8/31/2017 2:16:02 PM | less than a minute read

How companies can catch up to the digital revolution

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Mike Daly

Digital Claims Transformation, Insurtech, Analytics

Get in touch

Mike Daly

Digital Claims Transformation, Insurtech, Analytics

The successful digital transformation enterprises will cream off the majority of profits

See "Winner takes most in digital transformation"

If you are behind your competitors when it comes to digitising analogue processes Mckinsey describes five steps to catch-up.

Break the compromise
Bring in the digital muscle
Activate many fronts
Establish a digital control tower
Make the change personal

Well worth reading this- follow the link below to the full article. You may even be able to leapfrog over those with a headstart. In fact, first movers often lose out to those that note early successes and failures and do it right from the beginning

As Michael Busch, the CEO of German bookseller Thalia, looked across the Atlantic at the U.S. book market in the mid-2000s, he had a dispiriting preview of what might happen when the full effect of the digital revolution hit his own shores. Even then, Amazon was taking significant market share in Germany. The picture looked bleak. Stay current on your favorite topics Subscribe Rather than wait for the full force of the looming crisis to hit, Busch jump-started a rapid turnaround program that significantly ratcheted up his company’s digital capabilities. Working with a network of partners, rolling out bold innovations at speed, and instilling a new culture that favored action over perfection, Thalia launched a number of significant initiatives, including the rollout of an e-reader called Tolino. By 2013, it had reversed its lagging market share to overtake Amazon.

www.mckinsey.com/...