Full article with thanks to: forbes.com/sites/forbestechcouncil/2023/08/17/navigating-change-management-in-the-era-of-generative-ai Generative AI is set to revolutionise the workforce, dramatically changing what we do and how we do it. As we enter this new era of generative AI, business leaders face the difficult task of discerning how to implement the technology alongside their workforce—and whether it will replace certain positions altogether. As companies look for …
The Five Pillars of Effective Digital Innovation Governance
Full article with thanks to: sloanreview.mit.edu/article/rethinking-governance-for-digital-innovation Rapid, iterative, customer-centric innovation is possible in large companies — but not if you carry over your traditional ways of working. Innovative ventures need innovative governance. When global chemical company BASF launched its Onono lab in São Paulo, Brazil, its mission was to accelerate innovation through rapid collaboration with local partners and startups. But …
Bridging the Digital Divide in Insurance Underwriting: A New Era of Data Integration
Full article with thanks to: insurtechinsights.com/making-the-digital-leap-in-underwriting Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to …
From Vision to Reality: Secrets to Building Winning Roadmaps for Business
Full article with thanks to: forbes.com/sites/forbestechcouncil/2023/09/14/20-effective-and-industry-current-roadmapping-methods-and-tips/ Developing a roadmap is a key skill for a tech leader or product manager. These dynamic, visual plans detail the scope of both individual projects and tech team initiatives, and they unify stakeholders around a common vision that’s highlighted by essential tasks, goals and priorities. While there are a number of roadmapping strategies and …
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 …
From Chaos to Clarity: How Processes Enhance Organisational Efficiency
In the contemporary realm of management, organisations are increasingly recognising the pivotal role of processes in achieving efficiency, coordination, and clarity. This blog delves into the transformative potential of processes in enhancing organisational efficiency and offers a comprehensive overview of this crucial concept. Let’s explore this journey step by step: The Imperative for Process-Oriented Management In today’s rapidly evolving business …
Navigating the Digital Risk Landscape: 7 Building Blocks for Success
Full article with thanks to: mckinsey.com/capabilities/risk-and-resilience/our-insights/the-future-of-risk-management-in-the-digital-era he facts about the digital era are becoming familiar but remain astonishing. Computing power has doubled annually since the 1970s,1 and costs have fallen at about the same rate. With every human activity now digitally recorded (even sleep, in Apple’s new health app), more data have been generated over the past two years than in all …
Mastering Change Management: Understanding Driving Forces and Navigating Roadblocks
Full article with thanks to: online.hbs.edu/blog/post/change-management-process Businesses must constantly evolve and adapt to meet a variety of challenges—from changes in technology, to the rise of new competitors, to a shift in laws, regulations, or underlying economic trends. Failure to do so could lead to stagnation or, worse, failure. Approximately 50 percent of all organisational change initiatives are unsuccessful, highlighting why knowing how …
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, …
Digital Transformation for Small Businesses: Making it Work for You
Full article with thanks to: forbes.com/sites/forbesfinancecouncil/2023/06/15/digital-transformation-in-finance-how-companies-can-boost-resiliency/?sh=3a68a8f14dd8 Heading into 2023, many economists predicted that this would be yet another challenging year. Q1 began with the continuation of management teams trimming operating costs in the form of mass layoffs across business industries in attempts to offset an inflationary and high-interest-rate environment and came to a close with industrywide worries about the health of the global banking …
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 …
The Human Side of Change Management: Unveiling the Power of Getting Personal
Full article with thanks to: mckinsey.com/capabilities/people-and-organizational-performance/our-insights/getting-personal-about-change Asurefire way to shoot yourself in the foot when you’re leading a large-scale change effort is to ignore what’s on the minds of your employees. In research we conducted for our recently published book, Beyond Performance 2.0 (John Wiley & Sons, July 2019), we found that executives at exactly zero companies that disregarded an analysis of employee …
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 …
Digital Transformation Debunking: the 5 Biggest Myths That You Need to Know
Full article with thanks to: forbes.com/sites/bernardmarr/2023/06/13/the-5-biggest-misconceptions-about-digital-transformation If you’re interested in business and technology, I’m sure you’ve come across the term “digital transformation” quite a lot in recent years. The basic take is that it’s about leveraging the latest emerging technology trends – perhaps artificial intelligence (AI) or the Internet of Things (IoT) in order to do business more effectively. That …
How Customer Value Drives the Digital Transformation Path
Full article with thanks to: forbes.com/sites/forbesbusinesscouncil/2023/06/26/before-you-manage-others-manage-yourself-first/?sh=14ab35591b20 During the past several years, the digitisation of business processes accelerated more than anyone thought possible. Overall, these changes had a positive impact on businesses, enabling them to meet market demand, overcome staff and supply chain shortages and even find more efficient paths to market and revenue. While the collective experience has been a …
