Hard Truth of Tech Modernization Without Business Model Innovation | SimpleSolve
New technology is not a magic carpet for an organization to fly into the future. Amazon launched in 1995 as the Earth’s biggest bookstore but fast-forward today and it is a cloud computing leader and of course an e-commerce giant. The Amazon business model is built on asking itself what next ? That is why a successful strategy is one where business model innovation has led the way for new technology transition. What’s business model innovation? For an organization to profit from innovation it has to be a company-wide undertaking. Insurers are facing the need to focus on personalizing the customer experience and they are turning to technology to meet this goal. And often this starts with a call for PAS modernization from stakeholders. However, technology on its own is like Mercury's 600 hp V-12 Verado, the world's largest outboard engine confined to a boat on a small lake. It’s not going anywhere. In other words, a sound business model should be wrapped around techn