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Fall 2020 Notebook: Thriving in the “New Abnormal”
A Note from our CEO
2020 has been a year unlike any other. Over the course of the COVID-19 pandemic, we have seen some organizations act fast to adopt new strategies while others have fallen victim to the unprecedented market shifts. For those who have successfully navigated the past few months, taking a step back is not an option. During this time, it is essential for leaders to continue to plan for the future of their organizations and prepare for additional shutdowns before they happen.
Inside this newsletter, you’ll find the most recent insights from our industry experts on how to position your organization for both short-term and long-term success.
David Niles, CEO
1. How to Rapidly Seize Banking’s New Digital Reality
For many years banks have been on a digital journey to improve service and efficiency, but success has wildly been varied – customer adoption hasn’t universally achieved the desired levels impacting cost efficiency. Covid-19 has provided a shock to their system which changed the dynamic and made it clear that inertia was not an option. Digital adoption has rapidly increased at the expense of physical channels. Concurrently, the work environment has also dramatically changed– employees can and want to continue working remotely.
This presents banks with an opportunity to capitalize on these trends by accelerating digitization and cost reduction. Such transformation can be fast-tracked, especially as leadership, having understood first-hand its benefits, will back initiatives to drive this change with far greater conviction. This is banking’s new digital reality.
Read the comprehensive guide on how to proactively react and lock in these changes successfully by our financial experts John Rodgers and Rajeev Aggarwal here.
2. Achieving Rapid ROI Through Automation in the New Abnormal
As companies turn their focus to reemerging, the current market environment presents an opportunity to think and invest strategically in solutions that drive immediate results and lessen the impact of future market shocks. How do you prepare for the New Abnormal when so much is unknown and defies preparation? Get nimble. Move swiftly. Build capability that allows you to react to sudden, frequent change.
Automation, a composite of technologies that can simultaneously drive rapid results and strategic change, can be a key driver of a successful Sprint with Digital. Whether a company was already in the middle of a digital transformation, or has had digital transformation thrust upon them, process automation can drive profitability and can provide a bulwark against future disruption.
Read the full set of insights from our digital experts Nick Kramer and Michael Riedinger on how automation can help your company Sprint with Digital here.
3. Accelerating Operating Model Transformation with Digital Lean
SSA & Company’s Digital Lean Online is a key component of our accelerated digital transformation solutions that blend pragmatism and ambition to deliver short-term results that fuel long-term growth. Digital Lean Online addresses pitfalls of traditional digital transformation initiatives by using digital tools for lean/agile frameworks to drive collaboration and transparency, propel execution and results, and accelerate benefits.
Digital Lean Online is not simply training and coaching delivered remote. It is a tool to digitally enable operating model transformation. Completing this online program establishes your Digital Lean change agents, leading, and expanding your digital transformation journey, driving true adoption and culture change, even across a (suddenly) remote workforce.
Find out more about how our newest digital offering can help your business thrive during the New Abnormal here.
4. How Coronavirus Changed Insurance Digital Transformation
There’s little in business or in life that hasn’t radically changed in the last several months by COVID-19. Insurance companies we’ve worked with have put in place well-thought-out survival strategies to ride out the storm and are now beginning to focus their attention on three things: lowering operating expenses, managing losses while optimizing underwriting excellence, and driving efficient growth.
In our work with several global carriers and brokers, we have consistently started our inquiry with understanding where the key set of challenges lie for the carrier using competitive benchmarks to diagnose the most acute issues and determine how digital transformation could help drive resolution. Challenges that have arisen surrounding loss and expense ratios can be mitigated through digital transformation. The implementation of strategies such as dynamic technology platforms, digital workflows, and leveraging AI and machine learning can be used to optimize data distribution and drive down costs.
Read the full article here to unlock insights into how your company can sprint to digital and win during these unprecedented times.
For more on the impact the pandemic has had on the insurance industry, listen to this podcast featuring John Rodgers.
In The Press: SSA & Company Thoughts on Retail
1. Retail Dive: Life After Liquidation: Why some brands thrive after closing shop and others don’t
2. WWD: Fashion’s Pivot to E-commerce and the Future
3. S&P Global: Amazon Seeks Spot for Halo in Crowded Smartwatch, Fitness Tracker Market
4. WWD: Clienteling Takes Fashion Retailers Directly to Shoppers
5. SHRM: Top HR Challenges in Retail
A ‘Digital Transformation’ of the Summer Intern Experience at SSA & Company
The COVID-19 pandemic has impacted nearly every facet of our lives and business operations. Summer internship programs too. Many companies chose to postpone or even cancel their programs, but not SSA & Company. Fortunately, our digital roots and adaptability allowed us to facilitate a smooth transition to a fully virtual program this summer.
We spoke with our three Summers about their virtual experience with SSA & Company, and with members of the team who planned the program and worked directly with our interns. The group reflected on what went into planning, implementing, and working through a fully remote internship experience.
The Q&A interview provides a look at what internship programs might look like moving forward. Read the full interview here.
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