The insurance industry has been slow to adapt to the digital age but this should change quickly, McKinsey advises.
Insurers who act quickly to leverage the opportunities provided in digital channels will get ahead of the competition. The rest will lose.
Those who want to make it must focus on customer satisfaction by offering them simplicity of service use and customization.
The pharmaceutical industry is making a major push into utilizing the potential of the digital channel in a bid to gain a competitive edge.
Effective work in this respect includes a focus on teams rather than on the technology itself as a tool and acting quick to get on every disruptive bandwagon coming from the digital world.
Ultimately, the message for the pharma industry is the same as for all the rest: digital can change the game and you should not waste time in using it to enhance performance and competitiveness.
Business transformations are complex tasks and less than a third of them seem to achieve the goals set at the start of such an initiative.
A study from McKinsey reveals that there are a few points business leaders need to follow in order to make the transformation effective.
Relentlessness is one of these, as are a targeted use of resources and planning and, more importantly, adapting to changing circumstances.
Design thinking has proven its worth in a range of business departments and marketing is not an exception.
At a time when marketing departments have to sift through massive amounts of data and make sense of them, design thinking can greatly help focus the attention on the right priority: creating effective campaigns.
To be effective, however, design thinking must span across the whole company and involve everyone, not just one department.
Five companies, three from China, one from Canada and one from South Korea have teamed up to set up a business incubator that will support startups from all three countries.
The incubator will target tech companies, aiming for technology transfer as detailed by one of the founders: the meeting point of innovation and entrepreneurship.
The five founding companies will offer hopefuls financial and technical support and also expose them to international expansion opportunities.
Digital technology is developing at an overwhelming pace, changing business models and presenting businesses with new risks as well as opportunities, writes senior Oracle executive Bob Weiler.
Weiler suggests business leaders ask themselves seven questions and find the answers in order to make the use of digital tech efficient.
The questions cover topics such as the appropriate technology for an organization, the appropriate use fr this technology, and dealing with the inevitable challenges.