The International Air Transport Association has warned of “severe” supply chain issues poised to define 2025.
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After a rocky 2024, the global aviation industry’s supply chain headwinds are expected to continue in the year ahead. In a new report, the International Air Transport Association (IATA) predicted severe supply chain issues will continue to impact airline performance next year. These issues will have the combined effect of raising costs and limiting growth.
“Supply chain issues are frustrating every airline with a triple whammy on revenues, costs, and environmental performance. Load factors are at record highs and there is no doubt that if we had more aircraft they could be profitably deployed, so our revenues are being compromised. Meanwhile, the aging fleet that airlines are using has higher maintenance costs, burns more fuel, and takes more capital to keep it flying. And, on top of this, leasing rates have risen more than interest rates as competition among airlines intensified the scramble to find every way possible to expand capacity,” said Willie Walsh, IATA’s Director General.
Challenges growing in scale
IATA’s industry outlook report quantifies the scale of the supply chain challenges facing the airline industry.
The average age of the global fleet has risen to a record 14.8 years. This represents a significant increase from the 13.6 years average for the period 1990-2024. Aircraft deliveries have fallen sharply from the peak of 1,813 aircraft in 2018. The estimate for 2024 deliveries is 1,254 aircraft, a 30% shortfall on what was predicted going into the year. In 2025, deliveries are forecast to rise to 1,802. This is well below earlier expectations for 2,293 deliveries with further downward revisions in 2025 widely seen as quite possible.
The backlog (cumulative number of unfulfilled orders) for new aircraft has reached 17,000 planes, a record high. At present delivery rates, this would take 14 years to fulfil, double the six-year average backlog for the 2013-2019 period. However, the waiting time is expected to shorten as delivery rates increase.
The number of “parked” aircraft is 14% (approximately 5,000 aircraft) of the total fleet (35,166 as at December 2024, including Russian-built aircraft). While this has improved recently, parked aircraft remain 4 percentage points higher than pre-pandemic levels (equivalent to some 1,600 aircraft). Of these, 700 (2% of the global fleet) are parked for engine inspections.
The IATA’s report adds that they expect this situation to persist into 2025. “This is a time when airlines need to be fixing their battered post-pandemic balance sheets,” added Walsh. “But progress is effectively capped by supply chain issues that manufacturers need to resolve.”
Knock-on problems
In particular, the IATA report identified two knock-on negative effects resulting from the industry’s supply chain issues.
First, fuel efficiency (excluding the impact of load factors) was unchanged between 2023 and 2024 at 0.23 litres/100 available tonne kilometers (ATK). This represents a step back from the long-term (1990-2019) trend of annual fuel efficiency improvements in the range of 1.5-2.0%.
Secondly, the industry expects to see exceptional demand for leased aircraft. This demand will push leasing rates for narrow body aircraft to levels 20-30% higher than in 2019.
“The entire aviation sector is united in its commitment to achieving net zero carbon emissions by 2050. But when it comes to the practicality of actually getting there, airlines are left bearing the biggest burden. The supply chain issues are a case in point. Manufacturers are letting down their airline customers and that is having a direct impact of slowing down airlines’ efforts to limit their carbon emissions. If the aircraft and engine manufacturers could sort out their issues and keep their promises, we’d have a more fuel-efficient fleet in the air,” said Walsh.
Our cover story this month focuses on the work of Arianne Gallagher-Welcher. As the Executive Director for the USDA Digital…
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Our cover story this month focuses on the work of Arianne Gallagher-Welcher. As the Executive Director for the USDA Digital Service, in the Office of the OCIO, her team’s mission is to drive a tech transformation at the USDA. The goal is to better serve the American people across all of its 50 states.
Welcome to the latest issue of Interface magazine!
Welcome to a new year of possibility where technology meets business at the interface of change…
“We knew that in order for us to deliver what we needed for our stakeholders, we needed to be flexible – and that has trickled down from our senior leaders.” Arianne Gallagher-Welcher, Executive Director for the USDA Digital Service reveals the strategic plan’s first goal. Above all, the aim is to deliver customer-centric IT so farmers, producers, and families can find dealing with USDA as easy as using an ATM.
BCX: Delivering insights & intelligence across the Data & AI value chain
We also sat down with Stefan Steffen,Executive Leader for Data Insights & Intelligence at BCX. He revealed how BCX is leveraging AI to strategically transform businesses and drive their growth. “Our commitment to leveraging data and AI to drive innovation harnesses the power of technology to unlock new opportunities, drive efficiency, and enhance competitiveness for our clients.”
Momentum Multiply: A culture-driven digital transformation for wellness
Multiply Inspire & Engage is a new offering from leading South African insurance provider Momentum Health Solutions. Furthermore, it is the first digital wellness rewards program in South Africa to balance mental health and physical health in pursuing holistic wellness. CIO, Ndibulele Mqoboli, discusses re-platforming, cloud migrations, and building a culture of ownership, responsibility, and continuous improvement.
Clark County: Creating collaboration for the benefit of residents
Navigating the world of local government can be a minefield of red tape, both for citizens and those working within it. Al Pitts, Deputy CIO of Clark County, talks to us about the organisation’s IT transformation. He explains why collaboration is key to support residents. “We have found our new Clark County – ‘Together for Better’ – is a great way to collaborate on new solutions.”
Also in this issue, we hear from Alibaba’s European GM Jijay Shen on why digitalisation can be a driving force for SMEs. We learn how businesses can get cybersecurity right with KnowBe4 and analyse the rise of ‘The Mobility Society’.
For our first cover story of 2024 we meet with Lloyds Banking Group’s CIO for Consumer Relationships & Mass Affluent,…
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For our first cover story of 2024 we meet with Lloyds Banking Group’s CIO for Consumer Relationships & Mass Affluent, Martyn Atkinson, to learn how an ambitious growth agenda, combined with a people-centred culture, is driving change for customers and colleagues across the Group.
Welcome to the latest issue of Interface magazine!
Welcome to a new year of possibility where technology meets business at the interface of change…
Lloyds Banking Group: A technology & business strategy
“We’ve made significant strides in transforming our business for the future,” explains Martyn Atkinson, CIO for Consumer Relationships & Mass Affluent at Lloyds Banking Group. “I’m really proud of what the team have achieved. There’s loads more to go after. It’s a really exciting time as we become a modern, progressive, tech-enabled business. We’ve aimed to maintain pace and an agile mindset. We want to get products and services out to our customers and colleagues. We’ll test and learn to see if what we’re doing is actually making a meaningful difference.”
AFRICOM: Organisational resilience through cybersecurity
We also speak with U.S. Africa Command’s (AFRICOM) CISO Ryan Larsen on developing the right culture to build cyber awareness. He is committed to driving secure and continued success for the Department of Defence. “I often think of every day working in cyberspace a lot like counterinsurgency warfare and my time in Afghanistan. You had to be on top of your game every minute of every day. The adversary only needs to get lucky one time to find you with that IED.”
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ALIC: Creating synergy to scale at speed with Lolli
Since 2009 the Australian Lending & Investment Centre (ALIC) has been matching Australians with loans that help build their wealth. It has delivered over $8.3bn in loans to more than 22,000 leading Australian investors and businesses. Managing Director Damian Brander talks ethical lending and the challenges of a shifting financial landscape. ALIC has also built Lolli – a broker enhancement platform built by brokers, for brokers.
Sime Darby Motors: Driving digital, cultural, and business transformation together
Sime Darby Berhad is one of the oldest and most successful multinational companies in Malaysia. It has a twin focus on the Industrial and Motors sectors. The company employs more than 24,000 people, operating across 17 countries and territories. Sime Darby Motors’ Chief Digital & Information Officer Tuan Jean Tee shares how he makes sure digital, cultural, and process transformation go hand in hand throughout one of APAC’s largest automotive multinationals.
Also in this issue, we hear from Microsoft on the art of sustainable supply chain transformation, Tecnotree map the key trends set to impact the telecoms industry in 2024 and our panel of experts chart the big Fintech predictions for the year ahead.
Our final cover story for 2023 explores how Deputy CIO May Cheng is accelerating a digital customer and product-centric approach…
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Our final cover story for 2023 explores how Deputy CIO May Cheng is accelerating a digital customer and product-centric approach to IT management for the International Trade Administration (ITA).
Welcome to the latest issueof Interface magazine!
Interface showcases leaders at the forefront of innovation with digital technologies transforming myriad industries.
We connect once more with the tech trailblazers at the International Trade Administration. Deputy CIO May Cheng and her team areaccelerating adoption of ITA’s customer and product-centric approach to IT management. In addition, their focus is on Agile, DevSecOps, Value Proposition, and Human Centred Design. “In 2023, we launched 13 products, three MVPs and saw enhancements operationalised. Moreover, the digital model has enabled a partnership between business and IT. The result is clearer lines of shared responsibility, transparency in resources, and a continuous learning culture across the agency.”
Businessman touching data analytics process system with KPI financial charts, dashboard of stock and marketing on virtual interface. With American flag in background.
Royal Papworth Hospital NHS Trust: Digitally transforming patient care
The Royal Papworth Hospital NHS Foundation Trustis centred on bringing tomorrow’s treatments to today’s patients with a clear mission to provide excellent, specialist care to patients suffering from heart and lung disease. We hear from Andrew Raynes who took up his role as CIO in 2017. He is overseeing a digital transformation program bringing value to staff and patients. “Using the global language of interoperability… we’ll see greater efficiency in terms of use of technology and sweating our assets. Furthermore, exploiting the benefits to support seamless care by allowing standards to do the heavy lifting.”
Toronto Community Housing: Supporting tenants with tech
Toronto Community Housing houses tenants in 106 of Toronto’s 158 neighbourhoods. It ensures over 43,000 low and moderate-income families are supported in their continuously managed homes. Luisa Andrews, VP Information Technology Services tells us it’s the best role she’s had in her career. “It’s the most challenging, and where I’ve seen the most progress in a short amount of time. I’m proud of my team and what we’ve accomplished in five years. We, and our partners, have enabled the corporation, through technology, to do what it needs to do for our tenants.”
Marshfield Clinic Health System:
Marshfield Clinic Health System provides care at over 50 locations across the US state of Wisconsin. Chief Data & Analytics Officer Mitchell Kwiatkowski explains its tech mantra to us: “We’re trying to toe that line while examining new technologies as they come out. We’re aiming to understand what they are, how they can help, and implementing things that are mature enough and show promise. I don’t think healthcare is necessarily risk-averse; it’s a highly regulated area that doesn’t always have deep pockets for investment. However, it’s people’s health at stake, so we have to be careful…”
Also in this issue, we get the lowdown on the tech trends for 2024 from Hitachi Vantara innovation guru Bjorn Andersson. We also hear from the WatchGuard Threat Lab research team with their cybersecurity predictions for the year ahead.
A passionate advocate for diversity, inclusion and equity of opportunity, Executive GM Ana Marinkovic leadsa team of 1,600+ small business experts. They lend over $1.2bn a month to Australian small businesses. National Australia Bank (NAB) plays a major role in propelling entrepreneurship across the country. Delivering better outcomes for small business owners sits at the very heart of NAB’s strategy. “Our scale and connectivity help us to tackle some of the biggest challenges facing our business and the communities we operate in,” says Ana.
TUI: Making travel plans mobile
The mobile side of TUI has never been more vital. TUI’s mobile apps were officially launched in 2013 and began as something of a proof of concept. For the entire international industry, moving from web to mobile devices was a huge shift. The initial set of apps were very skeletal and only integrated for UK and Nordic customers.
One of this year’s goals is to accelerate the native journey to make all the customer journeys native. This will further improving the customer experience. After a recent UI refresh, the app look and feel is fresh and sleek, and has plenty of exciting features for customers to enjoy. “Just in the last couple of months we’ve introduced an integration with OpenAI for a travel planner that helps you choose excursions,” Donia adds. “Seeing it grow over the years is so exciting.”
TARA Energy Services: tech fuelling growth
“Continuous improvement is woven into the fabric of the culture at TARA Energy Services,” says its proud Director of IT, Paul Parzen. “Every day, we face new challenges, both operationally in the field and strategically in the boardroom. We must make sure the organisation’s IT strategy for data management, core infrastructure, network architecture, and security is ready to meet them.”
Link Group: Shaking up UK’s pension market via digitalisation
“Some people might say, ‘wow, a pension. That sounds a little boring.’ But at the end of the day, what we do is help people retire in the best way possible and that’s a pretty good place to be.”
Those are the words of Dee McGrath, CEO of Link Group’s Retirement Solutions since May 2019. The company is a global, digitally-enabled business connecting millions of people with their pension assets – safely, securely and responsibly.
Evara Health: Technology delivering care for all
Evara Health’s mission statement is to help people become healthy and live healthy lives, and that means all people. A lot of health organisations don’t serve everybody and their treatments aren’t available under many types of insurance. However, Evara Heath doesn’t turn anybody away. It supports the underserved and the uninsured, and patients are treated regardless of whether they can afford it. Around 25% of patients have no insurance at all, and over half are covered by Medicaid, which isn’t accepted by everyone.
A passionate advocate for diversity, inclusion and equity of opportunity, Executive GM Ana Marinkovic leadsa team of 1,600+ small business experts. They lend over $1.2bn a month to Australian small businesses. National Australia Bank (NAB) plays a major role in propelling entrepreneurship across the country. Delivering better outcomes for small business owners sits at the very heart of NAB’s strategy. “Our scale and connectivity help us to tackle some of the biggest challenges facing our business and the communities we operate in,” says Ana.
TUI: Making travel plans mobile
The mobile side of TUI has never been more vital. TUI’s mobile apps were officially launched in 2013 and began as something of a proof of concept. For the entire international industry, moving from web to mobile devices was a huge shift. The initial set of apps were very skeletal and only integrated for UK and Nordic customers.
One of this year’s goals is to accelerate the native journey to make all the customer journeys native. This will further improving the customer experience. After a recent UI refresh, the app look and feel is fresh and sleek, and has plenty of exciting features for customers to enjoy. “Just in the last couple of months we’ve introduced an integration with OpenAI for a travel planner that helps you choose excursions,” Donia adds. “Seeing it grow over the years is so exciting.”
TARA Energy Services: tech fuelling growth
“Continuous improvement is woven into the fabric of the culture at TARA Energy Services,” says its proud Director of IT, Paul Parzen. “Every day, we face new challenges, both operationally in the field and strategically in the boardroom. We must make sure the organisation’s IT strategy for data management, core infrastructure, network architecture, and security is ready to meet them.”
Link Group: Shaking up UK’s pension market via digitalisation
“Some people might say, ‘wow, a pension. That sounds a little boring.’ But at the end of the day, what we do is help people retire in the best way possible and that’s a pretty good place to be.”
Those are the words of Dee McGrath, CEO of Link Group’s Retirement Solutions since May 2019. The company is a global, digitally-enabled business connecting millions of people with their pension assets – safely, securely and responsibly.
Evara Health: Technology delivering care for all
Evara Health’s mission statement is to help people become healthy and live healthy lives, and that means all people. A lot of health organisations don’t serve everybody and their treatments aren’t available under many types of insurance. However, Evara Heath doesn’t turn anybody away. It supports the underserved and the uninsured, and patients are treated regardless of whether they can afford it. Around 25% of patients have no insurance at all, and over half are covered by Medicaid, which isn’t accepted by everyone.
Nigel Greatorex, Global Industry Manager at ABB, on how digital technologies can support decarbonisation and net zero goals
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Nigel Greatorex is the Global Industry Manager for Carbon Capture and Storage (CCS) at ABB Energy Industries. He explains how digital technologies can play a critical role in the transition to a low carbon world by enabling global emissions reductions. Furthermore, he highlights the role of CCS and how challenges can be overcome through digitalisation.
Meeting our global decarbonisation goals is arguably the most pressing challenge facing humanity. Moreover, solving this requires concerted global action. However, there is no silver bullet to the global warming crisis. The solution requires a mix of investment, legislation and, importantly, innovative digital technologies.
Decarbonisation digital technologies
It’s widely recognised decarbonisation is essential to achieving net zero emissions by 2050. Decarbonisation technology is becoming an increasingly important, rapidly growing market. It is especially relevant for heavy industries – such as chemicals, cement and steel. These account for 70 percent of industrial CO2 emissions; equal to approximately six billion tons annually.
CCS digital technologies are increasingly seen as key to helping industries decarbonise their operations. Reaching our net zero targets requires industry uptake of CCS to grow 120-fold by 2050, according to analysis from McKinsey & Company. Indeed, if successful, it could be responsible for reducing CO2 emissions from the industrial sector by 45 percent.
A Digital Twin solution
ABB and Pace CCS joined forces to deliver a digital twin solution. It reduces the cost of integrating CCS into new and existing industrial operations. Simulating the design stage and test scenarios to deliver proof of concept gives customers peace of mind. Indeed, system designs need to be fit for purpose. Also, it demonstrates the smooth transition into CCS operations. Additionally, the digital twin models the full value chain of a CCS system.
Cybersecurity leader Shinesa Cambric on Microsoft’s innovation journey to identify, detect, protect, and respond to emerging threats against identity and access
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This month’s cover story highlights a cybersecurity program protecting billions of users.
Welcome to the latest issueof Interface magazine!
Interface showcases leaders at the forefront of innovation with digital technologies transforming myriad industries.
Shinesa Cambric is on a mission to drive innovation for cybersecurity at Microsoft. Moreover, by embracing diversity and opening all channels towards collaboration her team tackles anti-abuse and delivers fraud-defence. Continuous Improvement doesn’t just play into her role, it defines it…
“In the fraud and abuse space, attackers are constantly trying to identify ways to look like a legitimate user,” warns Shinesa. “And this means my team, and our partners, have to continuously adapt. We identify new patterns and behaviours to detect fraudsters. At the same time, we must do it in such a way we don’t impact our truly ‘good’ and legitimate users. Microsoft is a global consumer business and any time you add friction or an unpleasant experience for a consumer, you risk losing them, their business and potentially their trust. My team’s work sits on the very edge of the account sign up and sign in process. We are essentially the first touch within the customer funnel for Microsoft – a multi-billion dollar company.”
ABB: Digital Technolgies contributing towards Net Zero
Nigel Greatorex, Global Industry Manager for Carbon Capture and Storage (CCS) at ABB Energy Industries, explains how digital technologies can play a critical role in the transition to a low carbon world. He highlights the role of CCS in enabling global emissions reductions and how challenges can be overcome through digitalisation…
“It is widely recognised decarbonisation is essential to achieving net zero emissions by 2050. Therefore, it’s not surprising that emerging decarbonisation technology is becoming an increasingly important, and rapidly growing market.”
CSI: How can your IT estate improve its sustainability?
Andy Dunn, Chief Revenue Officer at IT solutions specialist CSI, reveals how digital technologies can contribute to ESG obligations: “Sustainability is a now seen as a strategic business imperative, so much so that 74% of companies consider Environmental, Social and Governance (ESG) factors to be very important to the value of their company. Additionally, we know almost three in four organisations have set a net zero goal. With an average target date of 2044, 50% of organisations are seeking more energy efficient products and services.”
https://www.youtube.com/watch?v=tsDaZiSO1ho
“Optimising energy use and consolidating servers and storage infrastructure form a strong basis for shaping a more environmentally friendly and efficient IT estate. It no longer needs to be the Achilles Heel of an ESG policy. “
Mia Platform: Sustainable Cloud Computing
Davide Bianchi, Senior Technical Lead at Mia Platform, explores the silver lining of sustainable cloud computing. He reveals how it can help us reduce our digital carbon thumbprint with collaboration, efficient use of applications, containerisation of apps, microservices and green partnerships.
“We’re already on an important technological path toward ubiquitous cloud computing. Correspondingly, this brings incredible long-term benefits too. These include greater scalability, improved data storage, and quicker application deployment, to name a few.”
Also in this issue, we hear from Doug Laney, Innovation Fellow at West Monroe and author of Infonomics and Data Juice. Also, we learn how companies can measure, manage and monetise to realise the potential of their data. And, Deputy CIO Melvin Brown discusses the people-centric approach to IT supporting America’s civil service at The Office of Personnel Management (OPM).
Doug Laney is Innovation Fellow at West Monroe and a leading Data & Analytics strategist. We caught up with the author of Infonomics and Data Juice to talk tech and how companies can measure, manage and monetise to realise the potential of their data
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Our cover story explores the rise of data and information as an asset.
Welcome to the latest issueof Interface magazine!
Interface showcases leadersaiming to take advantage of data, particularly in a new world of AI technologies where it is the fuel…
How to monetise, manage and measure data as an asset
Our cover star is pretty big in the world of analytics… We meet the guy who defined Big Data. Doug Laney is Innovation Fellow at West Monroe and a leading Data & Analytics strategist. We caught up with the author of Infonomics and Data Juice to talk tech and learn how companies can measure, manage and monetise to realise the potential of their information. In his first book Laney advised companies to stop being fixated on hindsight-oriented analytics. “It doesn’t actually move the needle on the business. In the stories I’ve compiled over the last decade, 98% have more to do with organisations using data to diagnose, predict, prescribe or automate something. It’s not about asking questions about what happened in the past.”
Canvas Worldwide: A data-driven media business
Continuing this month’s data theme, we also spoke with Alisa Ben, SVP, Head of Analytics at full-service media agency Canvas Worldwide. Data has transformed the organisation, and what its clients do. “We look holistically at the client’s business and sometimes the tools we have might be right for them, sometimes not. It’s more about helping our clients achieve their business outcomes.”
TUI Musement: from digital transformation to digital pioneer
At travel giant TUI, handling data effectively is paramount when communicating consistently and meaningfully with up to 25 million customers annually. David Garcia, CIO for TUI Musement, talks about the tech evolution driving the travel giant’s provision of experiences, transfers and tours. It’s a big part of its operational shift from local to global. “As a CIO, I’ve always been interested in how the tech innovations we drive can support the business and add value.”
Hiscox: making cybersecurity more accessible
Liz Banbury, CISO at Hiscox and president of (ISC)² London Chapter, talks to us about how cybersecurity can become a more accessible, realistic career path for almost anybody. “When I was at school, topics like computer science didn’t even exist,” Banbury explains. “In one of my first jobs, over in Hong Kong, we were still using a typewriter! A lot has changed. My key point here is that there’s a lot of cybersecurity professionals who are really good at their job. They are inspiring, and have come from all walks of life. Crucially, they don’t have a maths, computer science, or technological background at all. But they still make great cybersecurity professionals.
Portland Community College: Risk vs Speed in Cybersecurity
Reet Kaur, former Chief Information Security Officer at Portland Community College, discusses the organisation’s transition to the cloud amid a digital transformation journey. “I don’t want to work with people who just say yes all the time. I want my ideas challenged to help forge the excellence in the security programmes I help build.”
DBHDS: Cybersecurity in healthcare
The Virginia Department of Behavioral Health and Developmental Services (DBHDS) exists to create ‘a life of possibilities for all Virginians’ and transform behavioural health. Its focus is on supporting people across the entire commonwealth. It helps them get the support they need in order to take wellness and recovery into their own hands. In an area like healthcare, sensitive information is all over the place, meaning cybersecurity is a priority – and this is where Glendon Schmitz, CISO at DBHDS, comes in. “The security team exists to help the wider organisation achieve its objectives with data. We’re there to protect the business, not the other way around.”
Also in this issue, we schedule the can’t miss tech events and get the lowdown on IoT security from the Mobile Ecosystem Forum.
Melvin Brown, Deputy CIO at the Office of Personnel Management, explains the organisation’s ‘sprint to the cloud’ and its determination to modernise at every level.
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Our cover story highlights the Office of Personnel Management’s ‘sprint to the cloud’ with technology.
Welcome to the latest issueof Interface magazine!
Interface hears from leaders who champion a people-first approach driving successful technology transformations.
Culture Modernisation at the Office of Personnel Management
The Office of Personnel Management (OPM) is a government entity which manages America’s civil service. This month’s cover story explores how an organisation that prioritises people is taking a human approach to IT. Deputy CIO Melvin Brown oversees a portfolio of $500m in programs and a growing workforce of around 300 federal employees and contractors. OPM is undergoing a major cloud transformation… “We want to be cloud-first and cloud-smart as we move forward,” he explains. “So, we created a two-year sprint to the cloud plan where we take all our major applications and move them to the cloud in order to take advantage of all the benefits that brings, from both a security and a utility perspective.”
International Trade Administration: A strategic vision for technology
The International Trade Administration (ITA) strengthens the competitiveness of U.S. industry, promotes trade and investment, and ensures fair trade through the enforcement of trade laws and agreements. We hear from its CIO Gerald Caron who is passionate about involving all stakeholders in ITA’s transformation… “We’re introducing different ways of thinking to drive innovation at the International Trade Administration (ITA). What is the art of the possible? We’re looking to explore possibilities with technology across our business units and build simple foundations for the development of more complex approaches.”
Irwin Mitchell: Technology with a human touch
Also espousing the importance of a people-centric approach, Graham Thomson, Chief Information Security Officer at Irwin Mitchell, discusses his firm’s transformative legal solutions. “We’re far more than just a law firm,” he says. “I think what sets us apart is that we’re very people focused and an organisation that genuinely cares about not only our customers but our people too. People are your biggest asset, and you have to look after them.”
State of Vermont: Using AI for good
We spoke with Shawn Nailor, Secretary and CIO at State of Vermont, about IT modernisation, tackling cybersecurity state-wide, and how AI is being used for the good of Vermonters. “We’ve got to be practitioners in order to give good guidance on how to use advanced technology and where… We want to establish a practice by which we can lead by example and show good applications or AI tools to advance services and the delivery of products.”
Also in this issue, we round up the must attend tech events; get game-changing AI, Metaverse and ‘moonshot’ insights from Lenovo, and learn why people are at the heart of the decision-making process at energy company newcleo.
Standard Bank CIO Bessy Mahopo on the challenges of operating in a fractured market and how the company overcomes them
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This month’s cover story highlights how technology is helping Standard Bank overcome the challenges of a fractured market to both drive business growth and improve services for customers.
Welcome to the latest issueof Interface magazine!
“Time may change me, but I can’t trace time…” sang David Bowie. Changes can be challenging to manage with the path to positive disruption not always a smooth change management journey.
Interface dives deep for insights on understanding, planning, implementing and communicating change across industries.
Standard Bank CIO (CIB – Transactional Banking) Bessy Mahopo explains how one of South Africa’s largest banks is using its own digital transformation successes as a template to support the country’s ongoing technological evolution by overhauling IT from the inside out. “I believe that once we start moving the curve to fifth and sixth generation technology, we’re going to become even more of a value-producer.”
The art of change management with SAP
Maria Villar, Head of Enterprise Data Strategy and Transformation at SAP, talks about the importance of driving change in the technology space and helping businesses thrive with data from the perspective of one of the world’s leading enterprise resource planning software vendors. “My job is about finding out what a good data strategy looks like and continuing to spend time with customers to look ahead…”
Talent transformation journeys with TUI
We caught up with Cerstin Lang, Director for HR Group IT at TUI. She reveals how it’s global For:ward program is driving digital transformation as the travel giant works with training partner Udacity to upskill IT talent. “Our IT goals are focused on developing a structure that supports new ways of working with the right balance to innovate and grow in the future.”
How TransUnion is enabling consumer trust
Alejandro Reskala, CIO Canada, LATAM, Caribbean at TransUnion, about technology transformation at a leading consumer credit reporting agency, its dedication to people, and how it makes trust possible. “TransUnion has always blazed a trail to use technology and data to generate insights that help support financial inclusion.”
Also in this issue, we ask what the birth of ChatGPT means for businesses leveraging tech and learn from Rivery why organisations need to rethink their data strategy with robust operational analytics.
How Minted is leveraging digital technology to make investment in precious metals, accessible, affordable and simple
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Shahid Munir, co-founder of Minted, discusses how his firm is competing with larger banks for a spot at the top table of investment in fintech.
Few industries have boomed like the fintech space over the past few years. With a plethora of new technology at consumer fingertips like never before, banks are being properly challenged by upcoming startups offering an alternative solution. Among these is Minted, aiming to make the buying, selling, transferring and delivery of physical precious metals simple through flexible monthly plans and one-time purchases. The company was founded in 2018 by three close friends – Shahid Munir, Hamzah Almasyabi and Haroon Siddiq – with a shared passion for entrepreneurship, technology and the opportunities the financial industry presented. Their combined drive led to the creation of Minted.
Shahir Munir, Co-Founder, Minted
The rise of Minted
Munir, co-founder of Minted, admits the journey has been a “rollercoaster” since the trio decided to launch their venture. “It’s certainly been exciting,” he explains. “It’s been a great learning curve and was a case of taking an industry where so many people were so used to doing it one way and offering something new. This has been challenging because we have a great product, but no one understood it. We’ve had to go out and educate people first in what has been a journey of growth, but it’s a constant journey.”
A decade ago, financial technology was considered by many as ring-fenced by bigger banks. But Munir stresses he has tried to change that narrative and offer competition which provides tremendous value. “Previously, a bank was the only way you could provide financial products,” he says. “Technology has allowed more innovative and creative solutions to launch and test the bigger banks and what they became bad at which was the customer experience. Now you see bigger banks adopt a lot of the technology and some of the practices used by challenger banks which can only be a good thing. Being in London has also helped because it is one of the leading hubs for fintechs and really supports the financial technology industry.”
