Strategy & Transformation Flashcards
Tell me about yourself and the skills and qualities you can bring to this Strategic level role?
○ I am a leader who always focuses my work on long-term vision and objectives of the organization.
○ Very passionate about my work and others have often described me as a dedicated leader who can not only get the most out of people, but who always ensures everyone within a team takes full responsibility for their actions and for ensuring we all work towards our goals.
○ I can bring confidence, and many years’ experience managing and leading projects and teams.
○ I am an articulate communicator and delegator and someone who is not just self-aware, but aware of how the work we do needs to be socially responsible and in lines with the needs and expectations of your customers and your client base
○ If you hire me withing this strategic role, you have my guarantee I will be one hundred percent committed, one hundred percent of the time.
○ I promise to delivery on all of my projects and objectives to ensure the organization continually to grows and develops well into the future
What do you consider when creating or developing a specific Strategic Plan?
I would always utilize a tried-and-tested 5-steps process for creating a solid strategic plan:
–>Step 1: define objective and vision. Need to know what the end goal or result looks like. This will enable me to write a vision statement
–> Step 2: create mission statement - this include target audience, what make us different and the product and services we want to develop to get us there.
–> Step 3 - perform GAP analysis - this will help us determine the skills and resources we need to meet our objects and realize our vision
–> Step 4: set SMART goals - the goals we have will need to be specific, measurable, actionable, results-based and timely
–> Step 5: Monitor Progress - to make sure we are on track to achieve or strategic goals
Why do you want to work for us in this strategic level role?
For anyone who works in strategy or strategic level roles, it’s very important to choose your employer carefully. Strategic leadership and management requires a specific level of thinking and action taking, and to achieve your goals, you must have a supportive, innovative and forward-thinking employer. I spent considerable time researching you online, and also speaking to others within the industry. They had nothing but positive things to say about you. Your reputation is excellent, you employ some very bright and talented people, and this is somewhere I feel I will not only be able to make an immediate and positive impact, but I will be able to stay here for many years to come within the role.
What are the biggest challenges our business will face in the future?
○ There will be many challenges but none that are insurmountable. Meeting the needs of your customers and clients will be a constant challenge and it will be important we stay ahead of the curve in relation to consumer demand.
○ The digital economy will be one we have to continue to embrace and we need to also ensure the work we do is socially and economically responsible.
○ Other challenges include financial responsibility and making sure the business is profitable and sustainable.
○ We will also have the challenge of making sure we are able to attract, recruit and retain talented individuals to help us achieve our goals.
Finally, we have to make sure we meet all relevant regulations and compliance protocols that encompass the industry. I am somebody who enjoys rising to challenges and more importantly I always ensure my team or department are fully prepared for those challenges well in advance of them actually impacting the organization
How would you help our company grow?
I can bring almost 3 decades of experience, a passion and commitment for growth, and an in-depth understanding of what we would need to do to ensure growth happens and that it is also sustainable. To achieve growth, I would focus both mine and the team’s efforts in 4 key areas
§ Product and service development
§ Market penetration
§ Market expansion
§ Training & development
○ For a company to grow, the product or service must continually evolve and respond to needs of the consumer. What might work today, may not work in 3 or 4 years. And we have to ensure we are ahead of the game as an organization, and foresee what is happening by maintaining contact with our loyal customer base
○ Market penetration is ensuring we are reaching all areas of our market
○ Market expansion is looking at ways to gain a higher share of the market by looking at what our competitors are doing, and specifically identifying weaknesses in their commercials strategies
○ Finally, training and development of staff is important, as this allows to make effective use of our most important asset, the people who work for the company. It is proven that staff who are valued and supported to be the best they can be, will help an organization surpass its financial and commercial objectives
Thats the end of your strategy leadership interview, do you have any questions?
Q1. What are the strategic aims of the orgaanization over the next 3-5 years and where could you see me helping you achieve them?
Q2. What would be the priority tasks and projects you need me to focus on within the first 1-3 months of starting?
Q3. During my research into your organization, I noticed you won the 2023 Microsoft US AI Partner of the year award…can you share more on…
What is your approach to strategic leadership?
My approach to leadership is one of vision, transformation and sustainability. I am a strong believer that you cannot acchieve your commercial and financial goals if you do not create a clear vision that everyone in the organization believes and buys into. Everybody, from the person right at the top of the organziation, through the the team that creates and delivers the products and services, must be aware of the vision. It would be my responsibility to ensure we, as an organization, focus on the vision in everything we do. I am also someone who enjoys the challenge of transforming and driving a business forward to keep ahead of industry trends and customer demands. Finally, sustainability in leadershiop for me is about making sure our business is profitable and it has a healthy balance sheet to enable us to overcome the manay challenges that lie ahead. I feel i am a strong leader who has the adaptability and flexibility to meet the demands of every situation that comes my way
What are challenges that large organizations facing?
