“The end of digital transformation and the rise of business model innovation”
Sven Scandella
Independent Consultant, helping reinsurers with their technology solutions - outcome focussed
Business model adoption > technology adoption
We’ve all seen the articles. Namely those by McKinsey, Forbes, Whatfix; all reciting the ways and reasons why such big efforts to digitise have created such little impact on improving business processes.?
Hence, it’s quite a relief to read the headline:
“The end of digital transformation and the rise of business model innovation”
CIO discusses the evolution of digital transformation from a technology-led initiative to a more strategic, business-driven process.?
It has become very clear that business needs to take the wheel in any digitisation efforts as it is business goals which technological advancements are trying to achieve, afterall.?
And what may come from this as a result is the realisation that by solely focusing on modernising existing processes rather than reimagining business models for a digital world, companies are restricting the success they are seeing from their efforts.?
I am a strong advocate for gradual change and incremental steps, but this does not mean doing things half-heartedly or putting one's effort in the wrong place. There is a difference.?
And I truly believe, when working with the right people with the right mindset, there is an opportunity for reinsurance business leaders to rethink their approach and drive real digitisation forward by focusing on business model innovation rather than just technology adoption.
What do you think??
For those interested, here are the McKinsey, Forbes and Whatfix articles mentioned:?
Insurance/Reinsurance Business Systems Architect | IT Change and Process Optimization Project Manager | Executive MBA (Hons)
2 个月There is a reason for the "People, Processes, Systems" approach in Transformation Programs and the order is not to be ignored. As transformation practitioners, we should use every opportunity to remind this to all stakeholders involved. Love seeing this post, Sven ??
Digital transformation leader I Global Client Account Leader I Board Member I Large-scale organisational change I Delivering on technology driven business opportunities
2 个月?FINALLY‘, I am tempted to say. There are different understandings of the word ?transformation“ and I know that some Technology leaders believed that by just changing technology, moving to the cloud, preparing for AI you actually transform: maybe the tech stack or the technolgocial capabilities .. but without any major business impact you probably anyway should not invest and dive into major technology change anyway. Additionally, just applying a new technology to an existing business process does not really end in a transformation. So yes, if you are serious about a real re-invention which can result in a major impact on the business outcomes, then start with re-thinking your business .. and then try to understand whether you also need to change the underlying technology to achieve a transformative effect ….
Product Architect
2 个月Absolutely agree. All leaps forward in capability require a ground up rethink of your business model. Going further than that all truly revolutionary change, which never happens overnight, is where the market and societal model fundamentally changes to support new realities.