Digital transformation refers to the integration of technology into all areas of a business resulting in profound changes in how the business operates and interacts with customers.
A recent McKinsey and Company blog post points out that successful companies do not just focus on a digital strategy but instead devise a strategy for the digital age — “a complex, many-tiered undertaking that is made more challenging by continuously shortened development cycles.”
The post explores a few of the digital transformation lessons insurance companies learned in 2017 and questions CEOs should be asking in 2018.
Lessons learned in 2017 include:
- Focusing on the big picture
- Understanding value drivers
- Prioritizing technological literacy
Key questions for 2018 are:
- How should we approach investing in digital?
- What is our ecosystem strategy?
- Are we seeing enough value from data and analytics?
- Is IT effectively partnering with the business?