive changes occurring almost every day, be it new global rollouts, product changes or creation of new services. The key is a service oriented, platform based approach that allows you greater agility to change.
Actually, there were two. First, even as you build a vision and execute the roadmap, achieving quick wins is extremely important. Quick wins provide you the ability to test waters and respect boundaries. Secondly, create a council of key leaders who collaborate and engage often to review progress and constraints. This helps to bring down boundaries, and to champion the change needed through greater buy-in.