I have learned over the years success is thwarted by manifesting tasks into unrealistic terms. For example, we often are working with old and false data. We look at the tasks with the same old business requirements through the lenses of past years' experiences instead of looking at the current situation and sorting through the new data. Our benefits and returns frequently are blurred, or we go looking for the big bang rather than choosing a path of incremental value. So often we tend to underestimate our abilities and capabilities, again reflecting backward on a flawed track record of project implementation or lack of confidence in our team's and vendors' abilities. Rather than getting stuck in past failures or lack of capabilities, we should look at them as lessons learned and move forward skilled in our many successes and accomplishments. Goals are so often set arbitrarily without a realistic assessment and with an expectation of achieving perfection on the first attempt. And sometimes we think "things are good enough for now; we just can wait until we are ready." We all believe we have time, and in reality, every day should be approached as if it were our last day on the job. In today's competitive insurance environment, we don't have the luxury of time or a wait-and-see attitude.
The keys to escaping the confines of stagnation in the insurance industry come from establishing a clear business and IT road map with the foundation built on a sound, focused strategy; clarity of the business; and making the right technology choices. Without a clear road map, progress and change can seem daunting to even the best-intentioned company. Just as I faced the Torrey Pines hill with uncertainty, many insurance companies face the same challenge in the constantly changing marketplace. Insurance companies must take tactful steps to create a successful road map (see Figure 1).
Step 1: Leverage market intelligence. Look outside your walls; take a look around in the marketplace. Understand what your customers want and what your competitors are doing. Gather, analyze, and compare this intelligence with your strategy to create your plan for increased mind share and market share.
Step 2: Conduct true capability assessment. Look inside your walls and truly understand your people, process, and technology capabilities. Understand your current state and the capabilities needed to implement your strategy effectively. Set a plan to reduce the gap and to create a sustainable evolving organization.
Step 3: Gain incremental value and return. Deliver the balance of quick hits and strategic gains all with the right cost-benefit analysis that ties back to overall financial goals. The key is to deliver incremental and sustainable value while improving capabilities and achieving your goals.
Step 4: Set realistic goals and milestones. Set goals based on current facts of the marketplace, your capabilities, and bringing value and return incrementally. The big bang is not necessary; think in terms of continuous improvement, step by step, project by project, and evolving from a static to a dynamic organization.
Step 5: Be time sensitive. Have a sense of urgency and just start moving forward. Each day the company is not moving forward is another day the company is falling behind the marketplace and not enjoying the benefits of accomplishing your strategy and goals.
So, why take on the challenges of today's dramatic shift in the competitive landscape, aggressive strategies, reengineering business processes, and implementing leading technology? Because the results will be well worth the effort. Begin to think of the new experiences and opportunities you can create in your organization for your customers, your partners, and your employees. The potential benefits offer a magnificent view of profit growth, improved customer service, and operational efficiencies.
This is an excerpt a byline article published in Tech Decision's CIO Chronicles section entitled Climb Every Mountain in December 2008 issue authored by Deb Smallwood.
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