Keeping Pace In A Digital World: What We Can Learn From The Tech Giants | Seattle Interactive Conference 2018
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Presenters: Rick Garber Senior Manager, Digital, West Monroe Partners Torben Nielsen, VP of Innovation and Strategic Investments, Premera Blue Cross Your company doesn’t need a digital strategy: it needs a strategy for a digital world. It’s a small nuance, but a big difference in terms of approach. The digital world is ever-changing and all-encompassing, and a strategy built for a digital world requires more than a better channel experience or the latest technology updates. It requires significant cultural shift and business model change that allows for velocity of agile teams, effortless operations, and data capabilities at scale. That’s a lot, we know. But it doesn’t have to be scary. There are a few key things any company can borrow from the technologically advanced to be a little more like them. This workshop, led by Torben Nielsen, VP of innovation and strategic investments at Premera Blue Cross and Rick Garber, senior manager in West Monroe Partners’ digital practice, will explore how Premera is shifting to become a capability-led, products-driven organization, much like a tech company—the “products” in this case being differentiated, market-leading, technology-enabled member experiences. This master class will remove the mystery behind what it means to be a product-driven company in order to unlock new levels of efficiency, agility and go-to-market velocity, no matter what kind of business you are in.
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Keeping Pace In A Digital World: What We Can Learn From The Tech Giants | Seattle Interactive Conference 2018
- 1. LEARNING OBJECTIVES: The pace of change is accelerating. Those who innovate and adapt fastest, win. To adapt and thrive (and survive), a strategy built for a digital world requires significant cultural shift and business model change. How is Premera shifting to be more like a tech company, to drive innovation and deliver differentiated, market-leading, technology-enabled member experiences? What are a few key things companies (in any industry) can learn from Premera, to drive innovation like a product-driven technology company?
- 2. WHAT IS DIGITAL? Digital is: applied-technology that changes business conditions, and creates an adaptive culture, and uses data to scale and grow. We believe every business must become a little more like a tech-company. Question is.. how?
- 3. HOW MIGHT YOU BUILD A STRATEGY FOR THE DIGITAL WORLD? Use Digital to run a PROFICIENT operation Force adaptation to a Digital PACE of change Use Data to create scale and PROGRESS “Speed is the new currency in business today. It’s not the big that will eat the small, but the fast that will eat the slow” Keith Krach, Chairman & former CEO, DocuSign
- 4. CUSTOMER FOCUS CULTURE & MINDSET OF AGILITY STRATEGIC PLANNING & INVESTMENT PRODUCT MANAGEMENT AGILE DELIVERY ENABLING INNOVATION: A FRAMEWORK FOR THE ADAPTIVE ENTERPRISE
- 5. When it comes to driving digital innovation, where are your greatest strengths? Where are your greatest challenges? POLL:
- 11. POLL: When it comes to driving digital innovation, in which area(s) will you focus in the next 12-18 months?
- 12. RICK GARBER WEST MONROE PARTNERS PREMERA BLUE CROSS TORBEN NIELSEN Rick Garber is a senior manager in West Monroe Partners’ Technology practice, based in Seattle, Washington. He has more than 20 years of experience in the design and delivery of business-driven technology solutions, program and project management, enterprise IT and software development, and process analysis and improvement. Torben Nielsen is the vice president of Innovation & Strategic Investments at Premera. Nielsen joined Premera in 2017. Torben is the former co-founder and senior vice president of product and strategy for HealthSparq and served as the vice president of eBusiness for Cambia Health Solutions. Q&A
Editor's Notes
- Rick will tee up learning objectives How is Premera driving innovation? What can others learn from Premera, to be more like a technology company?