Challenges facing large organizations include:
1. Digital transformation goals. Involves leveraging emerging technologies such as AI, cloud computing, Iot, Customer driven UX, and more
2. Cybersecurity - covid led to a rise in cyberattacks targeting remote workers and vulnerable systems
3. Data Management - as orgs collect/generate more data, they face challenge of managing and utilizing effectively. How to enable stakeholders to leverage insight from data for decisions
4. Talent management - rapid pace of tech change creates competitive environment
5. Covid has accolated much of these , AND post-Covid, theses challenges will become even more pronounced
There are a number of challenges and opportunities facing the insurance industry today. Some of the current challenges include:
6. Digital transformation: The insurance industry is undergoing a process of digital transformation, with many companies adopting new technologies such as artificial intelligence (AI), machine learning, and the internet of things (IoT) to improve operations and customer experience. This process presents both challenges and opportunities for insurance companies.
7. Regulatory changes: The insurance industry is subject to a range of regulations, and changes to these regulations can have a significant impact on the industry. Keeping up with regulatory changes and understanding their implications can be a challenge for insurance companies.
8. Competition: The insurance industry is highly competitive, with many companies vying for market share. This can make it difficult for insurance companies to differentiate themselves and attract new customers.
9. Consumer expectations: Consumers today expect a high level of convenience and personalization from their insurance providers. Meeting these expectations can be challenging for insurance companies, but also presents opportunities for companies that are able to meet and exceed customer expectations.
Climate change and environmental risks: Climate change and environmental risks present both challenges and opportunities for the insurance industry. On the one hand, these risks can lead to increased claims for insurance companies. On the other hand, the insurance industry has the potential to play a role in mitigating these risks through the development of new insurance products and services.
What is the current challenges facing financial services and insurance industry?
- Digital transformation: The insurance industry is undergoing a process of digital transformation, with many companies adopting new technologies such as artificial intelligence (AI), machine learning, and the internet of things (IoT) to improve operations and customer experience. This process presents both challenges and opportunities for insurance companies.
- Regulatory changes: The insurance industry is subject to a range of regulations, and changes to these regulations can have a significant impact on the industry. Keeping up with regulatory changes and understanding their implications can be a challenge for insurance companies.
- Competition: The insurance industry is highly competitive, with many companies vying for market share. This can make it difficult for insurance companies to differentiate themselves and attract new customers.
- Consumer expectations: Consumers today expect a high level of convenience and personalization from their insurance providers. Meeting these expectations can be challenging for insurance companies, but also presents opportunities for companies that are able to meet and exceed customer expectations.
Climate change and environmental risks: Climate change and environmental risks present both challenges and opportunities for the insurance industry. On the one hand, these risks can lead to increased claims for insurance companies. On the other hand, the insurance industry has the potential to play a role in mitigating these risks through the development of new insurance products and services.
Share your view and experience with Cloud transformation projects?
Its is my observation that most companies with large cloud transformation investments in the past decade have not achieve full cloud infrastructure potential.
* Many companies are still struggling to realize cloud’s full business value beyond table stakes cost savings and efficiency gains. This is often because parts of legacy technology and non–cloud native applications remain in place, creating a hybrid operating system inhibiting interoperability.
*The next leg of the cloud journey—moving remaining systems and industry-specific functions onto the cloud while making them more interoperable—could take time to implement. But companies should already be taking steps to overcome lingering legacy obstacles preventing full realization of their cloud infrastructure’s potential
Overall, however, while technology transformation has often focused on enhancing internal efficiency and accelerating speed to market, that emphasis has begun to shift for many insurers to investments improving customer experience and bolstering data and analytics capabilities.52 The goal for 2023 and beyond should be to more fully realize the benefits of technology infrastructure investments to make insurers increasingly agile, innovative, and customer-centric. The next leg of the cloud journey—moving remaining systems and industry-specific functions onto the cloud while making them more interoperable—could take time to implement. But insurers should already be taking steps to overcome lingering legacy obstacles preventing full realization of their cloud infrastructure’s potential
For example, where will data be stored geographically? Are there appropriate controls to request and manage access? How is data being protected by cloud providers? How is access monitored, managed, and authorized? How are insurers tracking data assets throughout their life cycle from creation to disposal? Such considerations can be further complicated as insurers increase adoption of public cloud platforms.
summary:
* Insurers investing in cloud transition struggle to realize full business value due to legacy technology and non-cloud-native applications.
