While many industries recognize the value of digital transformation and the role it plays in meeting increasingly high customer expectations, digital transformation maturity is lagging behind in several industries.
To learn more, Forrester Consulting conducted a study to evaluate the state of digital transformation across 6 industries, including retail, banking, healthcare, insurance, telco, and media.
Find out how each of these industries is faring in a digital-first world, and uncover the report’s key findings about:
The role of digital technologies in shaping customer relationships
Areas of improvement: From operations to digital marketing
Recommendations for the next steps in digital transformation
And more
Insurance rating software is defined as an integrated software to handle the needs of insurers of all sizes. It is used to calculate the premium associated with a policy or other transactions. It stores the rating rules and algorithms, the base rates and associated factors, and the rules necessary to combine the rates and algorithms to calculate a premium.
The document discusses the future of underwriting and how talent and technology will transform the role. It notes that underwriters will take on more transformative roles like sales executives, decision makers using predictive analytics, and customer advocates. Technology like sensors, telematics, and automation will change underwriting processes. Those who invest in analytical talent and tools like data management and pricing optimization will be better positioned for the future.
Capgemini Consulting Claims Ops Model Alignment Program 3 13 2015Claire Louis
The document discusses aligning an insurance company's claims operating model with its enterprise strategy. It provides an overview of key insurance trends related to claims transformation, customer experience, digitization, and product innovation. It outlines how aligning the claims model supports business goals like risk management, customer retention, and profitability. The document then describes components of an effective claims operating model and a strategy to guide insurers through assessing their current model and developing a targeted model through initiatives related to process, people, technology, and change management.
Enhancing and Sustaining Business Agility through Effective Vendor ResiliencyCognizant
Extracting continuous value from third-party vendors means methodically assessing their ability to remain best-of-breed amid ongoing technological change and ever-elevating customer expectations. Following our three guiding principles -- and proven framework -- can help.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
How Insurers Bring Focus to Digital Initiatives through a Maturity Looking GlassCognizant
When planning a digital initiative, it’s critical to understand where your company stands today and how it can get to where it needs to go. A new framework lets insurers assess their digital maturity, identify how best to move ahead, and gain insight into the practices of industry digital leaders to guide their own efforts.
The document discusses the future role of underwriters in the insurance industry. It states that underwriters will take on new roles beyond risk evaluation, including serving as sales executives, decision scientists, customer advocates, and innovators. They will leverage new technologies like predictive modeling, data analytics tools, and mobile/social media to perform these expanded functions. The document provides examples of how a future underwriter's day may involve activities like identifying sales opportunities, collaborating with agents, analyzing risk data, and developing new insurance products and services. It argues that insurers who help underwriters develop the necessary skills and talents to utilize new technologies will gain a competitive advantage.
This document discusses the limitations of manual reconciliation processes and provides steps to reduce reliance on reconciliation in the digital age. It recommends upgrading ERP platforms, enhancing synergy between IT and finance, identifying reasons for mismatches, and assessing the number of ledger accounts depending on business size. It also discusses how industry leaders like a global bank and airline have boosted productivity by 25% and eliminated revenue leakage by automating reconciliation processes.
Insurance rating software is defined as an integrated software to handle the needs of insurers of all sizes. It is used to calculate the premium associated with a policy or other transactions. It stores the rating rules and algorithms, the base rates and associated factors, and the rules necessary to combine the rates and algorithms to calculate a premium.
The document discusses the future of underwriting and how talent and technology will transform the role. It notes that underwriters will take on more transformative roles like sales executives, decision makers using predictive analytics, and customer advocates. Technology like sensors, telematics, and automation will change underwriting processes. Those who invest in analytical talent and tools like data management and pricing optimization will be better positioned for the future.
Capgemini Consulting Claims Ops Model Alignment Program 3 13 2015Claire Louis
The document discusses aligning an insurance company's claims operating model with its enterprise strategy. It provides an overview of key insurance trends related to claims transformation, customer experience, digitization, and product innovation. It outlines how aligning the claims model supports business goals like risk management, customer retention, and profitability. The document then describes components of an effective claims operating model and a strategy to guide insurers through assessing their current model and developing a targeted model through initiatives related to process, people, technology, and change management.
Enhancing and Sustaining Business Agility through Effective Vendor ResiliencyCognizant
Extracting continuous value from third-party vendors means methodically assessing their ability to remain best-of-breed amid ongoing technological change and ever-elevating customer expectations. Following our three guiding principles -- and proven framework -- can help.
Digitizing Insurance - Transforming Legacy Systems to Adopt Modern and Emergi...RapidValue
This paper explains how insurers can use the digitization (digitalization) opportunity to deliver greater value to their customers. It is also, revealed how the companies can gain competitive advantage. Insurers are able to engage more intensely with the existing customers and also, attract newer customers with the help of innovative products. Digitizing improves profitability and facilitates growth.
How Insurers Bring Focus to Digital Initiatives through a Maturity Looking GlassCognizant
When planning a digital initiative, it’s critical to understand where your company stands today and how it can get to where it needs to go. A new framework lets insurers assess their digital maturity, identify how best to move ahead, and gain insight into the practices of industry digital leaders to guide their own efforts.
The document discusses the future role of underwriters in the insurance industry. It states that underwriters will take on new roles beyond risk evaluation, including serving as sales executives, decision scientists, customer advocates, and innovators. They will leverage new technologies like predictive modeling, data analytics tools, and mobile/social media to perform these expanded functions. The document provides examples of how a future underwriter's day may involve activities like identifying sales opportunities, collaborating with agents, analyzing risk data, and developing new insurance products and services. It argues that insurers who help underwriters develop the necessary skills and talents to utilize new technologies will gain a competitive advantage.
This document discusses the limitations of manual reconciliation processes and provides steps to reduce reliance on reconciliation in the digital age. It recommends upgrading ERP platforms, enhancing synergy between IT and finance, identifying reasons for mismatches, and assessing the number of ledger accounts depending on business size. It also discusses how industry leaders like a global bank and airline have boosted productivity by 25% and eliminated revenue leakage by automating reconciliation processes.
The Briefing Room with Lyndsay Wise and Tableau Software
Live Webcast on Jan. 15, 2013
While Big Data continues to grab headlines, most information managers know there are many more “small” data sets that are becoming more valuable for gaining insights. That’s partly because business users are getting savvier at mixing and matching all kinds of data, big and small. One key success factor is the ability create compelling visualizations that clearly show patterns in the data.
Check out this episode of The Briefing Room to hear Analyst Lindsay Wise share insights about best practices for designing data visualization mashups. She’ll be briefed by Ellie Fields of Tableau Software who will demonstrate several different business use cases in which such mashups have proven critical for generating significant business value.
Visit: http://www.insideanalysis.com
Robust Analytics for Health Plans in an Era of ReformTeradata
This document announces a webinar discussing the challenges health plans face under the Affordable Care Act. The webinar will focus on how robust analytics can help health plans address new compliance issues like medical loss ratio analyses and risk adjustment. A panel of experts from Teradata, the American College, and IDC Health Insights will explore challenges for health plan CFOs and how to improve analytics for planning, budgeting, and reducing earnings volatility.
Serene Zawaydeh - Big Data -Investment -WaveletsSerene Zawaydeh
Big data solutions are being implemented in the investment industry among other industries, allowing processing of a large volume of variables including real time changes.
In addition to highlighting current applications of big data in the investment industry, this paper identifies applications of Wavelets in finance and Big Data. Wavelets are used for the analysis of non stationary signals. Academic studies proved the benefits of using Wavelets for forecasting financial time series, data mining among other applications.