Armed with different skillsets, the three co-founders complement each other with a diverse range of experience. With Almasyabi bringing an operations background and Siddiq bringing business strategy, Munir completes the line-up with finance and technology know-how. “I think it’s what sets us apart and makes us different,” he says. “Our backgrounds mean we’re not tunnel visioned and can see clearly when things aren’t working. We have a great thinktank within the business which helps us come up with ideas.”
Making precious metals accessible, affordable and simple
“I recall seeing a meme about how the price of a Freddo chocolate had changed over the years, no longer being its trademark 10p, it was now 200% more expensive and also smaller in size. This led me down rabbit-hole of trying to understand why most items go up in price as years pass and rarely come back down again. I became fascinated with how the government increases the money supply and the concept of inflation – my money buys me less in the future than it does today.
“I met with the other two founders that same night and the thoughts extended from my mind into an intense conversation about quantitative easing, Brexit, cost of living – snacks were being consumed faster than the rate of government borrowing. Where could we park our money, what was better than money? That was when the penny-dropped (pardon the pun). Hamzah proclaimed: ‘What about gold, guys?’”
Digital disruption
Through Minted, customers will have full legal ownership over their gold and can also request to have their gold delivered to a verified address. The gold and silver are stored in a grade 10 vault in the UK with the highest level of security possible. The products are fully insured by Lloyds of London at the current value while in vaulted storage as well as when being transported.
As a digital disrupter, one of the biggest challenges Minted continues to face is a lack of understanding. Customer assurance is an important priority, and the organisation has established several initiatives to gain trust. Minted is registered and regulated by the Financial Conduct Authority (FCA) which means the firm operates to the highest financial standards and guidelines as determined by the FCA. “I feel like we need to go that extra mile,” stresses Munir. “What I think we underestimated at first was the extent to which people needed to ask questions until we launched a live chat facility on the website. This function helps build our knowledge base and allows us to hold the customer’s hand throughout the process. We’ve also found success when we’ve attended face to face exhibition events and had one-on-one interactions. It’s been brilliant to see first-hand the customer perception and look at what we can do better to meet their needs.”
Munir says he has noticed a trend of people starting with a “flutter” to test the water and check out the process. “I think it’s important that people build their confidence and recognise the value in what we offer,” he explains. “Once this is done, we often see those same customers make larger transactions. We know our difference can be a challenge for some people to accept which is why education is such an important topic to us. We have to keep doing explainer videos, use social media and hold community sessions to be there for customers.”
Scaling up
Minted recently launched its own app which offers customers an even easier way to manage their gold and silver, as well as introducing a tool to partner with businesses called Minted Connect. Munir believes the move has helped showcase an advanced, modern way for people to own physical items. “I love the app as it just makes things so much easier for customers via the platform,” he explains. “It’s been fantastic, a one-stop solution that helps stores the precious metals for free and allows them to be delivered at any time. In a world where everything is so digitally enabled it is nice to offer something physical – people don’t even buy cars anymore. Hopefully via customer feedback we can make improvements to the app that will help us develop new features.”
Munir believes gold is increasingly being seen as an alternative for savings and affirms global pressures like the threat of inflation amid economic uncertainty has helped people to realise the full potential of Minted’s offering. “In the past if you wanted to save money, you simply open a saver account and start adding money but with gold it was often a little trickier,” he says. “But with Minted we’ve simplified the process and tried to make it as automated as possible. Gold is a great alternative which has stood the test of time.”
Looking ahead, Minted is showing no signs of slowing down and is expanding into different territories. Munir remains positive for the next few years and what comes next for his organisation. “We’re working towards expanding the team because I feel like we’re at the stage now where each of our departments needs its own team of people to run each department,” he explains. “We’re scaling up and branching into new markets such as Turkey, and focusing in on developing the business to business side too.”
“Disruption should drive digitalisation and cloud uptake rather than hindering it.”
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Sal Laher, Chief Digital & Information Officer at global enterprise software provider IFS, reveals how a single strategy for cloud and digitalisation helps businesses maximise the rewards of growth.
Digitalisation equals transformation
Digitalisation and the business transformation projects that enable it are again on the radar for many businesses, particularly given the current macro-economics and potential recession being predicted. According to recent data from Research and Markets, The Global Digital Transformation Market size is expected to reach $1,302.9bn by 2027, rising at a compound annual growth rate (CAGR) of 20.8% in the period 2021-2027.
This renewed focus on digitalisation is aligned to businesses accelerating cloud migration, including readily available SaaS solutions. The Flexera 2021 State of the Cloud Report finds 92% of enterprises have a multi-cloud strategy and 80% have a hybrid cloud strategy.
Sal Laher, Chief Digital & Information Officer, IFS
Both trends will go hand in hand as digitalisation and cloud migration continue to drive business efficiencies, process change and consumer service demands. Most organisations are aware of the potential rewards both business models can bring. This is because it is not the first time they are being talked about– this major transformational shift has already been in place for a decade. But some, wary of the disruptive impact of recent global events are holding back from implementing them. However, it is the wrong approach.
Disruption should drive digitalisation and cloud uptake rather than hindering it. Even in isolation, either moving to the cloud, or undertaking digitalisation, will enable faster decision-making, supported by greater compute power and more agile processes, generating faster output and enhancing customer service. Yet, to drive competitive edge, organisations need to combine cloud migration with business transformation and look to maximise those benefits. To do this, they must develop a single strategy covering both elements and move forward with a common approach.
Migrating to the cloud for business transformation
By digitalising, organisations have an opportunity to benefit from faster time to insight, enhanced business and customer connectivity, and operational efficiencies. It allows them to more easily collect and analyse data that they can later turn into actionable, revenue-generating insights.
Over time, they can go further and start to tap into the benefits of artificial intelligence, machine learning, big data analytics, and the Internet of Things (IoT). But it is the additional compute power and scalability of the cloud that helps them to maximise these benefits and fulfil the potential of digital technologies.
Cloud migration also includes adopting evergreen application (business process) solutions in the cloud with the many SaaS solutions that are available today. That’s why it is important that they adopt a single plan to migrate to the cloud and drive business transformation all in one. This tandem approach also avoids unnecessary customisation, making a business much more agile to change based on actionable data insights.
Adopting a single plan will, in itself, drive up efficiencies and drive down costs. But critically, the two must be linked to ensure that businesses maximise the benefits of the migration process.
It is cloud, after all, that helps businesses adapt to the new digital world, enabling them, for instance, to leverage out of the box business applications, digital analytics tools and low code platforms that deliver informed decision-making and reduce costs. But cloud doesn’t just maximise the benefits for businesses, it also accelerates them. Cloud has become the fulcrum of digital transformation, mainly due to its ability to enable innovation at scale and allow businesses that have digitalised to rapidly launch enterprise-ready products.
Without cloud, businesses will struggle to drive through timely updates to systems and processes. The costs of stakeholder management may ramp up. Moreover, moving to the cloud without doing it within the step-by-step structure of digital transformation risks mistakes being made, increasing the likelihood of data loss and security breaches through misconfigurations.
Optimising the benefits of digital transformation in the cloud
We have seen how important it is to adopt a single strategy for cloud migration and digitalisation and to execute them in tandem. But organisations also need to maximise the benefits of the combined approach. So how can they best do this?
First, they need to avoid procrastination and delay. The benefits of digitalisation and cloud migration working together are compelling – and senior leaders need to seize the initiative and kickstart the transformation. To get the ball rolling, they need to conduct a benchmarking exercise to better understand where their business stands in terms of its capabilities or gaps. This will help to decide where efforts and resources should be focused.
They then need to align their business processes with IT. That’s key as modern business models increasingly emphasise the digitalisation of processes.
Cloud computing and network security concept, 3d rendering,conceptual image.
They should begin by determining their goals and the systems, technologies, and processes currently in use to achieve them. Next, they need to brainstorm and document core business objectives before developing a cloud and digitalisation migration roadmap to guide their implementation. Measuring performance will also be crucial to optimising results. In choosing which metrics to analyse, organisations should concentrate on those that will most positively impact their bottom line or user experience.
Ensuring employees buy into the process of cloud-based digitalisation will also be key. Organisations should use cloud-based digitalisation as an opportunity to strengthen business processes and help employees switch to new ways of working which maximise the potential of the new technology.
Digital readiness
Given all this, it is vital businesses don’t delay on their journey to digital and the cloud. Unfortunately, CIOs often struggle to know where to start with a cloud and digital migration strategy.
Before they begin, they often look to put a complete strategy in place up front. The truth is that it is not necessary. Instead, they need to get going and prioritise what’s most important. Pick one area, settle on a use case, digitalise, and move it to the cloud, demonstrate results – and then repeat incrementally. That will enable the business to showcase value and create momentum. Over time also, this single coordinated approach, will allow it to tap into a wide range of cloud and digitalisation related benefits – and ultimately to maximise the rewards.
Ian Povey, CIO – Head of Payments Services & Technology, on the strategic transformation taking place at NatWest benefitting both the bank and its customers
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This month’s cover story reveals how innovation is at the core of change for payments processes at NatWest.
Welcome to the latest issueof Interface magazine!
Charles Darwin famously said: “It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change.” Technology is helping us to evolve. And that evolution is being driven by innovation.
“It may be a cliché, but a transformation journey really has no end… If you fixate on a constant end state without ‘checking in’ you can, and likely will, fail in your objectives.” A wise outlook from a CIO with three decades of change management experience across banking’s payments panorama.
Ian Povey, CIO – Head of Payments Services & Technology, discusses the strategic transformation taking place at NatWest and how that journey of change and innovation is benefitting both the bank and its customers as it evolves to become a relationship bank for a digital world. “Our environment is always changing – we must be on the back of the ‘Change Dragon’ and steering/influencing as a leader and always learning from our teams for new ideas.”
Customer-Centric transformation at FedEx
We also check in with logistics leader FedEx… Custom Critical CIO Cheryl Bevelle-Orange reveals a “technology-forward yet flexible company” embracing innovation and “paving the way for customers to get more relevant information faster about their packages while delivering with excellence”.
https://www.youtube.com/watch?v=galaZZlrEn0
Continuous Improvement in IT at Mazars
Mazars CIO David Marcelino explains his approach to innovation and leading on a successful IT transformation program at one of the world’s largest audit and advisory firms aiming to improve the digital experience for all its stakeholders. “Change Management, adoption, training and awareness are at the core of every single business technology project we deliver.”
Tech innovation at speed with the US Air Force
We also caught up with George Forbes, Director of Digital Operations Directorate at the United States Air Force, who outlines the importance of innovation within the federal government.
Digital Transformation in healthcare at Avellino
Nancy Selph, Global Head of IT at Avellino Lab, discusses how technology is creating new opportunities to improve health outcomes and the importance of leadership in the industry.
Also in this issue, we round up the key tech events and conferences across the globe; we learn how Minted are making it easy for everyone to invest in gold; and we feature the latest on cloud digitalisation from IFS.
Expert analysis of the tech trends set to make waves this year
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Digital transformation is a continuing journey of change with no set final destination. This makes predicting tomorrow a challenge when no one has a crystal ball to hand.
After a difficult few years for most businesses following a disruptive pandemic and now battling a cost-of-living crisis, many enterprises are increasingly leveraging new types of technology to gain an edge in a disruptive world.
With this in mind, here are what experts predict for the next 12 months…
1. Process Mining
Sam Attias, Director of Product Marketing at Celonis, expects to see a rise in the adoption of process mining as it evolves to incorporate automation capabilities. He says process mining has traditionally been “a data science done in isolation” which helps companies identify hidden inefficiencies by extracting data and visually representing it.
“It is now evolving to become more prescriptive than descriptive and will empower businesses to simulate new methods and processes in order to estimate success and error rates, as well as recommend actions before issues actually occur,” says Attias. “It will fix inefficiencies in real-time through automation and execution management.”
2. The evolution of social robots
Gabriel Aguiar Noury, Robotics Product Manager at Canonical, anticipates social robots to return this year. After companies such as Sony introduced robots like Poiq, Aguiar Noury believes it “sets the stage” for a new wave of social robots.
“Powered by natural language generation models like GPT-3, robots can create new dialogue systems,” he says. “This will improve the robot’s interactivity with humans, allowing robots to answer any question.
“Social robots will also build narratives and rich personalities, making interaction with users more meaningful. GPT-3 also powers Dall-E, an image generator. Combined, these types of technologies will enable robots not only to tell but show dynamic stories.”
3. The rebirth of new data-powered business applications
Christian Kleinerman, Senior Vice President of Product at Snowflake, says there is the beginning of a “renaissance” in software development. He believes developers will bring their applications to central combined sources of data instead of the “traditional approach” of copying data into applications.
“Every single application category, whether it’s horizontal or specific to an industry vertical, will be reinvented by the emergence of new data-powered applications,” affirms Kleinerman. “This rise of data-powered applications will represent massive opportunities for all different types of developers, whether they’re working on a brand-new idea for an application and a business based on that app, or they’re looking for how to expand their existing software operations.”
4. Application development will become a two-way conversation
Adrien Treuille, Head of Streamlit at Snowflake, believes application development will become a two-way conversation between producers and consumers. It is his belief that the advent of easy-to-use low-code or no-code platforms are already “simplifying the building” and sharing of interactive applications for tech-savvy and business users.
“Based on that foundation, the next emerging shift will be a blurring of the lines between two previously distinct roles — the application producer and the consumer of that software.”
He adds that application development will become a collaborative workflow where consumers can weigh in on the work producers are doing in real-time. “Taking this one step further, we’re heading towards a future where app development platforms have mechanisms to gather app requirements from consumers before the producer has even started creating that software.”
5. The Metaverse
Paul Hardy, EMEA Innovation Officer at ServiceNow, says he expects business leaders to adopt technologies such as the metaverse in 2023. The aim of this is to help cultivate and maintain employee engagement as businesses continue working in hybrid environments, in an increasingly challenging macro environment.
“Given the current economic climate, adoption of the metaverse may be slow, but in the future, a network of 3D virtual worlds will be used to foster meaningful social connections, creating new experiences for employees and reinforcing positive culture within organisations,” he says. “Hybrid work has made employee engagement more challenging, as it can be difficult to communicate when employees are not together in the same room.
“Leaders have begun to see the benefit of hosting traditional training and development sessions using VR and AI-enhanced coaching. In the next few years, we will see more workplaces go a step beyond this, for example, offering employees the chance to earn recognition in the form of tokens they can spend in the real or virtual world, gamifying the experience.”
6. The year of ESG?
Cathy Mauzaize, Vice President, EMEA South, at ServiceNow, believes 2023 could be the year that environmental, social and corporate governance (ESG) is vital to every company’s strategy.
“Failure to engage appropriate investment in ESG strategies could plunge any organisation into a crisis,” she says. “Legislation must be respected and so must the expectations of employees, investors and your ecosystem of partners and customers.
“ESG is not just a tick box, one and done, it’s a new way of business that will see us through 2023 and beyond.”
7. Macro Trends and Redeploying Budgets for Efficiency
Ulrik Nehammer, President, EMEA at ServiceNow, says organisations are facing an incredibly complex and volatile macro environment. Nehammer explains as the world is gripped by soaring inflation, intelligent digital investments can be a huge deflationary force.
“Business leaders are already shifting investment focus to technologies that will deliver outcomes faster,” he says. “Going into 2023, technology will become increasingly central to business success – in fact, 95% of CEOs are already pursuing a digital-first strategy according to IDC’s CEO survey, as digital companies deliver revenue growth far faster than non-digital ones.”
8. Organisations will have adopted a NaaS strategy
David Hughes, Aruba’s Chief Product and Technology Officer, believes that by the end of 2023, 20% of organisations will have adopted a network-as-a-service (NaaS) strategy.
“With tightening economic conditions, IT requires flexibility in how network infrastructure is acquired, deployed, and operated to enable network teams to deliver business outcomes rather than just managing devices,” he says. “Migration to a NaaS framework enables IT to accelerate network modernisation yet stay within budget, IT resource, and schedule constraints.
“In addition, adopting a NaaS strategy will help organisations meet sustainability objectives since leading NaaS suppliers have adopted carbon-neutral and recycling manufacturing strategies.”
9. Think like a seasonal business
According to Patrick Bossman, Product Manager at MariaDB corporation, he anticipates 2023 to be the year that the ability to “scale out on command” is going to be at the fore of companies’ thoughts.
“Organisations will need the infrastructure in place to grow on command and scale back once demand lowers,” he says. “The winners in 2023 will be those who understand that all business is seasonal, and all companies need to be ready for fluctuating demand.”
10. Digital platforms need to adapt to avoid falling victim to subscription fatigue
Demed L’Her, Chief Technology Officer at DigitalRoute, suggests what the subscription market is going to look like in 2023 and how businesses can avoid falling victim to ‘subscription fatigue’. L’Her says there has been a significant drop in demand since the pandemic.
“Insider’s latest research shows that as of August, nearly a third (30%) of people reported cancelling an online subscription service in the past six months,” he reveals. “This is largely due to the rising cost of living experienced globally that is leaving households with reduced budgets for luxuries like digital subscriptions. Despite this, the subscription market is far from dead, with most people retaining some despite tightened budgets.
“However, considering the ongoing economic challenges, businesses need to consider adapting if they are to be retained by customers in the long term. The key to this is ensuring that the product adds value to the life of the customer.”
11. Waking up to browser security
Jonathan Lee, Senior Product Manager at Menlo Security, points to the web browser being the biggest attack surface and suggests the industry is “waking up” to the fact of where people spend the most time.
“Vendors are now looking at ways to add security controls directly inside the browser,” explains Lee. “Traditionally, this was done either as a separate endpoint agent or at the network edge, using a firewall or secure web gateway. The big players, Google and Microsoft, are also in on the act, providing built-in controls inside Chrome and Edge to secure at a browser level rather than the network edge.
“But browser attacks are increasing, with attackers exploiting new and old vulnerabilities, and developing new attack methods like HTML Smuggling. Remote browser isolation is becoming one of the key principles of Zero Trust security where no device or user – not even the browser – can be trusted.”
12. The year of quantum-readiness
Tim Callan, Chief Experience Officer at Sectigo, predicts that 2023 will be the year of quantum-readiness. He believes that as a result of the standardisation of new quantum-safe algorithms expected to be in place by 2024, this year will be a year of action for government bodies, technology vendors, and enterprise IT leaders to prepare for the deployment.
“In 2022, the US National Institute of Standards and Technologies (NIST) selected a set of post-quantum algorithms for the industry to standardise on as we move toward our quantum-safe future,” says Callan.
“In 2023, standards bodies like the IETF and many others must work to incorporate these algorithms into their own guidelines to enable secure functional interoperability across broad sets of software, hardware, and digital services. Providers of these hardware, software, and service products must follow the relevant guidelines as they are developed and begin preparing their technology, manufacturing, delivery, and service models to accommodate updated standards and the new algorithms.”
13. AI: fewer keywords, greater understanding
AI expert Dr Pieter Buteneers, Director of AI and Machine Learning at Sinch, expects artificial intelligence to continue to transition away from keywords and move towards an increased level of understanding.
“Language-agnostic AI, already existent within certain AI and chatbot platforms, will understand hundreds of languages — and even interchange them within a single search or conversation — because it’s not learning language like you or I would,” he says. “This advanced AI instead focuses on meaning, and attaches code to words accordingly, so language is more of a finishing touch than the crux of a conversation or search query.
“Language-agnostic AI will power stronger search results — both from external (the internet) and internal (a company database) sources — and less robotic chatbot conversations, enabling companies to lean on automation to reduce resources and strain on staff and truly trust their AI.”
14. Rise in digital twin technology in the enterprise
John Hill, CEO and Founder of Silico, recognises the growing influence digital twin technology is having in the market. Hill predicts that in the next 20 years, there will be a digital twin of every complex enterprise in the world and anticipates the next generation of decision-makers will routinely use forward-looking simulations and scenario analytics to plan and optimise their business outcomes.
“Digital twin technology is one of the fastest-growing facets of industry 4.0 and while we’re still at the dawn of digital twin technology,” he explains. “Digital twins will have huge implications for unlocking our ability to plan and manage the complex organisations so crucial for our continued economic progress and underpin the next generation of Intelligent Enterprise Automation.”
15. Broader tech security
With an exponential amount of data at companies’ fingertips, Tricentis CEO, Kevin Thompson says the need for investment in secure solutions is paramount.
“The general public has become more aware of the access companies have to their personal data, leading to the impending end of third-party cookies, and other similar restrictions on data sharing,” he explains. “However, security issues still persist. The persisting influx of new data across channels and servers introduces greater risk of infiltration by bad actors, especially for enterprise software organisations that have applications in need of consistent testing and updates. The potential for damage increases as iterations are being made with the expanding attack surface.
“Now, the reality is a matter of when, not if, your organisation will be the target of an attack. To combat this rising security concern, organisations will need to integrate security within the development process from the very beginning. Integrating security and compliance testing at the upfront will greatly reduce risk and prevent disruptions.”
16. Increased cyber resilience
Michael Adams, CISO at Zoom, expects an increased focus on cyber resilience over the next 12 months. “While protecting organisations against cyber threats will always be a core focus area for security programs, we can expect an increased focus on cyber resilience, which expands beyond protection to include recovery and continuity in the event of a cyber incident,” explains Adams.
“It’s not only investing resources in protecting against cyber threats; it’s investing in the people, processes, and technology to mitigate impact and continue operations in the event of a cyber incident.”
17. Ransomware threats
As data leaks become increasingly common place in the industry, companies face a very real threat of ransomware. Michal Salat, Threat Intelligence Director at Avast, believes the time is now for businesses to protect themselves or face recovery fees costing millions of dollars.
“Ransomware attacks themselves are already an individual’s and businesses’ nightmare. This year, we saw cybergangs threatening to publicly publish their targets’ data if a ransom isn’t paid, and we expect this trend to only grow in 2023,” says Salat. “This puts people’s personal memories at risk and poses a double risk for businesses. Both the loss of sensitive files, plus a data breach, can have severe consequences for their business and reputation.”
18. Intensified supply chain attacks
Dirk Schrader, VP of security research at Netwrix, believes supply chain attacks are set to increase in the coming year. “Modern organisations rely on complex supply chains, including small and medium businesses (SMBs) and managed service providers (MSPs),” he says.
“Adversaries will increasingly target these suppliers rather than the larger enterprises knowing that they provide a path into multiple partners and customers. To address this threat, organisations of all sizes, while conducting a risk assessment, need to take into account the vulnerabilities of all third-party software or firmware.”
19. A greater need to manage volatility
Paul Milloy, Business Consultant at Intradiem, stresses the importance of managing volatility in an ever-moving market. Milloy believes bosses can utilise data through automation to foresee potential problems before they become issues.
“No one likes surprises. Whilst Ben Franklin suggested nothing can be said to be certain, except death and taxes, businesses will want to automate as many of their processes as possible to help manage volatility in 2023,” he explains. “Data breeds intelligence, and intelligence breeds insight. Managers can use the data available from workforce automation tools to help them manage peaks and troughs better to avoid unexpected resource bottlenecks.”
20. A human AI co-pilot will still be needed
Artem Kroupenev, VP of Strategy at Augury, predicts that within the next few years, every profession will be enhanced with hybrid intelligence, and have an AI co-pilot which will operate alongside human workers to deliver more accurate and nuanced work at a much faster pace.
“These co-pilots are already being deployed with clear use cases in mind to support specific roles and operational needs, like AI-driven solutions that enable reliability engineers to ensure production uptime, safety and sustainability through predictive maintenance,” he says. “However, in 2023, we will see these co-pilots become more accurate, more trusted and more ingrained across the enterprise.
“Executives will better understand the value of AI co-pilots to make critical business decisions, and as a key competitive differentiator, and will drive faster implementation across their operations. The AI co-pilot technology will be more widespread next year, and trust and acceptance will increase as people see the benefits unfold.”
21. Building the right workplace culture
Harnessing a positive workplace culture is no easy task but in 2023 with remote and hybrid working now the norm, it brings with it new challenges. Tony McCandless, Chief Technology Officer at SS&C Blue Prism, is well aware of the role organisational culture can play in any digital transformation journey.
“Workers are the heart of an organisation, so without their buy in, no digital transformation initiative stands a chance of success,” explains McCandless. “Workers drive home business objectives, and when it comes to digital transformation, they are the ones using, implementing, and sometimes building automations. Curiosity, innovation, and the willingness to take risks are essential ingredients to transformative digitalisation.
“Businesses are increasingly recognising that their workers play an instrumental role in determining whether digitalisation initiatives are successful. Fostering the right work environment will be a key focus point for the year ahead – not only to cultivate buy-in but also to improve talent retention and acquisition, as labor supply issues are predicted to continue into 2023 and beyond.”
22. Cloud cover to soften recession concerns
Amid a cost-of-living crisis and concerns over any potential recession as a result, Daniel Thomasson, VP of Engineering and R&D at Keysight Technologies, says more companies will shift data intensive tasks to the cloud to reduce infrastructure and operational costs.
“Moving applications to the cloud will also help organisations deliver greater data-driven customer experiences,” he affirms. “For example, advanced simulation and test data management capabilities such as real-time feature extraction and encryption will enable use of a secure cloud-based data mesh that will accelerate and deepen customer insights through new algorithms operating on a richer data set. In the year ahead, expect the cloud to be a surprising boom for companies as they navigate economic uncertainty.”
23. IoT devices to scale globally
Dr Raullen Chai, CEO and Co-Founder of IoTeX, recognises a growing trend in the usage of IoT devices worldwide and believes connectivity will increase significantly.
“For decades, Big Tech has monopolised user data, but with the advent of Web3, we will see more and more businesses and smart device makers beginning to integrate blockchain for device connectivity as it enables people to also monetise their data in many different ways, including in marketing data pools, medical research pools and more,” he explains. “We will see a growth in decentralised applications that allow users to earn a modest additional revenue from everyday activities, such as walking, sleeping, riding a bike or taking the bus instead of driving, or driving safely in exchange for rewards.
“Living healthy lifestyles will also become more popular via decentralised applications for smart devices, especially smart watches and other health wearables.”
The digital landscape is changing day by day. Ideas like the metaverse that once seemed a futuristic fantasy are now…
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The digital landscape is changing day by day. Ideas like the metaverse that once seemed a futuristic fantasy are now coming to fruition and embedding themselves into our daily lives. The thinking might be there, but is our technology really ready to go meta? Domains and hosting provider, Fasthosts, spoke to the experts to find out…
How the metaverse works
The metaverse is best defined as a virtual 3D universe which combines many virtual places. It allows users to meet, collaborate, play games and interact in virtual environments. It’s usually viewed and accessed from the outside as a mixture of virtual reality (VR), (think of someone in their front room wearing a headset and frantically waving nunchucks around) and augmented reality (AR), but it’s so much more than this…
These technologies are just the external entry points to the metaverse and provide the visuals which allow users to explore and interact with the environment within the metaverse.
This is the ‘front-end’ if you like, which is also reinforced by artificial intelligence and 3D reconstruction. These additional technologies help to provide realistic objects in environments, computer-controlled actions and also avatars for games and other metaverse projects.
So, what stands in the way of this fantastical 3D universe? Here are the six key challenges:
Technology
The most important piece of technology, on which the metaverse is based, is the blockchain. The blockchain is essentially a chain of blocks that contain specific information. They’re a combination of computers linked to each other instead of a central server which means that the whole network is decentralised. This provides the infrastructure for the development of metaverse projects, storage of data and also allows them the capability to be compatible with Web3. Web3 is an upgraded version of the internet which will allow integration of virtual and augmented reality into people’s everyday lives.
Sounds like a lot, right? And it involves a great deal of tech that is alien to the vast majority of us. So, is technology a barrier to widespread metaverse adoption?
Jonothan Hunt, Senior Creative Technologist at Wunderman Thompson, says the tech just isn’t there. Yet.
“Technology’s readiness for the mass adoption of the metaverse depends on how you define the metaverse, but if we’re talking about the future vision that the big tech players are sharing, then not yet. The infrastructure that powers the internet and our devices isn’t ready for such experiences. The best we have right now in terms of shared/simulated spaces are generally very expensive and powered entirely in the cloud, such as big computers like the Nvidia Omniverse, cloud streaming, or games. These rely heavily on instancing and localised grouping. Consumer hardware, especially XR, is still not ready for casual daily use and still not really democratised.
“The technology for this will look like an evolution of the systems above, meaning more distributed infrastructure, better access and updated hardware. Web3 also presents a challenge in and of itself, and questions remain over to what extent big tech will adopt it going forward.”
Storage
Blockchain is the ‘back-end’, where the magic happens, if you will. It’s this that will be the key to the development and growth of the metaverse. There are a lot of elements that make up the blockchain and reinforce its benefits and uses such as storage capabilities, data security and smart contracts.
Due to its decentralised nature, the blockchain has far more storage capacity than the centralised storage systems we have in place today. With data on the metaverse being stored in exabytes, the blockchain works by making use of unutilised hard disk space across the network, which avoids users within the metaverse running out of storage space worldwide.