* Moving remaining systems and industry-specific functions to the cloud while ensuring interoperability is the next step.
* Overcoming legacy obstacles is crucial for realizing the potential of cloud infrastructure.
* Insurers are shifting focus towards improving customer experience and bolstering data and analytics capabilities.
* Goal: Make insurers more agile, innovative, and customer-centric through technology infrastructure investments.
* Considerations include data storage, access controls, data protection, access monitoring, and data asset tracking.
Increasing adoption of public cloud platforms adds complexity to these considerations.
What are top 10 risks failure points?
- Executive team not aligned on what company vision is
- Biased tech evaluation
- Do not have quantifiable business case
○ Cost, benenifts, how benefits translates to company success, timeine, etc - Jump prematurely into implementation without clear plan for mobilization, process and change management will be, project governance
- Not having clear business requirements
○ Agile approach may not work for small or mid size companies - No customization mentatil leads to no competitive advantage
- Inadequate contingency budget
○ Org will need budget to handle unexpected - Training and communication is not enough. Must have also change impact, organization readiness
- Inadequate user testing
Have contingency plan
What is is important to have as a Data/Analytics leader?
Have a vision on how to transform an organization into a data driven enterprise
○ Data should be core of every business decision
○ Organization should enable all stakeholders to leverage data in a meaningful way
To achieve vision, focus on 3 key areas: peop, process, technology
First, prioritize budling a team
○ highly skilled data professionals
○ diverse backgrounds and perspectives
○ Bring fresh ideas and innovate new solutions
○ Nurture a culture of collaboration and continuous learning, to harness collective intelligence of team and drive innovation
Second, streamline data and analytics process to ensure they align with business objectives
○ Identify key metrics and KPIs to measure progress
towards goals
○ Establish data governance framework to sure data
quality, security’s and regulatory compliance
○ Implement agile methodology to enable quick and
efficient decision making
Finally, invest in fit for purpose technolgy to support data
and analytics practice
○ May include adopting cutting-edge tools and platforms (palantir, snowflake, etc)
○ And platforms that can automate data processing and anlysis
○ Leverage cloud-based solutions to enable scalability and flexibility
○ Stay on top of latest trends and innovations in the industry to ensure organization stays ahead of curve and remains competitive
In summary, vision for data and analytics strategy is to create culture of data-driven decision-making that empowers orgainzation to innovate and achieve goals.
By focusing on people, process, and tech, I believe an organization can become a world-class data and anayltics componay that delivers tangible value to our stakeholders
Describe a business case you created?
Developing a business case for an Underwriting (UW) automation solution powered by robotics and AI is essential for securing support and resources for the project. Here’s what you should include in your business case:
1. Executive Summary:
Provide a concise overview of the business case, summarizing the need, objectives, benefits, and expected outcomes.
2. Introduction:
Describe the current state of the underwriting process, highlighting challenges, inefficiencies, and opportunities for improvement.
3. Problem Statement:
Clearly define the problem the automation solution aims to address. Discuss factors like manual data entry, time-consuming processes, error rates, and resource constraints.
4. Objectives:
State the specific goals of the automation solution, such as reducing processing time, improving accuracy, enhancing customer experience, or increasing underwriting capacity.
5. Scope:
Define the scope of the project, outlining which aspects of underwriting will be automated and any limitations or exclusions.
6. Solution Overview:
Explain how robotics and AI will be utilized in the solution. Provide an overview of the technology stack, including robotic process automation (RPA), machine learning, and natural language processing (NLP).
7. Benefits and ROI:
Detail the expected benefits, both quantitative and qualitative. This may include cost savings, increased productivity, reduced errors, faster turnaround times, and improved risk assessment.
Present a clear ROI analysis, demonstrating the financial impact of the automation solution.
8. Market Analysis:
Provide an overview of the competitive landscape, highlighting how automation is becoming a standard practice in the insurance industry.
Discuss industry trends and benchmarks related to underwriting automation.
9. Risk Assessment:
Identify potential risks and challenges associated with the project, such as technology integration issues, data security concerns, or resistance to change.
Outline mitigation strategies for each identified risk.
10. Implementation Plan:
Present a high-level project plan, including key milestones, timelines, and resource requirements.
Specify the roles and responsibilities of team members involved in the project.
11.Technology Stack:
Describe the technology components and tools that will be used in the solution. Include details about software platforms, AI algorithms, and RPA tools.
12. Data Strategy:
Explain how data will be collected, processed, and utilized in the automation process.