Driving Value Through Data Analytics: The Path from Raw Data to Informational...Cognizant
As organizations gather and process colossal amounts of data, analytics is essential for operational and strategic excellence. We offer a guide to the phases of the data analytics journey, from descriptive to diagnostic to predictive to prescriptive, covering intentions, tools and people considerations.
The document discusses how a company called LGM Wealth Management was able to greatly reduce their time to revenue and cost to serve through the use of business mashups. It describes how insurance case management could be improved by capturing both structured and unstructured knowledge in a single shared space. Finally, it proposes how an insurance company could develop configurable insurance policies by defining products as a suite of modular components that customers can customize.
Platforms for Growth:Technology Innovations in the Insurance IndustryState Street
On behalf of State Street, the Economist Intelligence Unit conducted a global survey of 321 senior executives at insurance companies (June and July 2014), to examine the technology challenges facing the sector.
Leading Compliance Monitoring Activities to Assess Fraud and Corruption RisksRachel Hamilton
This document discusses leveraging forensic data analytics (FDA) to detect fraud. It notes that traditional audits only detect around 50% of fraud, demonstrating a need for improved analytics. FDA incorporates collecting both structured and unstructured data from sources like ERP systems, CRM, and documents to identify improper payments and behavior patterns. Effective FDA programs incorporate rule-based queries, statistical analysis, text searching, and data visualization. The document provides examples of how companies can design FDA programs, including gathering diverse data sources, processing the data, analyzing it for risk, and delivering results. It emphasizes that continuous monitoring is important for executive visibility, process improvements, and advanced fraud control.
The document discusses key trends in digital marketing and lessons learned from 2012. It analyzes data from marketing surveys to compare the practices of "Top Performers" to "Everyone Else". Top Performers are more likely to invest in marketing automation and focus on personalization. While adoption of automation grew in 2012, many organizations still rely on outdated batch email campaigns. The document recommends simplifying automation implementation and focusing on people, process and strategy in addition to technology.
The document discusses taking a holistic approach to implementing robotic process automation (RPA) in insurance operations. It emphasizes analyzing processes to identify those suitable for automation, considering automation as one of several tools in process improvement, and planning change management to address the impact on roles. A holistic approach considers governance, strategic alignment, talent impacts, and maintaining automation over the long run for successful RPA implementation.
A Customer Centricity Paradox; Whitepaper by AcxiomVivastream
The survey found two key paradoxes around customer centricity: 1) While most marketers assessed their capabilities as high, few could successfully measure results at the customer level. 2) Many said they focused on building customer insights, but this did not align with their companies' investment strategies. Additionally, the survey showed most marketers struggle with integrating customer data across online and offline sources and measuring success at the individual customer level. However, marketers remain committed to improving customer centricity and see top companies as role models for enabling personalized experiences through aligned strategies and capabilities.
Gmid Associates provides analytics services including predictive modeling, descriptive analytics, data mining, and dashboard solutions. They have experience across industries including banking, insurance, and retail. Case studies highlighted include developing churn prediction models for a telecom company, sales forecasting for an apparel retailer, and implementing collection scorecards for a bank. Gmid aims to help clients make better data-driven decisions through analytics.
Advantages of an integrated governance, risk and compliance environmentIBM Analytics
Risk management is increasingly becoming a strategic, executive-sponsored solution that many organizations view as providing a competitive advantage. When companies have an aggregated view of all the different kinds of risk and compliance data, they can start to generate insights about how to run the business better. In this presentation, learn why and how to empower business leaders to make more risk-aware decisions with visibility across controls and associated issues and actions throughout the organization.
Importance of High Availability for B2B e-CommerceSteve Keifer
This white paper explains how B2B e-Commerce technologies have become so critical to manufacturing and retail companies that further investment is required in high availability architectures.
Navigating Through Post-Merger Integration of CRM Systems: A Salesforce Persp...Cognizant
To execute a successful post-merger integration of customer relationship management (CRM) system Saleforce.com (SFDC), organizations must understand and address specific critical considerations. These include IT asset consolidation, unifying and streamlining the post-merger architecture and organizational structure, change management execution, data migration processes, and regulation and compliance requirements.
Equipping IT to Deliver Faster, More Flexible Service ManagementCognizant
IT must apply new strategies and tools to the service management function, in order to address fundamental changes in how end-users consume technology and services. Here's how IT can increase service delivery speeds and user satisfaction, while delivering greater business value.
Digital Transformation in marketing has shown what it can do for businesses like Uber & Amazon.Digital Transformation is the implementation of digital technologies to assets, processes & products to improve efficiency.
This document discusses the potential for "Robo-Advisors" or software-assisted wealth management advisors to address challenges in the industry. It notes rising customer expectations, threats of substitution from online advisors, growing costs and regulatory pressures, and the need for customizable service models. The rationale presented is that Robo-Advisors could help standardize solutions while still offering customization. They could assist human advisors in comprehensively handling client diversity and needs to structure optimal financial solutions. If effectively positioned and implemented, Robo-Advisors could enhance existing wealth management products and revolutionize the advisory business, particularly for underserved emerging markets.
The Road to Digital Maturity for Investment ManagersKurtosys Systems
Digital maturity is one way of gauging a company's level of success on their road to digital transformation; and there are many factors involved in assessing this. In this white paper we focus on five areas that, from our experience, play a vital role in theroad to digital maturity with investment managers in mind.
This document discusses building smarter organizations through analytics and agility by design. It describes trends in increasing data volume, variety and velocity that challenge organizations to keep up. The document advocates building organizational capability for business agility to sense changes, understand them through insights from analytics, respond through business actions, and continuously refine actions to improve business results. It outlines approaches for data foundations, information design, agile IT models, analytics frameworks, and active business ownership to build analytics-driven organizations.
The Essential Elements and Tips for Implementing a Successful Digital Transfo...PetaBytz Technologies
Digital Transformation Services will assist you and your organization by focusing on the critical elements that all effective digital transformations share.
The Briefing Room with Lyndsay Wise and Tableau Software
Live Webcast on Jan. 15, 2013
While Big Data continues to grab headlines, most information managers know there are many more “small” data sets that are becoming more valuable for gaining insights. That’s partly because business users are getting savvier at mixing and matching all kinds of data, big and small. One key success factor is the ability create compelling visualizations that clearly show patterns in the data.
Check out this episode of The Briefing Room to hear Analyst Lindsay Wise share insights about best practices for designing data visualization mashups. She’ll be briefed by Ellie Fields of Tableau Software who will demonstrate several different business use cases in which such mashups have proven critical for generating significant business value.
Visit: http://www.insideanalysis.com
Robust Analytics for Health Plans in an Era of ReformTeradata
This document announces a webinar discussing the challenges health plans face under the Affordable Care Act. The webinar will focus on how robust analytics can help health plans address new compliance issues like medical loss ratio analyses and risk adjustment. A panel of experts from Teradata, the American College, and IDC Health Insights will explore challenges for health plan CFOs and how to improve analytics for planning, budgeting, and reducing earnings volatility.
Serene Zawaydeh - Big Data -Investment -WaveletsSerene Zawaydeh
Big data solutions are being implemented in the investment industry among other industries, allowing processing of a large volume of variables including real time changes.
In addition to highlighting current applications of big data in the investment industry, this paper identifies applications of Wavelets in finance and Big Data. Wavelets are used for the analysis of non stationary signals. Academic studies proved the benefits of using Wavelets for forecasting financial time series, data mining among other applications.
