When looking to undergo digital transformation, it is important to know where to start. There are multiple digital solutions in the market, however, we believe that they can be broadly categorized under 2 types. Organizations must carefully assess the pros and cons of each and then choose the right fit.
Once Insurers determine the kind of solution they need, the story does not end there. It can be quite a task to go through the process of selecting a vendor. However, with the right knowledge on types of vendors out there and criteria to base their selection on, Insurance companies can breathe a little easy.
A major concern for any organization is the value they are likely to derive from a good solution. While companies may be attracted to the initial low cost of digital mobility projects, it is vital for them to know that these initial costs are often overshot and the gap between estimated costs and the actual price paid can be quite significant. This can happen due to several reasons.
While most organizations might prefer to buy digital mobility sales solutions, some might prefer to make them in-house. However, for those that opt to do the latter, it is imperative that they consider certain key factors before moving ahead, to minimize their chances of failure.
There are many reasons why implementation of a digital mobility solution can become difficult, including lack of effective planning and loss of capable personnel in the interim. Also, post implementation, there is no guarantee that an application will be adopted well.
In the lifecycle of digital mobility projects, various challenges can be faced, like lack of consensus amongst key stakeholders, selection of an inexperienced vendor or part-solutions, tight deadlines, etc. This can lead to failure of such projects, further adding to the skepticism about digital mobility solutions.