- Rick tee up WMP’s perspective on Digital Transformation… The drive to Digital isn’t industry-specific, but signals a broader shift to a digital world where competitors aren’t just within one’s industry, but also outside. Three “ANDs” – applied technology that changes business conditions AND creates adaptive culture AND uses data to scale and grow WMP Research: We surveyed companies in four industries (Financial Services, Healthcare, E&U, Consumer & Packaged Goods) to understand Digital Maturity Key Finding: The more digitally mature your organization, the higher your revenue growth and profit margins—no matter what industry you’re in - Half of organizations we surveyed with annual revenue growth of at least 40% have high digital maturity - Financial services is furthest along, Healthcare the least - However, Healthcare scored highest in innovation, and leads the way in spending on new digital products and services So… we believe every business must be a little more like a tech company What does this mean, and how can you do it? Torben add additional color… “I work in healthcare during the day, then I go home to the 2st century”
- Rick tee up WMP perspective on three key issues we see organizations facing today… Proficiency – applying technology to drive efficient operations Pace – forcing adaptation to the Digital pace of change… speed and innovation Progression – using data to scale and grow For companies in traditional industries, Pace is a key issue driving the need for innovation More than just technology This isn’t just a technology or business shift, it’s a mindset shift. Crafting a strong digital vision requires not only infrastructure transformations, but cultural ones as well. “Speed is the new currency” In 1950s, average lifespan of S&P 500 companies was 60 years; today it is less than 20 years
- Rick tee up “framework for adaptive enterprise,” and let audience know Torben will speak to examples of each POV: Becoming an innovative and adaptive enterprise takes more than just sending your developers to Scrum training Organizations must align culture, mindset, and working practices across five key areas: - North Star Vision / Customer Focus – customer-centric vision to guide execution - Strategic planning and investment – lean/iterative planning and funding, looking outside your four walls; move away from command and control - Product-centric focus vs. project-centric focus – to evolve capabilities incrementally - Agile development and DevOps – to execute with speed and quality - Culture and mindset of agility – beyond agile practices… agile culture + agile people => business agility Key point: It isn’t enough to address one or several of these; it requires alignment across all areas. WMP Research 67% of very digitally mature organizations strongly agree that they have a clear digital vision Only 2% of digitally immature organizations say the same Torben speak to Premera’s vision of becoming the most customer obsessed health plan in the nation
- Rick – kick off poll with the audience Considering this framework, where are your greatest strengths when it comes to digital innovation? Greatest challenges?
- Rick: briefly tee up the topic We see lots of focus around driving engagement and experience Premera wants to be the most customer obsessed health plan in the nation How are you doing this? WMP Research: A focus on the customer when undergoing a digital transformation will vastly improve your organizations financial performance More specifically, when both of the following are true: - Customers’ digital interactions are convenient, effortless and enjoyable - Company is highly adept at leveraging data for insights, and predictive outcomes to improve customer experience Torben speak about “Premera Listens” program Rick: Prompt Torben for 1-2 key takeaways
- Rick: briefly tee up the topic Big plan up front may not be applicable any more HBR: “Why planning doesn’t need to be the enemy of agile”) https://hbr.org/2018/09/planning-doesnt-have-to-be-the-enemy-of-agile - 2016 HBR survey: most executives were frustrated with planning because they believed that speed was important and that plans frequently changed anyway - The quest to rethink strategic planning has never been more urgent and critical - How to align top-down priorities with bottom-up autonomy? - Agile planning: Able to cope with frequent and dynamic change; makes resources and funds available in a flexible way for emerging opportunities Additionally, to innovate and execute quickly, may need to look outside four walls and invest with partners in your ecosystem WMP Research: The most mature organizations are spending 35% of overall budget on digital initiatives Torben speak about: “Peak Care” as a JV for Premera/MultiCare to work better together Strategic investments with co-design partners (e.g. Cardinal Analytics) – good example of Progression Rick: Prompt Torben for 1-2 key takeaways
- Rick: briefly tee up the topic Product Mgmt: Bringing together operations, technology, and business functions to deliver products and services to market using the latest tools and methods Product focus vs. Project focus… avoid anti-patterns associated with projects Continuously explore and incrementally evolve Beyond products and services, also your business capabilities Torben speak about: Peak Care – launching MVP, 90-day test and learn cycles Setting up a test bed in Alaska that is a different market for Premera Start small, learn fast… Reid Hoffman, LinkedIn found: “If you are not embarrassed by the first version of your product, you've launched too late.” Rick: Prompt Torben for 1-2 key takeaways
- Rick: briefly tee up the topic Everyone is doing it, not everyone is doing it well What does it really mean to Premera, and how have you made it work? Torben speak about: Success of rapid execution by empowered, co-located, cross-functional, multidisciplinary teams Chatbot and apps… continuous customer feedback and iteration Rick: Prompt Torben for 1-2 key takeaways
- Rick: briefly tee up the topic This is about nurturing a team of digital achievers At Corbis Images, pioneering the use of Kanban… Darren Davis: “A Scrum Team, or a Kanban Team, is of far less value to any organization than a team of agile thinkers, people who have a good understanding of the theories behind agile, but are empowered to question everything, to experiment, to fail, to learn and move on” WMP Research: Today, what motivates the new generation of the workforce is an agile, start-up feel where employees can make decisions and impact quickly. Engagement: At very digitally mature organizations, 73% strongly agree their employees are engaged and intrinsically motivated Leadership: 51% of organizations with revenue growth rates 40% or higher have a definitive leader charged with executing on digital efforts Torben speak about: “Everybody wants to innovate, but nobody wants to change” Examples: Ideation tool, Disney Institute, Test Kitchen Importance of change management Rick: Prompt Torben for 1-2 key takeaways
- Rick tee up poll Considering this framework, where do you intend to focus in the next 12-18 months?
- Also.. Premera’s environmental, visual marketing campaign supporting our crowdsourcing healthcare challenge for our employees (elevator treatment part of this campaign) just won a placement in the Communication Arts pub in Jan/Feb 2019 – which is pretty outstanding