From Now to Next: How Change Management Creates Business Success
Full article with thanks to: forbes.com/sites/forbesbusinesscouncil/2023/04/26/change-management-how-to-get-from-now-to-next/?sh=5635389c5be6 As a leader, if there is one change management challenge that is never easy to navigate, it is a layoff. It is a complex and emotional experience and can be difficult for your employees and the organisation. It’s easy to feel overwhelmed and unsure of the best way to navigate this uncertain time because …
How Companies Are Relearning How to Learn
Full article with thanks to: sloanreview.mit.edu/article/its-time-to-face-the-three-challenges-of-learning Most executives acknowledge that learning is crucial to the performance of their business. But at a recent research workshop that my team and I ran with executives from over 40 companies, it became clear that organisations’ traditional learning models are facing pressure from the emergence of new work models. The participants identified these three …
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 …
Generative AI Enhances Customer Service Jobs, Not Erases Them
Full article with thanks to: https://hbr.org/2023/03/generative-ai-will-enhance-not-erase-customer-service-jobs The potential for generative AI like ChatGPT to disrupt how humans interact with computers, change how information is retrieved, and transform jobs across industries has left a lot of company leaders scratching their heads. As with other breakthroughs in AI, ChatGPT and similar large language models (LLMs) raise big questions about their impact on jobs and …
Innovation Should Not Be a Leap of Faith
Full article with thanks to: forbes.com/sites/forbestechcouncil/2021/11/22/transformative-technology-requires-a-journey-of-trust/?sh=3fa3e6437277 The capacity for technology innovation to improve people’s lives depends first and foremost on individuals’ and communities’ willingness to use it, and the importance of the latter’s trust grows as the former promises greater transformation. A journey to earning it should be core to any development plan and every MVP. Innovation Should Not Require …
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 …
Looking for Better Adoption of Your New Technology?
Full article thanks to: inc.com/greg-satell/4-principles-of-digital-transformation.html When Steve Jobs and Apple launched the Macintosh with great fanfare in 1984, it was to be only one step in a long journey that began with Douglas Engelbart’s Mother of All Demos and the development of the Alto at Xerox PARC more than a decade before. The Macintosh was, in many ways, the culmination of everything that came …
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? …
5 Change Management Models
Full article with thanks to: blog.smarp.com/5-change-management-models-to-take-a-look-at Your teams’ ability to adapt to change has a direct impact on your business’s bottom line. Your teams’ ability to adapt to change has a direct impact on your business’s bottom line. The thing is, there’s no unique way to embrace change. The change management program you are about to implement depends on your industry, the company’s culture, …
How Boards Can Help Digital Transformations
Full article with thanks to: mckinsey.com/business-functions/mckinsey-digital/our-insights/how-boards-can-help-digital-transformations Few board directors would dispute the importance of digital and how it’s fundamentally reshaping the competitive landscape in almost every sector. But many of those we speak to are uncertain about what their role should be in helping senior management drive the digital transformations that businesses need to execute in order to survive. In-depth …
Why Digital Transformation in Insurance Does Not Have To Be Disruptive
Full article with thanks to: isg-one.com/industries/insurance/articles/why-digital-transformation-in-insurance-does-not-have-to-be-disruptive Managers across industries see digital transformation as a major challenge that calls everything into question. They must 1) rethink and change their business model, 2) migrate from physical to digital channels, 3) buy and integrate startups, 4) understand new and emerging technologies, and 5) get rid of legacy systems immediately. This perception of a …
What Digital And Underwriting Changes Mean To The Insurance Industry
So what does digital and underwriting changes mean to the insurance industry? We take a look at new technologies, marketing, ad campaigns and other tools. Full article with thanks to: forbes.com/sites/forbesfinancecouncil/2019/12/11/what-digital-and-underwriting-changes-mean-to-the-insurance-industry Digital transformation is disrupting the insurance industry, and the changes are creating both new demands and new opportunities. While quick online quotes may be the most readily evident transformation …
5 Questions Boards Should Be Asking About Digital Transformation
Board members should consider digital transformation as an essential part of their current business model. Learn why digital transformation is valuable. Full article with thanks to: hbr.org/2021/06/5-questions-boards-should-be-asking-about-digital-transformation The CEO of a large retail company recently brought a $500 million digital-transformation-investment plan to his board. The board reviewed the proposal, but after asking a number of questions, they were unable to …
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 …