The Digital Butterfly effect – why the correct digital platform is essential for the New World.
Updated: Jan 19
The world we live in has changed forever. Whether we call it the New Normal, the Digital World or just the new way of doing business, the challenges are the same. Our customers expect more, our staff expect more and our partners expect more. For insurance companies, implementing the right Digital Insurance Platform is a critical decision that will significantly impact their ability to deliver on these challenges.
McKinsey report; "Many organizations make architecture-system decisions without knowing they will create serious implementation issues. Poor system architecture is a common problem across organizations'"
The speed of change in the Digital World accelerates every day, presenting the business with a flood of new opportunities. Selecting the correct Digital Platform will turn these challenges into opportunities.
The Digital Butterfly effect is a simple way of explaining this challenge. What appears like a small decision or action may have significant consequences for the business now and into the future.
This video (link below) provides an excellent example from the world of travel on how a large ferry company, Stena Line, is using the 'Digital Butterfly Effect 'concept to understand how to connect with customers.
This document (link below) is a recent McKinsey report (Oct 2020) about the 'Digital Butterfly Effect' and the big impact of small decisions on a business.
We all need to be prepared for the new world we live in. At CodeEast we live this challenge every day by focusing our efforts on architecting Digital Insurance Platforms that drive the possibilities for insurance into the future.