Four years ago, Mutual of Omaha launched a corporate strategy that placed a high priority on digital transformation to deliver greater value to its customers. As one of the key leaders of this initiative, Chief Information Officer Mike Lechtenberger knew it would take a combination of new digital technologies sourced both internally and externally to successfully complete the mission. Mike recently shared some of the transformation strategy, process and keys to success as the IT operation evolved to a more agile, customer-centric approach.
Digital transformation: It’s all about the business outcome
A common – and understandable – misconception about digital transformation is that it’s all about new technologies. While it’s true that technology is a critical component of these initiatives, it’s also just the tip of the iceberg; enterprises have decades of legacy systems, processes and culture that also need to change to realize the true value of the latest technologies. The true impetus for any new technology is to achieve tangible business results. For technical teams, it can be easy to lose sight of this.
A strategic decision-making framework
As Mutual of Omaha kicked off its digital transformation, the first step was to establish a mission and vision statement that would support its decision-making framework. In this case, as with many digital transformations, the ultimate goal was to better serve their customers.
One of Mutual of Omaha’s core values is “we exist for our customers,” which helps ensure everyone in the company is aligned around their customer-centric mission – from frontline advisors and customer service representatives to corporate operations and IT. Mike credits this organizational clarity as a key driver in the success of transforming the IT operation and how they perceived their role in the company. According to Mike: “We focused internally on our people, helping them adopt a new mindset and expand their skillsets, as well as hiring new people to drive innovation. Our focus on culture is the best thing we could’ve done.”
A move to scalable, agile methodologies and technologies
Within the IT operation, the culture shift was manifested in a couple of ways. The team started moving to more scalable, agile methodologies and technologies, including a preference for buying SaaS and cloud solutions rather than building solutions exclusively in-house. These changes brought meaningful gains in efficiency and cut time and expenses from projects.
“As business becomes increasingly complex, we need to deliver more value in the technology we roll out,” Mike said. “We have to move quickly and efficiently and Agile methodologies and SaaS technologies allow us to that.”
The team also shifted from selecting one-off technologies to fit a specific scenario to evaluating technology by how it complements the company’s mission and fits within the overall ecosystem.
“We took a step back to evaluate the tools we had already purchased and asked, ‘What do we use this tool for? What is its purpose and are we getting value from it? How well does it integrate with the other technologies we use? Is it positioned to grow with us, the industry and technology trends for the next 5, 10, 20 years?’” Mike said.
Technology that complements strategy for enhanced digital experience
Answering these questions helped guide Mutual to technology partners that complement their strategic focus. CRM technology was a big part of that equation, and Mike notes that when it comes to developing a CRM strategy, selecting a partner like Salesforce is only one aspect of the journey. CRM encompasses all the systems that must interact with it, including technology like Hearsay for industry-specific compliant digital communications and workflows, Marketo for marketing automation, as well as the people (customers and advisors) and processes. The goal behind this initiative is to build a true cloud ecosystem.
One of Mutual of Omaha’s overarching goals is to remain relevant to its customers long term, which will require attracting, retaining and developing a modern workforce and recruiting advisors that embrace new digital technologies as they interact with customers.
“One of the best investments we made was to update our digital presence for our Mutual of Omaha advisors to ensure consistent design and branding and an excellent user experience,” Mike said. “Not only does this updated digital experience better serve our customers and support our advisors, it helps us achieve our goal of remaining relevant in the marketplace. It has been a cost-effective and impactful effort and Hearsay has been a great partner.”