Driving Value Through Data Analytics: The Path from Raw Data to Informational...Cognizant
As organizations gather and process colossal amounts of data, analytics is essential for operational and strategic excellence. We offer a guide to the phases of the data analytics journey, from descriptive to diagnostic to predictive to prescriptive, covering intentions, tools and people considerations.
The document discusses how a company called LGM Wealth Management was able to greatly reduce their time to revenue and cost to serve through the use of business mashups. It describes how insurance case management could be improved by capturing both structured and unstructured knowledge in a single shared space. Finally, it proposes how an insurance company could develop configurable insurance policies by defining products as a suite of modular components that customers can customize.
Platforms for Growth:Technology Innovations in the Insurance IndustryState Street
On behalf of State Street, the Economist Intelligence Unit conducted a global survey of 321 senior executives at insurance companies (June and July 2014), to examine the technology challenges facing the sector.
Leading Compliance Monitoring Activities to Assess Fraud and Corruption RisksRachel Hamilton
This document discusses leveraging forensic data analytics (FDA) to detect fraud. It notes that traditional audits only detect around 50% of fraud, demonstrating a need for improved analytics. FDA incorporates collecting both structured and unstructured data from sources like ERP systems, CRM, and documents to identify improper payments and behavior patterns. Effective FDA programs incorporate rule-based queries, statistical analysis, text searching, and data visualization. The document provides examples of how companies can design FDA programs, including gathering diverse data sources, processing the data, analyzing it for risk, and delivering results. It emphasizes that continuous monitoring is important for executive visibility, process improvements, and advanced fraud control.
The document discusses key trends in digital marketing and lessons learned from 2012. It analyzes data from marketing surveys to compare the practices of "Top Performers" to "Everyone Else". Top Performers are more likely to invest in marketing automation and focus on personalization. While adoption of automation grew in 2012, many organizations still rely on outdated batch email campaigns. The document recommends simplifying automation implementation and focusing on people, process and strategy in addition to technology.
The document discusses taking a holistic approach to implementing robotic process automation (RPA) in insurance operations. It emphasizes analyzing processes to identify those suitable for automation, considering automation as one of several tools in process improvement, and planning change management to address the impact on roles. A holistic approach considers governance, strategic alignment, talent impacts, and maintaining automation over the long run for successful RPA implementation.
A Customer Centricity Paradox; Whitepaper by AcxiomVivastream
The survey found two key paradoxes around customer centricity: 1) While most marketers assessed their capabilities as high, few could successfully measure results at the customer level. 2) Many said they focused on building customer insights, but this did not align with their companies' investment strategies. Additionally, the survey showed most marketers struggle with integrating customer data across online and offline sources and measuring success at the individual customer level. However, marketers remain committed to improving customer centricity and see top companies as role models for enabling personalized experiences through aligned strategies and capabilities.
Gmid Associates provides analytics services including predictive modeling, descriptive analytics, data mining, and dashboard solutions. They have experience across industries including banking, insurance, and retail. Case studies highlighted include developing churn prediction models for a telecom company, sales forecasting for an apparel retailer, and implementing collection scorecards for a bank. Gmid aims to help clients make better data-driven decisions through analytics.
Advantages of an integrated governance, risk and compliance environmentIBM Analytics
Risk management is increasingly becoming a strategic, executive-sponsored solution that many organizations view as providing a competitive advantage. When companies have an aggregated view of all the different kinds of risk and compliance data, they can start to generate insights about how to run the business better. In this presentation, learn why and how to empower business leaders to make more risk-aware decisions with visibility across controls and associated issues and actions throughout the organization.
Importance of High Availability for B2B e-CommerceSteve Keifer
This white paper explains how B2B e-Commerce technologies have become so critical to manufacturing and retail companies that further investment is required in high availability architectures.
Navigating Through Post-Merger Integration of CRM Systems: A Salesforce Persp...Cognizant
To execute a successful post-merger integration of customer relationship management (CRM) system Saleforce.com (SFDC), organizations must understand and address specific critical considerations. These include IT asset consolidation, unifying and streamlining the post-merger architecture and organizational structure, change management execution, data migration processes, and regulation and compliance requirements.
Equipping IT to Deliver Faster, More Flexible Service ManagementCognizant
IT must apply new strategies and tools to the service management function, in order to address fundamental changes in how end-users consume technology and services. Here's how IT can increase service delivery speeds and user satisfaction, while delivering greater business value.
Digital Transformation in marketing has shown what it can do for businesses like Uber & Amazon.Digital Transformation is the implementation of digital technologies to assets, processes & products to improve efficiency.
This document discusses the potential for "Robo-Advisors" or software-assisted wealth management advisors to address challenges in the industry. It notes rising customer expectations, threats of substitution from online advisors, growing costs and regulatory pressures, and the need for customizable service models. The rationale presented is that Robo-Advisors could help standardize solutions while still offering customization. They could assist human advisors in comprehensively handling client diversity and needs to structure optimal financial solutions. If effectively positioned and implemented, Robo-Advisors could enhance existing wealth management products and revolutionize the advisory business, particularly for underserved emerging markets.
The Road to Digital Maturity for Investment ManagersKurtosys Systems
Digital maturity is one way of gauging a company's level of success on their road to digital transformation; and there are many factors involved in assessing this. In this white paper we focus on five areas that, from our experience, play a vital role in theroad to digital maturity with investment managers in mind.
This document discusses building smarter organizations through analytics and agility by design. It describes trends in increasing data volume, variety and velocity that challenge organizations to keep up. The document advocates building organizational capability for business agility to sense changes, understand them through insights from analytics, respond through business actions, and continuously refine actions to improve business results. It outlines approaches for data foundations, information design, agile IT models, analytics frameworks, and active business ownership to build analytics-driven organizations.
The Essential Elements and Tips for Implementing a Successful Digital Transfo...PetaBytz Technologies
Digital Transformation Services will assist you and your organization by focusing on the critical elements that all effective digital transformations share.
Why, When and How Do I Start a Digital Transformation?Acquia
The document discusses digital transformation and provides guidance on how to execute it. It emphasizes defining a clear digital ambition and envisioning how digital can provide new advantages for the business. It recommends assessing customer needs, known and unknown, and using these to develop projects and a roadmap. Finally, it outlines a framework for imagining, delivering, and scaling the digital transformation through iterative development and close monitoring of results.
Digitization affects almost everything in today's organizations, which makes capturing its benefits uniquely complex. However
1. Getting the engine in place to digitize at scale is uniquely complex as digital touches so many parts of an organization requiring unprecedented coordination of
People,
Processes, and
Technologies.
2. A strategy to increase revenue which generates the most value requires
A clear vision and plan for how to capture that value, and
Technologies and tools to digitize interactions with customers.
New capabilities and teams to manage and coordinate the delivery of those journeys across the organization.
3. With the average corporate life span falling for more than half a century(Standard & Poor’s data show it was 61 years in 1958, 25 years in 1980, and just 18 years in 2011) digitization is placing unprecedented pressure on organizations to evolve. That means digitally driven business model is crucial to survival.
Digital transformation can be defined as a process whereby an organization shifts their business models, processes, and organizational culture with digital technologies to adapt to changing customer behaviors. They adapt to meet ever-changing customer expectations and engage with consumers in innovative ways. Transformational journeys require acurate assessments, learning, growth, and monitoring of:
1) People and Culture;
2) Capacity and Capabilities;
3) Innovation; and
4) Technology.