Address data privacy and security considerations.
13.Change Management:
Outline a change management plan to address the cultural and organizational shifts required for successful implementation.
Include strategies for training and communication.
14.Timeline and Budget:
Present a detailed project timeline with milestones, dependencies, and critical paths.
Provide a budget estimate that covers development costs, technology investments, and ongoing maintenance.
15.Legal and Compliance:
Discuss how the automation solution will comply with industry regulations, data protection laws, and any legal requirements.
Conclusion and Recommendation:
Summarize the key points of the business case and make a clear recommendation to proceed with the UW automation project.
Appendices:
Include any supporting documents, charts, graphs, or additional data that provide context or evidence to support the business case.
Ensure that your business case is well-structured, data-driven, and aligned with the strategic goals of the organization. It should clearly articulate the value proposition of the automation solution and the positive impact it will have on underwriting operations.
How do you ensure that the organization is prepared to embrace change and adopt new technologies?
“When leading a digital transformation, my approach begins with understanding the current state of the organization and its goals. I then assess the technology, processes, and people in place to determine what needs to be changed or improved upon. After that, I develop an action plan outlining the steps needed to reach the desired outcomes. This includes identifying any gaps in resources or skillsets, developing a timeline for implementation, establishing KPIs to measure progress, and creating a communication plan to ensure everyone involved is kept up-to-date on the project’s progress.”
What experience do you have leading digital transformation initiatives?
“I’ve been a digital transformation leader for over a decade now, leading projects as an achitect and/or innovations or delivery lead. In my current role, i work primarily in the Financial services space, specifically Insurance. In the past decade, an overarching goal of insurance leaders have been to modernize its core systems, clould enablement and/or implement a data driven strategy to achieve multiple objectives including process efficiently, error reduction, business agility or superiror customer experience.
However, regardless of the industry, my approach to leading a digitial transformation initiative will be the same across industries. It starts with:
1. Understand the company’s goals and objectives: Before initiating any transformational activities, I would first work to understand the company’s goals and objectives. This would allow me to align the transformation strategy with the company’s overall strategy and prioritize initiatives based on their potential impact.
2. Assess the current state of the organization: I would conduct a thorough assessment of the current state of the organization. This would include analyzing the company’s processes, systems, technology, and people to identify areas that need improvement and prioritize transformation initiatives.
3. Develop a transformation strategy: Based on the assessment, I would develop a comprehensive transformation strategy that outlines the goals, initiatives, and timelines. This strategy would align with the company’s goals and objectives and prioritize initiatives based on their potential impact and feasibility.
4. Secure executive buy-in: I would present the transformation strategy to the executive team and secure their buy-in. This would help ensure that the strategy is supported at the highest level and that the necessary resources are allocated.
5. Build a transformation team: I would build a transformation team that includes individuals with the necessary skills and expertise to execute the transformation initiatives. This team would include both internal and external resources.
6. Execute the transformation initiatives: I would execute the transformation initiatives outlined in the strategy. This may include process re-engineering, technology implementation, talent management, and change management.
7. Monitor and measure progress: I would monitor and measure the progress of the transformation initiatives against the defined goals and timelines. This would help identify any deviations from the plan and allow for adjustments to be made as necessary.
8. Communicate progress and results: I would communicate progress and results of the transformation initiatives to the executive team, employees, and other stakeholders. This would help ensure transparency and build support for the transformation efforts.
9. Continuously improve: I would continuously improve the transformation strategy and initiatives based on feedback and results. This would help ensure that the transformation efforts remain relevant and aligned with the company’s goals and objectives.
10. Foster a culture of innovation: I would foster a culture of innovation within the organization. This would encourage employees to think creatively and challenge the status quo, driving continuous improvement and keeping the organization agile and adaptable to change.
11. Build strategic partnerships: I would build strategic partnerships with external organizations that can support the transformation efforts. This may include technology vendors, consultants, and industry associations.
12. Identify and manage risks: I would identify and manage risks associated with the transformation initiatives. This would include identifying potential obstacles and developing contingency plans to mitigate any risks.
13. Develop a knowledge management plan: I would develop a knowledge management plan to capture and share best practices and lessons learned throughout the transformation process. This would help ensure that the organization is continuously learning and improving.
14. Evaluate the impact of the transformation: I would evaluate the impact of the transformation initiatives on the organization’s performance and culture. This would help determine the effectiveness of the transformation efforts and identify areas for further improvement.
Plan for sustainability: I would plan for sustainability by ensuring that the transformation initiatives are integrated into the organization’s operations and culture. This would help ensure that the benefits of the transformation are sustained over the long-term.