Full article with thanks to: nsurancethoughtleadership.com/going-digital/rules-digital-transformation Insurance systems need to talk to each other. They must be able to store, share, retrieve and use the same data. Data should flow unimpeded from the first collection of information, from a prospect or census, through underwriting to policy administration to claims. Failure to integrate data adds cost and complexity and introduces errors. …
Technology Alignment: The Key to Thriving in the Digital Age
Full article with thanks to: forbes.com/sites/forbestechcouncil/2023/09/14/digital-transformation-focus-areas-to-maximize-impact-for-your-business/ Every single day, an avalanche of interactions and operations introduces 328.77 million terabytes of data in the digital domain. To put that in perspective, this digit-packed figure is as grand as 328,770,000,000,000 bytes. Yet, having a lot of data means nothing if we do not know how to manage it and integrate its capabilities. Why Should We …
The Five Pillars of Effective Change Management: Insights from a Consultant
Full article with thanks to: medium.com/@abhijeet.gaware/5-fundamental-facts-about-change-management-explained Change management is a specialised field of study within the context of a particular organisation whereby it is a stated fact that change is essentially nothing but a state of transition from the present state of the business to a future one. Business organisations mostly look forward to one singular thing during the entire timeline …
The Power of ‘Why’ in Change Management: 6 Key Steps to Success
Full article with thanks to: forbes.com/sites/janesparrow/2021/05/07/ten-tips-for-effective-change-management-that-puts-your-team-first More so than ever right now, teams are working in a fully remote or hybrid way. This means it’s more important than ever to have effective change management strategies in place, to suit this new way of working. For leaders, an important part of this is making sure that we do everything in our …
The Four Key Routines for Sustained High Performance in Agile Organisations
Full article with thanks to: sloanreview.mit.edu/article/creating-management-processes-built-for-change Good management processes help a company execute its strategy and exercise its capabilities. But in fast-changing business environments, companies also need agile management processes that can help the organisation change when needed. The word “agility” has entered the business lexicon like few other terms in recent memory.1 Today’s strategists extol the importance of strategic agility …
Decoding Change: The Formula for Organisational Transformation
Anyone who pulls the organisation in new directions must look inward as well as outward. Full article with thanks to: mckinsey.com/featured-insights/leadership/change-leader-change-thyself Leo Tolstoy, the Russian novelist, famously wrote, “Everyone thinks of changing the world, but no one thinks of changing himself.” Tolstoy’s dictum is a useful starting point for any executive engaged in organisational change. After years of collaborating in efforts …
Unlocking the Power of Digital Hives: How Online Communities Drive Organisational Change
Full article with thanks to: mckinsey.com/capabilities/people-and-organizational-performance/our-insights/digital-hives-creating-a-surge-around-change New lessons are emerging for executives striving to harness the power of social media in the cause of wider employee participation. Clearly, there’s more to success than just investing heavily in the latest Enterprise 2.0 technology platforms. Large-scale engagement of the workforce requires, first and foremost, a firm grasp of organisational culture and its social …
Navigating the Culture-Transformation Matrix: Balancing Continuity and Change in Digital Transformations
Full article with thanks to: sloanreview.mit.edu/article/cracking-the-culture-code-for-successful-digital-transformation Finding the right balance between continuity and change can help leaders better manage the cultural changes that occur during a digital transformation. Full article with thanks to: sloanreview.mit.edu/article/cracking-the-culture-code-for-successful-digital-transformation Digital transformation transcends technology and business models. Organisational culture also plays a critical role in successfully leading an organisation into the digital era; indeed, the success …
Change to Survive: Learning How to Do So Quickly, May May Be One of the Most Important Powers of Tomorrow’s Successful Companies
Full article with thanks to: forbes.com/sites/forbesbusinesscouncil/2023/06/01/embracing-change-in-the-workplace The ability to quickly retool how we get things done may be one of the most important powers of tomorrow’s successful companies. And shedding our natural reluctance to change could be one of the biggest advantages we’ll attribute to the recent years of global turmoil. For eons, the process of work has changed constantly, …
Unlocking Success: How Small Businesses Can Master Digital Transformation
Digital transformation is a hot topic today, but what does it mean for small businesses? Eric Lamarre, Kate Smaje, and Rodney Zemmel, senior partners from global management consulting firm McKinsey, have a book coming out in June that addresses how companies “can build and flex their muscle by leveraging the power of AI, enhancing customer experience, and driving profitability through …
Proven Strategies to Inspire Effective Leadership and Management
Full article with thanks to: forbes.com/sites/forbesfinancecouncil/2023/06/15/how-to-instill-leadership-in-management It’s easy to conflate management and leadership, even though they are two very different experiences, each requiring its own unique skill set. “Manager” is a role of appointment, while “leader” is a role of selection. The standard for managing can be met with tactical execution through others, while leadership raises the bar and focuses …
Mastering Change Management: Five Dynamic Approaches for Shaping a Shared Vision