The document summarizes a Forrester report that evaluates 10 leading business transformation consultancies. It finds that Deloitte, Accenture, PwC, IBM, and Cognizant lead in offering complete solutions, innovative approaches, and high-quality delivery. Capgemini, KPMG, EY, TCS, and Infosys are also strong but have some limitations. The evaluation criteria include the consultancies' current offerings, strategies, and market presence. Business transformations are increasingly global, complex projects requiring expertise in areas like organizational change management.
[Earley] Building a Successful Digital Transformation RoadmapDuy, Vo Hoang
Digital transformation will be a top priority for boardroom
executives during 2016. Here are some data points:
• 125,000 enterprises expect revenue from their digital
initiatives to increase by 80% by 2020 (Gartner)
• Digital transformation initiatives will more than double by
2020, from 22% to almost 50% (IDC)
• Only 27% of businesses have a coherent digital strategy for
creating customer value in place (Forrester)
Are you ready for digital transformation? Do you have a digital
transformation roadmap? Does it lay a solid foundation for a
successful transition to your future digital business? In order to
succeed, you need to start with a current assessment, identify
gaps and define the actions and resources required to fill those
gaps along the four paths of people, process, technology and
content.
Be Digital or Die - Big Data in Financial ServicesFintricity
Leveraging Big Data, disruptive technologies (such as Blockchain) and new business models to digitally transform financial services companies. Presented by Alpesh Doshi at the Big Data Innovation Summit in San Francisco 2016.
Digital transformation in sales: Evolving the Art of Customer EngagementAbhishek Sood
Digital transformation in sales requires organizations to continually evolve how they engage customers through both personal and digital interactions. The document discusses the different stages organizations go through in their digital transformation journey from Skeptics to Drivers. It describes how Drivers constantly experiment with advanced technologies to engage customers and gain a competitive advantage, resulting in 50% greater revenue growth compared to less transformed organizations.
Embracing the Future - How Enterprise Digital Transformation is Revolutionizi...TechnoMark Solutions
Welcome to TechnoMark Solutions, a cutting-edge tech company that is revolutionizing the digital landscape on solution at a time. At TechnoMark, we specialize in providing innovative tech services to startups, tailored to their unique business requirements. With a commitment to excellence and innovation, TechnoMark Solutions is your trusted partner in building your brand from ground up.
Consulting start-ups provide tremendous support to companies and assist them across various fields such as business strategy, manufacturing and supply chain, sales and marketing, human resources, and so on. These companies have to tackle many challenges, since they cater to a variety of fields.
Accelerating Your Digital Transformation Journey with IT Staff AugmentationTruefirms
In today's rapidly changing digital market, businesses continually search for ways to remain ahead of the competition and encourage creativity. IT staff augmentation has become a very common method. But what does augmentation of the IT staff actually mean? In simple terms, it refers to the process of augmenting your own IT staff by temporarily employing outside experts in the field.
For companies that need to increase their IT capabilities quickly but don't want to make the costly investment of hiring full-time employees, IT staff augmentation services offer a flexible answer. Businesses can access a huge talent and resource pool to help their efforts to transform themselves by using the skills and knowledge of outside experts.
Smart and proactive decision making is not only an advantage but a key to success of any business. This requires quantitative insights into various business operations and influences. The recent advancements in technology and a significant reduction in data storage costs have given rise to vast and versatile sources of data that provide a wealth of such insights. Harnessing them to accelerate and optimize your business is cardinal for keeping up with the emerging trends.
Similar to Transforming for digital customers across 6 key industries (20)
Learn how a configurable, cloud-based web experience that supports single sign-on, common navigation, and a common look across application can streamline ERP for users.
Gain new visibility in your DevOps teamAbhishek Sood
DevOps implementation too often focuses only on communication between dev teams and their business counterparts, but fails to adequately loop in downstream testing and operations teams. A lack of visibility for operations teams leads to delaying rollouts and going live with buggy code.
Check this Forrester Consulting report to see what strategies DevOps teams are using to maximize visibility, speed, and agility.
Jacob Olcott of BitSight Technologies discusses how security leaders can better answer questions from boards about how secure an organization is. He notes that traditional metrics focus too much on compliance and auditing rather than operational effectiveness. Key metrics for boards are the detection deficit gap that measures how long it takes to detect and remove malware, and how an organization's security compares to industry peers which BitSight's ratings can provide. When presenting metrics, security leaders should limit the number presented and use visuals rather than text to avoid overwhelming boards with too much information.
Azure IaaS: Cost savings, new revenue opportunities, and business benefits Abhishek Sood
By now, it is well known that moving to the cloud saves on various costs, but exactly how much benefit can you expect to realize? How do the experts evaluate platforms and what do they see as the key challenges a platform will need to overcome? This paper answers all this and demonstrates how to evaluate an IaaS service for you.
3-part approach to turning IoT data into business powerAbhishek Sood
There will be 44 zettabytes of data produced by IoT alone by 2020, according to IDC. That’s a little more than the cumulative size of 44 trillion feature films.
Data from IoT devices will soon be table stakes in your industry, if it isn’t already. Turning that data into quick and actionable insights is the race for all businesses who are investing in IoT devices.
Learn about a 3-pronged approach that can turn your IoT data into business actions:
Business-wide analytics revolution
Connected relationships with customers
Intelligent innovation based on data
Chances are if someone were to ask you to choose a department in your company where you could save close to $9 million as part of a 3-year ROI, HR wouldn’t make the top-of-the-mind list. Years past would suggest something closely related to HR - like layoffs - as holding the answer, but that’s not where the dollars could be saved as one large American healthcare provider found out.
The undisclosed, $4 billion organization was unfortunately riddled with inconsistencies and redundancies throughout their HR department that were ultimately draining massive amounts of resources. After much thought, the provider turned to ServiceNow for advice - and a new solution.
In this exclusive Forrester Research report, see how this healthcare provider was able to consumerize their employee service experience, which led them to unlock benefits like:
Benefits approaching $10 million in savings
30% improved efficiency in servicing HR cases
50% reduction in audit and compliance costs
And more
Big news coming for DevOps: What you need to knowAbhishek Sood
VMware acquired Wavefront, a startup that provides monitoring and analytics capabilities for microservices and DevOps environments. This positions VMware to better support customers' shift towards microservices and DevOps practices. However, some customers are choosing competitors' tools over VMware's due to lack of clarity in VMware's strategy and capabilities not keeping pace with modern infrastructures. The Wavefront acquisition aims to help VMware strengthen its role in analytics for hybrid cloud environments.
Microservices best practices: Integration platforms, APIs, and moreAbhishek Sood
Your business’s ability to adapt quickly, drive innovation, and meet new competition wherever it arises is a strategic necessity in today’s world of constant change and disruption.
This paper explores how many organizations are laying a foundation for continuous innovation and agility by adopting microservice architectures.
Discover how to build a highly productive, unified integration framework for microservices that creates a seamless app network with API-led connectivity.
How to measure your cybersecurity performanceAbhishek Sood
This document discusses the challenges of cybersecurity benchmarking for CIOs and introduces Security Ratings as a solution. Some of the key challenges of benchmarking include: the difficulty gathering accurate metrics over time to compare performance to peers; clearly communicating benchmarking results to boards; and identifying security issues affecting competitors. Security Ratings provide an objective, quantitative method to continuously monitor an organization's cybersecurity performance and compare to others in the same industry through daily analysis of external network data, helping CIOs address these challenges.
