Business Readiness to Go Digital - Why it Fails

It's difficult for businesses to figure out which trading platforms to engage with. Digital transformation programmes often fail - especially those involving combinations of products. 

Reid Stanway, Verisk's new Chief Digital Officer, is well-versed in the roadblocks businesses encounter on their digital journeys. At his session at the Insurance Insider London Market Conference on 22 Nov, Reid led a discussion on these obstacles and how they can be avoided. They include:

Unclear strategy and vision

Product implementations are unsuccessful when organisations don't have a clear idea of what they are solving for, how to quantify their desired Return on Digital Investment (RODI), or how to sequence the work within pre-existing systems. 

Largescale inflexible change programmes

A programme that is implemented with little room to make mistakes, pivot and change direction when it starts going off the rails is destined to fail. 

Technology that doesn't work

Issues often occur when users attempt to stretch systems beyond their intended functionality. In rare cases, the tech simply can't do what was advertised or the vendor is unable to deliver.

Poor implementation and programme governance

Staffing appropriately, with ongoing project management in place, is key to the continued success of an implementation and wider digital programme.  

People and adoption issues

Culture, culture, culture! Transformation programmes fail when there is a lack of business engagement from the outset. There may even be some subtle saboteurs within your organisation...

Reid Stanway presented at the London Market Conference on 22 November for the Executive Boardroom "How to determine the right digital trading solution for your business".