Staying on the Right Track when the Transformation Road Changes
Numerous transformation initiatives provide lackluster results, and many are outright failures. This report provides the “dos and don’ts” that will smooth the road to a successful transformation journey.
Celent has released a new report titled Staying on the Right Track when the Transformation Road Changes. The report was written by Colleen Risk, a Senior Analyst in Celent’s Insurance practice.
In the face of intensifying digital disruption and the need to remain competitive, organizations must embrace emerging technologies and innovate to drive growth through new business models, new and improved product offerings, and increased customer engagement — while reducing costs and gaining operational improvements.
Unable to develop and operate such capabilities cost-effectively in their legacy environments and hampered by outdated and sluggish processes that are associated with aging and overly complex systems, many insurers are on the road the transformation.
Five success factors are: understanding business-as-usual demands; being business-sponsored; having the right level of decision authority; avoiding complexity; and providing vendor incentives.
Among the significant reasons that large-scale IT transformation projects fail are inadequate change management, lack of governance, inexperienced project teams, insufficient resources, and lack of risk management.
A project health check can be done as a precaution to ensure a project is performing as expected, or when a project runs into trouble and needs attention. However, the cost of fixing an issue is much higher than preventing one.
“There are a number of recurrent themes that drive success or failure,” said Risk. “Using best practices, including a project health check, will smooth the road to a successful transformation.”