Organizations have been putting the cloud to use for years, but recently the trickle of workloads being moved from on-premises to public cloud environments has grown into a tidal wave.
But just what public cloud infrastructure strategies are being used, in terms of the number of providers with which they partner, and do they see these services simply augmenting existing on-premises environments or as a means of revolutionizing them?
Read this ESG research brief to get the answer to these questions and more.
Gartner predicts that nearly 40% of enterprise IT application spend will be shifted to cloud versus on-premise by 2020.
However, most IT departments evaluate and select cloud-based apps based on their many business productivity benefits but a number of critical security and performance issues need to be considered at the same time.
This white paper details some of the major considerations you will need to focus on when looking for cloud app security. You will also learn about:
Limitations of existing products
Integrated cloud security gateway approach
Malware and data security challenges
And much, much more
How to integrate risk into your compliance-only approachAbhishek Sood
Information security policies and standards can oftentimes cause confusion and even liability within an organization.
This resource details 4 pitfalls of a compliance-only approach and offers a secure method to complying with policies and standards through a risk-integrated approach.
Uncover 4 Benefits of integrating risk into your compliance approach, including:
Reduced risk
Reduced deployment time
And 2 more
DLP 101: Help identify and plug information leaksAbhishek Sood
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Transforming for digital customers across 6 key industries
1. A Forrester Consulting
Thought Leadership Paper
Commissioned By Virtusa
September 2017
The Digital Transformation
Race Has Begun
Firms Across Industries Are Gearing Up To
Innovate And Win In The Age Of The Customer
3. Executive Summary
The pace of innovation is accelerating across firms and industry
sectors, opening a new front in which companies must compete. In the
age of the customer, empowered, demanding customers can exercise
more choice than ever before in deciding which companies will earn
their business and which will fall by the wayside.
1
To keep up, firms
must invent or reinvent their businesses with technology at the core, or
watch customers defect as their markets are disrupted.
In November 2016, Virtusa commissioned Forrester Consulting to
evaluate the state of digital transformation across six key industries:
retail, banking, healthcare, insurance, telco, and media. To do so,
Forrester conducted an online survey with 606 digital transformation
decision makers and influencers in North America and Western Europe
to explore this topic. We found that while firms are preparing to make
digital transformation a priority, they have a long way to go to achieve
any kind of mastery over the multiple disciplines required to effectively
innovate.
KEY FINDINGS
›› Firms must innovate to survive. Today’s consumers, empowered by
unprecedented access to digital technologies and information, expect
both in-person and digital experiences to be consistent and high-
value. They want immediate value and will go elsewhere if a business
can’t provide it.
›› Most firms have a lot of work to do to get ready for digital
transformation. Our study found that on average, most firms’ digital
transformation efforts currently land them in the lower-middle of the
maturity spectrum, or “Deploying” group. To move forward on digital
transformation, firms must evaluate their current capabilities, then
plot a path forward accordingly. Furthermore, firms must move soon
to keep up with the fast pace of digital change.
›› Each digital transformation category shows room for
improvement. Within the customer experience category, for example,
firms show weakness in managing and activating customer and
business data. Within operational excellence, firms struggle in data
optimization, and within business innovation, firms are most likely to
struggle with digital marketing capabilities.
›› Firms are ramping up their digital transformation. The vast
majority of firms in our study are planning to increase their investment
in digital transformation initiatives next year. To succeed, firms will
need to innovate and change their products, processes, go-to-market
strategies, and organizational structures to meet the changing needs
of their customers in a rapidly evolving marketplace. Firms can get
a head start by leveraging current or prospective technology and
strategy partners to build and execute their transformation initiatives.
While digital
transformation is
seen as important
and deserving
investment,
transformation
maturity is currently
low across all
industries.
1 | The Digital Transformation Race Has Begun
4. In The Age Of The Customer, Firms
Must Adapt Or Be Swept Aside
Forrester’s research has found that digital innovators disrupt their markets by
fundamentally shifting the rules of business.
2
They do this in several ways, by
rewriting the rules of:
›› Digital experiences. Digital innovators deliver easy, effective, and
emotional experiences. They use technology to anticipate what customers
need, then exceed those expectations to engage them in their immediate
context along every step of their journeys.
›› Digital operations. Digital innovators focus operations on the things
customers value. They organize and operate with a focus on the customer.
They align intermediary metrics like engagement with business metrics like
customer lifetime value (CLV).
›› Digital innovation. Digital innovators build platforms and partnerships
to accelerate and scale. They quickly launch new offerings, then improve
them on the fly. They also use customer insights to identify incremental
and sometimes breakthrough innovations.
In order to examine the innovation readiness of firms across six specific
industries — banking and financial services, healthcare, insurance,
media, retail, and telecommunications — this study deployed a digital
transformation maturity model that examines a firm’s readiness in three
areas: customer experience, digital operations, and business innovation (see
Figure 1).
Forrester defines
the age of the
customer as “a
20-year business
cycle in which the
most successful
enterprises will
reinvent themselves
to systematically
understand and serve
increasingly powerful
customers.”
2 | The Digital Transformation Race Has Begun
Digital transformation maturity framework
Figure 1
Source: A commissioned study conducted by Forrester Consulting on behalf of Virtusa, July 2017
Digital transformation maturity requires mastery of three interconnected
disciplines: customer experience, operational excellence, and business
innovation.
• Process automation
• Workplace efficiency
• Data optimization
• System agility and scalability
• Security and risk
• Customer insights
• Self-service
• Omni-channel
• Ease of use
• Personalization
• Digital products and services
• Business agility
• Digital marketing
• Disruptive business models
• Innovation velocity
Customer
experience
Operational
excellence
Business
innovation
5. 3 | The Digital Transformation Race Has Begun
• Customer insights. The ability to understand the goals, needs, and behaviors
of customers.
To effectively organize and operate with a focus on the customer, firms must master
the following five competencies:
To effectively anticipate and deliver against what their customers need, firms must
master the following five competencies:
To effectively and quickly launch new offerings, then improve them on the fly, firms
must master the following five competencies:
• Self-service. The degree to which firms enable a user to accomplish critical tasks
autonomously, while providing an enjoyable experience.
• Omnichannel. The ability to provide experiences that cut across multiple online
and offline channels seamlessly and consistently.
• Ease of use. The ability to improve the user experience through reducing friction,
pain points, and frustration.
• Process automation. The extent to which firms automate their processes,
operations, and infrastructure provisioning and monitoring activities.
• Workplace efficiency. The extent to which firms have enabled employees to
perform most or all aspects of their job requirements digitally.
• Data optimization. The extent to which firms have adopted tools and technology
to manage and optimize enterprise data.
• System agility and scalability. The extent to which firms’ infrastructure is
scalable, optimally utilized, and risk minimized.
• Security and risk. The extent to which firms have taken steps to secure systems
from security breaches and cyberattacks.
• Digital products and services. How firms evaluate and evolve their products and
services to meet changing customer needs and business opportunities.
• Business agility. How agile firms are in terms of responding to changing business
conditions, customer demands, regulatory requirements, and competitor threats,
as well as technological shifts or opportunities.
• Digital marketing. How well firms use digital tools to automate and drive
optimized customer outcomes, including reduced churn, improved upsell and
cross-sell, etc.
• Disruptive business models. How “future-proof” a firm’s business is in terms of
identifying new business models and preparing for potentially disruptive
competitors.
• Innovation velocity. How well a firm can rapidly introduce new products or
processes to respond to new or future industry trends.
• Personalization. The ability to provide individualized, relevant experiences for
customers.
