‘New research […] has found that only a minority of businesses feel they have the digital and leadership capabilities to make digital transformation a success. Just 39% of businesses felt they had the digital capabilities necessary, and only 35% thought they had the requisite leadership capabilities.’ Ryan Smith, Insurance Business Magazine
To date, industries such as insurance and legal services may have been slow to feel the impact of digitisation, protected from disruptive forces by regulation or customer loyalty. In the current climate, businesses are faced with challenges on many fronts: political uncertainty, regulatory change, cyber risk, decreasing margins and higher levels of competition though reduced barriers to entry.
Technological advancements can shake up whole sectors, and those who fail to evolve and adapt can be left struggling for survival. A clear strategy and an agile operating model are vital when considering organisational change. When developing a corporate strategy, it is crucial to consider the place of digital and how an organisation can use technology as an enabler, not a solution.
In order to ensure a successful transformation project, organisational buy-in and long-term strategic considerations are key. We have worked with clients on a variety of transformation and change projects, from re-engineering business operating models through to full reviews of data governance, technical infrastructure and internal education and transformation.