Category

Digital Transformation

Nov 212017
 
Wearables and IoT in Insurance

As pointed out in Insurtech: Processes are Ripe for Disruption, wearable technology can make an impact on the insurance industry’s product development, customer service, and claims processing processes. Wearable fitness devices, like watches and wristbands, are already providing insurers with access to customer data by tracking health behaviors and habits. Insurers are using this data to offer personalized service, improve risk assessment and pricing, and build customer engagement. The health insurance sector, pointed out by Dorota Zimnoch in How Digital Is Disrupting the Insurance Sector, is using IoT and wearable technology in these ways: Vitality, the UK health and life insurer, rewards customers for being healthy by collecting data via wearable devices like Garmin, Polar, Read more

Nov 142017
 
Insurtech: Processes are Ripe for Disruption

Recently, Cutter Fellow Steve Andriole took a wide look at insurtech. His insight, and a collection of articles on the topic, appear in a recent issue of Cutter Business Technology Journal (CBTJ). What exactly is insurtech? According to Investopedia, insurtech refers to: the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.… The belief driving insurtech companies is that the insurance industry is ripe for innovation and disruption.” Steve Andriole has a unique perspective on insurtech having served as CTO and Senior VP for Technology Strategy at CIGNA Corporation, a $20 billion global insurance and financial services company. Writes Steve: The insurance industry is very quickly evolving, Read more

Nov 072017
 
Repeat After Me: Fail Early, Fail Often

Nokia let the smartphone get away; Blockbuster never saw Netflix coming to steal its lunch. These are just two of the most frequently cited cases of incumbent businesses that didn’t pay enough attention to the disruptive potential of innovation by a new entrant or competitor. Your company needs to be aware of the imminent reality of being disrupted if it doesn’t stay ahead of the disruption curve. How do you stay ahead? By starting innovation as early as possible. You’ve heard it many times: fail early, fail often. Or, as Lekshmy Sasidharan wrote in a recent Cutter Consortium Executive Report: Begin adopting the disruptive and emerging technologies most relevant to your current and future business Read more

Oct 312017
 
Industries Where Blockchain is Having an Impact

A few months ago, I wrote about Cutter Consortium’s ongoing survey to gain insight into how organizations are adopting — or planning to adopt — blockchain technology. Cutter Senior Consultant Curt Hall has been analyzing the data and interviewing respondents to discover the stories behind the numbers. In a couple of recent Executive Updates, he examined domains and industries where blockchain technology is likely to have the most significant impact. The three leading domains, as you might have guessed and can see in the figure below, are banking/financial services, digital rights management (DRM), and supply chain/logistics.  Figure 1 – In which industries and domains do you see blockchain having the most significant impact? It’s not Read more

Sep 132017
 
Business Architecture is Here to Stay. Here's One Example Why.

It seems clear that business architecture, as a discipline, is rapidly growing worldwide. Cutter Consortium’s business architecture experts William Ulrich and Whynde Kuehn are seeing the sophistication of how people are using business architecture expanding. They’re witnessing an escalation in both the depth and quality of how people are using business architecture and a shift in focus from how to just build a business architecture practice to how to strategically leverage business architecture to transform the business and launch it forward. Organizations are realizing that business architecture is a critical for translating strategy into execution for large scopes. Business architecture is the bridge between business direction and a coordinated set of downstream actions for business and Read more

Aug 222017
 
Wondering What are the Best Innovation Practices?

Many companies boast about having a culture of innovation, but, as Cutter Consortium Fellow Steve Andriole writes, they in fact don’t. Instead of breaking free of their cultural constraints to truly innovate, they continue innovate in the past; that is, toward business models, processes, and technologies that are anchored solidly in the 20th century. To break through and become truly innovative Andriole advises organizations study what the best innovators have done and try to repeat their successes by following the formulas that have worked for the most successful innovators. So what do the best companies do? How do they make the list of most innovative companies? In The Heart of Innovation: Best Practices from the Read more

Aug 152017
 
Putting Your People First

Last week, I wrote about Gustav Toppenberg’s research on digital talent, the importance of cultivating that talent in your organization, and sounded the alarm that if you’re not creating opportunities, you’ll soon be watching your digitally talented employees walk out the door. No matter how cutting edge your organization’s work is, it’s the people who make it successful. Bob Furniss offered four ways to put your people first and build relationships that will directly impact your success in the Cutter Consortium Advisor, Putting People First. Cast a vision and communicate it at every level. What is your vision? What is your mission? It has to be more than something that is in a frame on a wall Read more