In terms that might be a bit more relatable, an exabyte is a billion gigabytes. That’s a huge amount of storage, and that doesn’t just exist in the cloud – it’s got to go somewhere – and physical storage servers mean land is taken up, and energy is used. Hunt says: “How long’s a piece of string? The whole of the metaverse will one day be housed in servers and data centres, but the amount or size needed to house all of this storage will beentirely dependent on just how mass adopted the metaverse becomes. Big corporations in the space are starting to build huge data centres – such as Meta purchasing a $1.1 billion campus in Toledo, Spain to house their new Meta lab and data centre – but the storage space is not the only concern. These energy-guzzlers need to stay cool! And what about people and brands who need reliable web hosting for events, gaming or even just meeting up with pals across the world, all that information – albeit virtual – still needs a place to go.
“The current rising cost of electricity worldwide could cause problems for the growth of data centres, and the housing of the metaverse as a whole. However, without knowing the true size of its adoption, it is extremely difficult to truly determine the needed usage. Could we one day see an entire island devoted to data centre storage? Purely for the purposes of holding the metaverse? It seems a little ‘1984’, but who knows?”
Identity
Although the blockchain provides instantaneous verification of transactions with identity through digital wallets, our physical form will be represented by avatars that visually reflect who we are, and how we want to be seen.
The founder of Saxo Bank and the chairman of the Concordium Foundation, Lars Seier Christensen, argues, “I think that if you use an underlying blockchain-based solution where ID is required at the entry point, it is actually very simple and automatically available for relevant purposes. It is also very secure and transparent, in that it would link any transactions or interactions where ID is required to a trackable record on the blockchain.”
Once identity is established, it is true that it could potentially become easier to assess creditworthiness of parties for purchasing and borrowing in the metaverse due to the digital identity and storage of each individual’s data and transactions on the blockchain. However, although it sounds exciting, there must be considerations into how it could impact privacy, and how this amount of data will be recorded on the blockchain.
Security
There are also huge security benefits to this set up. The decentralised blockchain helps to eradicate third-party involvement and data breaches, such as theft and file manipulation, thanks to its powerful data processing and use of validation nodes. Both of these are responsible for verifying and recording transactions on the blockchain. This will be reassuring to many, given the widespread concerns around data privacy and user protection in the metaverse.
To access the blockchain all we will need is an internet connection and a device, such as a laptop or smartphone, this is what makes it so great as it will be so readily available. However, to support the blockchain, we’re relying on a whole different set of technologies. Akash Kayar, CEO of web3-focused software development company Leeway Hertz, had this to say on the readiness of the current technology available: “The metaverse is not yet completely mature in terms of development. Tech experts are researching strategies and
testing the various technologies to develop ideas that provide the world with more feasible and intriguing metaverse projects.
“Projects like Decentraland, Axie Infinity, and Sandbox are popular contemporary live metaverse projects. People behind these projects made perfect use of notable metaverse technologies, from blockchain and cryptos to NFTs.
“As envisioned by top tech futurists, many new technologies will empower the metaverse in the future, which will support the development of a range of prolific use cases that will improve the ability of the metaverse towards offering real-life functionalities. In a nutshell, the metaverse is expected to bring extreme opportunities for enterprises and common users. Hence, it will shape the digital future.”
Currency & Payments
Whilst it’s only considered legal tender in two countries, cryptocurrency is currently a reality and there is a strong likelihood that it will eventually be mass adopted. However, the metaverse is arguably not yet at the same maturity level, meaning cryptocurrency may have to wait before it can finally fully take off.
Golden Bitcoin symbol and finance graph screen. Horizontal composition with copy space. Focused image.
There is no doubt that cryptocurrency and the metaverse will go hand-in-hand as the former will become the tender of the latter with many of the current metaverse platforms each wielding its native currency. For example Decentraland uses $MANA for payments and purchases. However, with the volatility of crypto currencies and the recent collapse of trading platform FTX indicating security lapses, we may not yet be ready for the switch to decentralised payments.
Energy
Some of the world’s largest data centres can each contain many tens of thousands of IT devices which require more than 100 megawatts of power capacity – this is enough to power around 80,000 U.S. households (U.S. DOE 2020) and is equivalent to $1.35bn running cost per data centre with the cost of a megawatt hour averaging $150.
According to Nitin Parekh of Hitachi Energy, the amount of power which takes to process Bitcoin is higher than you might expect: “Bitcoin consumes around 110 Terawatt Hours per year. This is around 0.5% of global electricity generation. This estimate considers combined computational power used to mine bitcoin and process transactions.” With this estimate, we can calculate that the annual energy cost of Bitcoin is around $16.5bn.
However, some bigger corporations are slowly moving towards renewable energy to power their projects in this space, with Google signing close to $2bn worth of wind and solar investments in order to power its data centres in the future and become greener. Amazon has also followed in their footsteps and have become the world’s largest corporate purchaser of renewable energy.
They may have plenty of time yet to get their green processes in place, with Mark Zuckerberg recently predicting it will take nearly a decade for the metaverse to be created: “I don’t think it’s really going to be huge until the second half of this decade at the earliest.”
About Fasthosts
Fasthosts has been a leading technology provider since 1999, offering secure UK data centres, 24/7 support and a highly successful reseller channel. Fasthosts provides everything web professionals need to power and manage their online space, including domains, web hosting, business-class email, dedicated servers, and a next-generation cloud platform. For more information, head to www.fasthosts.co.uk
Todd Salmon, Executive Advisor for Strategic Services at GuidePoint Security, on the cybersecurity challenge of keeping up with the pace of the ever-changing digital world
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This month’s cover story explores how GuidePoint Security, an elite team of highly trained and certified experts, cut through cybersecurity chaos and confusion to put control back in customers’ hands.
Welcome to the latest issueof Interface magazine!
Interface welcomes in 2023 with a need-to-know list of what we can expect from technology this year and how it can allow enterprises to gain a competitive edge in a disruptive and increasingly digital world. Faced with everything from process mining and AI to quantum-readiness and the metaverse we cut through the hype to bring you the facts.
GuidePoint Security: digital transformation in cybersecurity
“Cybersecurity is in such a reactive mode because of the sheer volume of risks and vulnerabilities an organisation faces,” says Todd Salmon, Executive Advisor for Strategic Services at GuidePoint Security. “We see a lot of copycats and repeat attacks happen, but at the end of the day it’s all about creating solutions to help combat those problems.”
GuidePoint’s elite team of highly trained and certified experts, cut through cybersecurity chaos and confusion to put control back in customers’ hands. Helping them make the smartest, most informed cyber risk decisions, and choose and integrate the best-fit solutions to build the most effective cybersecurity program, Salmon discusses the challenge of keeping up with the pace of the ever-changing digital world.
bp: a strategic reinvention
“We are investing in digital to drive process efficiency and improve insights; but also to develop our people with the skills we need for now, and the future at bp. This means we are playing to win while caring for our people through investing in their personal development,” says Head of Strategic Transformation Nick Hales.
“After setting the right foundations through various remediation and compliance initiatives, we embarked on our digital transformation journey,” adds Strategy & Transformation Manager Emmanouela Vlachantoni. “There was a clear opportunity to standardise and streamline our controls environment to reduce complexity and increase insight.”
Fairfax County: winning the IT war with cybersecurity
Meanwhile, across the pond, we learn how Fairfax County in the State of Virginia is reaping the rewards of a cybersecurity program enabling government services and keeping citizens safe. “My role is to educate our leadership to ensure they understand the business value of cybersecurity as it relates to government services. Being accountable for the security of their systems and data is a key factor in developing a successful cyber program,” explains CISO Michael Dent.
Also in this issue, we round up the key tech events and conferences across the globe and, with the help of the experts at Fasthosts, take a deep dive into the metaverse… Can virtual reality become our reality? Read on to find out.
Nick Hales, Head of Strategic Transformation and Emmanouela Vlachantoni, Strategy & Transformation Senior Manager, on the journey to reinvent business processes that are reimagining bp
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This month’s cover story reveals how bp’s Strategic Transformation leaders are on a journey to reinvent business processes that are reimagining the energy giant.
Welcome to the latest issueof Interface magazine!
Our final issue of Interface for 2022 covers some of this year’s hot tech topics: digital transformation, cybersecurity, data & analytics, customer-centricity and more…
“We are investing in digital to drive process efficiency and improve insights; but also to develop our people with the skills we need for now, and the future. This means we are playing to win while caring for our people through investing in their personal development,” says Nick Hales.
“After setting the right foundations through various remediation and compliance initiatives, we embarked on our digital transformation journey,” adds Emmanouela Vlachantoni. “There was a clear opportunity to standardise and streamline our controls environment to reduce complexity and increase insight.”
Fairfax County: winning the IT war with cybersecurity
Meanwhile, across the pond, we learn how Fairfax County in the State of Virginia is reaping the rewards of a cybersecurity program enabling government services and keeping citizens safe. “My role is to educate our leadership to ensure they understand the business value of cybersecurity as it relates to government services. Being accountable for the security of their systems and data is a key factor in developing a successful cyber program,” explains CISO Michael Dent.
Piedmont Healthcare: data & analytics at the heart of growth
The power of data cannot be under-estimated… At Piedmont Healthcare Mark Jackson, Executive Director of Business Intelligence is building a data strategy driving speed to insight at scale. “Tool selection has played an important role in our ability to scale the BI program and deliver rapid insights in a dynamic environment.”
Also in this issue, CalArts CTO Allan Chen explains how an IT strategy based on coordination and collaboration is supporting six schools; Information Tech VP Fausto Sosa de la Fuente reveals the people-centric transformative IT process at construction industry giant CEMEX; and we take a look at the latest insights from McKinsey highlighting the lessons CEOs can learn from successful digital transformations.
John MClure, CISO at Sinclair Group – a diversified media company and America’s leading provider of local sports and news – talks about the evolution of cybersecurity and the cultural shift placing it at the forefront of business change
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This month’s cover story explores how Sinclair Broadcast Group is embracing the evolution of cybersecurity and placing the role of the CISO at the forefront of business transformation.
Welcome to the latest issueof Interface magazine!
Communication, secure and at speed, is a vital component of the transformation journey for both the modern enterprise and its relationship with stakeholders, be they customers or partners. Putting the right building blocks in place to deliver successful change management is at the heart of the inspiring stories in the latest issue of Interface.
Our cover star John McClure progressed from a career in the military and work as a consultant in the intelligence industry to fight a new kind of foe… As CISO for Sinclair Broadcast Group, a diversified media company and America’s leading provider of local sports and news, he talks about the evolution of cybersecurity, the battle to meet the rising velocity and sophistication of cyber-attacks and the cultural shift of the role of CISO placing it at the forefront of business change.
“Sinclair is unique in terms of its different business units and how it operates. It’s my job as CISO leading our cyber team not to be an obstacle for the business; we’re here to help it move faster to keep up with market forces, and to move safely. We’re here to engineer solutions that work for the enterprise but also help us maintain a positive security posture.”
State of Florida: digital government services
We also hear from CIO Jamie Grant who is leading the State of Florida’s Digital Service (FL[DS]) on its charge to transform and modernise the way government is accessed and consumed. He is building a team of talented, goal-oriented and customer-obsessed individuals to drive a digital transformation with innovation at its heart. “Leadership is really about developing the team and investing in the people. And it turns out that when you get their backs, they appreciate it and then you can achieve anything.”
ResultsCX: putting people first
Jamie Vernon, SVP for IT & Infrastructure at AI-powered customer experience solution specialist ResultsCX, discusses what drives customer care in the 21st century, and the part technology has to play.
“We are the custodians of our customers’ customers,” says Vernon. “In this increasingly tenuous relationship with their customers, they trust us. My leadership takes that responsibility very seriously, and charges each of us with doing everything we can to provide a perfect call, or email, or chat, every time, thousands of times a minute, around the clock and around the calendar.”
Jamie Vernon, SVP for IT & Infrastructure at AI-powered customer experience solution specialist ResultsCX, discusses what drives customer care in the 21st century, and the part technology has to play.
“We are the custodians of our customers’ customers,” says Vernon. “In this increasingly tenuous relationship with their customers, they trust us. My leadership takes that responsibility very seriously, and charges each of us with doing everything we can to provide a perfect call, or email, or chat, every time, thousands of times a minute, around the clock and around the calendar.”
Also this month, Sarita Singh, Regional Head & Managing Director for Stripe in Southeast Asia, talks about how the fast-growing payments platform is driving financial inclusion across Asia and supporting SMEs with end-to-end services putting users first, and we get expert advice for the modern CEO from the University of Oxford’s Saïd Business School.
Our cover story this month reveals how Dr Roman Salasznyk, Senior Vice President at Booz Allen Hamilton, and his team are driving innovation at the IT services specialist to deliver digital solutions supporting federal agencies in their quest to drive mission-critical programs
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This month’s cover story charts how IT services specialist Booz Allen Hamilton is delivering digital solutions to support federal agencies in their quest to deliver mission-critical programs.
Welcome to the latest issue of Interface magazine!
Technology is changing lives; from banking to transport and manufacturing to healthcare, the scaling of digital transformation journeys across global industry sectors is enabling and enhancing our lives… Harnessing the power of tech, to manage everything from the evolution of our supply chains to our response to medical emergencies like COVID-19, is changing the game.
Our cover story this month reveals how IT services specialist Booz Allen Hamilton is delivering leading edge solutions to support federal agencies in their quest to deliver mission-critical programs.
“We’ve made a concerted effort to invest and provide leading-edge capabilities to support some of our client’s most pressing public health challenges across the federal government space,” says Salasznyk. “Technology must add value, solve a business problem, and deliver measurable improvements in efficiency and effectiveness.” That efficiency is driven by over 29,000 experts around the world driving digital journeys, developing analytics insights, engineering, and cybersecurity solutions while working shoulder-to-shoulder with clients to choose the right tech to realise their vision and transform.
Nuffield Health: digital transformation for a healthier tomorrow
Nuffield Health is the UK’s largest healthcare charity (independent of the NHS) operating 37 hospitals and 114 Fitness & Wellbeing Centres. IT leaders Jacqs Harper and David Ankers describe the organisation’s incredible digital transformation and how its people-first attitude runs deep. Nuffield’s beneficiary-centric approach means “driving experiences” to be optimal and best-in-class is paramount. “What was really compelling when I joined Nuffield was how much of a difference this business can make to the nation in terms of improving its health,” says Ankers. “And equally, how we as a team can make the lives of practitioners so much easier. There’s a huge amount of value IT can add.”
Also in this issue, we hear from Celonis on why process mining can help companies stop wasting money on tech they don’t need, and we present the latest analysis from consultancy giant McKinsey’s Technology Council highlighting the development, future uses and industry effects of advanced technologies across 14 key trends.
Our cover story this month investigates how Fleur Twohig, Executive Vice President, leading Personalisation & Experimentation across Consumer Data & Engagement Platforms, and her team are executing Wells Fargo’s strategy to promote personalised customer engagement across all consumer banking channels
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This month’s cover story follows Wells Fargo’s journey to deliver personalised customer engagement across all its consumer banking channels.
Welcome to the latest issue of Interface magazine!
Partnerships of all kinds are a key ingredient for organisations intent on achieving their goals… Whether that’s with customers, internal stakeholders or strategic allies across a crowded marketplace, Interface explores the route to success these relationships can help navigate.
Our cover story this month investigates the strategy behind Wells Fargo’s ongoing drive to promote personalised customer engagement across all consumer banking channels.
Fleur Twohig, Executive Vice President, leading Personalisation & Experimentation across the bank’s Consumer Data & Engagement Platforms, explains her commitment to creating a holistic approach to engaging customers in personalised one-to-one conversations that support them on their financial journeys.
“We need to be there for everyone across the spectrum – for both the good and the challenging times. Reaching that goal is a key opportunity for Wells Fargo and I have the pleasure of partnering with our cross-functional teams to help determine the strategic path forward…”
IBM: consolidating growth to drive value
We hear from Kate Woolley, General Manager of IBM Ecosystem, who reveals how the tech leader is making it easier for partners and clients to do business with IBM and succeed. “Honing our corporate strategy around open hybrid cloud and artificial intelligence (AI) and connecting partners to the technical training resources they need to co-create and drive more wins, we are transforming the IBM Ecosystem to be a growth engine for the company and its partners.”
Kate Woolley, IBM
America Televisión: bringing audiences together across platforms
Jose Hernandez, Chief Digital Officer at America Televisión, explains how Peru’s leading TV network is aggregating services to bring audiences together for omni-channel opportunities across its platforms. “Time is the currency with which our audiences pay us, so we need to be constantly improving our offering both through content and user experiences.”
Portland Public Schools: levelling the playing field through technology
Derrick Brown and Don Wolf, tech leaders at Portland Public Schools, talk about modernising the classroom, dismantling systemic racism and the power of teamwork.
Also in this issue, we hear from Lenovo on how high-performance computing (HPC) is driving AI research and report again from London Tech Week where an expert panel examined how tech, fuelled by data, is playing a critical role in solving some of the world’s hardest hitting issues, ranging from supply chain disruptions through to cybersecurity fears.
Our cover story this month reveals how Sarita Singh, Regional Head & Managing Director for Stripe in Southeast Asia, and her team are driving financial inclusion across the region and supporting SMEs with end-to-end services putting users first
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This month’s cover story reveals how Stripe’s payments platform is driving financial inclusion across Asia.
Welcome to the latest issue of Interface magazine!
Opportunities for innovation and growth via the adoption of new technologies are everywhere. However, organisations are faced with a bewildering array of choices to help them transform and choosing the best option to drive positive disruption is a tough call. We take a look at some of these fascinating journeys…
Sarita Singh, Regional Head & Managing Director for Southeast Asia, Stripe
This month’s cover story explores the genesis of fast-growing payments platform Stripe. Sarita Singh, Regional Head & Managing Director for Southeast Asia, leads a team driving financial inclusion across the region, supporting SMEs with end-to-end services putting users first.
“We’re building products and the financial infrastructure to help our users go cross-border, beyond their domestic boundaries, to widen their markets and drive efficiencies within their financial services infrastructure. With Stripe under the hood, businesses are able to focus on what they do best without wasting time researching, purchasing, integrating, and maintaining dozens of payment technology point solutions because Stripe is a platform that offers all of them, and is already integrated.”
IAG: tech procurement linked to purpose
We speak with IAG’s CPO & VMO Claire Ledder, who reveals the transformative approach to technology procurement being deployed by an Australian market leader home to several leading insurance brands. “We’re now able to tackle sourcing and contracting with an end-to-end approach capable of measuring the value delivered.”
Portrait Photography
U.S. Department of State: facilitating diplomacy with tech
Todd Cheng Director of IT Customer Service at the U.S. Department of State, talks about the ever-evolving relationship between technology and diplomacy. “We’ve been through the process of updating the IT model at State to a new, more customer centric version of the Information Technology Infrastructure Library (ITIL).” By his calculations, these changes have benefited the organisation by reducing network disruption by some 400,000 hours of diplomacy every month.
Afni
Afni’s CISO Brent Deterding explains how breaking down the traditional and perceived barriers between security and the boardroom can transparently position cyber effectiveness as a critical enabler of improved business outcomes.
Afni’s CISO Brent Deterding
Also in this issue, we hear from Zoom on the future of work and report again from London Tech Week where an expert panel gave advice for businesses on anticipating and preparing for cyber risk against a backdrop of geopolitical uncertainty.
Our cover story this month explores how Wei Li, Vice President & GM for AI & Analytics at Intel, and his team are powering Artificial Intelligence to enable the digital journey from data to insights
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This month’s cover story explores Intel’s AI technologies powering the digital journey from data to insights…
Welcome to the latest issue of Interface magazine!
In this issue of Interface, we speak with a diverse group of tech leaders blazing a trail that others can follow to navigate the journey towards transformation.
We met with this month’s cover star Wei Li at the AI Summit during London Tech Week where Intel’s AI & Analytics leader delivered a compelling keynote speech and explained how the tech leader is powering Artificial Intelligence to enable the digital journey from data to insights.
“AI Everywhere means that anybody should be able to apply and use AI,” says Li, explaining the pledge Intel has made to further democratise the use of technologies such as AI. “We provide not only the hardware for AI, but also AI software and solutions for everyone to accelerate their data to insights journey. Software is the bridge between hardware and the millions of developers and billions of users.”
London Tech Week
During London Tech Week Chris Philp MP, the Parliamentary Under Secretary of State at the Department for Digital, Culture, Media and Sport (DCMS), discussed the launch of the UK’s Digital Strategy with an expert panel. We take a look at what this means for Britain’s approach to expanding the reach of its digital economy to drive growth, boost productivity and create more better-paid jobs.
ENGIE: collaboration through data
We speak with ENGIE’s Group Chief Analytics Officer Thierry Grima, who outlines the extraordinary data transformation the global utility giant is going through, and how the ground-breaking data connection of 170,000 global team members is benefiting the business. “As a business, we need to unlock the value of data because it’s no longer a competitive advantage. It’s just a necessity.”
Elsewhere, Jim Brady from Fairview Health Services reveals how his dual role as CISO and VP Information Security & Infrastructure/Operations is uniting security and operational technology to break down silos and drive a transformation with people power at its heart. “I love people, helping them and interacting with them in a positive way. There are several hundred people on my team, but I still spend time with them one-on-one and in small groups, even now that we’re largely working remotely.”
Also in this issue, S. M. Jaleel’s CIO Teoman Buyan explains how the right company culture can drive a positive technology transformation and Sal Laher, Chief Digital & Information Officer at global enterprise software provider IFS, talks about the importance of developing a more environmentally friendly approach to technology that weaves sustainability into the software fabric.
This month’s cover story reveals the cycles of transformation, being led by CDO Lucho Torres, which are driving the disruptive digital journey at Peru’s second largest financial services group
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This month’s cover story reveals reveals the cycles of transformation driving the disruptive digital journey at Scotiabank Peru, the country’s second largest financial services group.
Welcome to the latest issue of Interface magazine!
A customer-centric vision is often an important factor in the journey towards a digital transformation where a commitment to continuous improvement can bring scalability and lasting growth. Interface taps the brains behind some of the biggest tech successes happening across the globe today…
Lucho Torres, SVP & Chief Digital Officer at Scotiabank Peru is on a mission to leverage the trust in a global banking leader founded in 1832 and lead a transformation to create “the most relevant, simple and fast digital bank for consumers and businesses” across Peru. “The challenge was to build a digital bank with scalability and sustainability. We have created a customer-centric value proposition by building and taking to the market our own digital platforms and financial products to deliver personalised and intuitive customer experiences.”
IBM
We speak with IBM’s AI & Data guru Jean-Philippe Desbiolles who gives us a fascinating overview of his book AI Will be What you Make of It: The 10 Golden Rules of Artificial Intelligence. “I am passionate about the fact that at IBM we are transforming businesses by leveraging technologies in a broad sense of the word. And one of those key technologies is Artificial Intelligence.” Listen to our podcast with Jean-Philippe here or you can watch it below…
Digital Transformation in healthcare, education and telecomms
Also in this issue, Michael Haenelt, CIO at the Weed Army Community Hospital tells us the story of the development of a state-of-the-art medical facility at Ft Irwin, in California’s remote Mojave Desert, where a commitment to digital transformation is at the beating heart of the organisation.
This month’s cover story explores the customer-centric digital transformation journey of leading insurer AXA being led by UK & Ireland CIO Darrell Ryman
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Our cover story this month explores how leading insurer AXA‘s customer-centric digital transformation journey is refining the art of the possible to unite business with technology.
Welcome to the latest issue of Interface magazine!
The opportunity to leverage data & analytics to transform organisations seeking to sharpen their digital focus and better connect with internal and external stakeholders is at the forefront of a revolution in connectivity driving both operational efficiency and growth. In this issue we bring you some inspiring stories that reflect the impact today’s innovations are having on shaping the business journeys of tomorrow…
This month’s cover story explores the customer-centric digital transformation journey being led by AXA’s UK & Ireland CIO Darrell Ryman. “It’s both a challenge and an opportunity for the insurance industry,” he reflects. “Many of the legacy systems firms use are now outdated and based on the nine-to-five business operating model – they’re not designed for the modern digital experience.” Ryman’s IT team is driving that transformation pivot by focusing on three key pillars: developing a digital backbone, becoming a digital business and creating a digital ecosystem.
https://www.youtube.com/watch?v=i6wxgQ2gAmI
XGS
Today’s on demand transactions require custom logistics solutions. We discover how flooring supply chain specialist Xpress Global Systems (XGS) is combining existing data with employee experience to deliver technology solutions that form the core of the company’s humanised approach to digital transformation.
EY
Also in this issue, Ken Priyadarshi CT AI leader of EY Technology, explains how the leading professional services network is developing Digital Twins to deliver big-data and low-latency scenario planning models for financial services: “It’s time for the digital twin to become a mainstream tool for the C-suite and go beyond the traditional manufacturing or operational use-cases.”
Data management driving efficiency and growth
Elsewhere, we learn how specialist insurance broker Howden is achieving success in Asia by establishing a structured, data-driven, engagement and distribution strategy; and reveal the way America’s leading critical infrastructure damage prevention firm, Stake Center Locating, is future-proofing by transferring its expertise from legacy systems to the cloud.
Our cover story examines how Microsoft is accelerating innovation for sustainable growth by providing specialised solutions supporting financial health for enterprises and their customers in the Azure cloud
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Our cover story this month reveals how Microsoft is supporting future-first financial services in the cloud.
Welcome to the latest issue of Interface magazine!
Digital transformation can take many forms, powering the strategies to achieve goals across a diverse range of sectors from education and manufacturing to business development and health. In this issue we explore some of these compelling success stories.
Gracing this cover of Interface is Bill Livezey, Director of Financial Services for Intelligent Cloud at Microsoft. Bringing a quarter century of experience at the tech giant to his latest role, he explains how it is accelerating innovation for sustainable growth by providing specialised solutions supporting financial health for enterprises and their customers. A broad set of data models and tools in Microsoft’s Intelligent Cloud work together and allows for its partners to join in quickly building differentiated experiences in an industry-compliant and secure public cloud.
Virtusa
Today’s businesses require change at a scale and speed that defies traditional ways of working. By delivering deep digital engineering and industry expertise through client-specific and integrated agile approaches, we learn how Virtusa, in conjunction with key partners like Pega, is driving digital transformation with the pace and passion of a startup delivered with expert execution on a global scale.
Bossard
Also in this issue, we hear from Bossard, a leading global provider of product solutions and services in industrial fastening and assembly technology. Chief Information Officer Georg Meyer reveals how IT is supporting its efforts to achieve ‘proven productivity’ while working towards its 200th anniversary strategy goals.
Digital Transformation supporting Sustainability
Elsewhere, we discover how the School District of Oconee County has transformed the lives of its teachers and students through the pursuit of digital transformation; and reveal the way SodaStream is leading the fight against plastic pollution, aligning its operational and digital goals with sustainable solutions and products that truly help to preserve our planet.
Bridewell Consulting has outlined its top 10 cybersecurity predictions for 2022.
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Bridewell Consulting has outlined its top 10 cybersecurity predictions for 2022.
Compiled by its skilled consultants, and coupled with data gathered from its 24/7 security operations centre in 2021, the company warns of the automation of security threats, increased risks for remote workers, and more nation-state attacks on the UK’s critical national infrastructure and supply chains.
“Cyber threats are always evolving and 2022 will be no different. Attackers will use new technologies to launch more sophisticated attacks and remain under the radar, while businesses will use technology to strengthen defences and drive efficiencies. Heading into 2022, organisations need confidence that their systems, data and processes remain protected, regardless of how the landscape evolves, and ultimately that comes down to developing an agile and adaptive security strategy”
MARTIN RILEY, DIRECTOR, MANAGED SECURITY SERVICES, BRIDEWELL CONSULTING
Top 10 cybersecurity predictions for 2022
1.2022 will be the year of remote risk. With remote and hybrid working here to stay, expect to see a large increase in mobile malware attacks. Cybercriminals will evolve and adapt their techniques to exploit the growing reliance on mobile devices and remote working.
Social engineering will remain the initial attack vector for deployments of malware, phishing and ransomware, with an increase in deepfake technology making attacks more technologically convincing in 2022.
Phishing volumes have already surpassed levels seen in 2020, and this year we’ll see a rise of update-themed phishing emails designed to trick remote employees into believing they are legitimate updates, as well as those used to tailgate employees into restricted areas under the guise of being a new employee hired during lockdown.
2. Ransomware will become automated. Human operated ransomware will be the biggest cyber risk for organisations in 2022. Different from traditional commodity ransomware attacks, we’ll see more cybercriminals with a high level of offensive security knowledge gain access to organisations and survey the environment for an extended period before launching a potentially devastating attack on data and systems.
The risk presented by human-operated ransomware will only increase as wormable variants such as WannaCrypt and NotPetva are utilised more. Additionally, automation will play a key part in the evolution of modern ransomware and malware attacks, with machine learning and Artificial Intelligence (AI) used to remove some of the mistakes that allow businesses to respond to current threats.
