Keys to Enabling Successful Digital Transformation Digital... and digital transformation 2. Building...

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Transcript of Keys to Enabling Successful Digital Transformation Digital... and digital transformation 2. Building...

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 11

    Keys to Enabling Successful Digital Transformation

    May 26, 2020

    Dan Woodward (linkedin.com/in/danwoodward345)

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 2

    Is your organization just “doing digital?”

    or

    Is it engaged in a strategic, intentional,

    and cultural shift around technology enablement?

    E-marketplaces generated 70%

    of all consumer-goods sales growth

    between 2013 and 2018.

    Internet meme

    McKinsey

    January 2020

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 3

    Today’s Topics

    1. The difference between digitization, digitalization,

    and digital transformation

    2. Building blocks essential to digital business success

    3. New customer value propositions

    4. The role of Artificial Intelligence (AI)

    5. Ways to empower your employees and prepare them

    for the future of work

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 4

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 5

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 6

    DIGITAL

    BUSINESS

    STRATEGY

    STAFF &

    CUSTOMER

    ENGAGEMENT

    CULTURE &

    CHANGE TECHNOLOGY

    DATA &

    ANALYTICS

    ALLOCATED

    BUDGET

    DIGITALLY-

    MINDED

    LEADERSHIP

    Digital Business Success

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 7

    Leadership matters

    Forbes.com

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 8

    Digital Challenges to Fundamental Value Propositions

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 9

    Where can AI be found today?

    Personal/Home

    Assistants

    Customer Support –

    Chatbots (Web,

    Mobile & Voice)

    Recommendation

    systems

    Smart Cars

    Fraud Detection

    Image/Facial

    Recognition

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 10

    So what?

    Big trends are not hard to spot but can be strangely hard for

    large organizations to embrace. We’re in the middle of an

    obvious one right now: Artificial Intelligence.

    – Jeff Bezos, CEO, Amazon

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 11

    AI is important to business

    #1 – Efficiency: In the future you will not be able to keep up without AI – especially Machine Learning.

    #2 – Customer Experience: Consumer expectations have increased, fostered by higher standards of customer experience of top companies.

    #3 – Revenue Growth: Lead generation, new channels, market disruption, and even market creation can lead to increased revenue.

    think the

    experience with

    these companies

    raises their

    expectations for all

    the companies they

    use, not only for

    the ones that

    operate in the

    same industry

    83%

    “B2E”

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 12

    My View of AI

    Humans need to …

    ➢ Train machines

    ➢ Explain the outcomes

    ➢ Sustain responsible use

    Machines need to …

    ➢ Free us for higher-level tasks

    ➢ Amplify our cognitive strengths

    ➢ Extend mobility & physical capabilities

    AI will complement and augment human capabilities -– not replace them.

    “It’s not man versus machine; it’s man with machine versus man without.

    The future belongs to those who understand at a very deep level how to

    combine their unique expertise with what algorithms do best.”2

    • Sources: 1 = Humans and AI are Joining Forces, HBR July-August 2018;

    2 = The Master Algorithm by Pedro Domingos, 2015

    1

  • © 2018 Assurant, Inc. All rights reserved. Company confidential. 13

    Empower Employees & Prepare them for the Future of Work

    1. Be transparent.

    • Successful transformations are 4x more likely to succeed if you address the

    mindsets of employees (McKinsey).

    2. Provide employees with the means to be more agile.

    • Automate low-value tasks.

    • Create dashboards for real-time monitoring.

    3. Offer long-term learning / Commit to upskilling and reskilling.

    • There will be a skills gap.

    • There will be job displacement.

    4. Institute proactive change management.

    • Prepare middle management with HR.

    • Culture is the biggest barrier to scaling digital initiatives (Gartner).