Business Transformation Process Report Released by Majesco
Staff Writer | September 27, 2016
Majesco published a new thought leadership report, Transformation Framework: Arrive Successfully at Your Future State Using a Framework-Driven Business Transformation Approach, that highlights the significant business value of a framework-driven transformation process. The report provides insights on the complexities and risks inherent in large-scale transformation projects, and offers field-tested advice on how to mitigate those risks and ensure success.
The report highlights that while business leaders must continuously monitor their environments and make course corrections to remain competitive, the relentless changes in technology, people’s expectations and market boundaries are making it increasingly necessary to entertain larger scale, organization-wide change. While necessary to ensure future competitiveness, these transformation initiatives carry a high degree of risk which can contribute to the failure to achieve the transformation objectives.
Furthermore, the report notes a range of factors that contribute to potential failures, with a tendency to frame business transformation in technology terms only, and underestimating the importance of the company’s people and culture in embracing and implementing the transformation.
“Insurance has always had a heavy reliance on technology and procedures to consistently process hundreds of thousands of detailed transactions,” says Bill Freitag, executive vice president, consulting at Majesco. “With the rapid changes in the insurance market, it’s clear to many that their aging technology can no longer enable the agility and flexibility needed to be competitive. This makes it tempting to think of transformation as all about new technology. Company leaders need to instead think first of how the business needs to transform, then how their people will make this happen and, finally, how technology will support the business and its people.”
This new report provides a business transformation process that can help companies overcome these and other barriers to successfully plan and implement their transformations.
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