Why do Companies need to cultivate Digital Culture?
Culture of an organisation has a strong impact on its business outcomes, operations, people and its relationship with its partners. It is a company’s business culture that makes it sustain its customers, revenues and relationships. In a way, behaviour & etiquettes of its employees and its ecosystem are seen as a true reflection of an organisation’s culture.
In simple terms, the elements that make up an organisation’s business culture are -
- Values, morale, beliefs of people
- Long term and short term vision and strategies of the management
- Ways of working (how people, processes and partners work among themselves and with each other)
Figure: Elements of Business Culture
So why do companies need to cultivate and practice digital culture?
Every organisation’s digital transformation journeys have picked pace post pandemic. Transforming its operations digitally is the number one priority of most organisations and business leaders. Most of the insurers were already working on digital transformation projects in several areas but the pandemic has really pushed them to speed them up. We believe success of any transformation project or business strategy is possible only when it is in sync with the business’s culture. And it requires investing into the culture alongside the concept (strategy).
For an organisation, digital culture is one of those key ingredients that decides the course of their transformation journeys and success or failure of it. Investing in the digital culture can help them take full benefit of their digital transformation projects and lack of it can cause them loss. This loss can be in the form of potential revenues, potential efficiencies and potential savings that they would have gained if the project succeeded. And there is a loss of costs that may have gone into that project.
The chances are that without a digital culture mindset tailored to an organisation, they could end up acquiring technology solutions but without significant benefits and with disgruntled employees. Insurance Directions believe lack of digital culture is a biggest barrier to success of your transformation projects.
TP: 01 PN: 1569 VN: 01 YS: 22
Content Type: Blog ; Programme Type: Corporate Advisory Programme
Applicable Verticals: Insurance
Applicable Regions: Global
Applicable Subjects: Digital Culture
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This publication derives from our Advisory Practice, Product No: TP01PN1569