Digital Maturity or Extinction

Digital Maturity or Extinction

Aging is a fact, but maturing is a choice. So it is with mastering digital tools.

SCOTT KLOSOSKY AND COREY WHITE

The real challenge to growing up isn't aging, it's maturing. So it is with mastering digital tools. It may cause stress, wrinkles and streaks of gray, but achieving digital maturity will eventually bring wisdom, solvency and prosperity. Fail to learn what digital maturity means, and you'll starve your business of the tools and ideas you need to keep you relevant. If you think this is all hyperbole, get out a dictionary and look up the word "relevance," because your customers will make the decision for you as to how well you have made the digital transformation.

When it comes to digital maturity, organizations fall into one of four categories:

• Beginners do very little with advanced digital capabilities. They can be unaware of the opportunities they miss without effective transformation management in place.
• Fashionistas like to experiment with the hottest tools and trends but give little thought to whether they create value.
• Conservatives strive for structure and governance but look at digital tools with skepticism. They miss opportunities because of their prudence.
• Digirati have a true understanding of how to drive value with digital transformation. By continually investing and coordinating digital initiatives, they constantly advance their competitive advantage.

How does an organization strive for digital maturity? Organizations must practice both IT and digital governance and promote a culture that adapts rapidly to innovation. Digitally mature organizations utilize digital marketing to streamline outreach efforts. They collect data and find creative ways to use that data to engage constituents more effectively. They use technology to promote agility and increase organizational lean.

According to a recent MIT survey, most insurance companies fall under the conservative banner. That means there are opportunities for you, if you have your high beams on and if you can execute your strategy faster than your competitors. In other words, you can be the fastest dog in the slow race! All kidding aside, the bar is not very high for technology innovation in the insurance space, because most companies have focused most of their technology dollars on systems of record and core software, and very little on customer-facing web, mobile and self-serve tools.

A big piece of maturity is learning how to use data as a weapon in the market. Big data will be an advantage to the firms that can actually generate insights, because insurance is moving into a world where data will be available to allow for a true 360-degree view of the customer. Meanwhile, the increased availability of geospatial data will create seismic shifts in catastrophe insurance similar to the revolution on the horizon in health insurance. Finally, all insurance companies will use mobile applications to streamline claims processes, increase efficiency and attract younger customers.

The dictionary definition of a digerati is: "a person well-versed in computer use and technology." This is too simple. Someone who is a true digerati not only understands technology but also can use technology and technological innovations to accomplish objectives. These people are leaders who pilot their organizations into a prosperous future. They use technology to "mature" their organizations gracefully and steer them away from oblivion.

Scott Klososky is an international technology speaker, entrepreneur, consultant and author specializing in translating and bridging technology "mind gaps" within organizations to improve business processes. He is the founder of Future Points of View, available on the web at www.fpov.com.

National Association of Insurance and Financial Advisors Service Corporation
http://www.naifa.org/