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From geopolitical tensions and increased vulnerability to cyberattacks, data breaches and climate change, insurance companies will continue to be hard-pressed to predict, quantify and address every financial and operational consequence that’s likely to occur.

As a result, insurers that remain nimble and embrace uncertainty will continue to find success — one unanticipated event at a time. That said, these wins will depend largely on an insurer’s ability to proactively leverage new technology, customer interactions, product design innovations and aligned business strategies.

Growth through innovation/creativity. Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.

Supported by a robust sales force and tight cost controls, Pharm Ltd. experienced sustained double-digit growth over a number of years, only to find that their supply chain struggled to keep pace.

Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Its own people.

Says Morgan Fraud, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of ways

Supported by a robust sales force and tight cost controls, Pharm Ltd. experienced sustained double-digit growth over a number of years, only to find that their supply chain struggled to keep pace. In particular, the initial state of the company’s sales.

The teams focused their efforts on a few of the highest-value S&OP levers in order to review the current planning process, identify gaps in the planning infrastructure and analytically understand demand and supply variability.

In particular, the initial state of the company’s sales and operations planning capabilities limited their ability to account for demand variability or raw material lead times in production and distribution. Improve sales and operations and production planning.

The effort vastly improved the company’s planning and execution functions, created and implemented a new stock policy that accounted for specific SKUs and key variables, streamlined the order preparation process and reduced distribution transport times.

With hundreds of medications in the market, Pharm Ltd. needed a proper method to predict and manage their inventory. Using a mean absolute percentage analysis (MAPE), the teams defined appropriate levels for raw materials and finished products by mapping.