Fast tracking your Digital Transformation

 

The pandemic has accelerated Digital Transformation for large and small businesses alike. The lure of new audiences, efficiencies and reduced operating costs are attractive, despite a large number of  “legacy” businesses not being digitally ready.

The following are some high level tips to get you started:

Our research shows that Culture and Strategy are the 2 most important elements when embarking on your transformation journey:

  • Make sure you effectively communicate your new strategy to all stakeholders, including internal and external folks. Win the hearts and minds upfront!
  • Drive up your diversity in your organisation by hiring new team members with digital backgrounds and industries outside of your sector – diversity of thinking will immediately add value!

Don’t over invest in technology upfront. Firstly, land on cultural, structural and strategic elements. Technology is not the silver bullet, this is why 60-70% of digital transformation projects fail.

Benchmark your organisation against immediate players in your sector and learn from this. The following example highlights the distance between FWD Insurance out of Hong Kong – benchmarking them against more traditional legacy players. They are clear leaders in Cultural and Strategic capabilities, which is the catalyst for their success.

Benchmark your organisation against immediate players in your sector and learn from this. The following example highlights the distance between FWD Insurance out of Hong Kong – benchmarking them against more traditional legacy players. They are clear leaders in Cultural and Strategic capabilities, which is the catalyst for their success.

 

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