This year, once again, OMMAX hosted an exclusive event for financial investors, customers and partners. After a great success last year at the Heart House Munich with David Rogers, the “pope” of digital transformation, as keynote speaker, this time the venue was an exclusive location in Frankfurt am Main.
In the chic QX-Manor Villa in Frankfurt am Main, headquarter of the unique QX-network, OMMAX digital day was hosted on 17th October. In a familiar fireplace-atmosphere, the topic of “Value creation through digitalization” was the focus point. Digitalisation is currently one of the most important, but also due to lack of expertise neglected topics for private equity investors, portfolio companies, as well as small- and medium-sized companies. Especially in a Due Diligence, the identification of digital growth potentials and drivers is often disregarded, which means that there is a great need to catch up on both the investor and the customer side.
Highlights of the evening: Keynotes by Michael Reeg and Markus Orth
After the introduction of Dr. Stefan Sambol, Managing Partner at OMMAX, who, among other topics, emphasized this year´s successfully accomplished projects on both the customer and the private equity side, it was time to move on to the two highlights of the evening.
With keynotes from Michael Reeg, CEO of Hoesch & Partner and client of OMMAX, and Markus Orth, former L´TUR CEO and industry expert within the airline and tourism industry for more than 25 years, the participants were shown – through the Microsoft Surface Hub – how differentiated the level of and the need for digitalisation are within the insurance and tourism industry.
Michael Reeg: Anyone who still relies on classic sales within the insurance market, will soon be caught up by the need for digitalisation and the transformation of the customer journey.
According to Michael Reeg, the insurance market is currently undergoing a massive upheaval in terms of increased transparency and price sensitivity. Additional factors, such as the low interest period, shorter contractual relationships and little barriers-to-entry, through disruptive technologies and start-ups, challenge the “spoiled” insurance industry. Thus, all insurers would have to ask themselves how to withstand the pressure of digitalisation and how to re-establish themselves.
Hoesch & Partner particularly identify the core challenges of digital transformation as the following:
- Holistic perception of the customer and his insurance requirements
- Establishment and sustainable operation of digital sales channels
- Maximization of customer lifetime values through individualized and personalized offers
- Massive investments in technology, CRM and Business Intelligence
With OMMAX, Hoesch & Partner have found an outstanding partner in the repositioning process, who strategically and operationally implements the four topics within the framework of the company transformation.
Markus Orth: The customer consults himself – nobody wants the classic package travel anymore.
According to Markus Orth, the online market within the travel industry has been omnipresent for many years. The level of digitalisation as well as the competition on the market are not as high within any other industry, except for the fashion industry. Not least because the travel market is the supreme discipline within online marketing. Whereas it was formerly package and last-minute trips, which thrilled customers, it is today “individualised” travels. Due to the large number of offers, OTAs and platforms such as booking.com, Trivago, etc., the customer nowadays informs himself, whereby he is able to create vacation packages in seconds. As a result of the change in information and travel behaviour, the providers are therefor asked to accurately tailor these packages across the platform with the assistance of Big Data, CRM, social media and individualised landing pages to the customer’s needs.
Airlines and classic tourism providers still act cautiously when it comes to the “digital move”
Many airlines and classic tourism providers would have missed dealing with technological innovations and setting up accordingly. In order to keep up with the travel industry, companies such as OMMAX, who are pioneers in the business intelligence, CRM and online marketing disciplines and offer the necessary know-how, are highly required.
Closing of the evening: flying dinner, networking and digital trends
After joint flying dinner and get-together, the topics of the keynotes were reviewed and the most important digital trends for investors and companies were discussed. It was particularly agreed upon the following points:
- The online penetration will increase across all industries and we will observe a strong migration of customers, regardless of B2B or B2C industries, into the network.
- Companies should precisely know the “micro moments” of their target groups (personas) and potential customers, in order to be able to catch the online users with the right content at the right time via the right channels.
- We are aware that in many industries within the B2B market intermediate trade still exists, but does not have any more reason to exist in the medium term. Companies are increasingly building direct business via digital platforms.
- Many international companies are facing an IT revolution as there are no uniform platforms, which strongly limits the digitalisation of business models. Therefore, IT and business intelligence must be massively invested in, in order to create the prerequisite for analysing the abundance of data, applying machine learning algorithms and deriving and implementing strategies therefrom – always focussing on the EBITDA increase.
- At omnichannel providers, online and offline customer journeys will seamlessly blend into one another. However, a common counter argument is that the company cannibalises itself with an additional online channel. Nevertheless, there is a risk that you will lose a large part of your business if you are not digitally visible and other digital providers are taking over the business.
OMMAX wants to thank all participants, the QX team and the founder Thomas Fuchs for this exciting evening – some impressions can be found in the picture gallery below. We are already looking forward to the next exclusive event for the first quarter of 2018. In the OMMAX company presentation you can get insights on OMMAX projects as well as B2B and B2C case studies. For continuous information regarding digital strategy, digital marketing and digital investor support, you are welcome to subscribe to our quarterly released OMMAX Digital Insights newsletter. For further information please feel free to contact us any time at firstname.lastname@example.org.