Digital Transformation - December 11 2019
Kris Østergaard is the bestselling author of Transforming Legacy Organizations: Turn Your Established Business Into An Innovation Champion To Win The Future and Co-founder of SingularityU Nordic. For more than 20 years, Østergaard has been helping established organizations around the world transform and innovate. We caught up with Kris to ask a few questions about the impact of new technologies and innovation on the global insurance industry and how legacy insurance organizations can embrace meaningful change.
Kris, you’ve argued that innovation is a complex and difficult process that too often gets boiled down to a few bullet points that are hopelessly abstract and reductive. What do established organizations tend to get wrong about innovation?
First of all, they tend to be too imprecise and unambitious about what they want to do, need to do and how to do it. Innovation is not one thing. In fact, when you are a larger, established organization your system is much more complex than if you are a startup. This means that you need to design differently for innovation. You need to innovate both to optimize the existing, augment the core and potentially even mutate the core for the long term. And then you need to ensure that you have an innovation strategy. There is a lot of innovation theater out there, which means that organizations do undirected events rather than activities which are aligned with a bigger strategy. This creates a lot of wasted resources and unfulfilled ambitions.