3. Volume of hackers-for-hire will increase. Over the past few years, groups such as REvil and DarkSide have appeared and disappeared after carrying out very public attacks against numerous industries. In 2021, we saw a number of hacker groups arrive, have a big impact, and then vanish as quickly as they came, only to repeat the same process again a few months later.
In 2022 we can expect more of the same; in particular, large attacks on lucrative targets such as supply chains and cloud providers to maximise ransom value and payments. Managed services and thirdparty suppliers will also be under greater risk. Phishing-as-a-Service will become commonplace on dark web forums, increasing attack volumes.
4. Zero-Trust will become the de facto cyber security approach. With the rise of hybrid working, Zero-Trust will become critical in 2022. Lack of secure cloud configuration will continue to cause security breaches and organisations will seek to separate users and devices from data, applications, infrastructure, and networks, through the Identify, Authenticate, Authorise and Audit model (IAAA).
More CIOs and CISOs will roll out system-wide Multi-Factor Authentication (MFA) with stricter rules around conditional access built-in and supported by session information and telemetry to develop a comprehensive audit trail for real-time detection of a policy breach. Extended Detection and Response (XDR) will also become the technology of choice for Zero-Trust, enabling rapid detection and response of threats across endpoint, network, web and email, cloud and importantly, identity.
5. Organisations will turn to hybrid SOC models to plug skills gaps and aid consolidation. As the cyber skills shortage grows and enterprises lack security professionals with the depth of knowledge and technical skills to develop more advanced capabilities required for running a cloud-native modern Security Operations Centres (SOC), we will see more organisations turn to hybrid SOC models which combine the cyber skills of in-house teams with the expertise of a Managed Security Service Provider (MSSP).
Companies will use providers to plug gaps in defences while developing in-house expertise in tools and techniques including EDR, XDR and intelligence-based threat-hunting. Hybrid SOCs will also be used to facilitate consolidation of security tools, driven by a growing desire from the board to reduce security costs, maximise ROI and improve efficiency.
6. Rise in 5G and connected devices will increase IoT risks. 5G will continue to be rolled out globally in 2022 and increase the number of connected devices within organisations, particularly within industrial IoT. Manufacturing and Critical National Infrastructure (CNI) will remain the sectors most susceptible to security issues, with more factories and facilities becoming connected and more organisations reliant on IoT devices for measuring and monitoring processes remotely. Expect to see the introduction of more government guidance and standards to bolster IoT security as uptake increases.
7. Organisations will shift focus fromprevention to detection and response. As the speed and complexity of attacks continue to grow, demand for managed security services, such as Managed Detection and Response (MDR) will rocket. No longer the luxury of large enterprises, in 2022 expect all companies to seek to shift from prevention to response and look to implement early warning systems to alert on early signs of a potential breach.
Security Orchestration Automated Response (SOAR) solutions, such as Microsoft Sentinel, will be critical alongside MDR to help to improve the efficiency. Traditional tools such as anti-malware software and spam blockers will still be important, but these will increasingly be combined with proactive tactics, such as MDR, threat hunting, and ethical hacking to ensure any vulnerabilities are identified and mitigated immediately.
8. Critical National Infrastructure will face more threats. CNI will face increased activity from nation state groups, which are likely to prioritise green energy targets given the global focus on the development of sustainable infrastructure. The oil and gas sector will also be the subject of more directed attacks from hackers-for-hire as they attempt to target high-value income industries.
9. Cybersecurity transformation will drive digital transformation. Digital transformation became a necessity for businesses in 2021, driven largely by Covid-19. Probably the biggest mistake we saw in 2021 was a reactive approach to security transformation, whereby security was only considered afterwards. In 2022, expect to see this model flipped with a rise in mature companies who seek to use cybersecurity transformation as the driver for digital transformation.
Cybersecurity will shift from a box-ticking exercise to a business enabler, with CISOs and CIOs working directly with the CEO to develop an adaptive and customisable security model to ensure cybersecurity is as strong as possible before broadening the attack surface further.
10. Cybersecurity vendors will start to consolidate. Microsoft and Google willevolve to become leaders in cybersecurity. Microsoft has already announced a huge commitment to growing its cybersecurity offering and given the company’s dominance in the collaboration market and Google has already taken huge steps to bolster its security expertise.
As both companies continue to build their expertise, we expect to see traditional cybersecurity players start to lose market share as they struggle to keep up with the visibility, coverage and collaboration benefits the global giants can offer.
ABOUT BRIDEWELL CONSULTING
Bridewell Consulting is the second-largest and one of the fastest-growing, privately-owned, cybersecurity services firms in the UK, with its security operations centre protecting some of the country’s most critical national infrastructure.
It also delivers a vast number of services across aviation, financial services, government and oil and gas. The company hold a number of industry accreditations including NCSC, CREST, ASSURE, IASME Consortium, Cyber Essentials Plus, ISO27001, ISO9001 and are PCI DSS QSA Company. The company was recently named Cyber Business of the Year in The 2021 National Cyber Awards and won the SME 100 Growth (Under £10M) and Tech Company of the Year awards at the Thames Valley SME Growth Awards 2021.
Our cover story investigates how the latest cybersecurity technologies ensure the Commonwealth Bank and its customers are protected from cybercrime
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Our cover story this month charts how the Commonwealth Bank is strengthening its cybersecurity posture to protect 16 million customers
Welcome to the latest issue of Interface magazine!
Cybersecurity, and the need to share data safely and securely, goes beyond the day to day requirements of one organisation, it’s about enterprises at all levels collaborating to develop an ecosystem for the greater global good.
Our cover star Memo Hayek, General Manager Group Cyber Transformation & Delivery at CommBank, is leading a team on such a journey while executing the technology transformation required to fortify cybersecurity for CommBank. Leveraging the latest cutting-edge technologies from partners including AWS and Palo Alto Networks – in demand as the global attack surface grows – Hayek is flying the flag for women in STEM careers and delivering the strategies to ensure the bank, its Australian community and the wider global economy are protected from cybercrime.
https://www.youtube.com/watch?v=jQNXY2duLZs
Philip Morris International
Also in this issue, we learn how Philip Morris International (PMI) is instigating a digital revolution in the travel retail sector, merging the physical and online worlds by implementing a number of CX-driven initiatives framed around PMI’s IQOS brand which is helping smokers to non-smoke products.
Valtech
We hear again from global business transformation agency Valtech on its efforts to embrace diversity across the length and breadth of its organisation to make it better able to provide solutions that touch all of society. Una Verhoeven, VP Global Technology, gives her perspective on the diversity debate and how that’s further supported in the technological evolution with the rise of composable architecture.
Digital Transformation
Elsewhere, we discover how biotech firm Debiopharm’s digital transformation journey is ushering in a new era for drug development and clinical trials. We also reveal the innovative global IT transformation plans of market-leading tile manufacturer Terreal.
Our exclusive cover story this month explores how IAG Firemark Ventures is disrupting insurance to reimagine the customer journey today…
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Our exclusive cover story this month explores how IAG Firemark Ventures is disrupting insurance to reimagine the customer journey today
Welcome to the latest issue of Interface magazine!
Technology with the capacity to enhance customer journeys and evolve in line with our changing needs is the holy grail that the companies featured in this packed issue of Interface are on a quest to deliver…
Our cover star Scott Gunther, General Partner at IAG Firemark Ventures, embodies that pioneer spirit. Leading the investment arm of Australia and New Zealand’s largest insurer to think like a startup and drive innovation in the FinTech & InsurTech space, Gunther’s vision is being realised… “We not only provide staple financial services but the solutions that can make the world a safer place by reacting to everything from natural disasters to life-changing events.”
Trusted by 95% of Fortune 500 companies, Microsoft Azure is delivering transformative cloud journeys for organisations at all levels. Laurent Pierre Jr, General Manager for Azure Customer Experience Engineering Support (CXP), reveals how by creating a high trust environment, the speed at which you and your team can execute and perform becomes a force multiplier.
Keeping with the theme of transformative tech, BSI talk us through the innovation behind the extraordinary world of immersive auditing, outlining its advantages and the potential for a continuous wave of disruption set to provide deeper client value and change the dynamics of assurance forever.
Also in this issue, we hear from Lockton Re on how its global reinsurance business is benefiting from the deployment of smart solutions that leverage new technologies; speak with the CIO at the Office of Inspector General (a part of the US Department of Health & Human Services); discover advances in the digital approach to identity validation with Okta and get the lowdown from Vodafone on how blockchain has the potential to disrupt telcos.
Our exclusive cover story this month takes a drive down the information superhighway with Auto Club Group and the Automobile…
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Our exclusive cover story this month takes a drive down the information superhighway with Auto Club Group and the Automobile Association of America.
Welcome to the latest issue of Interface magazine!
A customer centric approach to the creation and deployment of digital services is something that unites the business transformation journeys we explore in this issue of Interface.
Our cover story examines how one of the oldest organisations in the US – the Automobile Association of America (AAA) – and Auto Club Group, among its largest affiliates, are building trust in technology through cybersecurity to support more than 14 million members with a range of digital services. Chief Information Security Officer, Gopal Padinjaruveetil, explains: “Cybersecurity can be the brake in the information vehicle so a business doesn’t have to slow down, enabling it to accelerate change with confidence without putting the organisation, and its members, at risk.”
Elsewhere, we discover how insurance giant Generali is leveraging analytics and AI on a global scale for a structured approach to insurance services delivering long term security and peace of mind for its customers as a lifetime partner.
Delivering innovation on a global scale, SAP’s customer-centric business technology platform currently serves 91% of the organisations making up the Forbes Global 2000, while a staggering 70% of all global transactions touch an SAP system. We find out more…
Also in this issue, we hear from Insider on why Apple’s iOS15 update will impact ecommerce and data gathering; we get the lowdown from EY on the four key steps organisation should take to accelerate their digital transformation and learn from Pulsant how to identify and achieve your business transformation goals.
IT heads say data leaks in the home will cause the biggest security headache over the next two years as…
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IT heads say data leaks in the home will cause the biggest security headache over the next two years as hybrid working arrangements see employees buying and installing their own technology, according to new research by Brother UK.
More than a third (34%) of the respondents cited the issue as their top concern as more decentralised purchasing decisions for devices such as laptops, printers and scanners are creating more data vulnerabilities.
The research, which surveyed 500 IT leads working for UK businesses, found that just 13% expect employees to be in the office full time over the next two years.
Work to minimise security risks was signalled by almost a quarter (23%) of respondents anticipating that office technology would be centrally procured with employees purchasing home tech from approved supplier lists over the next two years, up from 19% that currently have this procurement model.
However, 11% of IT leads said they expect all office and home technology to be procured by employees on their own over the same period, compared to 5% that currently operate in this way, which could signal some additional challenges for security in the future.
Other top concerns included data security in the office (27%), network security for remote workers (13%) and accountability (12%).
Mike Mulholland, head of services and solutions at Brother UK, said: “The immediate challenge for IT leads in managing people working from home is ensuring that the technology connected to business systems is secure.
“This is part of a wider opportunity for the channel, as they help customers respond to new challenges from the workforce becoming more dispersed, by providing new solutions and services.
“But it’s important that suppliers consult with clients on balancing the efficiencies gained from decentralised procurement against the security and integration that’s more assured from centralised decision making.
“Helping customers to build lists of approved technology for employees to procure from may pay dividends in productivity and security benefits.
“It will also be important for IT vendors and partners to advise when managed services can offer the best outcomes for businesses. Managed print services, for example, gives IT managers full oversight of print fleets wherever they may be, enabling them to manage security settings, firmware updates, and diagnostics from afar.”
Overall, the research found security to be the top priority for IT heads. Almost two-thirds (63%) saw the issue to be as being ‘very important’ over the next two years, compared to 52% that said the same for productivity, 50% for cost-efficiency and 48% for sustainability. Nearly half (49%) associate security with business resilience, while two-thirds (66%) said they are currently working towards improving their IT security in order to underpin resilience.
Ben Nicklen – chief operating officer for workplace data analytics firm Tiger – explores the range of comms channels that are available and shares when there’s a need to ‘start video’
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Transformation has accelerated on a global scale for organisations throughout 2020. Many businesses and employees who hadn’t previously adopted the latest collaboration technology, are now doing so – and swiftly.
The numbers tell a significant story. For example, Cisco WebEx and Google Meet have seen 100 million meeting participants in a single day, 200 million recorded for Microsoft Teams, and a staggering 300 million for Zoom.
So, while we might feel lucky to have access to all this technology, some of these working practices are maybe taking their toll on individuals that are experiencing ‘Zoom fatigue’.
There has never been a greater requirement for organisations to stay connected. At this moment in time, millions of businesses across the globe will be logging into meetings, answering calls, checking instant messages and clearing inboxes.
With a range of collaborative tools now firmly at a modern-day company’s disposal, it’s no surprise that there has been a rise in certain intuitive technology as colleagues speak to one another while working remotely. For the enterprises that are used to operating from an office, they will have experienced many more video calls compared to pre-pandemic times.
But are some teams prioritising video, when a traditional call might do? Especially when this method can drive conversations to be wrapped up swiftly and ensure urgent matters are handled there and then.
There has, in fact, been a significant shift in traditional telephony throughout 2020. Organisations have also used it as a central component to newly rolled-out customer schemes that are based upon keeping in touch. And for companies that have had to shut physical stores, diverting their phones can mean many are still able to trade.
How communication continues to evolve
Thinking about productive business calls pre-pandemic, these were typically made in their car or on public transport when travelling between meetings. So, when employees who are so used to communicating on the move, are suddenly told to stay put in their home and adopt a more video-friendly approach, it’s no wonder that several may have struggled to transition.
For workforces relatively new to Teams, Zoom and Google Meet calls can bring a sense of apprehension. Colleagues might be worried about Wi-Fi speeds, the flow of the conversation, how they act on screen and what impression their background makes.
There’s a certain level of trust attached to video too, with many employees perhaps feeling as though they always have to be based in an office-style setting when firing up their cameras. And none of these concerns would enter their minds when making an audio call.
However, this isn’t a case for pitting the phone against video – or choosing one over the other. In fact, it’s about understanding the critical role both play in a company’s entire suite of collaborative technology.
To truly know which comms method is required, a good place to start is to consider why a call has to be made in the first place. Is there something visual that’s required? Or does an employee want to replicate those ‘water cooler’ moments to feel better connected and less isolated? If these resonate, then perhaps video is the best course of action.
Once that’s been decided, add an agenda so that individuals know the reasons behind the meeting and where they’re required. For the longer calls, a good tip is to include regular breaks, so employees don’t get distracted or lose focus. Having simple guidelines in place – and communicating them effectively – can help to underline why video is preferred over a quick-fire phone call or less urgent email.
Why more organisations must revisit their suite of comms software
Throughout 2020, there has understandably been a dramatic increase in collaborative tools. It’s anticipated that enterprises have experienced 10 years of remote working transformation – within six months. So, there is a real need to provide an all-around communicative approach to ensure that customer and colleague comms remain of the highest quality.
With human integration and social interaction now a huge priority for teams working in isolation, video is here to stay. And business leaders must utilise a combination of intuitive tech in the right way – understanding how each one positively impacts their workforce’s productivity and well-being, alongside the organisation’s overall bottom line.
That’s where workplace analytics plays a pivotal role. Not only does it support ambitious firms to remain agile and be able to adapt swiftly to economic flux, but it helps their managers to gain visibility of employees’ activities – providing the vital data to make business-critical decisions that truly enhance the colleague and customer experience in both the short and longer-term.
Learn more about emerging trends across the tech panorama in the latest issue of Interface
Oliver Goodman, Head of Engineering at Telehouse, explains the impact AI is having on data centre security and energy efficiency
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Demand for data centre (DC) services has been steadily rising every year, but since the beginning of the COVID-19 pandemic, that demand has skyrocketed with people and businesses more reliant on them than ever before. Despite some operators scrambling to overcome capacity shortages, the sector has coped well with the increased demand and has even achieved greater recognition with the UK government giving the sector a voice on COVID-related matters and DC workers being given key worker status.
Relying on human monitoring and intervention can be problematic when trying to stay on top of three of a DC’s biggest challenges – energy efficiency, electricity costs and cybersecurity – when demand is rapidly rising. This is where AI can help.
Maximising energy efficiency and minimising cost
It’s no secret that DC facilities are power hungry, so it would be easy to assume the sector has a negative environmental impact. However, this simply isn’t the case. A recent survey of UK commercial operators revealed that 76.5% of the electricity they purchased is 100% renewable – 6.5% is between 0 and 50% renewable, 7% is between 50% and 99% renewable and 10% is purchased according to customer demand. But that doesn’t mean DC operators aren’t going further to improve energy efficiency, and this is one area where AI can help.
The load (the amount of energy consumed by servers and network equipment in server halls) can vary at given time depending on the network demand and accommodating the load efficiently is challenging without the intervention of AI. For example, if the load suddenly goes up in one server hall, additional chilling is required to keep the servers cool and running efficiently. Energy efficiency gains can be made by knowing exactly when to switch that additional chiller on and when to switch it off.
By collecting, aggregating and analysing operational data, AI can set certain trigger points and execute actions – such as switching the chiller on or off – at exactly the right moment. Machine Learning can also by deployed to understand load patterns and predict when fluctuations in load will occur, allowing DC operations to react efficiently. In an uninterruptable power supply (UPS), AI can switch between efficiency modes automatically in response to changing load levels, ensuring the system runs as close to the optimum efficiency for the load at any given time.
This can also be applied to reducing electricity overheads. Balancing energy efficiency with the cost of electricity is a constant struggle for DC operators. With loads increasing every year, operators are faced with growing electricity bills. Attempts to keep electricity costs low can impede upon the energy efficiency of the facility. For example, running chillers at 10% of their capacity is one way to minimize electricity costs but this means the chillers will run inefficiently.
IT Programmer Working in Data Center System Control Room.
AI can be used very effectively in control systems to help operators balance cost and efficiency. This is improving over time but there is an onus on the manufacturers to make these developments faster so that operators can build greater levels of automation on top of those systems to help strike the right balance.
Robust cyber security measures
Increasing cyber security in DCs largely comes down to understanding behavioural patterns in the IT infrastructure and reacting immediately when a typical pattern is disrupted by an atypical behavioural event. This is very similar to the way cyber security works in a conventional office-based business. Each company device will have its typical usage pattern and AI can understand how individual devices typically interact with the network. A device logging on to the network outside of regular working hours and extracting data from the system would be an unusual behavioural event and AI can recognise this then disable the device’s network access and notify the business of a possible attempted security breach.
In the context of a DC, AI will monitor the behavioural pattern of every server and will react accordingly to any event that diverges from the typical pattern. These AI capabilities can be leveraged at an extremely granular level to further enhance security. For example, if a server’s behaviour suddenly changes after somebody has been present in its server hall. This kind of granularity offers huge potential for DCs from a cyber security perspective and will continue to improve security as demand for their services grows.
Where humans would typically struggle to make data-informed split-second decisions that could improve energy cost and efficiency or stop a data breach, AI is helping the DC sector to evolve. It’s an exciting time for the sector and we can expect to see decision-making becoming more intelligent and autonomous as AI-driven solutions continue to evolve.
Learn more about emerging trends across the tech panorama in the latest issue of Interface
Local surgical hubs, new technology to speed up diagnosis, and innovative ways of working, will help the NHS to tackle…
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Local surgical hubs, new technology to speed up diagnosis, and innovative ways of working, will help the NHS to tackle growing waiting lists and treat around 30% more patients who need elective care by 2023 to 2024.
Backed by a new £36bn investment in health and social care over the next three years, ‘doing things differently’ and embracing innovation will be the driving force to get the NHS back on track.
The funding will see the NHS deliver an extra nine million checks, scans, and operations for patients across the country, but it’s not enough to simply plug the elective gaps. The NHS will push forward with faster and more streamlined methods of treatments.
Surgical hubs already being piloted in a number of locations are helping fast-track the number of planned operations, including cataract removal, hysterectomies and hip and knee replacements, and will be expanded across the country. Located on existing hospital sites, surgical hubs bring together the skills and resource under one roof while limiting infection risk and providing a COVID-secure environment, with more planned to open in the coming year.
Health and Social Care Secretary, Sajid Javid, said: “This global pandemic has presented enormous challenges for the NHS and led to a growing backlog – we cannot go on with business as usual.
“We are going to harness the latest technology and innovative new ways of working such as surgical hubs to deliver the millions more appointments, treatments and surgeries that are needed over the coming months and years to tackle waiting lists.”
GP surgeries are also using artificial intelligence to help prioritise patients most in need and identify the right level of care and support needed for patients on waiting lists.
Using the latest technology and locally led innovation will increase efficiencies, make every penny count and increase activity levels to tackle rising backlogs.
Martin Riley, Bridewell Consulting’s Director of Managed Services, explains why a cyber security strategy can future proof your business and provide the platform for a successful digital transformation
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Regardless of sector, digital transformation has become a business necessity for organisations in 2021. Described as the most important trend in business today, 65% of the globe’s GDP is expected to be digitalised by the end of 2022. And with promised benefits including improved operational efficiency, agility and employee productivity, it’s no surprise that businesses are going digital.
However, while there’s no denying the importance of digital transformation, different levels of organisational maturity can lead to different approaches and this is particularly apparent when it comes to security. Many organisations often take a reactive approach, whereby business and technology transformation are the priority and security is only considered afterwards. However, the risks from putting security on the backburner can be numerous, including higher costs and extended timelines to retrofit crucial security fixes.
Martin Riley
More mature companies have a different approach – one that puts security transformation first, ahead of digital transformation, to ensure the best possible future-proofed outcome. Their success is now providing a valuable proven blueprint for other firms to follow. So, to reap the benefits of this approach where should you start?
Shift your mindset
Before embarking on any transformation, it’s imperative to get your strategy right. Move away from thinking purely about digital transformation and cyber security as separate strategies and instead develop a cyber security transformation strategy. This will ensure that you can reduce risk and improve your cyber resilience, even as your attack surface grows.
It may be that security transformation becomes the driver of your digital transformation. For example, if you have identified vulnerabilities within your legacy IT infrastructure that necessitates a need to move critical data to the cloud.
Take critical national infrastructure as an example… The convergence of IT and Operational Technology (OT) as well as increased legislative requirements, such as the Network and Information Systems (NIS) Regulation, is driving a clear need for cyber security transformation. Organisations need to adapt to gain a holistic view of cyber security across physical OT and cloud systems before transformation can take place.
Understand your risks
Digitalising your business ultimately introduces new risks. For example, new digital channels can broaden your attack service, while poorly configured cloud-based infrastructure can pose easy targets for cyber attackers. There’s also risks from the internet of Things (IoT) which increases sensitive data proliferation (and by association, vulnerabilities), as well as authentication and access risks posed by remote working and connected supply chains. Before embarking on a transformation plan, you need to understand the security implications of any changes.
Assume zero-trust
In order to ensure that security is front of mind in your transformation you need to adopt a philosophy of a zero trust, where no individual or device is trusted. This involves verification by authenticating and authorising based on all available data points, utilising just-in-time and just-enough-access to limit user access and using analytics to drive threat detection. Not only does this help businesses to be prepared for cyber threats, but also articulates the value of security transformation to other departments.
Embed security from the outset
It can be tempting to simply keep investing in a growing number of security technology tools as and when your transformation takes place. However, all too often there is little integration, overlap and there are gaps in the coverage these tools offer. And while a well-configured set of security tools can provide coverage, many drive threat alerts that are false positives or benign positives, leading to fatigue and alert blindness. Instead, ensuring security is a critical part of the initial design of your transformation strategy.
Use security intelligence to your advantage
Move away from a focus on prevention to response and make security intrinsic throughout the business by implementing proactive measures such as Managed Detection and Response (MDR). By combining human analysis, artificial intelligence and automation to rapidly detect, analyse, investigate and actively respond to threats, MDR can encourage alignment of security transformation with digital transformation.
Cyber Technology Security Protection Monitoring
An adaptive and customisable security model, MDR can be deployed rapidly and cost-effectively as a fully outsourced service or via a hybrid SOC. It helps develop a reference security architecture that enables you to safeguard on-premise and legacy systems, cloud-based infrastructure applications and SaaS solutions, whilst also protecting and responding to new security and user identity threats as well as reducing cyber risk and the dwell time of breaches.
Engage third party support
Finally, don’t neglect to seek help from outside your organisation. By engaging a security architect early on in your project lifecycle, you can benefit from robust and detailed analysis and expertise to ensure the correct decisions are made, tracked and traced from beginning to end. They can also help you understand the interdependencies across your IT estate, identify risks and suggest best practice, as well as legal and regulatory obligations to ensure you continue to be able to withstand a range of cyber attacks throughout your transformation.
Reaping the rewards of cyber security transformation
Every business is on a digital transformation journey, regardless of size or objectives. However, as organisations transform, so do technology and cyber threats. Those that fail to adopt a more proactive and efficient system for mitigating risks and handling, responding, detecting and learning from cyber security attacks will find themselves falling behind and the security function unable to keep up.
Ultimately, cyber and digital security should be thought of as inseparable – and those that can plan and integrate both into their transformation projects from the very beginning will be in the strongest position to succeed and future-proof their business.
By implementing a robust cyber security transformation process and proactive security measures, such as MDR that can support secure digital transformation, you can reap the benefits of a stronger, structured system for managing, isolating and reducing threats and continue to pivot, transition and serve in the new digital economy without leaving security on the side-lines.
Bridewell Consulting
Bridewell Consulting is a specialist cyber security and data privacy consultancy. NCSC Certified and CREST accredited, it provides reliable, high-quality security and risk consulting services; helping its customers protect not just their data, but their reputation, customer trust and bottom line. Providing four core service areas: cyber security, data privacy, penetration testing/red team assessments and managed security services, Bridewell’s expert team of professionals possess specialist industry experience and proven capabilities. They can deliver effective cyber security and data privacy services across financial services, pharmaceutical, manufacturing, technology, retail, media, government, aviation and 24×7 critical services. As a vendor agnostic business, Bridewell is able to effectively and honestly engage with business executives and provide advice, guidance and services in a way that is most appropriate for each organisation, ensuring that proposed solutions are aligned with its clients’ strategy, business objectives and the wider IT architecture.
Learn more about emerging trends across the tech panorama in the latest issue of Interface
we.CONECT offer a virtual and hybrid approach to live events planning delivering tomorrow’s business engineering today
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we.CONECT was founded in 2011 by two self-confessed “passionate event industry geeks” with an entrepreneurial spirit. Henry Fuchs and Daniel Wolter saw an opportunity to meet the need for change within the event industry with a new approach to b2b-conferences within the innovation, enterprise and tech sectors.
Henry Fuchs
“We have grown by more than 50% yearly ever since,” reveals Henry. “Today, we serve engineering and manufacturing, automotive, digital transformation and the IT sectors across DACH, Europe and the US market. Our focus has always been on interactions and creating forums and platforms for meetings and connections. This allows decision-makers to interact and network with their peers and get the latest ideas and industry trends. In our environment, they will be given opportunities to grow their businesses and skill sets.”
A diverse network
we.CONECT boasts a 50,000+ strong network, taking pride in having companies as clients rather than simply defining their attendees as the audience. “Our ambition is to fuel them with new ideas, new connections and new inspiration,” pledges Daniel. “We attract everyone from specialists and strategists to management newbies, geniuses and visionaries to help the world’s biggest brands, most innovative companies, and the most promising start-ups, shape tomorrow´s business.”
Daniel Wolter
The rollcall of clients is impressive… Adidas, Adobe, Amazon, BASF, BMW, Coca-Cola, Daimler, Google, Paypal, Nasa, Tesla, Apple are all part of we.CONECT’s network of business partners enjoying unique event experiences alongside the likes of Bosch, Cisco, IBM, Microsoft, Nvidia, Samsung, Siemens and SAP.
The 1.5 million business users in we.CONECT’s ecosystem demand excellent networking and learning opportunities. “Our events are packed with more than 30 session formats covering different interactivity levels – strongly geared to our customers’ needs,” says Henry. “The problem solving and discussion focused world café-sessions and our ‘Live Tech Take’ are two great examples of formats our clients greatly appreciate.”
Digital ‘managed’ events
we.CONECT’s Digital Managed Event (DME) offering is for exhibitors that don’t want to share their leads with others. “They bring the content and the crowd; we assist with the hosting, event infrastructure and marketing of the event,” explains Daniel. “With a DME, exhibitors have an opportunity to tailor-make an event relevant to their product and solution; it’s a chance to invest in your own exclusive and customised format.”
Hybrid connections
we.CONECT’s hybrid business event portfolio offers business leaders from all over the world exclusive content, leads and an opportunity to be a part of evolving business communities to gather information, share knowledge, network with peers and find solutions for business-critical challenges. “We believe it’s imperative to be part of a new world of networking with other global players and niche businesses both live and fully digital in an ever-changing world,” asserts Henry. “The hybrid format delivers in that regard. It offers total flexibility, is COVID-compliant and enables both the audience and the exhibitors a chance to make the most of their experience.”
hubs101
Daniel and Henry began innovating with the digital transformation of events back in 2016 through the development of their own event app platform and in 2018 with their own first digital events – long before Covid became an issue.
