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Keys to Enabling Successful DigitalTransformation

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

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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 &

CHANGETECHNOLOGY

DATA &

ANALYTICS

ALLOCATED

BUDGET

DIGITALLY-

MINDED

LEADERSHIP

Digital Business Success

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Leadership matters

Forbes.com

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Digital Challenges to Fundamental Value Propositions

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Where can AI be found today?

Personal/Home

Assistants

Customer Support –

Chatbots (Web,

Mobile & Voice)

Recommendation

systems

Smart Cars

Fraud Detection

Image/Facial

Recognition

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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

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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”

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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

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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).