What is “digital strategy”?

Don’t miss the key point

Don’t miss the key point

On a sunny, warm September day, a board of directors of an insurance company nominated a new CEO. The company had been losing market and customers for several quarters in a row, and the board members were sick and tired of the ridiculous excuses the former CEO offered them. The new CEO was younger than the previous one, and during the very first meeting with the C-Suite managers, he declared a “digital era” for the company. “We need to change,” he asserted, “Whereas our competitors are about to finish digital revolutions in their businesses, we haven’t even started yet”.

And the digital revolution began. Project by project, the CEO and his team were changing the processes in the company, simplifying them, and making them cheaper and more efficient. The company almost stopped hiring new employees because workers who left the company were replaced with algorithms. Board members were happy. The company was still losing customers, though, making them nervous, but th…