If someone asked you to list the top 10 technologically cutting-edge, forward-thinking industries aggressively adopting digital transformation, chances are “insurance” would not be among them.
If someone asked you to list the top 10 technologically cutting-edge, forward-thinking industries aggressively adopting digital transformation, chances are “insurance” would not be among them.
Data has become the lifeblood of any modern enterprise. Making decisions on the basis of hunches and intuition can be valuable (assuming your hunches are correct most of the time). But to operate a medium- or large-size business, you need solid data and a way to extract actionable meaning from that data. Effective use of data is central to many companies’ digital transformation initiatives.
Polymath pol·y·math /[pol-ee-math] (noun): A person learned in many areas of the arts, sciences, and other academic disciplines.
-See Da Vinci, Leonardo
Just in case you’ve been hanging out in outer space for the last few years, IoT is the idea that all kinds of devices—from single-purpose temperature or pressure sensors in industrial machines and home automation devices to shipping containers, automobiles, and street lights—will be connected to each other and to the cloud in an ever-expanding network, both wired and wireless, providing data or carrying out useful tasks in isolation or in cooperation with other devices.
Digital transformation isn’t easy.
The hardest part for most companies has less to do with the technology itself. The hardest part is overcoming the organizational inertia that keeps organizations trapped in their current, antiquated processes. The process of getting stakeholders to examine and rethink their processes is a cultural change that takes time. Organizational change must be nurtured and can’t be imposed.
One of the biggest mistakes business leaders make is assuming what brought them success in the past (business models, core competencies, business processes, and tools) will continue to do so indefinitely.