“When the pandemic hit, we were able to react with agility and digitalise our entire event portfolio in 2020,” recalls Daniel. “One of the key enablers was our own virtual event platform, hubs101. It’s a complete platform, built on our event insights and know-how with the latest technology in focus. We’ve gradually developed it over the years, like the company itself, with constant tweaks and improvements. hubs101 has now been road-tested by more than 10,000 customers and hosted over 500 events, which is just the beginning…”
The we.CONECT team continually add new functions to improve usability based on the feedback received from each event. These invaluable insights contribute to the continued innovation of 30 different session formats that inspire attendees to interact and learn from each other’s experiences.
The timing of the public release of hubs101 with the pandemic was a coincidence but the team felt the platform had reached a stage where it could be beneficial for others. “Before Covid, we’d launched the platform to host 12 online events,” remember Henry. “When the lockdowns started, we identified the potential for virtual events and were able to scale up the platform to host most of the used-to-be on-premises events, working on over a hundred in 2020.”
AI matchmaking
hubs101 users can enter their event interests, business goals, and expectations on the platform; that data is sorted and matched with other participants’ entries. The AI matchmaking function enables hubs101 attendees to find the business partners they’re looking for and connect with them immediately. This saves time and avoids the uncertainty to connect with the right person on an on-premises event, and thus helps businesses reach their ROI more quickly.
Germany, Berlin, 18.09.2019 – Industry Of Things conference in Berlin 2019.
Marcel Wogram for WeConect.
“Our goal is to provide event attendees with the best event experience,” adds Daniel. “Therefore, we’re constantly searching for ways to take the current online event experience on hubs101 to the next level. Right now, users can attend a virtual event smoothly and find the right business partners with an AI matchmaking function. And we aim to expand that function to include not only attendee matching but also interest matching. In the future, hubs101 users can expect to meet the right person and get suggestions for the right event, based on their own goals and expectations they provide to the platform.”
The pandemic has accelerated the process of event digitalisation. Henry and Daniel have embraced the challenge and are determined to continuously help define the future of the event industry, and to transform as many events as possible to a full-scale hybrid experience. “In these times when marketers worldwide rank virtual events as a top three method to generate leads, boost revenue and improve brand impact, we.CONECT and hubs101 can help shape and improve any company’s future strategy and tactics for events and meetings.”
Learn more about emerging trends across the tech panorama in the latest issue of Interface
The Mobile Ecosystem Forum’s SMS Protection Registry, which was developed and piloted in the UK, is now being launched in…
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The Mobile Ecosystem Forum’s SMS Protection Registry, which was developed and piloted in the UK, is now being launched in Ireland and Singapore.
The Registry significantly reduces the impact of smishing (SMS phishing) and spoofing by SMS.
In the UK, many major banks and government brands are currently being protected with 352 trusted SenderIDs registered to date. Over 1,500 unauthorised variants are being blocked on an ever-growing list, including 300 senderIDs relating to the government’s coronavirus campaign.
Government agencies, including HMRC and DVLA, are participating in this ecosystem wide anti-fraud solution which is supported by BT/EE, O2, Three and Vodafone, along with the UK’s leading message providers.
The cross-stakeholder working group has seen a significant drop in fraudulent messages being sent to the UK consumers of the participating merchants. Following the success in the UK, The Ireland SMS SenderID Protection Registry is being launched.
The Registry is also launching in Singapore as The Singapore SMS SenderID Protection Registry. With strong interest from numerous other territories, MEF expects new Registries will soon follow.
“There are millions of faked SMS sent by fraudsters trying to steal passwords every day,” says Dario Betti, CEO of the Mobile Ecosystem Forum “We need to help consumers and organisations fight back. Thanks to the collective efforts of the British mobile industry MEF has managed to show a way: a Registry for SMS short-code names.
“The fight against fraudsters is a relentless one, it will never stop. But we are happy to celebrate one successful tool created in the UK.”.
This month’s exclusive cover story focuses on how global digital agency Valtech is on a mission to inspire organisations to…
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This month’s exclusive cover story focuses on how global digital agency Valtech is on a mission to inspire organisations to embrace inclusivity, supporting everyone to succeed in tech…
Welcome to the latest issue of Interface magazine!
Technology and its ability to transform the human experience for all the stakeholders of any business, from customers to employees to partners, is the defining theme of this issue of Interface.
At the heart of this line of inquiry, our cover story reinforces why technology should be for everyone. Valtech, a global digital agency focused on business transformation, is on a mission to encourage organisations to embrace inclusivity, “inspiring everybody to have an authentic voice” by supporting women and people of all walks of life to succeed in tech-based careers. Our interviewee, Sheree Atcheson, Global Director of Diversity & Inclusion, pledges: “We are trying to do something that leaves the world better than we found it.
https://www.youtube.com/watch?v=4W25hWRdDMA
Elsewhere in this issue, we explore the rise of AI in banking and learn how solutions are being deployed by UnionBank of the Philippines. Dr. David Hardoon, Senior Advisor for Data & AI, explains how the bank is better leveraging data to drive financial inclusion with the delivery of services to the underserved and unbanked. We also speak with Alexandre Kozlov, Head of International IT at Kelly Services, and discover how the staffing giant is embracing business relevant IT with tech that puts people – clients, candidates and recruiters – first.
Also in this issue, we.CONECT tell us how they are using technology to bring people together for virtual live events; we explore AI’s influence on data centre management, and discover why security can future-proof your digital transformation journey.
Ericsson and Vodafone have completed the first deployment of a new energy-efficient 5G radio in London as part of their…
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Ericsson and Vodafone have completed the first deployment of a new energy-efficient 5G radio in London as part of their collaboration to improve network energy performance.
Situated on the roof of the Speechmark, Vodafone UK’s central London office, the controlled deployment of Ericsson’s antenna-integrated radio solution (AIR 3227) saw Vodafone’s daily network energy consumption decrease by an average of 43% in direct comparison to previous generations of radio technology, and as much as 55% at off-peak times.
Future-proofing 5G networks
Designed for future-proof and sustainable networks, Ericsson’s new radio is 51% lighter in comparison, and its more compact design and improved energy management features will help to optimize overall site footprint, making 5G rollout and 4G upgrades faster and easier.
1500 of the new radios will now be deployed across Vodafone’s network by April 2022, helping to reduce Vodafone’s forecasted energy consumption of its future 5G network and support a sustainable and responsible 5G rollout.
Vodafone partnering with Ericsson to drive efficiency
Andrea Dona, Chief Network Officer, Vodafone UK, commented: “Our strategy is simple; turn off anything we don’t need, replace legacy equipment with up-to-date alternatives and use the most energy efficient options available. The success of this trial allows us to explore new ways we can more effectively manage the energy consumption of our network with our partner Ericsson.
“There is no silver bullet to manage our network energy consumption – it is about putting sustainability at the heart of every decision and adding up all the small gains to make a material difference.”
Björn Odenhammar, Chief Technology Officer, Networks and Managed Services, Ericsson UK and Ireland, added: “Building on the success of an award-winning 5G network in London, it is another fantastic achievement for Vodafone and Ericsson to reduce network energy consumption by a daily average of 43%.
“Sustainability is central to Ericsson’s purpose and our new radio will help Vodafone to reduce network energy consumption, simplify network rollout and efficiently manage the expected growth in data traffic of both current and future 5G networks. Together we are building the 5G network of the future – one that delivers the highest possible performance with improved resource efficiency and low environmental impacts.”
The global Machine Learning (ML) market is estimated to grow by a CAGR of 43% by 2029, according to a…
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The global Machine Learning (ML) market is estimated to grow by a CAGR of 43% by 2029, according to a new report from ResearchAndMarkets.
The major drivers for the ML market are identified as the proliferation in data generation, technological advancements in ML and the increased adoption of connected devices and their data driven application. Enterprises are now awash in data related to their customers, prospects, internal business processes, suppliers, partners and competitors.
The ResearchAndMarkets report found that, often, businesses can’t control this flood of data and convert it to actionable information for growing revenue, increasing profitability and efficient business operation. Organisations of all disciplines across the globe suffer a serious problem of managing data in the form of data retention, understanding dark data, data integration for proper analytics, data access and others.
Data volumes set to rise exponentially
Machine learning offers a promising solution to gain economic benefits from the increase in data with the help of predictive analysis and reducing fraud. The volume of data collected by businesses worldwide is estimated to double every year with a lack of understanding of data now cited as a primary reason that overruns project costs to the tune of 20-35% of operating revenues.
Big data capabilities can assist in providing constant changing customers preferences helping companies to improve customer satisfaction, enjoy faster decision making and develop strategies for launching new products while exploring new markets.
Machine Learning in BFSI remains indispensable
The global Machine Learning market has been segmented on the basis of verticals, deployment modes, organisation size and service. The vertical segment is further sub-segmented into banking, financial services, and insurance (BFSI), retail, telecommunication, healthcare and life sciences, manufacturing, government and defence, energy and utilities and other verticals. The BFSI segment leads the verticals in terms of revenue in the global ML market with around 21.9% market share in 2020.
BSFI is primarily driven by a growing demand for ML to automate the process of loan approval, for fraud prevention, risk management, investment predictions, marketing and other strategies. Prominent banks across the globe including JPMorgan Chase, Wells Fargo, Bank of America, Citibank, U.S. Bank and others have adopted ML to realise the potential benefits of data driven decision making.
Machine Learning in healthcare promises significant opportunities
The healthcare and life science vertical is anticipated to grow at the highest rate over the forecast period (2021-2029) growing at a CAGR of 44.3% over the forecast period. This high growth rate is attributed to the fact that ML solutions offer wide potential across the healthcare industry. This include patient data & risk analysis, in-patient care and hospital management, medical imaging and diagnosis, drug discovery, life style monitoring and management, medical diagnosis and imaging, precision medicine and more.
Additionally, key companies are providing various ML systems across healthcare; these include Google Deep Mind Health, IBM Watson and others. Moreover, increasing healthcare expenditure also leverages huge adoption opportunities for ML. According to the Institute of Health Metrics and Evaluations, global healthcare expenditure is expected to reach $18.28 trillion globally by 2040.
Learn more about emerging trends across the tech panorama in the latest issue ofInterface
The summer of 2021 has shown a vast variety of extreme weather events around the world and thereby given an…
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The summer of 2021 has shown a vast variety of extreme weather events around the world and thereby given an outlook on the consequences of the climate crisis. To limit global warming to safe levels, we need to do everything we can. The latest report by the UN’s Intergovernmental Panel on Climate Change confirms that it is crucial to reduce our emissions drastically and, on top of that, remove unavoidable and historic carbon emissions from the air permanently. Climeworks’ carbon dioxide removal via direct air capture technology is the only solution that can reduce atmospheric concentration of CO2 in a scalable manner, by capturing CO2 from the air today and storing it permanently underground.
Swiss Re’s pioneering commitment
Swiss Re committed in 2019 to reach net-zero operational emissions by 2030 by reducing their carbon footprint and removing any residual emissions. The company is committing to a unique long-term partnership with Climeworks.
Swiss Re and Climeworks are launching a cutting-edge collaboration by signing the worlds’ first 10-year carbon removal purchase agreement. This first of its kind agreement is worth $10m.
Both the length and the total value of the partnership are, so far, unrivalled in the voluntary carbon market for this type of innovative high-quality carbon removal. The partnership with Swiss Re is of integral importance to Climeworks: the re/insurance industry is at the forefront of assessing complex risk structures including those of climate change. Re/insurers are capable of structuring those risks and allocating them in an efficient way. Swiss Re’s unique long-term commitment sends a strong signal emphasising that a pure climate solution like Climeworks’ technology is important to reach the Paris Agreement climate targets.
Supporting the rapid scale up
This commitment is by its nature providing a structure for interested buyers to enter into similar purchase agreements with Climeworks. Swiss Re is sending a key demand signal to carbon removal solution providers and investors. Pioneering customers like Swiss Re and their long-term commitment prove that a market for measurable and permanent carbon dioxide removal already exists today and will grow significantly in the future.
Bringing climate solutions to scale not only requires the right demand signals, but also de-risking and financing. This is why the partnership between Swiss Re and Climeworks goes beyond the pioneering 10-year carbon removal purchase agreement with further joint activities being assessed together.
About Climeworks’ direct air capture and storage technology
Powered solely by renewable energy, Climeworks’ direct air capture plants capture CO2 from the air. In Iceland, Climeworks’ partner Carbfix mixes the CO2 with water and pumps it deep underground where it reacts with the basaltic rock formations and mineralizes: the CO2 literally turns into stone. Climeworks’ technology is scalable and does not compete with arable land. This September, Climeworks is going to launch its new large-scale direct air capture and storage plant ‘Orca’ in Iceland, bringing large-scale direct air capture technology to reality.
By Robert Hewitt, MB BS, PhD, Biosample Hub The UK has over 150 hospital-associated biobanks, and the function of these…
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By Robert Hewitt, MB BS, PhD, Biosample Hub
The UK has over 150 hospital-associated biobanks, and the function of these biobanks is to provide researchers with consented and carefully processed clinical samples. However, three years ago, the annual report of a UK agency called Medicines Discovery Catapult came up with a shocking finding. A survey conducted by the organisation found that 80% of SMEs (small-to-medium sized biotechs) found accessing samples from the NHS ‘unexpectedly difficult with the result that 75% imported samples from abroad’.
This is not a problem exclusive to the UK. Biotech companies everywhere in the world have great difficulty accessing high quality patient samples to support their research and development. And at the root of the problem is the simple fact that patient samples most often originate in a healthcare setting in the public sector. Biotechnology companies are in the private sector and therefore have reduced access.
Hospital biobanks
Hospital biobanks generally exist in teaching hospitals and academic centres. They are publicly-funded and are established for the purpose of supporting research in associated universities and institutes. They require dedicated staff and expensive equipment—such as liquid nitrogen freezers—so the start-up and maintenance costs are considerable. While the start-up phase may be funded by research grants, it is harder to obtain research funding for the on-going maintenance costs of these unglamorous-yet-essential core facilities. So, many biobanks survive on funding provided by their own institution. A typical hospital biobank may have 2-3 staff working extremely hard within a very tight budget to provide professionally-curated clinical samples for in-house researchers.
One way in which biobanks can develop an independent income stream is to charge a fee for the provision of patient samples. However, this must be approached with caution as it is illegal to make a profit from the sale of human tissue in many countries. So, biobanks are allowed to charge a carefully calculated cost-recovery fee.
Access to a biobank’s samples is decided by scientific and ethical committees that are populated by various institutional members (scientists, clinicians, administrators, ethicists), with the frequent addition of a patient representative. These committees judge the merits of each application for samples, and they operate according to institutional policies.
One issue that sometimes reduces the likelihood that samples will be provided to industry is the concern that some patients may not want their samples to be used by commercial organisations that make a profit from them. Whether patients react in this way is very much dependent on how matters are presented to them and whether or not the societal value of industry research is emphasised.
In many cases these biobanks are open to applications from industry, in theory at least. Biobanks of different specialities can be found in various national and regional biobank directories, but unfortunately their level of interest in working with industry is often obscure. So, we have the problem that useful biobanks are hard to find.
Biotechs and Big Pharma are very different
Sample access problems are bigger for smaller, younger biotech companies than for established pharma companies. For one thing, these pharma companies will have had many years to develop networks of hospitals supplying samples. Additionally, the fact that pharma companies conduct clinical trials gives them access to hospitals, doctors and patients. Many large pharma companies have teams of dedicated clinical sample procurement staff and their own in-house biobanks, which often dwarf those found in typical hospital biobanks.
In contrast, a small biotech company, particularly a start-up, has none of these advantages and certainly cannot afford to have staff dedicated to sample procurement.
Looking ‘abroad’
In general, the easiest way for biotech companies to obtain samples is to get them from a commercial broker. These companies have the sole focus of providing clinical samples for industry, and naturally they are driven by the need to make a profit.
Brokers generally find it difficult to obtain their samples from hospitals and biobanks in western Europe, where ethical concerns about the sale of human tissue are prevalent. Some countries in eastern Europe and parts of Asia provide a more reliable source. The USA is one industrialised country where brokers are much more accepted, with many US hospital biobanks being willing to supply brokers. The majority of brokers are based in the USA, and many of these have sample procurement operations that extend across global networks.
Scientifically-speaking, the main disadvantage of using a broker is that sample provenance may be lacking (brokers tend not to reveal their sources for business reasons) and along with this there may be uncertainty about the quality of the samples and hence the reliability of resulting research.
Encourage some practices, discourage others
It must surely be best practice for any researcher to obtain biosamples direct from source, that is, directly from the hospital biobank that collected the sample from the patient. In this way, they can have the most confidence that samples and data have been collected professionally. So biotechs should ideally obtain their samples direct from hospital biobanks.
To encourage this, we need to make it easier for biotechs and hospital biobanks to find each other. Biotechs can search a number of biobank directories to find suitable partners, but this is often a difficult approach. Many of the biobanks listed may not be open to working with industry, or may give companies a low priority. Use of biobank directories often results in a lot of disappointing false leads.
One initiative that offers a solution is the online platform, Biosample Hub. This international platform is dedicated to bringing biotechs and academic/hospital biobanks together, and its use is restricted to these two groups. It includes a directory of biobank and biotech members, a directory of sample requests and social networking features. The only reason for biobanks to be on the platform is to supply industry, so the problem of false leads is minimised. One other key aspect of the platform is that it is not-for-profit, so this overcomes the ethical concerns of many biobanks.
Another way to encourage this is to make it more attractive for hospital biobanks to work with industry. In other words, there need to be more and bigger incentives. The problem is that for many hospital biobanks, local academic researchers get top priority, other academic researchers get second priority, leaving industry at the end of the queue. This is natural, because these biobanks are established as institutional initiatives, with the purpose of serving their own institution. The focus of academic biobanks is very much on research productivity as measured by publication impact, and unfortunately industry, for reasons of intellectual property, faces restrictions about how much work it can publish and when.
The incentive of funding is certainly the most viable option for getting hospital biobanks to work with industry. Biobanks need funding and often operate on shoestring budgets. Much has been written on the subject of biobank sustainability, especially financial sustainability. One approach is for biobanks to charge industry a cost-recovery fee for its samples and also to charge a fee from additional sample processing services, such as cutting sections and extracting DNA. This approach seems to be especially well understood by French biobanks, who use the term valorisation for the process of adding and yielding value from their samples. Almost half of the biobanks that have joined Biosample Hub are French and most offer additional sample processing services. All French hospital biobanks are certified according to the French norm NF S96-900 which must also make them more attractive to industry.
Another approach is to make external grant funding of biobanks conditional on service to industry. This could be aided by making it mandatory for funded biobanks to make their sample access policies public, by requiring annual reports on sample distribution and perhaps even having industry representatives on sample access committees. Patient representatives are well accepted, so why not industry representatives?
Samples that lack provenance
New regulations are likely to have a major impact on how biotech companies source their clinical samples. An example is provided by the new European regulation governing manufacture of in vitro diagnostic devices, which comes into force on the 26th May 2022. To demonstrate conformity, makers of IVDs must show that the biospecimens used to validate their devices have undergone acceptable pre-analytic processing. This will require the sourcing of samples from biobanks that are certified to meet specific quality management standards. As a result, diagnostics companies will need to obtain samples from known sources that provide full provenance information.
This need for provenance information will put pressure on commercial brokers to change their business practices and reveal the source of their samples. One way in which brokers may mitigate this is by using binding contracts with both the provider and the requestor of samples, to prevent them from interacting independently of the broker. Of course, not all companies or biobanks will be comfortable with such restrictions.
There are technological solutions that can be used to ensure the reliability of provenance information of samples and use of these will be beneficial. The use of blockchain is one example. This digital technology allows tracking of the transfer of biospecimens from the patient donor to the researcher in a secure, transparent and ethical manner, with all transactions documented in an incorruptible shared digital ledger.
What do patients want?
In order to speed up development of new therapies, diagnostics and vaccines, do we want to allow biotech companies to have access to the best quality patient samples? Or do we want this access to be blocked for a variety of possibly short-sighted reasons? The time seems ripe for a major change in the way clinical samples are sourced by industry and by smaller biotech companies in particular. Now more than ever, as a result of the pandemic, the general public understands the importance of biotech and pharma companies.
As reported by the BBC, the UK government spends £2.3bn every year on keeping old technology chugging along. While it…
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As reported by the BBC, the UK government spends £2.3bn every year on keeping old technology chugging along.
While it spends £4.7bn altogether on IT across all departments, almost half of that goes to patching up systems – some of which date back three decades.
The Cabinet Office has stated that it’s taking action to reduce the reliance on outdated technology.
A report that the Office published warns that the spend on obsolete systems over the next five years could each £13bn to £22bn.
Some service, the report says, ‘fail to meet even the minimum cyber-security standards’.
The Home Office spends the most on IT, compared to other government departments, but still relies on 12 legacy systems. Attempts to retire them have repeatedly failed.
The report also reveals that the performance of government systems isn’t being monitored effectively.
A performance management system was implemented nine years ago, but is not only obsolete now, but it soon fell into disuse.
Commenting on the report, Labour’s Shadow Cabinet Office minister Fleur Anderson said Michael Gove had “created a culture of waste and inefficiency”.
“It is unacceptable that taxpayers’ money is being pumped into failing and outdated infrastructure.
“Keeping old and broken systems going is what this Conservative government does best. They desperately need an upgrade.”
A Cabinet Office spokesman said the government had accepted the report’s recommendations in full.
“We are reducing our reliance on legacy IT, moving away from costly, insecure and unreliable technology and laying the foundations for future digital transformation.”
Major car manufacturers are leveraging advanced technology to prioritise a different formulation for electric vehicle (EV) batteries, according to Environmental…
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Major car manufacturers are leveraging advanced technology to prioritise a different formulation for electric vehicle (EV) batteries, according to Environmental Leader. Ford, VW, Tesla and others are looking to replace nickel or cobalt batteries with lithium-iron-phosphate (LFP), as the components are cheaper.
CEO of VW, Herbert Diess, has committed to using LFP in Volkswagen’s entry-level EVs in order to lower costs. Ford has also confirmed that it will be using these new types of batteries in commercial EVs.
Additionally, Tesla founder Elon Musk has announced the company will be making a ‘long-term shift’ towards LFP.
Importantly, making this change also helps to reduce human rights issues over cobalt mining.
LFP isn’t new technology, but it has helped boost EV adoption thanks to lowering battery costs.
In 2020, lithium-ion battery pack prices dropped 89% in real terms to $137/kWh (compared to 2010 prices), and average prices will be close to $100/kWh by 2023, according to BloombergNEF
At the $100/kWh price point, BNEF expects vehicle manufacturers will be able to produce and sell EVs at price parity with non-EV vehicles in some markets.
Ericsson organised a dedicated virtual event, Ericsson Digital Unboxed 2021, for Jazz Pakistan, to share its thoughts on industry leadership…
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Ericsson organised a dedicated virtual event, Ericsson Digital Unboxed 2021, for Jazz Pakistan, to share its thoughts on industry leadership and discuss digital infrastructure.
Ericsson’s global and regional experts and thought leaders showcased the latest insights, use cases and technologies tailored to Jazz Pakistan.
During the virtual event, Ericsson shared its technology vision and updates, and also discussed the possibilities for consumer and enterprise segments. It delved into several topics revolving around creating a differentiated user experience for sports, spectrum strategies, and dedicated networks with a focus on B2B segments.
As part of the event, the latest Ericsson ConsumerLab reports were also presented and discussed. Several demos were also part of the event like Edge Compute Gaming, where low latency access can enable a better gaming experience, and Ericsson Industry Connect, a channel-ready cellular network for factories and warehouses, built to streamline ordering, installation, and management for Enterprise IT.
Abdul R. Usmani, VP of Network, Jazz said: “Digitalisation is everywhere and is now part of our daily lives. At Jazz, we aim to provide state-of-the-art end-to-end services to our customers, focused on data-driven networks as well as the need to accelerate technology advancements in the areas of AI, FinTech and digital content.
“The Ericsson Unboxed event showcased several valuable insights which will accelerate the next phase to meet the evolving demands of connectivity. We are looking forward to more insights and are confident in the next step of the digitalisation journey.”
Ekow Nelson, Vice President of Ericsson Middle East and Africa and Head of Ericsson Pakistan added: “Ericsson’s partnership with Jazz spans over many years with several recent wins and shared successes in the areas of network rollout and digital services. Our world is witnessing challenging times due to COVID-19 and connectivity has never been more critical than ever.
“At Ericsson, we endeavor to automate and accelerate our networks and technology to meet the demands of an ever-changing world. We are working closely with Jazz to provide the best possible connectivity, ensuring that Jazz networks run optimally as demand grows and the need for digitalization expedites.”
Brother UK has partnered with Datalogic to provide technology resellers with the opportunity to buy Auto-ID products on subscription. The…
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Brother UK has partnered with Datalogic to provide technology resellers with the opportunity to buy Auto-ID products on subscription.
The ranges of both vendors will be made available through Brother’s Managed Label Service (MLS) platform, which will give businesses the option of spreading the upfront cost of new labelling and scanning devices, software, services and supplies over a monthly payment plan.
The move will include Datalogic’s barcode scanning hardware and partners supplying the equipment will be able to simply integrate Brother labelling devices into customer deals via MLS, and vice versa.
The vendors say the partnership will make it easier for resellers to specify label printers and barcoding technology for bespoke Auto-ID systems, and provide them with access to a joint technical support team.
Ged Cairns, head of Auto-ID business unit at Brother UK, said: “Customers are increasingly looking to buy all hardware, software and solutions as a service, as they look to simplify purchasing decisions and turn capex into opex for affordability.
“Vendors working side-by-side can help partners responding to these changing customer needs faster, by providing considered guidance and expertise of how technology can work as part of a full system and by supporting one another through shared payment platforms.
“With Datalogic by our side, we’re well positioned to help partners as they handle the growing demand for Auto-ID systems.”
Jonathan Brown, UK&I Channel Country Manager, at Datalogic, added: “Brother’s MLS platform is providing another string to partners’ bows as they target growth in the Auto-ID market, so it’s an excellent platform to open up to the resellers we work closely with too.
“Our new partnership recognises the value that two vendors working together can provide resellers, which is especially helpful for those breaking into the Auto-ID market for the first time.”
The move follows Brother UK’s Auto-ID team striking a new deal with specialist distributor BlueStar, which will now carry the company’s thermal and mobile print range as part of a pan-European arrangement.
UtterBerry, a tech giant whose innovations have been used on some of the largest infrastructure projects in the world, is…
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UtterBerry, a tech giant whose innovations have been used on some of the largest infrastructure projects in the world, is bringing some of its operations to Leeds, Yorkshire, creating 800 jobs – as reported by the Yorkshire Post.
The business’s primary objective is producing sensors which monitor the movements of infrastructure – for example, bridges and tunnels – in real time. It allows those working on the infrastructure to be warned in advance if anything’s wrong, preventing potential accidents.
The new Leeds hub will also design and manufacturer contactless COVID-19 symptom scanners. UtterBerry is aiming to roll these out across the globe.
Heba Bevan, founder and CEO of UtterBerry, is keen to help those who lost their jobs during the pandemic find meaningful work again, and to attract more women into a typically male-dominated industry.
“What attracted me to Leeds was I knew there was a huge amount of talent around Yorkshire because you have got amazing universities,” she said.
“There is a huge pool of undergraduate and graduate talent.
“Engineers want to do good and provide sustainable developments. The pandemic showed us just how much we are lacking in manufacturing.”
Chancellor of the Exchequer, Rishi Sunak, said that the investment was “fantastic news for Leeds”.
As reported by DroneLife, Verizon has launched a Robotics Business Technology Division in a bid to involve itself further in…
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As reported by DroneLife, Verizon has launched a Robotics Business Technology Division in a bid to involve itself further in the unmanned sector.
Verizon states that it “expands enterprise solutions for drones and ground robotics”.
It acquired Skyward, a drone management company, in 2017 and has since used drones for emergency response and the maintenance of its own network.
It has also worked closely with businesses like UPS or delivery projects, and to leverage the power of 5G.
The new division will continue to enable autonomous solutions for Verizon.
“Enterprises in many industries are adopting drones and ground robots to gather data, survey and monitor infrastructure, and automate logistics operations,” says Mariah Scott, Head of Robotics Business Technology.
“By integrating these fleets with one operational platform, and leveraging Verizon’s advanced connectivity solutions, businesses can speed up time to insight, increase automation of their operations and deliver greater value.”
“Robots are a critical aspect of the 5G future. The formation of this new business unit will accelerate the symbiotic relationship between humans and machines, paving the way for Verizon to transform the way businesses approach innovation and the future of work,” adds Elise Neel, VP of New Business Incubation.
“Our talented team of roboticists will leverage the power of Verizon’s network, paired with the sophistication of next-generation software, to orchestrate and unify robotic experiences. This work will help deliver on the promise of making the fourth industrial revolution a reality.”
According to a new study, technology could create a way for indigenous communities in the Amazon to curb deforestation in…
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According to a new study, technology could create a way for indigenous communities in the Amazon to curb deforestation in a major way, as reported by the BBC.
Conservationist groups have supplied indigenous citizens of the Peruvian Amazon with satellite data and smart phones to allow them to monitor the removal of trees. As a result, tree losses have been halved in the first year of the project.
