Write three SMART objectives to summarize New York Life Digital Transformation Strategy
Task Instructions
Write three SMART objectives to summarize New York Life’s Digital Transformation Strategy
Read the notes of an interview with an Executive of New York Life about Digital Transformation
Use the template provided
Digital Transformation at NY Life Process
-Interview with Process Excellence Forum April 2018
1. Historically organizations like ours have too often made tech decisions independently of the business, or the business has thrown over the wall projects that they want completed without an understanding of the right sequencing and requirements. Now we need to create the channel of communication and make sure that there’s integration in the planning function. We need joint Business IT planning of all projects and technology related initiatives.
2. Asset reduction focus an important thing in our technology strategy. Every application, every line of code that you bring on creates sludge over time and prevents organizations from moving faster. We need to reduce complexity by simplifying and streamlining within all our system developments.
3. Another vital aspect is process improvement. No good technology should ever be implemented without a strong process improvement mindset. When you take a bad process that has been operated for 20 years and put new technology on it, you just get a faster bad process. If a process takes 20 steps to complete currently and you realize you can do it in three, that’s the time to apply technology. We need, as a standard practice, to design an improved process before we automate it.
4. Integration needs to happen at every level not just planning. We need to put the people in the room who have a tech mindset, a process improvement mindset and bring business knowledge and get them to tackle the problems. This is the fusion of talent and problem solving that is critical in today’s environment because everything is about speed and nimbleness. We need to use cross-functional teams with business and technical knowledge on all our projects and initiatives.
5. In insurance there’s very little IP left in the world so really it becomes about the customer experience and your speed to market. And speed to market allows you to try out different things with the product to get the best customer experience. Speed to market is going to create a whole different customer experience and growth pattern for companies that have historically had weak growth. We need to drastically reduce time to market for our products.
6. We are on a journey. Agile started in this company as a form of modified Waterfall and is moving toward Agile at Scale. The biggest change management aspect in all of that is getting the business to understand that there’s no project and no end date and the funding is going to be variable. We’re going to deliver in a series of sprints and we’re never going to be done. We need to get the organization to adopt the concept of product ownership and agile development.
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