Back to the future: Why every business journey should start with a destination
It should come as no surprise that we live in a digitised world. Businesses recognise that they must engage their stakeholders through diverse digital channels if they want to survive (and thrive), with buyers and their people, in fact, the whole of their organisation working and engaging in a digital way. This is different from the traditional way many do things today – it means thinking differently, thinking creatively and taking an ‘Experience First’ approach.
But what does this mean?
Former Harvard Business School marketing professor Theodore Levitt explains it: “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.” Essentially, businesses need to stop creating a problem to sell a solution. This means putting the buyer first, prioritising the ‘experience first’ approach when it comes to defining the digital future of their business. In other words, what experience do you want your buyer to have of your business? However you operate internally will reflect the experience of your buyers, your suppliers and whoever interacts with you.
But how many insurance organisations are really asking themselves the important questions? If you’re a modern business you most certainly are:
- What are the business benefits of digital technology for us?
- Digital businesses are masters at turning data into insight and value. How do we do the same?
- What type of experience can this deliver to our external buyers; our people; our suppliers and business partners?
- Innovation and collaboration are likely to be important but what does this mean?
- Do we need to change our leadership style, organisation structure, and incentives and goals for our leaders and our people? Are we brave enough to?
- How do we start this process of change and deliver these digital possibilities?
It’s about looking at your business from the outside. It’s about challenging your assumptions and pre-suppositions and becoming clear about your digital intention. Getting your senior stakeholders to agree and align on these answers won’t be easy, but it needs to be the starting point before assuming it’s the technology alone you need to change. It’s about coming up with a roadmap, underpinned by a clear appreciation of what journey you need to take…it may not be wholesale transformation….it may be tactical change – but at least you’ll know why you’re making it.
At a time when the biggest risk in insurance is doing nothing, that means there is now a real opportunity to gain a competitive advantage by making a fresh start. Use this time to pause, albeit briefly, to give real thought to your customer’s journey and their destination. After all, if your business was created in today’s world, what would it look like?
To learn more about our Digital Intention service and how CSC is transforming insurance in general and the London market in particular, register for our event at Landing Forty Two, Leadenhall Building on the 11th October at www.csc.com/transform-london #TransformWithCSC
By Penny Bannister, Practice Partner, Digital Intention, Xchanging, a CSC Company