The researchers wanted to see if putting information directly into the hands of those living in the forests themselves could make a difference to the rapid deforestation that has plagued these areas for decades – with great success.
The controlled study was randomised, using 76 remote villages in the Amazon, with 36 randomly-assigned people participating.
Thirty-seven other communities served as a control group, where normal forest management resumed.
When suspected deforestation was picked up by satellite information, coordinates and photos were loaded onto USB drives and delivered up the Amazon river. Then, the data was downloaded onto apps which would show the participants the locations.
It could then be confirmed whether or not the deforestation was unauthorised, and community members would decide on the best approach. If drug dealers were involved, they could decide whether to report to law enforcers. Otherwise, they would intervene directly.
“It’s quite a sizeable impact,” said Jacob Kopas, an independent researcher and an author on the paper. “We saw evidence of fewer instances of tree cover loss in the programme communities compared with control communities.
“On average, those communities managed to avert 8.8 hectares of deforestation within the first year. But the communities that were most threatened, the ones that had more deforestation in the past were the ones pulling more weight and were reducing deforestation more than in others.”
Indigenous groups welcomed the research. “The study provides evidence that supporting our communities with the latest technology and training can help reduce deforestation in our territories,” said Jorge Perez Rubio, the president of the Loreto regional indigenous organization (ORPIO), where the study was carried out.
Welcome to a very special edition of Interface Magazine!
There are few enterprises with a heritage and scale enjoyed by Carrefour. The 63-year-old global grocery and retail giant is undergoing enormous change across its numerous territories and grocery formats, and not before time. Sitting, as it does, at a pivotal moment in its history, Carrefour is facing, and meeting, the challenges of size and legacy as it leverages tech and data to transform into a company ready for the challenges ahead. We caught up with Carrefour’s leadership team across its numerous territories and divisions to find out how it’s transforming its operations on a global scale…
Carrefour has embraced a widespread ongoing transformation, as the retail landscape experiences monumental shifts in behaviour. And the person Carrefour looked to, to deliver this incredible programme of change, was the then rather youthful 45-year-old Alexandre Bompard who joined the Group as Chairman and CEO in July 2017. Bompard has a proven track record in delivering change having been at the helm of French retail chain Fnac-Darty. Bompard’s “Carrefour 2022” transformation plan “embodies the goal of bringing eating well – healthy, fresh, organic, local food – to within everyone’s reach”, said Bompard upon its launch. “To become the world leader in the food transition for everyone”.
Elsewhere in this issue, we speak to Cesar Augusto Dos Santos, Director of IT and CIO of giant Brazilian Communication Service Provider Claro, regarding its digital transformation at scale, as the company enters an exciting new phase of its evolution. Plus, we have some fascinating and insightful content covering digital transformation, business goals versus business purpose and a guide to new working practices that could change your company overnight!
Three in four senior corporate executives believe increasing financial investment is necessary to protect intangible trade secrets, according to new analysis commissioned by global law firm CMS and conducted by The Economist Intelligence Unit…
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A new report released today commissioned by global law firm CMS and conducted by The Economist Intelligence Unit reveals that trade secret protection is rapidly rising up the corporate agenda as firms widely recognise the commercial imperative to protect vulnerable assets in light of more business conducted online and across borders.
With more companies relying on an ever-greater proportion of intangible or ‘secretive’ assets, the findings show a marked shift in how executives are planning to tackle employee leaks, supply chain vulnerability, corporate espionage and cyber-attacks. According to a global survey of 314 senior executives across a range of industries, the three most valuable types of proprietary information held by organisations are customer databases (42%), product technology (40%), and R&D information (23%).
The report, ‘Open secrets? Guarding value in the intangible economy’, reveals that trade secret protection is no longer just a concern for the legal department, but a top priority at the board and C-suite level. The majority (75%) of respondents agree that increasing financial investment was necessary to protect their trade secrets. Measures must be taken to raise awareness of these assets more widely among employees, with 28% of respondents viewing a lack of in-house experience with trade secrets as a safeguarding challenge.
The most significant threats to the security of trade secrets are weaknesses in cybersecurity (49%) and employee leaks (48%). As firms increasingly store and share sensitive information across virtual and distributed workforces, companies face a range of unpredictable insider threats, including intentional leaks from disgruntled employees. This is the biggest concern for the UK, whilst the fear of cybercrime is front-of-mind for business leaders in France, China and the US, worsened by poor internal cybersecurity expertise.
Tom Scourfield, Co-Head of IP Group at CMS said: “Fifty years ago, a company’s value was derived solely from its physical capital. Today, the world’s most successful firms are built on intangible assets that are often secretive by nature – algorithms, customer data, product formulae. This report shows that firms must start taking a more holistic approach to protecting these intangible assets, from computer software to company valuesbalancing restrictions with incentives – and importantly engage every level of their workforce. Without this strategy, protecting trade secrets will remain an uphill battle for many.”
Significantly, four out of five of the top measures that companies are planning to implement over the next two years focus on minimising employee leaks. These range from harsher measures such as closer surveillance of employee’s electronic activity through to more collaborative approaches that centre on improving the company culture and introducing innovative staff incentives.
“Willingness to snoop” is highest in China, Singapore and the United States. It is also a top preferred measure for executives in Technology, Media and Telecommunications, with 36% of respondents planning to implement surveillance over the next two years, reflecting the growing tensions between employers and employees in the technology sector. Efforts to improve work culture are clearly felt more widely in other industries, with almost a third (31%) calling for corporate values to shift towards encouraging trade secret protection.
As companies become increasingly wary of cybercrime and ransomware attacks, the majority (82%) agree that leveraging cybersecurity software is key to protecting their organisation in the long-term. However, only half (53%) believe it is the most effective deterrent or have already restricted digital and physical access to confidential information (55%).
Hannah Netherton, Employment Partner at CMS adds: “It’s overwhelmingly clear that the threat of employee leaks is driving a need for new strategies to guard valuable assets. Companies must find the right balance between perfecting their cybersecurity protections and creating a healthy company culture that incentivises trade secret protection and encourages speaking up through appropriate channels – even the most rigorous of protocols won’t prevent every employee leak or a disgruntled whistleblower.
“The pandemic has opened doors to a digital workspace, where it’s easier for employees to accidentally or purposefully access and expose confidential information. It is impossible to protect trade secrets if employees are not aware of the sensitivities around these assets, so putting the right values and measures in place has never been more important to an organisation’s success.”
Aukje Haan, Co-Head of Commercial at CMS added: “With the introduction of the Directive on Trade Secrets, businesses will get a range of options to safeguard their most prized proprietary information. However, there are prerequisites to be able to invoke those options. Identifying and taking reasonable steps will be crucial, from NDAs, cybersecurity efforts through to employee regulation, as well as specific requirements depending on the nature of the business, e.g., online businesses will need to take more cybersecurity measures whereas manufacturing companies will need to take more physical measures on the factory floor.“
There are seismic changes underway in the automotive world, as the UK gears up to meet its 2030 climate targets. Electric vehicle numbers are going in the right direction – in 9 years, there will be nearly 10 million EVs on Britain’s roads, close to 1 in every 3 cars.
OEMs clearly mean business as Jaguar Land Rover and Ford have already announced that their models will be entirely electric by 2030. However, the journey to electrification is not simply a case of ramping up the numbers of EVs on Britain’s roads. The industry must wake up to the importance of smart tech to make mass adoption possible.
Smart charging, specifically, holds the key to unlocking the EV technology revolution by maximising infrastructure capacity, lowering the cost barrier to adoption, and gathering data on charging patterns and driver behaviour. Without it, Britain’s ability to meet its climate targets hangs in the balance.
How will our infrastructure cope?
Our national grid will struggle to handle such an huge influx of EVs draining its resources, without smart-charging helping us balance the grid. If 10 million EVs plug in at similar times, for example before work in the morning, the unprecedented demand could cause the grid to collapse under the pressure. Ohme’s own calculations show that if numbers of this scale plug in at once using dumb chargers, this could add 70 GW to peak demand. Even if just 30% of these owners plugged in using dumb chargers, it would add 21 GW to peak power requirement – a 33% increase in the power required.
By using smart charging technology, we can prevent such a surge by shifting EV technology demand by time and location to ensure the grid isn’t overwhelmed, allowing electricity to be consumed effectively and sustainably.
At the same time, this smart tech solves the problem of managing renewable energy surplus. At the moment, the industry struggles to harvest and store excess wind power, for example, when demand is low and supply is high – when the wind blows and we’re asleep.
The bottom line is that we can’t afford wastage when confronted with such ambitious climate targets. Today, the industry’s solution to this problem is huge, expensive investment in infrastructure – namely megabatteries, backup generation capacity and grid reinforcements. But by using smarter technology, we can achieve the same goal, without the cost. Smart charging enables drivers to draw surplus energy from the grid into their EV batteries at off peak times, turning the car batteries themselves into the perfect storage solution – effectively utilising our natural resources at all times of the day.
Affordability is key
We will never remove ICEs from Britain’s roads unless we can demonstrate that switching to electric doesn’t have to cost the earth. And while the cost of buying an EV might be falling as more affordable models come on to the market, for many, EV ownership still remains out of reach. Bringing down the running costs of EVs through smart-charging will be critical if EVs are to become mainstream, particularly in a post-pandemic economy.
Smart charging solutions allow consumers to tap into cheap energy by identifying the best times to charge. In fact, in some cases when there is surplus energy on the grid from renewables, drivers can even get paid to charge their vehicles, dramatically reducing running costs over time.
EV owners can additionally unlock a short-cut to huge savings by combining a smart-charging app like Ohme’s with a time-of-use (TOU) tariff. For example, using the two together brings the approximate cost of driving 10,000 miles down by £280 annually for Nissan Leaf drivers, and by a jaw-dropping £350 for Tesla X drivers.
Joining the dots with data
Smart-charging does not only protect the grid and benefit consumers, it can also help energy suppliers. Smart-charging technologies deliver the ability to ‘connect and control’ the nation’s charging infrastructure – providing the data for energy companies to be able to direct power to where it’s needed, when it’s needed.
Smart charging also provides an invaluable connection between energy companies and energy consumers, unlocking the data that will help them better serve their customers by understanding their behaviours. By working with smart charging data platforms, OEMs can unlock powerful insights into driver behaviour. This powerful insight can also shape an OEM’s strategy from vehicle design right through to add-on services such as insurance and after-sales care.
Data is key here – it allows us to build a smart, networked system which is able to manage large fluctuations in energy supply and demand whilst providing powerful insights to help both energy companies and OEMs shape their service offers.
The time is now
The industry is laser focused on production, but the EV revolution can’t be realised in Britain without the right tech to support it. The answer to breaking down the barriers to mass adoption is staring us in the face – smart-charging technologies.
Smart tech improves affordability, protects and preserves our infrastructure, and joins the dots between EV stakeholders. It’s a triple win for EV owners, energy companies and car manufacturers, and its adoption at scale will see us well on our way to meeting our 2030 climate targets.
For the purpose of this podcast, we firmly believe that Kelly Smith, Chief Digital and Information Officer at Hagerty –…
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For the purpose of this podcast, we firmly believe that Kelly Smith, Chief Digital and Information Officer at Hagerty – a brand known for perpetuating the love of driving and North America’s largest classic car insurance provider, would be best suited.
Kelly brings more than 25 years of technology experience to the table and leads Hagerty’s enterprise digital strategy, capitalizing on emerging opportunities to support Hagerty’s rapid growth.
In addition, Kelly champions the integration of information and technology into all aspects of the business including team building, customer experience, development and product management. Prior to joining Hagerty, Kelly served in senior roles at MGM Resorts and Starbucks.
Data analytics is certainly not a new concept. It’s something we have been fascinated with, both personally and professionally, for…
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Data analytics is certainly not a new concept. It’s something we have been fascinated with, both personally and professionally, for decades but its an area which continues to see dramatic change when it comes to our understanding and indeed our application analytics tools. Data is key to transformation. We knew that already. But what we don’t know, as much as we love discussing it, is how far data analytics can truly take us. In order to try and understand where we can go, Transformation Executive Paul Bailo joins the Digital Insight to take a look at where we are. What are we seeing right now in terms of our data analytics maturity and what does it say about the opportunities ahead of us?
Featuring… Swisscom, State of New Jersey and Cementos Pacasmayo, plus much, much more…
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Welcome to another packed issue of Interface Magazine!
Following the success of an exciting B2C portal, we revisit the dynamic partnership between Swisscom and Accenture to find out more about the follow-up: a brand new B2B offering…
In June 2020, Interface Magazine published an in-depth feature on telco giant Swisscom’s new omni-channel platform – created in conjunction with Accenture – which transformed Swisscom’s B2C offering. Accenture delivered the framework for this digital omni-channel platform (DOCP) and, over time, Swisscom was able to run it independently. In the story, we mentioned that the company was also planning a B2B transformation. At the time, the plan was in its infancy.
Now – again, hand-in-hand with Accenture – Swisscom has launched this exciting new element of its business. We spoke with three people directly involved with this next step – Stephan Schneider, MD of Accenture; Anne-Thérèse Morel, Head of Capability Management at Swisscom Business Customers; and Matthias Piller, Solution Train Engineer at Swisscom – to gain a broader insight on what has changed since our last catch-up.
Elsewhere, we sit down with Luis Miguel Soto Valenzuela, CIO of Cementos Pacasmayo, to discuss the company’s digital and customer experience transformation, and its dedication to improving Peru. And we catch up with Poonam Soans, Chief Data Officer of the State of New Jersey, who explores how she is overseeing a data-driven revolution to better serve its citizens.
Sam Holding, Head of International at SparkPost reveals the role of email in enabling marketing teams to be agile and to successfully meet the changing needs of the business and of their target audiences…
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This week, The Digital Insight welcomes Sam Holding, Head of International at SparkPost.
Sam Holding, Sparkpost
Sam reveals the role of email in enabling marketing teams to be agile and to successfully meet the changing needs of the business and of their target audiences…
“So, I’m Sam Holding and I head up the international business for SparkPost. Over the past 20 years, I’ve worked in digital advertising and ad tech and I’ve experienced just how important a really well executed digital program is for a business and seen how email is a key component within that.
I was fortunate enough to be offered an opportunity to join the SparkPost team 18 months ago. SparkPost is an email sending and deliverability platform. What that means is we send a lot of mail. We’re the world’s largest and most reliable email sender. We deliver almost 40% of the commercial email sent globally. To put that into context, that’s about 4 trillion emails that we support our clients to send. We’ve also got the world’s largest email data footprint, which we make available to our customers, for them to use, to make data-driven decisions and drive better performance from their email programs…”
Cierra Dobson, strategy director at design and technology agency, Rufus Leonard, explores how brands of all shapes and sizes can adopt the successful strategies of category-defining service brands to grow their market share and take the lead…
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Cierra Dobson, Strategy Director at design and technology agency, Rufus Leonard
Brands are increasingly building a service wrapper around their core products to unlock new revenue streams and grow or protect profit margins. Accelerated by the pressures of Covid-19 and enabled by digital, brands are trying to respond to the ongoing challenge of commoditisation by moving from transactional to long-term value driven relationships with customers. Service brands – whose primary offer is an intangible outcome rather than a physical product – are naturally better positioned to excel in this new reality, sometimes even redefining the categories in which they operate.
Being a service brand doesn’t automatically inoculate your business from commoditisation. Rather, service brands tend to possess a more customer-centric organisational mindset, a more robust technology infrastructure, and greater operational flexibility due to the inherent nature of delivering outcomes rather than physical products. In effect, service brands tend to have the raw materials to become experience-driven businesses.
The strength and resilience of service brands
Together, these traits affect the relationship service brands have with customers, i.e. the length, breadth and depth. Consider a robo-investment brand like Betterment— the customer journey stretches over years (length), spans numerous touchpoints (breadth) and deepens over time as more customer data is generated (depth). If customer experience is a canvas, service brands tend to have a bigger one, with more opportunities to provide value, delight, educate and entertain. It’s no surprise that service brands tend to have been early adopters of CX principles like personalisation and seamlessness.
Such relationships also necessitate a robust digital ecosystem. From communication, to content, to transactions. Forrester notes organisations that use technology to make a meaningful difference to people’s lives grow 4x faster than their competitors.[1] All brands should consider their tech architecture as the foundation for value-adding CX.
Find inspiration from category-defining leaders
Wise is a service brand that originated in a highly commoditised category.
With 10 million customers, a reported 70% growth in revenue, doubling profits YoY from March 2020, and a recent valuation of $5 billion[2], Wise (formerly TransferWise) is a fintech unicorn truly deserving of the title. Wise combines frictionless customer experience with category-beating low fees and speed for international money transfers. But the brand’s mission statement, “Money without borders”, has acted as a powerful North Star for its recent expansion into new services[3]. The statement describes an outcome, and the company’s newest services—like banking accounts designed for people who live, work and travel all around the world—tightly align to that outcome. Brands looking to strategically expand their services should start with a clear mission; what is the outcome you want to deliver for your customers and the world?
Domino’s is a product brand in a fairly commoditised category
The 2000’s were a rough decade for Domino’s. But a bold move to re-invent their entire offer from ingredients to delivery has since paid off. Besides making the pizza more edible, Domino’s focused on a core need: their customers want to get pizza with as little effort as possible. They pioneered the real time pizza progress tracker, allowing customers to worry less about when it might arrive. Their AnyWare platform allows customers to order from an ever-expanding list of channels with as little as a click of the ‘Easy Order’ button. Designing an effortless, user-centric delivery experience has helped Domino’s revenue grow from $1.6B in 2010 to $4.1B in 2020, (Papa John’s revenue grew from $1.1B to $1.8B in the same period)[4]. Brands should ask themselves, ‘how could we make the experience around our core offer meaningfully better for customers?’
Peloton is a premium brand which straddles both products and services.
Peloton was never just a stationary exercise bike. But now it’s fair to say they’ve created a fitness ecosystem to rival the likes of Nike. The expansiveness of their offer makes them difficult to categorise. It’s digitally enabled exercise equipment, it’s a virtual fitness coach, it’s a streaming service for fitness content, it’s a social platform… Motley Fool contributor Neil Patel sums it up, “Peloton sells hardware that is differentiated by software.”[5] The ecosystem combines data, content and community interaction to make the customer experience feel empowering and addictive[6]. Brands that want to expand their offer should think strategically about their digital ecosystem; is your tech stack fit to deliver truly category-defining experiences?
All three brands have expertly used customer experience design, branding and technology to deepen the relationship they have with customers and win market share.
How to add value to your offer by designing meaningful experiences
Take inspiration from your brand purpose and identity. What outcomes does your brand ultimately hope to deliver for your customers and what tends to get in the way? Brainstorm service experiences that deliver on your promise. Even small changes, like using less jargon in website copy, can make a significant difference.
Take inspiration from your brand purpose and identity. What outcomes does your brand ultimately hope to deliver for your customers and what tends to get in the way? Brainstorm service experiences that deliver on your promise. Even small changes, like using less jargon in website copy, can make a significant difference.
Take inspiration from your brand purpose and identity. What outcomes does your brand ultimately hope to deliver for your customers and what tends to get in the way? Brainstorm service experiences that deliver on your promise. Even small changes, like using less jargon in website copy, can make a significant difference.
All brands have the opportunity to think like a service brand by putting customer experience and outcomes at the heart of their growth strategy. Purpose, empathy, and tech infrastructure are the keys to creating differentiated and meaningful experiences that can come to define a category.
[1] Forrester; Dare To Disrupt With Technology-Driven Innovation Report, 2019
Gayle Carpenter, Founder and Creative Director at Sparkloop, discusses her incredible journey and the way she has smashed– and continues to smash – gender-based barriers in business…
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It seems incredible, in 2021, that female founders remain a rarity – especially when it’s been proven, time and again, that the influence of women entrepreneurs is an incredible force for good. The Treasury recently commissions Alison Rose, CEO of Natwest Group, to lead her own independent review of female entrepreneurship in the UK [LINK: https://www.gov.uk/government/publications/the-alison-rose-review-of-female-entrepreneurship] digging deep into just how influential women can be and exposing the barriers they face.
The goal of the review was to tap into the economic potential of female entrepreneurs; one of its key findings was that up to £250bn of new value would be added to this country’s economy if women started and scaled new businesses at the same rate as men. In response to Rose’s report, the government now has plans in place to increase the number of female entrepreneurs by 50% by 2030 – this is around 600,000 women.
The business case for why this is so important is crystal clear – it’s the much slower march of the way society views women that still needs an overhaul. You’ll hear people claim that sexism no longer exists in the UK because there are no specific laws that bar women from doing anything men do in business, but that’s a deeply short-sighted claim that completely discounts the pervasive nature of negative gender-based stereotypes.
Even the highly successful Gayle Carpenter, Founder and Creative Director at Sparkloop, faced that one-dimensional mindset from her father when she was choosing what to study. While her passion lay in the arts, she initially chose a business degree, because he’d told her, “girls can do art, but if you want to get a proper job, you’ll need to do business”. Carpenter soon realised she’d made a mistake, and switched to art and design – something that didn’t stop her launching her own business 15 years ago, flying in the face of what Carpenter Senior expected.
Challenging perceptions
“The two things – arts and business – are completely united now,” she says. “My father’s viewpoint spurred me on to prove him wrong in the fact that you could be artistic and commercially creative, and make a career out of it.” Carpenter describes Sparkloop as “an ideas business”, a creative agency which specialises in branding, and all the associated channels of delivery. While the fundamentals of what Sparkloop does, as a business, haven’t changed much in a decade and a half, the way it delivers what it creates certainly has.
“The channels in which we deliver our strategy are beyond the imagination, now,” she explains. “You can’t recognise the output from 15 years ago. So, whilst staying true to our core skills and beliefs, we do make sure that we’re just one step ahead in terms of technology.” This has enabled Sparkloop to remain at the top of its game, and, unsurprisingly, the words and attitude of her father have stayed with Carpenter every step of the way, challenging her to continuously prove his perceptions wrong.
“Part of the reason there’s such a gap in female entrepreneurship is the perception of women in leading roles,” she says. “My dad, bless his soul, had a really old-school attitude towards girls in business – but have we actually moved on that much? There’s still that perception that if you were to start a family, you will be at home, potentially, or at least have to take a step back in order to do that. And that’s a real challenge for many women. Sadly, I do genuinely see that kind of ‘old boys network’ idea at play, but I think you can find or start your on network, and what I’m seeing now is a much more diverse network of people who are like-minded, rather than it being a ‘who you know, not what you know’ situation. It’s really, really nice.”
Everyday barriers
Times are indeed a-changing, but Carpenter has still been up against her fair share of barriers – the kind that remain common today. “I’ve been in a lot of male-dominated teams, and even at creative head level, there would be stereotypical response to my opinions; I was seen as ‘feisty’ as opposed to ‘assertive’, yet the ego-driven, crazy creative director who would throw hissy fits constantly was just ‘eccentric’! It’s interesting how we’re labeled, and how that’s so set within the psyche. But I am seeing it change.”
When we talk about those deep-rooted prejudices, language choice is often how they emerge. People are so used to describing powerful women as ‘difficult’ for standing their ground, and praising men for the same behaviour, that they don’t always realise how damaging that can be and how it influences their own viewpoints and actions surrounding women leaders. For Carpenter, personally, the best way around that has been to take what she’s learned and make sure others know they can come to her for guidance and advice.
Creating the change
“I would say I take much more of a mentoring role,” she says. “I like nothing more than when I started to work with, or collaborate with, clients or other people in my sector and they then almost outpace me. It’s a sign of success in terms of how they’ve grown. I never set out to do it in a structured way, but I’ve worked with a lot of clients who have just naturally asked me for advice, or 360 feedback, and that’s turned into more of a conversation and a bit of mentorship, where they’ve then gone onto do really great things with the confidence and the voice to make a difference. That’s really heart-warming for me.”
Carpenter’s team, just by chance, happens to be very diverse, including her ‘right-hand woman’ whom she brought on board as a junior and who is now a great senior creative. And Carpenter herself has been the recipient of a mentor’s sage advice, which – consciously or unconsciously – shapes the way she has worked with juniors now.
“When I was at university, I did some experience at a small agency, headed up by a male and female team, and I later went back to work for them – it was one of the happiest places I’ve worked,” she says. “Looking back on it now, in this particular creative head, who was female and had children, I can identify the qualities I’ve noticed in woman leaders and that I would like to draw on myself – kind, but firm, and with a real tenacity. I actually didn’t realise, until now, how much of an impact that particular personal situation had on me, perhaps because it was the only time within my career where I had been working for a female head. So it enabled me to start as I meant to go on, very early.”
The future’s bright
For Carpenter, it’s important to reiterate the fact that giving women equal opportunities shouldn’t be seen as a threat to men, and opening doors for one doesn’t close any for another. It’s also vital to highlight that diversity isn’t just about men and woman – it’s a far broader conversation including gender, sexuality, race, health, and beyond. But regarding female leadership, the issue still lies within perceptions creating barriers that needn’t, and shouldn’t, be there.
“I’ve got a son, and I want to be a role model for him as much as I do for other women, to know that it’s right and fair to have this diverse attitude going forward,” Carpenter explains. “I certainly see that playing out in him, which is wonderful. He doesn’t see male and female roles in the same way that we ever would have, as kids, so that’s fantastic. Additionally, my other half works in finance, which isn’t the most diverse industry, but some of his favourite roles have been when he’s had female bosses, because he says they often have more divers teams which have been more successful.”
Things are moving in the right direction, from Carpenter’s perspective. The fact that gender is an everyday topic of conversation, now, is a step forward, and she’s seeing a general increase in the numbers of women in business. “It’s a lot more split, now, in terms of who I’m seeing as decision-makers,” she says. “There’s a real blend, and that’s really reassuring. I think you just have to have a certain mindset or ambition, regardless of gender, and if you have that sort of natural instinct it’s hard to let go of it. I’m constantly trying to stay one step ahead of myself, always challenging myself. I talk to other female – and male – leaders and use their mentorship to spur me on.
“Just stay true to yourself, don’t be something you’re not. As a woman, you don’t have to try to be a man to be successful – be who you are and have confidence in that. Never take your eye off the ball, look after your clients, value your team, and that will pay you back in dividends. Most importantly, don’t be afraid of failure. Test, learn, challenge yourself, keep moving forward, and be prepared to make measured risks – it’s the only way you’ll grow.”
After a year in lockdown, the Office for National Statistics has revealed data showing that productivity per worker during the…
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After a year in lockdown, the Office for National Statistics has revealed data showing that productivity per worker during the pandemic has increased by 0.4%.
Businesses have adapted to digital and flexi-working and the benefits they entail have now solidified themselves in our working culture norms. Across the UK, the dialogue has been changed as employers from the Civil Service to PwC have announced official structures for flexible working in the long-term, cutting office space by around 40% to reflect this.
However, many businesses, including some giants such as Goldman Sachs, continue to denounce the idea of flexi-working in the long term, going against the grain of what employees are calling for. As restrictions are eased, employees are now being called back to the office, triggering calls for increased flexibility in order to maintain the increased flexibility they have seen during the pandemic.
This is supported by landmark research by Theta Global Advisors, showing that a lack of flexibility from businesses has resulted in negative impacts on productivity, mental health and working cultures. Workers want to choose how and where to work going forward in order to be more productive, safeguard their mental health, and achieve a better work/life balance.
According to the research, more than half of workers feel that the leaders and decision makers are “out of touch” and do not understand the processes required to ensure efficiency and productivity.
Working from home has also blurred boundaries between work and private life, with bosses messaging and emailing late in the evening and during out-of-hours, leading to employees feeling increasingly drained and unable to relax.
With a third of UK workers seeing their company’s headcounts decrease but workloads increase, a perfect storm is brewing.
Chris Biggs, Partner at consultancy and accounting Theta Global Advisors, says: “To ensure people are at their happiest and most productive, flexibility is needed in both where and when they work. Freedom from the office must also mean freedom to go to the office to account for different experiences, priorities, and conditions.
“With companies adopting new policies and substantial differentiation in the experience of working during COVID-19, it seems working environments will never return to what they were in 2019.”
Technology has played a vital role in changing the way people eat and view their health. The strategy& report, “An appetite for opportunity: How changing dietary goals can drive growth in retail and consumer goods”, explores how…
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The internet as a teacher: COVID-19 has shone a spotlight on health
From the endless memes about inevitable weight gain – glossing over the fact that this has often been caused by illness, depression and anxiety – to the laser-focus on mental health, how we function and what we put into our bodies has become more of an open talking point since the pandemic began. This inevitably means that people have spent more time researching the best options for their personal needs online.’Our research shows the pandemic, and resulting lockdowns, have seen some consumers altering their diets to better support their mental wellbeing’, the strategy& report states. ‘We see indicators of this shift to overall wellbeing when we look at Google Search data. It’s clear there has been sustained interest in ‘vitamins’ over the past five years, with a significant spike in January 2021′. The first lockdown also saw a huge spike in Google Searches for ‘sugar substitute’.