Within each area, five competencies were identified and tested as follows:
Customer experience
Operational excellence
Business innovation
6. The State Of Digital Transformation:
Lots Of Work Left To Do
The study’s investigation of the state of digital transformation revealed
that firms, regardless of industry, have a lot of work to do before they
approach transformation mastery. To synthesize the data from the
maturity model, the study created five levels of maturity that firms could
possibly reach.
Firms in our study were asked about three overall categories of digital
transformation maturity: customer experience, operational excellence,
and business innovation. Within each category, the maximum score
possible is 15, for a total possible innovation score of 45.
›› Level 1: Curious (score between 0 and 9). Early stages, with a few
scattered digital competencies and no overarching strategy.
›› Level 2: Exploring (score between 10 and 19). More competencies
are in place; firms are beginning to form an overarching strategy.
›› Level 3: Deploying (score between 20 and 29). Competencies are
somewhat sophisticated, and overarching strategy is in place.
›› Level 4: Thriving (score between 30 and 39). Several competencies
are more advanced; overarching strategy is fully implemented.
›› Level 5: Mastering (score 40 or above). Competencies are highly
sophisticated, and overarching strategy is being optimized.
OVERALL MATURITY
We found that on average, firms fell into the lower-to-middle range of
the level 3 “Deploying” category. The average score across all industries
was 26.06 out of 45 (58% of the maximum possible score).
In each of the three areas, firms fared slightly better in customer
experience, compared to operational excellence and business
innovation (see Figure 2):
Overall firms’ digital innovation maturity across three categories
Total:
26.06
(of 45)
Figure 2
Base: 606 business strategy decision makers in the US and EMEA at companies
with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Overall firms
achieved on average
approximately 58% of
the total possible
score on the digital
innovation maturity
model.
8.81Customer experience
8.64Operational excellence
8.61Business innovation
4 | The Digital Transformation Race Has Begun
7. 55
CUSTOMER EXPERIENCE — STRONG IN EASE OF USE, WEAK IN
DATA-DRIVEN CAPABILITIES
Within customer experience, firms rated themselves highest in ease-
of-use capabilities (57% of the maximum score possible) and tied
for lowest in omnichannel and customer insights (both 54% of the
maximum score possible).
OPERATIONAL EXCELLENCE — STRONG IN AGILITY AND
SCALABILITY, WEAK IN DATA OPTIMIZATION, PROCESS
AUTOMATION
Within operational excellence, firms rated themselves highest in system
agility and scalability capabilities (58% of the maximum score possible)
and tied for lowest in data optimization and process automation (both
52% of the maximum score possible).
BUSINESS INNOVATION — STRONG IN ADAPTING TO DISRUPTIVE
BUSINESS MODELS, WEAK IN DIGITAL MARKETING
Within business innovation, firms rated themselves highest in disruptive
business models capabilities (57% of the maximum score possible)
and lowest in digital marketing capabilities (53% of the maximum score
possible).
BIG DATA STRUGGLES ARE THE CONNECTIVE TISSUE
These drill-downs point to an overarching issue among firms in tackling
the big data requirements of digital transformation. Customer insights,
or understanding your customers’ goals, needs, and behaviors are
necessary to seamlessly deliver omnichannel experiences. Firms that
struggle with data optimization will struggle to drive positive customer
outcomes through digital marketing.
Forrester has found that the common “big data” issue isn’t about
collection; it’s about data quality, access, and action. In today’s
business environment, a firm that lacks information and insight to power
its strategic decision making will compromise its ability to win, serve,
and retain customers — by relying on gut-feel decisioning and resulting
in lost business.
3
Digital transformation initiatives ultimately must be designed to drive
customer value. Therefore, firms across industries would be well-served
to start with the data in order to craft a digital transformation plan that
will deliver what their customers want.
Forrester defines big
data as “the practices
and technology that
close the gap between
the data available and
the ability to turn that
data into business
insight.”
8. Results By Industry: Retail Firms Lead
A Lagging Field
Looking at the results by industry, the study found that retail firms were
slightly ahead of other industries, followed by banking and healthcare.
All three of these industries overperformed against the average overall
score of 26.06 for all industries. Media was the weakest industry and,
together with insurance and telco, underperformed against the average
overall score.
RETAIL FIRMS ARE ACCUSTOMED TO BEING DIGITAL
INNOVATORS AND LEADERS
Overall, retail firms averaged 28.17 out of 45 (or 62% of the maximum
possible score), compared to 26.06 (or 58%) for all firms (see Figure
3). Retail firms in our study led consistently, on average, across
the innovation maturity measures — ranking first or second among
industries in nearly every capability. The one exception was security and
risk, where retail firms ranked third behind banking and telco.
Retail firms have long been the vanguard of the fierce competition
for empowered consumers ushered in by the age of the customer.
Unlike many other industries whose giants have pivoted to respond to
disruption, retail’s flagship firms help set the standard for innovative,
digitally-driven customer experiences. In short, a retail firm that hasn’t
made progress on its digital transformation path is a dying or dead retail
firm.
Retail outperforms the index across all three innovation categories
Total:
28.17
(of 45)
Figure 3
Base: 101 retail and 606 total business strategy decision makers in the US and
EMEA at companies with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Retail firms set the
standard for other
industries in creating
innovative,
digitally-driven
customer
experiences.
Customer experience
Operational excellence
Business innovation
8.81
9.70
8.64
9.16
8.61
9.31
Retail Overall firms
6 | The Digital Transformation Race Has Begun
9. BANKING LEADS IN EASE OF USE, BUT STRUGGLES WITH
DISRUPTIVE BUSINESS MODELS AND DATA OPTIMIZATION
Overall, banking held the second-best score among verticals, with an
average score of 26.62 out of 45 (59% of the maximum possible score)
(see Figure 4). In the study, banking firms were leaders in ease of use and
ranked strongly in most capabilities apart from disruptive business model
readiness and data optimization, where they came in second to last. As
a result, banking firms came in second for customer experience and
business innovation and third for operational excellence.
Many challenges are driving banks’ investments in digital transformation:
slow economic growth; low interest margins; increased regulation;
increased competition from disruptive, new, and digitally savvy entrants;
and changing consumer expectations. To date, banks have largely focused
their digital transformation efforts on driving down costs, such as through
easy-to-use digital self-service capabilities and more efficient back-office
operations. But these changes are being built on top of outdated, legacy
technology and risk-averse cultures — both of which are holding banks
back from transforming business models, understanding how to monetize
their data, and partnering to creating new sources of value for customers.
The fear of being left behind, or missing out on the next big thing, has
led many banks to focus on new technology rather than addressing the
underlying barriers — such as culture, funding models, and data silos —
that can stop any innovation dead in its tracks. To prepare their banks to
take advantage of emerging technologies, such as artificial intelligence (AI),
blockchain, robo-advice, and the internet-of-things (IoT), executives must
work with their peers, such as technology management and HR execs, to
invest and fix these barriers.
Banking is ranked second in all but operational excellence
Total:
26.62
(of 45)
Figure 4
Base: 102 banking and 606 total business strategy decision makers in the US and
EMEA at companies with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Banking firms
achieved on average
approximately 59% of
the total possible
score on the digital
innovation maturity
model.
