| |AUGUST 20229CIOReviewmultiple participants to connect to it, interact with one another and create and exchange value in near- to real-time. The Microsoft Azure platform can be an easy choice for organizations that are looking to test new business models. It is secure and scalable, offering many of the necessary components and data assets as well as an ecosystem of business partners that are already connected. This provides support for organizations as they move towards a network orchestration model and offers the potential to grow the role of CIO from supporter of business initiatives to identifier and developer of net new revenue. "The keys to success are having the right cloud platform in place to manage the infinite amounts of data generated by the network and be able to process it at speed to tell the complete story about the customer." Chris Henderson EY Asia-Pacific Data & Analytics Advisory, Partner Five steps to becoming a leader of the digital marketplace The CIO with an eye to the future will steer their business in the right direction by considering new revenue streams that are possible with this network ecosystem model and elevating product and service offerings to meet and exceed customer demands. Successful change extends beyond simply investing in technology ­ digital innovation must be accompanied by a five-step approach to deliver enterprise-wide organizational change.1. Assess whether your current business model is viable in the digital age If you're still trying to sell policies to customers in the traditional low-engagement format, it may be time to consider how to instead anticipate their broader wants and needs and deliver these seamlessly via a network ecosystem model.2. Align your operating model to your business model Support strategy with the right mix of skills and processes to successfully execute a new business model. Consider how to use artificial intelligence and cognitive computing to augment human capabilities. 3. Build a workforce with the right digital skillsTechnical skills are in high demand, but organizations also need to address the soft skills gap. Communication, critical thinking and adaptability are as important as computer programming skills. 4. Design digital metrics that more accurately measure success Network orchestrators adopt metrics that measure how successfully customers navigate their ecosystem­ for example, the amount of friction encountered during their online experience. 5. Make the shift to a digital culture a priority, not an afterthought In a technology-driven world, it can be easy to overlook the human element. Make sure you bring your people along with you on the transformation to digital leader. Is this the beginning of a broader shift for financial services?Adopting a digital platform such as Microsoft Azure to enable the orchestration of connected ecosystems is a trend likely to grow within insurance, and across financial services. These platforms, if supported by broader organizational change, offer huge potential for companies to meet a more complex set of needs and secure competitive advantage in a converged and collaborative worldThe views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms. Adopting a digital platform such as Microsoft Azure to enable the orchestration of connected ecosystems is a trend likely to grow within insurance, and across financial services
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