Increased reliance on technology has changed how we acquire food
This shift isn’t new, but COVID-19 has accelerated it. In the UK, many supermarkets had to quickly adjust their online services when the first lockdown caused an enormous surge in the demand for delivery and click-and-collect slots. Additionally, the popularity of takeaway websites and apps has exploded.According to strategy& data, 21% of consumers found they’d increased the amount they spent online during 2020, and 13% expected that to continue for the next 12 months. The data also found that consumers are more interested in spending their money with independent, local food businesses.
People are learning new skills via the internet
While consumption of takeaways has indeed risen, many have also used this time as an opportunity to either learn to cook, or to expand their cooking skills, with the internet to guide them.’Across all consumer segments, the web is the top destination for food information and inspiration, including search engines, recipe websites and videos’, the strategy& report states. Additionally, subscription box services have become increasingly popular. ‘Consumer intent to purchase these has doubled since the pandemic, with a particularly strong take-up among Generation Z’.
Gen Z is leading the way in online health education
The strategy& research found that, by far, Gen Z was the most likely age bracket to change its diet. ‘While they my lack the spending power of older generations… the younger demographic is more likely to change their diet for environmental reasons and they are also looking to become better-informed, turning to digital formats for information about wellbeing and diets. They’re using social media, health tracking apps and podcasts to guide their nutritional choices and meet their health goals’.
Health-based goal-setting has gone digital
Food-tracking websites and apps have also been around for several years already, but an increased focus on health and wellbeing has made them far more commonplace. Additionally, pre-packaged meal plans that focus specifically on health or meeting a certain are on the rise, with online services hurrying to provide. ‘The significant rise in healthy-eating packaged meal plans, delivered to the door, is capturing the attention of consumers whose goals may include a healthier lifestyle or the greater convenience of more hassle-free preparation and cooking’, the strategy& report says. ‘The proliferation of online services and marketplaces means consumers can easily and quickly better understand their choices against their goals, and then satisfy their dietary needs, whatever they are, at the touch of a button’.
Welcome to part two of the Data transformation trilogy with Paul Bailo, a leading digital transformation executive.
In this installment we take a look at Change management, two words that will either unlock your transformation, or block it. Love it or hate it, change management is vital to any transformation, so why is it so polarizing?
Transformation and change are and perhaps always will be, the key topics defining the business conversation.
And for every headline that focuses on a new technology, or indeed a strategic roadmap, how often do people address the elephant in the room that is change management?
Leading executives will tell you about the significance of change management, but what does that mean? What makes change management more than just another trendy buzzword that gets trotted out when you need to try and quantify change? What is wrong with our approach to change management?
It’s all well and good saying change management is necessary and essential to transformation, but what are you doing to address it? What does change management look like for an organisation? As with any journey, there has to be a beginning, so what first steps do you need to take to act on the promise of change management, but also to fully embrace the change in the first place?
We all knot the importance of sponsorship. Get the backing of the board, and the teams around you, and change comes naturally.Leaving you to wonder; what were you even worried about?
Any leading executive will tell you that if you don’t have the sponsorship of those around you, you’ve failed before you’ve started. It makes sense of course,, if you don’t buy into an idea, are you just going to willingly go along with it?
This is where storytelling comes in, obtaining quick wins and achieving results and being able to establish a sense of credibility in what you’re doing.
But, change is different and people aren’t always wired to accept change immediately. You can be the best storyteller in the world, and have all the data in your hands to prove that change is good, but for some, that sponsorship just will not come your way….so the question then becomes; what happens now?
Missed part one? Watch The Data Transformation Trilogy Part 1: C-level talent and leadership; do you have it?
Change is needed – but change is overwhelming. An increase in data is an increase in knowledge. And an increase in knowledge is an increase in power…making change isn’t easy. Make the mistake, and the results could be catastrophic. Remain frozen in fear, and fall away into irrelevance. The only way to succeed is to try.
Change is hard and while isn’t always priority number one, change is necessary to evolve as a business.
So when you are about to embark on a change journey, and you cast your eye over your organization, your processes,, your strategic roadmap and both your existing and future technologies….consider how you’re going to get there. Consider the sponsorship you need, the wins and how you can cultivate the culture that’s required in order to embrace change.
It’s time we reconsidered our love hate relationship with change management….
This month’s exclusive cover story features Anant Adya and Umashankar Lakshmipathy, from Infosys, who dive deep into what cloud means for digital transformation and what the Infosys Cobalt cloud offering brings to the table…
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Welcome to the latest issue of Interface Magazine!
This month’s exclusive cover story features Anant Adya and Umashankar Lakshmipathy, from Infosys, who dive deep into what cloud means for digital transformation and what the Infosys Cobalt cloud offering brings to the table.
A global technology leader, Infosys – headquartered in Bangalore but present and active across the world – is busy not just conquering the cloud services arena, but taking its customers with it. Even at the size it is now, as a multinational tech giant, Infosys continues to hold the hands of its clients and collaborate in order to create bespoke solutions which benefit all parties. And at the heart of the business are brilliant experts pushing the agenda that community is key.
For both Lakshmipathy and Adya, cloud is a way of life, and a foundational pillar in the digital transformation of any business. Digital transformation has never been more important; it was forging forward even without COVID-19, but the pandemic has accelerated its march to a startling degree. So why exactly is cloud so vital? For Lakshmipathy, cloud is no longer something unreachable – it’s fully landed.
Elsewhere, we speak to Jon Walton who is bridging the digital divide in San Mateo County, California and catch up with Boldt Group CIO Miguel DeSantis regarding the massive digital transformation programme at the Argentinian technological services giant. Plus, we ask ‘where are the female founders in tech?’ and list 5 ways in which tech has adapted to our shifting health habits…
The latest episode of The Digital Insight podcast brings you the first in a new three part series with Paul Bailo, Digital Transformation Executive.
We explore how leadership teams must reassess their current operating models, take an honest look at their existing talent pool of both their employees and executive teams and think about how they attract future data and digital leaders.
What changes should they be making today to ensure that they attract the right talent, don’t fall behind or go out of business tomorrow?
At the start of December 2020, new audio-only iPhone app, Clubhouse, had 3,500 members worldwide. Fast forward to the end of February 2021 and the Silicon Valley founded platform surpassed in excess of 10 million downloads, with 2 million weekly users.
Granted, these figures are low in comparison to the 500 million Instagram users that post stories on a daily basis, but it’s clear that Clubhouse is starting to gain traction and fast.
For individuals yet to receive an invite, Clubhouse is a new and exclusive members-only iPhone app that connects users via audio. Once ‘inside’, users can join ‘rooms’ to listen to members talking at any time, providing a space for debates, discussions and even performances. The only rule is that no audio content can be recorded.
Already valued at $100 million despite only marking its first year since launch this April, Clubhouse founders are now in the process of making the app available to the wider public.
The burning question, therefore, is how the app will work on a mass scale? And whether it will provide a new and exciting opportunity for brands to reach and directly engage with their target audiences, following in the footsteps of SnapChat and TikTok.
Let’s explore:
People buy from people
The Instagram era will always be synonymous with the creation of social media influencers, with millions utilised by businesses and brands on a daily basis to help support their latest campaign or promote their newest product.
Since the launch of Instagram stories in 2016, the popularity of the platform has accelerated, where monologues to camera or snippets of ‘behind the scenes’ type content are now the norm.
In essence, Instagram works because people like to engage with and buy from people. As an app that encourages online audio engagement between individuals, Clubhouse, therefore, has the potential to provide a seemingly authentic avenue for target audiences to engage with brand ambassadors online – providing the opportunity for ‘story’ type snippets to be extended into lengthier discussions, debates or even brand masterclasses.
For example, current Clubhouse entrepreneurial discussions amongst the elite could quickly turn into make-up tutorials conducted by an influencer, using the latest Charlotte Tilbury line. You can see how this would work and would bolster brand awareness and product sales as a result.
Interest and Demographics
When joining Clubhouse, the algorithm integrates with your iPhone and shows you what friends or family members are utilising the app. In addition, the app also suggests other people for you to follow and engage with based on your individual preferences.
To ensure you find suitable ‘rooms’, Clubhouse also provides a ‘Find Conversations About…’ option which lets you select and follow relevant topics and interest points.
From a brand perspective, this suggests one clear thing: Clubhouse already has a growing dataset on user demographics and interests, which means there is scope to create advertising opportunities within the app.
Just as we have seen with TikTok, a dedicated Clubhouse advertising model seems a clear and obvious move and if the app continues to gain traction at the same rate, it is likely to work – providing another digital platform for brands to utilise to directly engage with target audiences, increase brand awareness and drive sales.
The negatives?
Clubhouse came out of the starting blocks at a time when consumers were faced with the sheer destruction caused by the COVID-19 pandemic, which resulted in brands shifting their focus to remain relevant and continue to resonate with their target audiences.
Essentially, brands with purpose won in 2020 and you can’t but help think despite the clear genius behind Clubhouse that its exclusive ‘celebrity only’ approach was ill-timed, particularly as people across the globe were sat in their homes under lockdown restrictions and very likely to engage with a platform that promised open conversation.
It will, therefore, be interesting to see public response to Clubhouse as it removes its barriers and tries to engage a wider audience. What we do know, however, is that if mass users sign-up to Clubhouse, it won’t be long until brands follow… So, watch this space.
We take a look at 5 apps that have underscored the new necessities of remote work: collaboration, security, employee engagement… and a well-equipped home office, as identified in Okta 2021 Business at Work report.
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Many of us have adapted seamlessly to working from home over the last 12 months. Technology, and the way software organisations have stepped up to the plate to supply the tools we needed most, has been key to this. We take a look at 5 apps that have underscored the new necessities of remote work: collaboration, security, employee engagement… and a well-equipped home office, as identified in Okta 2021 Business at Work report.
While it now feels utterly normal to join a professional video chat and see the inside of people’s home offices, kitchens, or sheds, the fact is that it’s only been normal for less than a year. Many people thrive on home working, although some did struggle with the shift, and numerous reports have explored the clear benefits of a more flexible working situation than most of us had pre-pandemic.
One of the main reasons why many of us have adapted so seamlessly is the role technology has played, and the way software organisations stepped up to the plate to supply the tools we needed most. ‘A shakeup in our top apps underscores the new necessities of remote work: collaboration, security, employee engagement… and a well-equipped home office’, states the Okta 2021 Business at Work report.
As well as a rise in the use – and choice – of tools that enable us to better work with our colleagues, clients, and peers, remote workers have required additional protection that their employers would normally take responsibility for, hence the rise in security-related apps. Additionally, HR teams are busy investing in whatever will give them the best employee engagement, in order to ensure staff feel happy and supported at a time when they’re separated from their co-workers.
Interestingly, the Okta report shows that 90% of the fastest-growing apps are brand new to the top 10 – the first time in the report’s history. ‘Companies needed to enable remote work, which means supporting at-home workspaces and virtual collaboration, and these apps helped them do it. Also, for the first time, security tools claim four top spots in the fastest growing category, and an HR-centric tool appears for the first time since 2016’.
Microsoft 365
The real heavyweight app of 2020/21 was Microsoft 365, which is no surprise considering most office workers need to use at least one element of the app every day, and many of them haven’t invested in it for their personal computers. In the words of the Okta report, ‘Since our first report in 2015, Microsoft 265, Salesforce, and Google Workspace have held three of our top four spots. They may have rebranded once or twice, but they are embedded in our desktops and our work lives’.
AWS
Amazon Web Services is a cloud computing service that works on a pay-what-you-use basis – it’s not surprising, then, that it’s such a popular choice, particularly at a time when the way we work has changed so drastically. ‘We’ve seen some exciting changes in out top rank’, the report states. ‘Cloud platform AWS has risen steadily from sixth place five years ago to become this year’s second most popular app by number of customers’.
‘The new second-place global rank for AWS is driven by its strong growth in EMEA and APAC, where it has seen over 25% growth since April 2020, compared to 16% growth in North America during the same time period’.
Salesforce
A CRM platform and cloud computing service, Salesforce’s popularity has remained steadfastly near the top of the list. This is thanks, in part, to its usage in the US: ‘Salesforce and Zoom’s global ranks are underpinned by their popularity in North America’, the report states. In APAC and EMEA, Salesforce is several spots lower, but this hasn’t affected its appreciation elsewhere.
Google Workspace
Formerly known as G Suite, Google Workspace combines collaboration and productivity tools, and cloud computing. Its broad appeal has brought it to the top four spot, regardless of how it overlaps with other apps. ‘While companies may splurge on a few best-of-breed apps, we might expect they would tighten their belts where they see clear redundancy. However, 36% of Okta’s Microsoft 365 customers now also deploy Google Workspace, the largest jump in the past three years. Top collaboration tools have never been more important for productivity’.
Zoom
Zoom is no longer simply a name – it’s a verb. “Shall we Zoom later?” is the latest “Google it”, thanks to the video call app’s usability, stability, and business-friendly features like the ability to record meetings and set a photo of the Taj Mahal as your background. ‘Tools enabling collaboration, including Zoom, have jumped in the ranks’, the report states.
‘[It] had only joined the top apps by unique users for the first time in 2019, ended this current data period in sixth place. In our Businesses at Work (from Home) report in April, when we highlighted apps that had seen significant growth in numbers of corporate and personal users in March, Zoom was our fastest growing app by number of unique users. While unique users dipped a bit over summer, by the end of September they were reaching new highs, likely related to Zoom’s extensive efforts to support distance learning’.
But this is all future talk. Lets think less about 2025, 2030 and 2035, and think about 2021 and the paths we are on right now.
What has the last ten years brought in terms of EV development, and where are we right now when it comes to the EV market?
Paul Loustalan, a partner with Reddie & Grose, a provider of patents, trade marks and designs and particularly patents coming from the EV market, sits down with Dale Benton to explore the significant advancements made in the global EV market.
The next ten years will be an interesting time for the automotive industry:
But much like any other industry, the larger players dominate the headlines (and the market) but the smaller players bring about true disruption. In the financial space, the larger incumbents were once upon a time disinterested in what the start ups and fintechs were doing, but now they are making radical changes in order to catch up to them and cater to the new financial customers of today. So is it fair to assume that the smaller start-ups and disruptors in the EV and automotive space, are forcing the bigger companies to not only look over their shoulders, but think about their own futures?
If you were to look around the world right now EVs are here. As noted already, global EV and Plug in hybrid sales soared to 3,24 million in 2020. But for some, EVs remain just out of reach. We were lead to believe we’d all be driving fully automated EVs by now, and yet we aren’t.
EVs are something that we’ve spoken about for many years as coming soon. But as we can see they’re here right now. So why is there still a perception that, despite the promises and government mandates, EVs will always remain a technology of the future?
We know the benefits, we see what it can and will and already is doing in terms of carbon emissions and energy consumption, but as with any technology there will always be the challenge of; do the customers want it? For every customer who wants a new, energy efficient car, there will be one who is happy to continue using what works best for them – and why shouldn’t they?
It can never be as black as white as saying; there are those who want the new and those who don’t, and companies need to cater to all consumers and ease those who are reluctant into the new era of the automotive industry.
As with any technology, when it works, it sells itself. We as consumers can see it operating successfully and the benefits it will bring to our lives. In the automotive industry, we think of a car and outside of cosmetics – we simply ask that it works and that it allows us to go about our daily lives with relative ease.
If it can save us some money, and reduce our carbon footprint, then even better. Success stories sell. But what significance is there in focusing on failure? Can that actually be a good thing in terms of the conversation surrounding EV technology? Can we gain more from hearing about those failures than we would by simply focusing on the successes?
As we speak in 2021, the next 10 years are going to see huge shifts in the EV market and we will start to see them in the next four. We don’t know for sure what’s going to happen and how well its going to pan out. But we can see trends and see data and anticipate the next wave of innovation.
Whatever the future has in store for us all, EVs are here. People are driving them right now. And there’s going to be more of them appearing on the roads and parked up on the driveways as the world moves away from diesel and petrol combustion engine vehicles.
The Vaccine Administration Management solution can help organisations rapidly administer COVID vaccines at scale…
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ServiceNow, which is supporting vaccinations for more than 20 million people with the Now Platform and its Vaccine Administration Management solution, has released further product enhancements to its Vaccine Administration Management solution to help organisations quickly meet the “last-mile” challenges of vaccinating and protecting people at scale. The latest enhancements make it easier for people to schedule vaccination appointments and for providers to manage vaccine inventory.
With the Biden administration directing states to make all U.S. adults eligible for vaccinations by May 1, ServiceNow is committed to leveraging the Now Platform to help states and healthcare providers convert vaccines into vaccinations as quickly as possible. The Now Platform and Vaccine Administration Management solution are being deployed in just days by some providers, using ServiceNow’s workflow technology to rapidly improve vaccine distribution, administration, and monitoring. The NHS National Services Scotland, for example, is using ServiceNow to help quickly vaccinate Scottish citizens.
Additionally, Children’s Minnesota, one of the largest pediatric health care systems in the U.S., recently went live with ServiceNow Vaccine Administration Management in just five days. When Children’s Minnesota expanded its vaccination rollout beyond staff, to patient caregivers and the most vulnerable members of the community, it experienced similar challenges as those faced by other organizations across the country. With its new system, Children’s Minnesota has reduced wait times from three hours in a walk-in model to 20 minutes with an appointment and successfully vaccinated nearly 1,400 staff members, caregivers and the community in 11 hours.
“At Children’s Minnesota, our mission is to champion the health needs of children and families. Right now, that means ensuring our vaccine management process is efficient and able to get our community vaccinated as quickly as possible. After all, one arm at a time is how we can get out of this pandemic,” said Patsy Stinchfield, MS, CPNP, Nurse Practitioner, senior director of infection prevention at Children’s Minnesota and head of the health care system’s COVID-19 incident command center. “We’re thrilled that we are efficiently vaccinating our staff, caregivers and our most vulnerable patients.” #
ServiceNow is helping organisations across healthcare, government, education, and the private sector distribute COVID-19 vaccines and get people vaccinated quickly, including:
The Department of Homeland Security is facilitating vaccinations for its 240,000 employees via ServiceNow for vaccination eligibility checks, communication management, and coordinating mass vaccinations at Veterans Affairs facilities.
The University of Central Florida is leveraging ServiceNow to coordinate and schedule first and second dose vaccinations for its faculty and staff.
The State of North Carolina Department of Health and Human Services (NCDHHS) is relying on ServiceNow’s technology as the foundation for its command center for healthcare providers, clinicians administering the vaccine, and supporting NCDHHS staff to access the latest information related to state vaccine requirements and to get their vaccine‑related questions answered.
Outside the U.S., The NHS National Services Scotland using ServiceNow’s Now Platform as the digital backbone of its program to rapidly roll out the vaccine to protect citizen health in the fight against COVID‑19. Over 220,000 vaccination appointments were booked in the first 12 hours of the Now Platform going live.
Introducing more control and visibility for vaccination scheduling
The latest updates to the ServiceNow Vaccine Administration Management solution improve the vaccination scheduling process for vaccine recipients, administrators, and clinicians, providing increased visibility into inventory, to help convert all available vaccines into vaccinations.
New capabilities announced today offer increased control and visibility over available vaccine doses to help match vaccine appointments with inventory supply to minimise waste and avoid overbooking appointments. This has been a challenge for many organisations, leading to long wait times and leaving many recipients in line with cancelled appointments. New capabilities include:
The ability to schedule and cancel appointments based on vaccine inventory as vaccines are distributed. Organizations can automatically track vaccine inventory in real-time and open, close, and reschedule appointments based on the number of vaccines they have available.
Location-level configuration capabilities enable organisations managing multiple vaccination sites to specify inventory, available hours, and appointment slots by location.
Additionally, new capabilities announced today give vaccine recipients more control over the scheduling process for a seamless booking experience, including:
The ability to select a specific day and time for appointments and independently book second appointments. Previously, users were automatically booked into the first available spot.
The ability for contact center agents to book appointments on behalf of recipients.
Options for family scheduling will be available soon, allowing families to book appointments together and at the same time, rather than signing up individually with different accounts at varying times.
These updates will support smoother and more efficient experiences for both those receiving and administering vaccinations as more people become eligible and vaccines are made widely available.
“The rapid distribution of the COVID-19 vaccine is one of the greatest workflow challenges of our time,” said Mike Luessi, AVP and GM, Healthcare and Life Sciences Industry at ServiceNow. “We are working closely with organizations to rapidly ramp their vaccination efforts and adding new capabilities to our Vaccine Administration Management solution twice a month as the landscape evolves and more vaccines become available.”
Workflow a healthier future
The recently passed U.S. stimulus package has prioritized helping state and local governments recover from the challenges of COVID-19 to get people back to work and to restart the economy.
ServiceNow also continues to innovate its previously announced Safe Workplace suite to allow governments and organizations to safely return to work. ServiceNow’s Safe Workplace Solutions support all aspects of creating a safe and efficient return to work for governments, campuses, and companies. This now includes Vaccination Status, an app that helps public and private sector companies track the status of vaccinations in the workplace.
With the ServiceNow Vaccination Status app, employees and stakeholders in an organization can easily submit documentation of completed health vaccinations to meet return to workplace requirements, where permissible by law. Organisations can also collect vaccination data to assess when it’s safe to bring employees and stakeholders back to a workplace and provide benefits to employees who received vaccinations, in accordance with their respective policies.
To date, more than 1,000 organisations globally have downloaded the Safe Workplace suite apps with over 12,000 unique installations.
“When educators became eligible for the COVID-19 vaccine in Florida, we quickly began working with the Florida Department of Health in Orange County to coordinate the safe and efficient vaccination of faculty and staff,” said Dr. Michael Deichen, Associate Vice President of UCF Student Health Services, University of Central Florida. “We knew we needed a solution to seamlessly manage the vaccine scheduling process.”
“We worked diligently with ServiceNow to build a solution that would meet our goal of safely vaccinating more than 2,000 faculty and staff in just five days,” said Scott Baron, Associate Director, Performance and Service Management, University of Central Florida. “This is a continuation of the work we’ve done with ServiceNow throughout the pandemic to build solutions that support faculty, staff and students.”
It sounds like a strange parallel to draw, but when it comes to the implementation of a digital transformation project – specifically the automation of business processes – Chief Technology Officers (CTOs) and their senior counterparts could learn a lot from the Great Britain Cycling Team.
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Digital transformation, big data and Artificial Intelligence and like phrases used before them, ‘automation’ has grown to become quite the buzzword in the world of business. In fact, there’s now so much talk about the use of technology to ‘streamline operations’, that automation is almost an unattainable panacea in the eyes of many – even in the tech sector where organisations should perhaps know better.
Yes, at an enterprise level, there are some corporate giants thinking big and really nailing it. Likewise, there are some vast organisations with dedicated project teams and six or seven-figure budgets, that become so shackled with scope creep that their automation aspirations remain nothing more than pipedreams.
There are also smaller – and often nimbler – businesses that would be ideally placed to implement automation-led initiatives large and small, but they simply don’t know where to start. Their CTO may have an articulate vision and the ‘toolkit’ to achieve it, but the all-important buy-in from the wider management team – if not the rest of the organisation – doesn’t exist.
It’s certainly a mixed bag, but it needn’t be such a minefield. This narrative will be ‘preaching to the converted’, for many CTOs. So what’s the answer and what will finally stop holding digital transformation projects back?
The aggregation of marginal gains
Organisations embarking, from scratch, on a quest for greater automation, need to stop worrying about moving mountains from day one. Instead of focusing on the entirety of what’s possible, there is arguably more value in breaking the job down into actionable and achievable component parts.
In this respect, much can be learned from Sir Dave Brailsford, head of British cycling, who took the long-suffering team from winning only one gold medal in 76 years, to seven at the 2008 Beijing Olympics – an achievement mirrored in London four years later.
Aware that aiming for gold felt like a daunting and perhaps even impossible plight, he applied the theory of marginal gains to the sport. In other words, he deconstructed everything to create a checklist of micro tasks and concentrated on improving each element by just 1% to secure a significant aggregated performance increase. The mentality centred on progression, not perfection.
Likening this to automation in business may seem like a stretch, but the same principle applies. The possibilities that automation can unlock are almost endless, so to cover everything will probably never be feasible. But by making individual systems and processes more ‘joined up’ with digital transformation – as well as quicker and slicker to execute, with an eye on best practice throughout – means even 1% efficiency gains will soon add up.
Removing digital silos
Some businesses may have far to travel on their automation journey, whereas others may have already made a start by ‘thinking digitally’.
This is something at least, because the digitisation of processes represents an important step. But what happens if these tools and technologies continue to exist on ‘digital islands’, with varying degrees of customisation and few – if any – ‘bridges’ between them to enable the data to do what it needs to. If someone must pull all the strings to make multiple products work together – with a questionable degree of effectiveness – there remains much to do.
The key to automation is to define the process that will spontaneously enable widget A to press buzzer B that activates application C and produces data point D – and so on – digital transformation!
Everything needs to work together, much like a team. And it’s OK to start small.
In simplistic terms, a business may decide to outsource its mailing so it’s saving time – and money – that would otherwise be spent licking stamps! This soon outweighs the cost involved.
But automation can be far more sophisticated too, of course. An email marketing platform can talk intuitively to a CRM tool as a sales pipeline advances, for example, before auto-updating a billing engine when a deal converts and triggering a conversion report to better understand ROI.
Without this automation, people involved in any one part of the process would still have confidence the data existed in there. However, the time otherwise required to uncover it, and then manually push it through the system, could mean the insight soon becomes obsolete and the associated opportunity is consequently lost. The real-time nature of the intel is where the value lies – much like the of-the-moment performance of the GB Cycling Team – hence the beauty of triangulating these multiple elements to create a truly integrated eco-system.
Is Digital Transformation only for big players?
In saying all this, one of the most important points to perhaps note is that automation shouldn’t be feared. Digital transformation is not necessarily a complex process that lies only within the reach of gigantic corporations with equally large budgets. Yes, data volume makes an investment in automation easier to justify. And a degree of technical competence is needed to orchestrate the integration of tools that lead to a super-slick outcome. But it needn’t cost the earth. For senior professionals who have perhaps worn the t-shirt a couple of times over, it’s better to communicate that – making it relatively easy to move forward as a result.
Secondly, automation is not trying to rid people of their jobs and replace them with ‘robots’ – a fear that seemingly shows no sign of fading. On the contrary, at a time when employees are becoming increasingly discerning about their workplace fulfilment levels, it can liberate them from burdensome, administration-centric tasks, and free up their time to focus on activities that make better use of their skills – boosting both productivity and engagement as a result.
Thirdly, the benefits associated with automation aren’t isolated solely to staff motivation and workplace efficiencies. Automation – or certainly, an automation-savvy mindset – can become the lifeblood of a firm’s scale-up strategy, which empowers the business to grow at speed, with a constant eye on cost control and service levels too. In the current economic climate, this agility – not to mention bottom line protection – has arguably never been so important.
by Terry Daniell, Operations Director at Trenches Law
Innovation and change when fighting legacy infrastructure and an antiquated operating model…
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As a market leader in a world of continuous change and digital disruption? What more could you be doing to embrace true digital disruption and deliver on the promise of tomorrow to an ever evolving customer base?
Amanda Heintz, Devops and IT Automation Release Manager at Schneider, joins us to talk about what it’s like to work in an industry that is still perceived to be lagging behind in the digital conversation due to legacy infrastructure and an antiquated operating model…
The question then is, what is Schneider doing to define and redefine the technology market of transportation?
The benefits of embracing innovation and implementing new technologies are clear to see and yet as we speak in 2021 one could argue that there is still evidence to suggest that there is resistance and hesitance to take the risk of digital transformation. It stands to reason that many organisations could be too afraid to embark on a digital transformation journey, despite the seemingly endless cases of major success for those that have done so already.
Listen to Amanda on the Bitsize episode of The Digital Insight podcast below:
With transformation, there are common challenges that come with legacy infrastructure, and with transition and change, so how can businesses cope with such a major shift?
There s no such thing as a guarantee of success. As much as we’d love it. We often speak of successes and looking at what went right, but perhaps more importantly should we explore the importance of admitting that things have not worked out according to plan.
It is no secret that change comes from recognising that there is a need to adapt and to evolve, so the greatest lessons can come from the smallest of missteps.
Digital transformation, disruption, and embracing innovation and change, is no easy task. It is no secret that we all look to other organisations, other industries for inspiration and we look for the big companies that are recognised as the benchmark for innovation, but when you are one of these companies, and you are in an industry that has that label of falling behind the pace, how aware of you of your responsibility to help drive the industry forward?How much do you recognize yourself as a benchmark for others to follow?
Schneider is but one example of the many organisations (big or small( that are truly embracing innovation and disruption and doing so in a way that will help propel the industry forward.
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Why not check out some of our recent episodes of The Digital Insight below:
The new update gives all users tailored access to relevant market research and reports based on their role in their organisation. The update was implemented to prevent an ‘information overload’ from deterring workers and teams from utilising market research – something which can be a real problem for large enterprises who have vast amounts of data and insights available for different teams spread across business units, countries and product lines.
Workspaces & Teams also allows organisations to create separate Workspaces (for example, one for the B2C business unit and one for the B2B business unit) within their Stravito platform. This helps large enterprises give employees direct and easy access to relevant insights, while limiting improper use of the wrong insights, leading to time savings and improved decision-making across business units.
