Are You Ready for Digital Disruption? How Emerging Tech is Changing Business and Creating Unprecedented New Opportunities for the South Shore Community

Digital Transformation Began on the South Shore

Napster was founded right here!

Napster still holds the “Guinness Book of World Records” record for the fastest-growing business ever, exceeding 50 Million Users in less than one year

It completely disrupted the music industry, and forever changed our relationship to digital content

It change the model of the Internet to P2P – people sharing not companies controlling

1999 2001 Pre-Napster Post-Napster

Christmas Eve 2007, Saint Peter's Square, Vatican City

Source: Morguefile.com

2007 the iPhone is Introduced

Same Scene, Five Years Later

2007 2013 Source: Morguefile.com

Meet Your Customers for the Next 20 Years

Are you Ready for the Post-PC, Internet of Everything, Digital Marketplace?

Meet Your Customers for the Next 20 Years

“60% of smartphone or tablet owners who switched primary banks in the fourth quarter said that mobile banking capabilities were an “important” or “extremely important” component in their decision to switch, versus only 48% surveyed 6 months earlier.”

Source: Mobile Financial Services Tracking Study,” AlixPartners, March 2014

There is a War for Your Customers, and it is Happening on Their Phones

“60% of smartphone or tablet owners who switched primary banks in the fourth quarter said that mobile banking capabilities were an “important” or “extremely important” component in their decision to switch, versus only 48% surveyed 6 months earlier.”

Source: Mobile Financial Services Tracking Study,” AlixPartners, March 2014

But Does Your Mobile Strategy Look Like This?

The App is Not Your Mobile Strategy, it is About the Process!

What’s Happening Right Now?

What Happens Next?

The$home$office$receives$the$applica1on$electronically,$underwrites$the$policy$and$electronically$issues$and$sends$the$policy$to$rep.$!

“Intelligent$Capture”$Ques1ons$answered,$the$applica1on$is$completed$and$signed$electronically$on$the$tablet.$$The$client$writes$a$check$to$bind$the$applica1on$and$the$rep$uses$the$tablet$to$take$a$picture$of$the$check$to$bind$the$applica1on.$$

A$Field$Rep$(such$as$a$Financial$Advisor)$conducts$client$annual$review$–$determines$client$needs$addi1onal$life$insurance.$$!

The$rep$can$choose$to$print$the$policy$or$send$an$electronic$copy$securely$$to$the$client.$

14

The$rep$hits$the$“Mayday”$buIon$and$spawns$a$live$video$chat$with$an$underwriter.$$

5!

6!

6

Digital Transformation to Enable Real-Time Response: Field Rep Scenario

3

2rep brings up an insurance application on tablet and fills out with the client. !

#1 – “Older IT systems cannot be changed or adapted as fast as we would like”

#2 – “Growing maintenance burden on existing legacy applications consumes precious resources and budget better spent elsewhere”

#3 – “Customers expect easier ways to interact with us and our systems (such as via web and mobile apps)”

BPM.com Survey of 1,000 Mid-sized Firms: Top 3 Challenges Expected for 2014-15

Problems rooted in past eras of tech; opportunities found in this generation

The 2nd Major Revolution in Business Tech (this time it’s all about you)

1970$ 2020$1995$ 2013$

The “Big Iron” Era

The Cloud Era

The PC Revolution

Drivers = centralized control, economies of scale, shared distribution of costs

Drivers = de-centralized control, economies of efficiency, faster time-to-market, ease of development, business autonomy

Drivers = all the above! (Yet even better, cheaper, faster)

1980$

Today’s Sole-Proprietor Has Access to the Same Computing Power and Customer-Engagement Capacity as Any Fortune 100 CIO.

As do Both You and Your Competitors.

Will You be Disrupted or the Disruptor?

Don’t Do Radio on TV: Process Should Drive Your Mobile Strategy and Your Customer Engagement Strategy

Transformation is No Longer (just) About Saving Money, Today It’s About Making Money Focus on Response Time and Customer Experience, Target Growth Areas With Momentum Know When and How Success Will be Measured and Make Visible!

Digital Transformation Going Forward: Strategy Take-Aways

Getting Started. . . Start Small and Scale Your Team

• Start With Cross-Functional Team / Skillset

• Release Often – Results < 90 Days

• Create a Feedback Look for: Target -> Results -> Review -> Redeploy

• Get Started!

How Will This Improve The Customer’s Experience?

Who Benefits From The New Process or System?

What Metrics Provide the Best Measurement of Success?

Do We Have Agreement on How and When Success is Measured?

Will the Users of the Process Measure Success the Same as Other Stakeholders and/or Sponsors?

How Do We Engage Our Customers’ Perspective in the Understanding and Definition of the Business Process?

Placing the Right Bets

Contact Info: Nathaniel Palmer

nathaniel@bpm.com

+1 (781) 534-3868 mobile

twitter.com/nathanielpalmer

www.linkedin.com/in/bigdatasmartprocess/