The need for CIOs to embrace digital transformation is urgent, Sondergaard says. In fact, once digital revenue for a sector hits 20 percent of total revenue, digital transformation can’t be stopped, he explained. Digital disruption has been seen in industries such as in “book publishing, clothing, and it’s beginning in other industries such as traditional grocery markets.”

Peter Sondergaard EVP & Global Head Research Gartner 

Digital disruption is dependent on being able to exploit both data and context. The enterprises and organisations that can achieve this can leverage competitive advantage far greater than those that just digitise processes and customer UX. This is the frontier where three technology areas must mesh- 

  • big data
  • analytics
  • machine-learning/AI 

Uber may have failed to address many ethical, social and compliance issues but it solved the three issues above. Context is the location and availability of both driver (and vehicle of course) and passenger. Bringing both together.

Insurers must bear this in mind as "Insurance on Demand" products start to replace traditional annual insurance policies. As people seek cover for current. short term needs- Airbnb, contents cover on vacation, hazardous activites the insurer must measure analyse both data and context.

This is where the digital rubber hits the analogue tarmac as insurers offer both traditional and on-demand products.

The roles of the CIO, CTO, CDO ( Data and Digital Officers) must grow to match technology with business and technology models. Most importantly the CEO must have the drive, authority and leadership to empower digital transformation teams

Digitally trying times indeed!