Full article with thanks to: forbes.com/sites/forbesbusinesscouncil/2023/03/30/in-pursuit-of-a-shared-vision-five-change-management-approaches-for-changing-times/?sh=6d0f654e61cb At all levels of an enterprise, the most defining change of the past decade may be the pace of change itself. Rapid technological innovation and evolving information streams have amplified the importance of agile approaches, and nowhere more so than in change management. Harvard Business School defines change management as the overall approach to guiding organisational …
System Implementation Success: Prioritising Change Management for Seamless Integration
Full article with thanks to: forbes.com/sites/forbestechcouncil/2023/04/19/to-successfully-implement-a-new-system-make-change-management-a-priority In the evolving post-pandemic business landscape, digital transformation is inescapable. Companies across every industry are leveraging technology at the centre of their outlooks and relying on a rapidly growing menu of SaaS and AI solutions to facilitate daily business processes. Spending on digitisation and automation is projected to reach $3.4 trillion U.S. dollars by 2026 (doubling 2022 …
The Unpredictable Path: Exploring the Irrational Side of Change Management
Full article with thanks to: mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-irrational-side-of-change-management Most change programs fail, but the odds of success can be greatly improved by taking into account these counterintuitive insights about how employees interpret their environment and choose to act. In 1996, John Kotter published Leading Change. Considered by many to be the seminal work in the field of change management, Kotter’s research revealed that …
Rollouts Made Easy: Understanding the Process and Benefit of Managing the People Change properly
Full article with thanks to: investopedia.com/terms/r/rollout.asp What Is a Rollout? Rollout is an informal business term for the introduction and integration of a new product or service to the market. A rollout often refers to a significant product release, which is frequently accompanied by a strong marketing campaign, to generate consumer interest. There can also be rollouts of new changes within …
Navigating Change in the Digital Era: Strategies for Effective Change Management
Full article with thanks to: https://www.forbes.com/sites/forrester/2023/06/23/change-management-in-digital-transformation/?sh=9db2f6316974 Change resistance is derailing transformations at an alarming rate. It’s no surprise that, according to Forrester’s Business And Technology Services Survey, 2022, change resistance is among the five most frequently selected challenges in executing digital transformation: 21% of global services decision-makers supporting their organisation’s digital transformation cited implementation of new processes and capabilities as one …
This is The Real Way to Improve Technology Adoption in Your Organisation
Full article with thanks to: forbes.com/sites/forbestechcouncil/2022/10/25/how-to-properly-use-data-to-boost-your-tech-adoption/?sh=76569a4e7e1c Data has become an essential resource for companies everywhere. A recent McKinsey survey found that more than 60% of businesses from all over the world believe they need to turn themselves into digital-first enterprises through the use of data analytics. It makes sense, though I expected that number to be higher. Why? Because digital transformation in …
Top Five Tips for Successful Mergers & Acquisitions
Full article with thanks to: forbes.com/sites/forbesbusinesscouncil/2021/09/13/top-five-tips-for-successful-mergers-and-acquisitions As the CEO of Revolution Capital, I’ve negotiated several mergers and acquisitions (M&A) over the years — including five in the past two years — and along the way, I’ve learned a lot. While each M&A is individually unique and should be managed as such, there are some key things that are consistent across …
What You Need to Know About Digital Transformation
Full article with thanks to: innopharmaeducation.com/news/digital-transformation-guide—what-is-it-and-the-4-main-areas Our world is becoming increasingly digital. From governments to education, industries across the board are consistently digitalising more and more, and those who don’t can find themselves lagging behind. Digital Transformation You may have heard the term ‘digital transformation’ in the past, whether in job titles or business presentations, but what exactly is it? …
Successful Change Management – 20 tips and Tactics
Full article with thanks to: change.walkme.com/successful-change-management What separates successful change management from unsuccessful change management? Driving organisational change is certainly not easy, which is why it’s so important to plan and execute change projects carefully. Below, we’ll cover 20 tips and techniques that can streamline change programs, increase the rate of success, and improve outcomes. Here are some of the …
Top Tips on Change Communication
Full article with thanks to: blog.smarp.com/change-communication-definition-and-best-practices Implementing the right change communication strategy is never an easy job. As most people resist change in the workplace, effective change… Implementing the right change communication strategy is never an easy job. As most people resist change in the workplace, effective change communications is the most important prerequisite for a successful organisational change. The business …
The Evolution Of Digital Transformation
Learn the evolution of digital transformation to get a better idea of how to use digital transformation in your organisation. Change management is the solution. Full article with thanks to: forbes.com/sites/forbestechcouncil/2021/08/12/the-evolution-of-digital-transformation The urgency of marketplace competition has long been the driver for making digital transformation a priority for enterprise organisations both large and small, in basically every industry. In recent …
Digital Transformation: Don’t Forget About The Customer!
A bit part of digital transformation is considering the customer. It involves a technology toolkit that’s made up of data analytics, insurance software and APIs. Full article with thanks to: insurancebusinessmag.com/us/news/technology/digital-transformation-must-happen-across-entire-insurance-ecosystem-226451.aspx The global COVID-19 pandemic has placed insurance technology under the spotlight. It has weeded out the digital front-runners from the digital dawdlers and has highlighted the importance of innovation …