""across the industry, about half of digital initiatives generate returns below the cost of capital, and many insurers have found that evenly spreading resources across diverse opportunities doesn’t work"
McKinsey Digital February 2018
Organisational culture is often just not up to the digital aspirations of the enterprise for three main reasons: -
- Functional and departmental silos
- Fear of taking risks
- Inability to form and act on customers
The answers are to: -
- Establish a culture of digital aspirations
- Embrace resource allocation
- Access & analyse the data to focus on customers
Follow the link to the article below to plan these steps in detail.
Shortcomings in organizational culture are one of the main barriers to company success in the digital age. That is a central finding from McKinsey’s recent survey of global executives (Exhibit 1), which highlighted three digital-culture deficiencies: functional and departmental silos, a fear of taking risks, and difficulty forming and acting on a single view of the customer.