Customer experience
Operational excellence
Business innovation
8.81
9.12
8.64
8.87
8.61
8.63
Banking Overall firms
7 | The Digital Transformation Race Has Begun
10. 8 | The Digital Transformation Race Has Begun
HEALTHCARE’S CONSERVATIVE AND HYPER-REGULATED
MARKET PRIORITIZES SECURITY OVER PATIENT ENGAGEMENT
In terms of overall maturity, healthcare (including healthcare payers,
providers, pharma, and device manufacturers) was third-best among
verticals, with an average score of 26.09 out of 45 (or 58% of the maximum
possible score) (see Figure 5). Healthcare firms in our study ranked second
in data optimization but struggled in self-service, digital marketing, and
their preparedness for disruptive business models, where they came in
last. In terms of the three categories, healthcare firms came in fourth for
customer experience, second for operational excellence, and fourth in
business innovation, falling below the index.
Forrester’s past research has shown that healthcare firms typically lag
about a decade behind other industries in adopting business technologies
that would help with customer engagement. Much of what’s driving this
lag is the unique regulatory requirements placed on healthcare firms as it
applies to patient data. Health firms have made gains (in order to survive)
in managing the security of data; many of their technological investments
have been focused more on business process and record-keeping at the
expense of investments that tie directly into finding new forms of customer
(patient) engagement and innovation.
4
Healthcare is third overall, falls behind the index on business agility
Total:
26.09
(of 45)
Figure 5
Base: 101 healthcare and 606 total business strategy decision makers in the US
and EMEA at companies with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Healthcare’s intense
regulatory
requirements have
led to a significant
focus on security of
customer data, often
at the expense of
innovation and
experimentation.
Customer experience
Operational excellence
Business innovation
8.81
8.61
8.64
9.01
8.61
8.47
Healthcare Overall firms
11. 9 | The Digital Transformation Race Has Begun
INSURANCE INDUSTRY FOCUSES ON SELF-SERVICE, BUT WILL
CONTINUE STRUGGLING TO KEEP UP WITH DISRUPTION
In terms of overall maturity, insurance (including property and casualty,
life and annuities, and wealth management firms) ranked fourth among
verticals, with an average score of 25.59 out of 45 (or 57% of the
maximum possible score) (see Figure 6). Insurance firms were ultimately
the best of the worst industry categories on the overall maturity index.
While they ranked first in self-service, they brought up the rear position in
data optimization, system agility and scalability, and digital products and
services. In terms of the three categories, insurance firms came in third for
customer experience, third for business innovation, and fifth in operational
excellence.
Forrester’s previous research shows that insurance business leaders
haven’t historically thought of digital as central to their business because,
in the past, it hadn’t been. And while insurers have been facing similar
problems to banks, the nature of their business is less transactional,
resulting in fewer frequent interactions with their customers. But today,
customers, business operations, distributors, competitors, and even many
of the assets that insurance covers are fundamentally digital in nature, and
this is only likely to increase as telematics and usage-based insurance (UBI)
models continue to take hold and de-emphasize the role of agents in the
customer journey. Many insurers are only at the beginning of their digital
transformation journeys and are currently focused on allowing customers
to self-serve. The complexity of products and services, heavy reliance on
legacy technology, and risk-averse cultures are affecting how fast insurers
can move forward with their digital transformation journeys.
5
Insurance leads verticals underperforming against the maturity index
Total:
25.59
(of 45)
Figure 6
Base: 101 insurance and 606 total business strategy decision makers in the US
and EMEA at companies with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Insurance firms’
achievements in
self-service reflect
disruption response,
but many are still in
early days digitizing
their businesses.
Customer experience
Operational excellence
Business innovation
8.81
8.91
8.64
8.12
8.61
8.56
Insurance Overall firms
12. 10 | The Digital Transformation Race Has Begun
TELCOS FOCUS TRANSFORMATION EFFORTS ON RECLAIMING
CUSTOMERS’ GOOD FAITH
In terms of overall maturity, telco came in fifth among verticals with an
average score of 25.30 out of 45 (or 56% of the maximum possible
score) (see Figure 7). Telco firms featured both high and low rankings.
They ranked second for several capabilities, including preparedness
for disruptive business models, innovation velocity, and system agility
and scalability — but then were near the bottom in all other capabilities,
signified by a last place ranking in business agility. In terms of the
three categories, telco firms came in last by some margin for customer
experience, fourth in operational excellence, and fifth in business
innovation.
Poor customer experiences have long been the Achilles heel of telco firms’
efforts towards digital transformation, and driving customer value must
be the cornerstone of their digital transformation efforts going forward. To
their credit, telcos seem to understand that customer-centricity must lead
the way, as a majority of telecom firms reported they put customer service
at the heart of their digital transformation initiatives in 2017. As over-
the-top (OTT) viewing ramps up (32% of millennials watched 10 or more
hours per week via OTT in 2016), telcos must respond as the significant
disruption in their market creates even greater pressure to attract and retain
paying customers.
8
Telco lags significantly in customer experience, overindexes in
operational excellence
Total:
25.30
(of 45)
Figure 7
Base: 100 telco and 606 total business strategy decision makers in the US and
EMEA at companies with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Telcos are shifting
focus to
customer-centricity,
driven in part by low
customer satisfaction
and disruption caused
by OTT providers.
Customer experience
Operational excellence
Business innovation
8.81
8.15
8.64
8.70
8.61
8.45
Telecom Overall firms
13. 11 | The Digital Transformation Race Has Begun
MEDIA COMPANIES LOOK TO MOBILE PRODUCT DEVELOPMENT
TO ADDRESS AN EXISTENTIAL CRISIS
In terms of overall maturity, media companies came in last place, scoring
24.61 out of 45 (or 55% of the maximum possible score) (see Figure 8).
Media firms fared the most poorly in the maturity model. While they ranked
third in data optimization, digital products and services, and business
agility, they had the lowest ranking in workplace efficiency, process
automation, and personalization. Media companies came in fifth for
customer experience and last for both operational excellence and business
innovation.
Media companies have the most ground to cover in their digital
transformation journey and would be well-served to start by focusing on
customer relationships. Indeed, media companies have been focusing
their digital transformation efforts on creating digital products to expand
opportunities for direct interactions with customers and have been looking
to deepen these relationships by building into new verticals, unifying online
and mobile experiences, and shifting customer agreements to as-a-
service.
9
Many media companies are seeking to solve their cord-cutting
dilemma by focusing their digital transformation efforts on mobile product
offerings. This imperative is necessary as younger generations consume
free media directly from the internet, on streaming services, or through
social media.
10
Media companies struggled the most with digital innovation
Total:
24.61
(of 45)
Figure 8
Base: 101 media companies and 606 total business strategy decision makers in
the US and EMEA at companies with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Media companies are
looking to product
innovation to solve an
ongoing existential
crisis.
Customer experience
Operational excellence
Business innovation
8.81
8.37
8.64
7.97
8.61
8.27
Media Overall firms
14. 12 | The Digital Transformation Race Has Begun
Competition Will Intensify As Firms
Invest In Innovation, So Get Ready
Effective and sustained technology-based business innovation will
determine a company’s competitive success. Disruption is occurring
in every market, and project-based investments, focused on simply
improving the current state, won’t be adequate to survive.
11
In the study,
85% of firms said they would be increasing the budget their company
allocates for digital transformation next year — with 37% indicating that
the increase would be substantial (by 10% or more). This holds true across
all six verticals we covered for the report (see Figure 9). Media companies
represented the group least likely to increase investment and also to
increase investment substantially (by 10% or more) next year. Still, nearly
eight in 10 planned to devote more budget to innovation next year, and
21% said they would increase substantially.
To succeed, firms will need to innovate and change their products,
processes, go-to-market strategies, and organizational structures
to meet the changing needs of their customers in a rapidly evolving
marketplace.
12
The vast majority of firms across verticals plan to increase innovation
budget next year
Figure 9
Base: 606 business strategy decision makers in the US and EMEA at companies
with greater than $250M in revenue
Source: A commissioned study conducted by Forrester Consulting on behalf of
Virtusa, July 2017
Among vertical
categories, media
companies were
least likely to say
they’d increase
budget substantially
(by 10%+) — still,
one-fifth of media
companies planned
to increase
substantially next
year.
Planning to increase innovation budget (by vertical)
90%
86%
86%
81%
91%
79%
Retail Insurance
Banking Telecom
Healthcare Media
15. 13
BUILD YOUR VISION FOR SUCCESS
The call for innovation is prompted largely by technology and the
way technology is fundamentally changing the relationship between
consumers and brands. Innovation and digital transformation require
building business technology partnerships that feature a modern, agile,
and customer-focused approach to the technologies that drive the
insights, processes, and engagement that foster success in the age of
the customer.
13
Choosing the right partner to help with innovation can be a daunting
task. Cost, time, legacy applications, and a chorus of stakeholders need
to be navigated while making these choices. Many of the firms in our
study suggested that a couple of key considerations help drive these
decisions for them. Nearly two-thirds of firms in our study said that
having a clear business case for technology investment was critical in
making their choice in a technology partner, and 56% said that having
clear visual examples of successful implementations would help them
make their choice.
Beginning with a business case is often critical for aligning executive
support behind initiatives; however, with innovative ideas or products,
there often is not enough information to make informed estimates at
the onset. Instead, firms need to judge the business benefits accrued
from such activities with longer time horizons and with metrics more
typical of the venture capital community than traditional direct business
value measures. Decision makers must focus on building a portfolio of
innovation investments that align with their firms’ specific needs, and
be mindful of how implementation, prioritization, and communication
strategies will necessarily shift based on the level of risk, depth of
investment, and particular audience being targeted.
14
16. Key Recommendations
Forrester’s in-depth survey of 606 business decision makers about their
innovation strategies yielded several important recommendations:
Lay the foundation for innovation by becoming customer obsessed.
Begin by ensuring you’re tackling customer insights and getting to
know what your customers need, want, and expect from you. The
reason for this is two-fold: one, your customers must act as the north
star for every decision you make in today’s business environment, and
two, customer insight forms the foundation for many other capabilities
in the path to innovation — it’s no coincidence that firms that struggled
with numerous innovation capabilities in our study were also challenged
with customer insights.
Build your case and vision for winning over executive stakeholders.
Executives will want to understand “why” innovating is critical to your
business and what success is going to look like before they throw their
support behind your efforts (assuming they aren’t leading the call). Work
with current or prospective technology and strategy partners to build
your vision for success.
Establish your baseline to build your digital transformation
roadmap. Digital transformation initiatives must begin with a clear-
eyed assessment of your relative strengths and weaknesses; build a
roadmap that reflects them. As you develop and pursue your digital
transformation roadmap, make sure to identify quick win opportunities
and be prepared to broadcast them across your organization in
order to win executive and business-sponsor support and to build
momentum for longer-term initiatives that will require more investment,
collaboration, and patience.
Put innovation at the heart of your culture. An innovation culture
requires communicating the innovation opportunity to others in the
organization, facilitating the development of innovation expertise,
creating a safe climate for risk taking, and using a combination of
learning approaches to develop innovation capabilities. Look at
opportunities to use training that enables employees to learn about the
innovation agenda and how they can become creative contributors,
and encourage informal learning that occurs mostly during the idea
development process with communities of practice that enable
innovators to share ideas and get feedback.
14 | The Digital Transformation Race Has Begun
17. Appendix A: Methodology
In this study, Forrester conducted an online survey of 606 organizations
representing six verticals in North America and Western Europe to
evaluate the state of digital transformation readiness today. Survey
participants included decision makers in customer insights, digital
operations, or business innovation strategy. Questions provided to
the participants asked about their current plans and capabilities in
digital transformation. Respondents were offered a nominal monetary
incentive as a thank you for time spent on the survey. The study began
in November 2016 and was completed in July 2017.
Appendix B: Demographics/Data
15 | The Digital Transformation Race Has Begun
UK 17%
DE 17%
FR 17%
US 50%
Base: 606 business strategy decision makers in the US and EMEA at companies with greater than $250M in revenue
Note: Percentages may not toal 100 because of roudning
Source: A commissioned study conducted by Forrester Consulting on behalf of Virtusa, July 2017
REGION
18%
$250M to $399M
25%
$1B or more
35%
$500M to
less than $1B
23%
$400M
to $499M
ROLE
17%
Banking and
financial services
17%
Insurance
17%
Healthcare
17%
Telecommunications
17%
Media
17%
retail
RESPONDENT LEVEL Customer insights,
digital operations, or
business innovation
strategy decision
makers
50% final decision
makers, 50% part of
a team or influencersC-level
executive
DirectorVice
president
30%
45%
25%
18. 16 | The Digital Transformation Race Has Begun
Appendix C: Supplemental Material
RELATED FORRESTER RESEARCH
“Applying Forrester’s Best Research To Help You Be An Innovation Leader,” Forrester Research, Inc., May 31,
2017.
“Digital Rewrites The Rules Of Business,” Forrester Research, Inc., April 27, 2017.
“Personalized Fast Data Delivers Business Outcomes Your CEO Cares About,” Forrester Research, Inc.,
December 21, 2016.
“Accelerate Digital Innovation Through A Business Technology Partnership,” Forrester Research, Inc.,
February 21, 2017.
“Innovation Creates Options For Future Business Value,” Forrester Research, Inc., February 12, 2015.
Appendix D: Endnotes
1
Source: “Applying Forrester’s Best Research To Help You Be An Innovation Leader,” Forrester Research,
Inc., May 31, 2017.
2
Source: “Digital Rewrites The Rules Of Business,” Forrester Research, Inc., April 27, 2017.
3
Source: “Personalized Fast Data Delivers Business Outcomes Your CEO Cares About,” Forrester Research,
Inc., December 21, 2016.
4
Source: “Healthcare Must Embrace Digital To Win In Consumer Engagement,” Forrester Research, Inc.,
November 10, 2016.
5
Source: “The Digital Insurance Imperative,” Forrester Research, Inc., April 26, 2017.
6
Source: “Make Omnichannel A Cornerstone Of Your Telecom Digital Transformation,” Forrester Research,
Inc., March 17, 2017.
7
Source: “Vertical Needs Set The Course For Digital Product Transformations And Strategies,” Forrester
Research, Inc., June 7, 2017.
8
Source: “OTT Ushers In A New Era For TV,” Forrester Research, Inc., April 8, 2016.
9
Source: “Vertical Needs Set The Course For Digital Product Transformations And Strategies,” Forrester
Research, Inc., June 7, 2017.
10
Source: “Vertical Needs Set The Course For Digital Product Transformations And Strategies,” Forrester
Research, Inc., June 7, 2017.
11
Source: “Understand The Digital Business Landscape,” Forrester Research, Inc., February 8, 2017.
12
Source: “Innovators Will Be The Winners In The Age Of The Customer,” Forrester Research, Inc., February
12, 2015.
13
Source: “Accelerate Digital Innovation Through A Business Technology Partnership,” Forrester Research,
Inc., February 21, 2017.
14
Source: “Innovation Creates Options For Future Business Value,” Forrester Research, Inc., February 12,
2015.