Within each Workspace, organisations can also create Teams to further fine-tune access and relevancy of insights within their business unit, enabling enterprises to customise their experience and access to information in the platform.
In addition to improving user experience, Workspaces & Teams makes it easier for administrators to tailor confidentiality for sensitive research documents.
Thor Olof Philogene, CEO of Stravito, commented: “We are always looking for new ways to combine insights relevance and security to enhance customer engagement with our platform. This Workplace and Teams update is purpose-built for large organisations with distributed units and branches, but as the business landscape continues to change against the backdrop of the pandemic, we also see increased demand for this type of services to suit organisations of all sizes.”
The Workspaces & Teams update follows another recent development targeted towards enterprise customers: ISO 27001 certification.
Stravito’s ISO 27001 certification recognises that the development and delivery of the Stravito SaaS are done in accordance with global information security best practices.
To receive the certification, an in-depth audit testing all security processes and frameworks was undertaken. This included incident management, risk management, employee management, secure software development, and the management of information from third parties – giving customers full peace of mind that their data and information is secure.
Notable aspects of Stravito’s security, which was commended, include its information security policy, which covers all aspects and employees of the organisation, an incident management process, which allows Stravito to triage and resolve any incidents promptly, a secure software development life cycle, ensuring they deliver secure and bug-free code, and a solid risk management framework, which is used to identify and mitigate risk throughout the organisation.
Marcus Södervall, head of Security at Stravito, commented: “Receiving the ISO 27001 certification is a huge accomplishment for Stravito, reinforcing our commitment to implementing best-in-class security that truly protects our customers and their data.”
“Not only does ISO 27001 test the maturity of Stravito’s processes, but it also embeds security into our company’s DNA, shining a light on the trusted and reliable platform we have built.”
By doubling down on essential capabilities for enterprises, like customisation and security, Stravito aims to continue its mission to simplify knowledge discovery for global organisations.
Google, BT and DCMS among over 1,000 organisations offering free mentorship to independent organisations through Digital Boost
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Digital Boost, a new platform connecting organisations with digital skills founded by serial entrepreneur Sherry Coutu CBE, has today set out a bold ambition to digitally upskill 500,000 women from female-led organisations by January 2022, with 200,000 of those from BAME backgrounds. This comes as recent research revealed that 97% of charities feel insecure about their command of digital skills, while a survey conducted by BT and Small Business Britain found that 63% of small businesses lack confidence in future-proofing their business.
Digital Boost helps small organisations access digital skills through unlimited free one-to-one mentorships delivered by volunteers at some of the world’s most respected organisations including Google, DCMS, Visa, BT and The Big Lottery. Digital Boost is also working with its partners to offer specialised workshops and access to short online courses to its learners.
Since its launch in June 2020, Digital Boost has mentored more than 2,000 small businesses and charities. It currently has 1,600 partners listed on the platform and has successfully delivered multiple one-to-one mentoring sessions.
Sherry Coutu CBE, founder of Digital Boost, said, “We’re proud to work alongside our valued partners to mentor at least 1 million people who work for small businesses and charities by 31st January 2022, of which 20% will identify themselves as BAME and 50% will identify themselves as female. With our enhanced digital platform that offers unlimited mentoring support as well as commercial partnerships for potential corporates, we believe we can significantly boost the revenues of female-led businesses”.
As a beneficiary of multiple mentoring sessions, Amanda Mann, founder of Mann’s Cookies, said: “Mine is a Covid-19 business. I couldn’t imagine I would have so much fun and meet such amazing people but I didn’t have any business experience so I am so grateful I found Digital Boost. They were brilliant on our mentoring calls and they were great at helping me get to grips with the mechanics of business, showing me how to deliver great customer service and sharing tips on keeping up my social media presence.”
Three years on from Open Banking launched in the UK, let’s look at what we’ve done and where we can go from here…
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Earlier this year, UK Open Banking celebrated three years. Since 13 January 2018, regulated third-party providers have been able to integrate with bank APIs to access customers’ financial data, in an effort to break down the barriers standing in the way of seamless data sharing.
The overarching goal of this new regime was to give consumers and businesses greater visibility and control over their finances, with technology at the forefront of this mission. Specifically, the pioneering Open Banking initiative was created to enable financial technology (fintech) providers to bring innovative new propositions to the SME and consumer market.
By extension, the users of Open Banking would benefit from products that were better suited to their unique financial situation, enabling them to compare available products in order to find the best deals on the market. So, as we reflect on three years of Open Banking, the question is: how much progress has been made, and what’s in store for the future?
Increasing collaboration through innovation
The introduction of a new requirement for all UK-regulated banks to allow customers to share their financial data with authorised third-party providers introduced a new era of collaboration within a previously segregated market.
Joined by one overarching mission – namely, to drive innovation and deliver the best possible customer experience – large banks and fintech startups began forming valuable partnerships. Thanks to more efficient data sharing, incumbents, for instance, have been able to integrate propositions developed by fintechs into their own platforms, in an effort to better meet the evolving needs of the customer.
The benefits to the customer are evident: a more interconnected and open financial ecosystem, which enables them to browse available products and access the right services for their needs.
Since its inception, Open Banking has served to shift the power to the customer and increase competition within the sector. By utilising new apps and digital platforms, banking customers now have access to a fuller and clearer view of their finances. This allows individuals to budget more effectively, switch products more easily, and generally make more informed decisions.
Increasing uptake
Since the initiative was launched in 2018, Open Banking adoption among UK consumers and businesses has surged. While generating awareness about its benefits has been a slow process (a recent PwC study found that only 18% of consumers were aware of what Open Banking means for them), the COVID-19 pandemic has driven Open Banking usage.
Today, over two million users utilise Open Banking-enabled applications and services. This number has doubled since January 2020, with the pandemic likely having a strong influence on the rate of uptake.
As disruption took hold and personal finances took a hit, many people turned towards online banking and money management apps, in search of tech solutions that could bolster their financial confidence. Since the first lockdown in March 2020, almost one in five (17%) of UK adults have started using an online banking service to help with their money management goals, with this figure rising to 45% among 25-34-year-olds.
Without the advent of Open Banking, the accessibility and value of such solutions would be questionable. After all, many of these fintech solutions use Open Banking to connect directly to users’ bank accounts to provide a more tailored service.
At the same time, it has also enabled financial services providers to obtain an accurate and up-to-date view of an individual’s financial situation, as well as their past and present behaviours, in order to deliver more personalised guidance.
How will Open Banking develop?
Open Banking today generally covers personal and business current accounts, credit cards and online e-money accounts. In the future, the concept will extend to cover all financial markets – from pensions to investments and insurance.
Now that we have built the underlying infrastructure, it will become easier to build on top of this. More complicated use-cases of Open Banking will begin to develop, with competition from non-traditional players such as fintechs and challenger banks stepping in to provide a range of new services – particularly within industries that previously strayed away from large scale digital transformation.
As the ability to let information flow between applications continues to improve, new products and iterations of existing offerings will be built, integrated and modified at a much greater speed than before. We will shift away from a closed banking system to one that encourages new aggregators, service partners, and payment providers to add value to existing businesses models, and in doing so, create a range of new customer-centred financial services.
Examples of innovations that we are already seeing include services that provide personalised advice to banking customers looking to improve their credit score, and applications that enable employees to save directly from their salary.
We’ve come a long way in the Open Banking revolution, giving consumers and businesses greater control over their financial lives and the ability to choose products and services that work best for them. As we progress further towards Open Finance, this initiative will give customers greater influence over a wider range of their financial data, and offer access to enriched financial services.
Ammar Akhtar is the co-founder and CEO of Yobota, a London-based technology company. Founded in 2016, Yobota has built a fast, flexible, cloud-native core banking platform, which allows clients to create and run innovative financial products. You can follow Yobota on LinkedIn and Twitter.
Our exclusive cover story this month is an in-depth look behind the scenes at Cisco…
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Welcome to issue 20 of Interface Magazine!
Our exclusive cover story this month is an in-depth look behind the scenes at Cisco; the company that helps its clients adapt to an ever-changing world by providing the building blocks of a digital ecosystem that allows more agile and efficient communication alongside operational prowess. But what about Cisco itself? What does transformation look like inside this Silicon Valley giant, and how does itsuccessfully harness data-driven, digital technologies to improve its own operations to boost growth and profitability?
We caught up with Dr. Christian Vogt, Cisco’s Chief Innovation Officer of Data & Analytics at his Silicon Valley office. Christian’s mission is to drive the adoption of digital, advanced analytics, and artificial intelligence at Cisco, and to incubate and scale the capabilities needed to accomplish this, both inside his organization and across the company. Some of these technologies are developed by Cisco’s own engineers, while others are the result of partnering. To achieve the latter, Christian has established an open-innovation arm that partners closely with world-class startups and venture capital firms in Silicon Valley and beyond. “My goal is to make us a more data-driven, digitally enabled, and AI-powered company,” Christian explains.
Elsewhere, we also meet up with Aviva Italy to see how a cloud-native ecosystem will help the company address the new paradigma of insurance. Plus, we look at the past, present and future of Open Banking and examine how CTOs could learn so much from the GB Cycling Team!
As people began to spend more time online in 2020, it resulted in a boom of DDoS attacks…
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The number of DDoS attacks detected by Kaspersky DDoS Prevention in Q4 2020 increased slightly in comparison to the same period of 2019. However, it is 31% less compared to Q3 2020. This drop can be connected to the growing interest in cryptocurrency mining.
However, in Q4 2020 there were only 10% more attacks than in Q4 2019. And compared to Q3 2020, the number of attacks in Q4 2020 fell by 31%, while Q3 2020 also saw a drop compared to Q2.
Experts suggest that this can be caused by a surge in cryptocurrency costs. As a result, cybercriminals may have had to ‘re-profile’ some botnets so that C&C servers, that are typically used in DDoS attacks, could repurpose infected devices and use their computing power to mine cryptocurrencies instead.
This is further proved by KSN statistics[1]. Throughout 2019, as well as in the beginning of 2020, the number of cryptominers was dropping. However, from August 2020 the trend changed, with the amount of this form of malware increasing slightly and reaching a plateau in Q4.
“The DDoS attack market is currently affected by two opposite trends. On the one hand, people still highly rely on stable work of online resources, which can make DDoS attacks a common choice for malefactors. However, with a spike in cryptocurrency prices, it may be more profitable for them to infect some devices with miners. As a result, we see that the total number of DDoS attacks in Q4 remained quite stable. And we can predict that this trend will continue in 2021,” comments Alexey Kiselev, Business Development Manager on the Kaspersky DDoS Protection team.
To stay protected against DDoS attacks, Kaspersky experts offer the following recommendations:
Maintain web resource operations by assigning specialists who understand how to respond to DDoS attacks
Validate third-party agreements and contact information, including those made with internet service providers. This helps teams quickly access agreements in case of an attack
Implement professional solutions to safeguard your organisation against DDoS attacks. For example, Kaspersky DDoS Protection combines Kaspersky’s extensive expertise in combating cyberthreats and the company’s unique in-house developments
With industrial organisations ramping connectivity to accelerate digital transformation and remote work, threat actors are weaponising the software supply chain and ransomware attacks are growing in number, sophistication and persistence.
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A new report from Nozomi Networks Labs finds cyber threats to industrial and critical infrastructure have reached new heights as threat actors double down on high value targets. With industrial organisations ramping connectivity to accelerate digital transformation and remote work, threat actors are weaponising the software supply chain and ransomware attacks are growing in number, sophistication and persistence.
“This report leaves no doubt that the time for action is now,” said Nozomi Networks Co-founder and CTO Moreno Carullo. “The recent Oldsmar, Florida, water system attack and the ongoing SolarWinds investigation are dramatic reminders that the critical infrastructure and other systems that we rely on are vulnerable and at constant risk of attack. Understanding the effectiveness of defenses against the emerging threat and vulnerability landscape is vital to success.”
Nozomi Networks’ latest “OT/IoT Security Report,” gives cybersecurity professionals an overview of the OT and IoT threats analysed by Nozomi Networks Labs security research team. The report found:
Ransomware activity continues to dominate the threat landscape, growing in sophistication and persistence. In addition to demanding financial payments, Ryuk, Netwalker, Egregor and other ransomware gangs are exfiltrating data and deeply compromising networks for future nefarious activities.
Supply chain threats and vulnerabilities show no signs of slowing. The unprecedented SolarWinds attack not only infected thousands of organisations including U.S. Government agencies and critical infrastructure, but it also demonstrates the massive potential for attack via supply chain weaknesses.
Threat actors are targeting healthcare. Nation states are using off-the-shelf red team tools to execute attacks and perform cyber espionage against facilities involved with COVID-19 research. Ransomware crews are targeting healthcare providers and hospitals, in some cases disrupting patient treatment.
Analysis of 151 ICS- CERTs published in the last six months found memory corruption errors are the dominant vulnerability type for industrial devices.
“Urgency has never been higher. As industrial organisations race toward digital transformation, threat actors are taking advantage of greater OT connectivity to create attacks that aim to disrupt operations and threaten the safety, profitability and reputation of enterprises around the globe,” said Nozomi Networks CEO Edgard Capdevielle. “While threats may be on the rise, the technologies and practices to defeat them are available today. We encourage organisation to act quickly to implement the recommendations in this report. It’s never been more important or more possible to take the necessary steps to detect and defend critical infrastructure and industrial operations.”
Nozomi Networks’ “OT/IoT Security Report” summarises the biggest threats and risks to OT and IoT environments. The report provides information on 18 specific threats that IT and OT security teams should study as they model threat vectors and evaluate risks across operational technology systems. It includes 10 key recommendations and actionable insights to improve defenses against the current threat landscape.
The adoption of smart building systems has become a case of “when”, not “if”
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More than half of organisations plan to increase their investment in renewable energy, energy efficiency, and smart building technology in 2021. This is according to Johnson Controls’ annual Energy Efficiency Indicator survey. Interestingly enough, these business plans are comparable with investment trends that came after the 2010 recession; now likely a result of preparation for the post-pandemic world.
As people begin returning to shared spaces once herd immunity has been reached, the health of building occupants and energy efficiency will continue to be top of mind—and an investment priority for facilities managers around the world.
What are the drivers?
– Health and safety concerns.
– Reducing energy use and working towards net-zero targets.
– New awareness around reducing the spread of infection as a result of the COVID-19 pandemic.
– The need to increase the ability to operate under different conditions, both planned and unforeseen.
In this article, we’ll delve further into the survey and reflect on the conclusions drawn. It is important to note that while the report reflects an analysis of the US market, many of the themes are appropriate to the European property industry, and the research opinions are likely shared by the majority.
Net zero is the new hero
As Paris Agreement obligations edge closer, facilities managers are under increasing pressure to reach net-zero targets.
– 70% of organisations are very or extremely likely to have one or more facilities that are nearly zero, net zero or positive energy or carbon status in the next 10 years (an increase of 7% from 2019).
– 66% are very or extremely likely to have one or more facilities able to operate off the grid in the next 10 years (an increase of 3% from 2019).
– 63% invested in onsite renewable energy in 2020 (a 22% increase from 2019).
How smart tech can help:
The key to harnessing energy efficiencies is having access to accurate, real-time energy consumption data. By knowing how energy is used in your facility (and when), you can identify an “energy action plan” that works for you. This is the role of a smart energy meter; using these will put you in control of your consumption.
Other smart, sensor-based technologies can help reduce energy consumption. For example, occupancy sensors can control lighting and heating so that energy is only being used when someone is in the room.
A breath of fresh air
With the evidence strongly indicating that COVID-19 is spread through aerosol transmission, indoor air quality is set to become tantamount to facility safety for facilities managers.
According to the survey:
– 79% are planning to or have already increased air filtration.
– 75% are planning to or have already installed an air treatment system.
– 72% are planning to or have already increased outdoor air ventilation rates.
How smart tech can help:
New technology is enabling better air quality by observing and monitoring air quality in real time. Indoor air quality sensors can continually measure the air quality within a given area and send an immediate alert if the air quality or ventilation is compromised in any way.
Simple, smart management systems
According to 81% of survey respondents, increasing the flexibility of facilities and buildings to quickly respond to a variety of emergency conditions was a “very” or “extremely important” driver of investment.
Managers are looking for multi-faceted, ‘all-in-one’ solutions that can streamline workflows and business operations at a glance.
– 75% have invested in the integration of security systems with other building monitoring systems (an increase of 36% from the 2019 study).
– 33% plan to invest in the integration of building technology systems with distributed energy resources in the next year (an increase of 15% from the previous study).
– 79% say that data analytics and machine learning will have an extremely or very significant impact on buildings.
How smart tech can help:
From occupant health to energy efficiency, having an interconnected smart building system is fast becoming the norm rather than the exception. The ability to monitor, maintain and control various aspects of a building remotely via a single dashboard allows the facility manager to—quite literally—ensure a safe, efficient, energy-saving environment at all times, from anywhere.
The future is here; and, as evidenced by the survey, the adoption of these smart systems has become a case of “when”, not “if”.
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About the author
Matthew Margetts is Director of Sales and Marketing at Smarter Technologies. His background includes working for blue-chip companies such as AppNexus, AOL/ Verizon, and Microsoft in the UK, Far East and Australia.
About Smarter Technologies
Smarter Technologies tracks, monitors and recovers assets across the globe in real time, providing asset tracking systems to the open market and fulfilling the world’s most complex asset tracking requirements. Our services cover a vast array of business sectors, products and equipment from container or pallet tracking to military-grade devices; and can be used across a broad spectrum of industries.
As a leading IoT company, we also provide smart building solutions for modern businesses, offering wire-free, battery-powered and low-cost IoT smart sensor technology. Our solutions will put an end to scheduled maintenance and help businesses utilise their building’s efficiency, benefitting from real-time alerts and facilities management tools that will bring them into the 21st century.
Conventional robots, like giant industrial robots used in the car industry, are set to reach $14.9bn value this year, up from $12bn in 2018.
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Robotics play a huge role in the manufacturing landscape today. A growing number of businesses use manufacturing robots to automate repetitive tasks, reduce errors, and enable their employees to focus on innovation and efficiency, causing the entire sector’s impressive growth.
According to data presented by AksjeBloggen.com, the global market value of conventional and advanced robotics in the manufacturing industry is expected to continue rising and hit $18.6bn in 2021, a 40% increase in three years.
Market Value Jumped by $5.4B in Three Years
Robots have numerous roles in manufacturing. They are mainly used for high-volume, repetitive processes where their speed and accuracy offer tremendous advantages. Other manufacturing automation solutions include robots used to help people with more complex tasks, like lifting, holding, and moving heavy pieces.
Companies turn to robotics process automation to cut manufacturing costs, solve the shortage of skilled labor and keep their cost advantage in the market.
In 2018, the global market value of conventional and advanced robotics in the manufacturing industry amounted to $13.2bn, revealed the BCG survey. In 2019, this figure rose to $14.8bn and continued growing. Statistics show the market value of manufacturing robots hit $16.6bn in 2020. This figure is expected to jump by $2bn and hit $18.6bn in 2021.
Conventional robots, like giant industrial robots used in the car industry, are set to reach $14.9bn value this year, up from $12bn in 2018.
The market value of advanced manufacturing robots, which have a superior perception, adaptability, and mobility, tripled in the last three years and is expected to hit $3.7bn in 2021. Combined with big data analytics, advanced manufacturing robots allow companies to make intelligent decisions based on real-time data, which leads to lower costs and faster turnaround times.
The BCG survey also showed most manufacturers believe advanced robotic systems will have a massive role in the factory of the future and plan to increase their use. More than 70% of respondents defined robotics as a significant productivity driver in production and logistics.
European and Asian Companies Lead in the Use of Advanced Manufacturing Robots
Analyzed by regions, European and Asian companies lead in the use of advanced robots, while manufacturers from North America lag behind. However, the survey showed 80% of respondents from the US plan to implement advanced robotics in the next few years.
The survey also revealed that manufacturers in emerging markets, especially China and India, are more enthusiastic about using advanced robots than those in industrialized countries. These companies may be looking to automation as a way to overcome a skilled labor shortage and improve their ability to compete in international markets.
Germany had the largest robot density in the manufacturing industry among European countries, with 346 installations per 10,000 employees in 2019. Sweden, Denmark, and Italy followed with 277, 243, and 212 installations per 10,000 employees, respectively.
Statistics also show that companies in the transportation and logistics and technology sector lead in implementing advanced robotics, with 54% and 53% of manufacturers who already use such solutions. The automotive industry and consumer goods sector follow with 49% and 44% share, respectively.
Manufacturers in the engineered products, process, and health care industries lag behind, with 42%, 41%, and 30% of companies that use advanced manufacturing robots. However, around 85% of manufacturers in these sectors plan to start using advanced robotic systems by 2022.
Mark Wright, Director of Climb Online discusses the importance of speaking the right business language when operating in a crowded digital marketing sector…
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Mark Wright, Director of Climb Online and a successful entrepreneur with a passion for business and a love of digital marketing (and the winner of Apprentice UK back in 2014) discusses the importance of speaking the right business language when operating in a crowded digital marketing sector. We also explore how, as long as you have the passion, the drive, the knowledge and a brutal honesty, then you have what it takes to succeed.
Marketing is something that everyone thinks they’re an expert on, so how do you cut through that?
It’s an excellent question. It comes back to understanding the customer’s industry and business that you’re dealing with. No digital marketing campaign is ever the same, and that’s because no business is ever the same. The fundamental flaw most digital marketers make, or most people in the online world, is taking a cookie cutter approach, treating every business like the same, and every campaign should be the same, when every business needs to be displayed and understood differently. What I did very, very well early on is personally get to know the individual that I’m dealing with, and their personalities and the personalities of their business to understand which marketing strategy would be most appropriate for this business.
For example, if you’re working with a plumber that’s got a great personality, looks great on camera, something like YouTube ads or social media marketing ads with video of that guy talking about his products and services could be phenomenal because he’s got something his competition doesn’t, which is him, his personality. Then, you might have someone that’s shy or hates being in front of the camera, but is very creative, and that person could do great testimonials, great imagery, and case studies on their website and boost it out through blogs or whatever it might be, their way.
It’s understanding what’s going to work for the customer and what works best for that industry. That’s why these cheap, outsourcing it to India, cookie cutter approach businesses don’t work. 99 times out of 100, I go and meet a business and they tell me, “I tried marketing. It didn’t work,” but they’ve tried marketing that’s worked for everyone else, but hasn’t had anyone understand what they should be doing.
You work with clients, for example, Emirates, but also the local dentist. That’s going to be different conversations but both are wanting the same outcome, so how do you communicate with them?
Well, I am a very direct person. A was very upset with me because she didn’t feel the marketing approach I was displaying for her business was right for her business. I said to her; “You’ve been with other marketing companies before, and you failed every single time. Now, if I presented you the same strategy and the same approach that you’ve done over, and over again, we will fail again.
“You have come to me and paid me very hard-earned money to come to me to let me do your marketing. Then, you’re going to ring me up and tell me how to do your marketing. Then, if I listen to you, we’ll fail, because I am the expert. I am the person that is the best marketer, is the best company to go to, and I’m charging you. Now, if I was to listen to you and do your strategy, why would you pay me good money to do that for you? You must listen to me.”
I don’t ring you up, if you’re a dentist, and tell you how to fit a crown, or whiten my teeth, or do this, because I don’t really know. I might have watched a couple of YouTube videos or heard about it down at the pub, but I don’t really know what I’m doing because I haven’t got the experience, I haven’t got the expertise. The funny thing about marketing is everyone is a bit of a bedroom DJ. They think they know their onions, so to speak, but the truth is that I’ve worked 11 years every day, as you say, day-in, day-out, working with thousands of companies. I get it. I understand what to do.
I have to be quite blunt with people sometimes and just say, “Just leave me to it.” Because you don’t put your car in the garage with the mechanics and stand over him and tell him which wrench to use and which filters to change. You understand that that person has experience, qualifications, and the understanding of what to do. Generally, the biggest problems I’ve ever seen in marketing campaigns is owner-operators dipping their wick in, and going in and making changes and putting their two bucks worth in, or not spending enough money. Then, they tell us that marketing doesn’t work.
If you hire experts, if you work with people, you’ve got to let them do their jobs and not tell them how to do their jobs. Because Steve Jobs was a great advocate for if you hire A-players, you need them to let them be A-players. Let them be creative. Let them do the things that you hired them for, and that’s when you get the best results.
Forgive me if I’m wrong, there are thousands of marketing companies that could say and promise the world to clients, but what do you do to ensure that you stay ahead of them?
Yeah, there’s thousands of companies that do. This is the million pound question. Any company, any entrepreneur or any business person that stops innovating starts dying. The day you start standing still, you start moving backwards, so you’ve got to constantly challenge yourself to stay ahead of the market. That’s listening to your customers, that’s listening to technology. Understanding what the next Facebook’s going to be, what the next video content’s going to be. Is it going to be augmented reality? Is it going to be VR? Is it going to be UX? What is it going to be that’s going to be the next Google AdWords for our sector?
Our job is constantly investing in research, constantly investing in new products and new markets to make sure that we’re ahead of every other marketing agency out there. Once upon a time, you used to walk into a phone shop and there were hundreds of phones on the wall. You’d go into a carphone warehouse, and you could pick up to 150 phones off the wall to be your handset. Now, you walk into the shop, there’s three. You’ve probably got a Galaxy, you’ve got an iPhone, and maybe whatever the third-party of the day is. There have been people that have come into that market, that their products have been so good, it killed the other competitors.
My job at Climb Online is making sure that our product and our technology gets our customers such good results that there’s no other option than to go with us, and it kills those other thousand competitors. That’s what I think about every day as I’m getting up and I’m going into work; “What am I doing today for my customers that’s going to make me so essential to their business that everyone has to use me?”
What are some of the current trends you are seeing in the industry?
We’re living in just the most fascinating time in human history. The advances in technology that we’re seeing are just unbelievable. You go back 70 years ago, they didn’t have the TV. We now have the Internet. I still remember, in my time, when we had dial-up Internet, and you would have to sit there for 10 minutes while the box made all that noise, and it’d take five minutes for a website to sort of click down the browser. We’re living in a time where machine learning, algorithms, analytics are just changing the game.
Some of the stuff I’m seeing in analytics, things are being done online using data and analytics that we cannot even dream of. I’m seeing technology, that just blows your mind in terms of data prediction and output that is just breathtaking. The stuff that the companies are collecting in terms of data, and using to segment audiences, supply advertising data, but also control what we’re seeing, and feeling through the media that we’re consuming, is just really intelligent stuff.
I think we’re moving really quickly, and the thing that I’d want to back is being on top of analytics and data. That’s the thing that I’ve seen over the last couple of years that’s really impressed me, and the thing that I think is going to be the big game changer moving forward. If you’re in business right now, understanding your customers and what they want to see, what they’re feeling, how to talk to them is really important. There is technology out there to do that much better than you’re doing it right now. It’s the customers that are understanding that technology and how important analytics are that are the ones that are going to be successful over the next few years.
What have you seen in terms of the impact of COVID on the business landscape?
It’s been a very challenging period. At the same time, when I’ve reflected on it recently, I’m very grateful for where we are and what we’ve learned. I mean, for example, the amount of money that we’ve discovered we were wasting on going to face-to-face meetings all around the country, getting on a plane here, a train here, a hotel there, when our sales process is now improved. It’s now shorter. We’re doing more things by Teams, Zoom, et cetera, like this, saving the company money. We’re closing bigger deals. We’re closing them faster, all using technology.
COVID has changed the world. Now, the health side of it is terrible. The business side has really sorted out the men from the boys, shall we say. It’s sorted out the skilled sailors from the people that were just floating around on a wooden door. There’s businesses that are going under right now, and they’re saying it’s because of coronavirus. Jamie’s Italian went under about a year ago, 12 months ago, right before coronavirus. If they went bankrupt right now, they would blame coronavirus. They didn’t go bad because of coronavirus. They were just a bad business. There are many companies that were over-leveraged, that had poor market share, that had too many employees, that had bad technology, and now they’re blaming coronavirus.
On the flip side, there are some companies like airlines that are just affected, holiday companies that are really affected by coronavirus, and I get that. Our job, as business people, is to understand who it is affecting and who it isn’t. At the start of this, it did affect my business a little bit, but we’ve improved our processes, we’ve learned from it, and we’ve understood what we can do better through technology, through working with different industries, different niches, to make sure that we’re more protected for the future. We’ve also understood that there was wastage in our business that we could improve on.
Tough times are always going to be around. This year, it’s coronavirus. In the future, it will be something else. We can either sit back, furlough ourselves, furlough our employees and blame the environment for failure, or you can tackle it head-on and you can learn from it. If you can run a business right now, if you can thrive right now, you’ve got an incredible business. If your business makes it through this, you have something for the future. If it doesn’t, you probably didn’t have a great business anyway, and your job is to be serious. It comes back to that honesty.
Look at yourself and say, “Is this coronavirus, or is this a bad business? Is this a bad employee, or is this a coronavirus problem?” I think this period has been a great time for really true reflection. Looking at yourself, looking at your business in the mirror and understanding what is good and what is bad. What do I want to change, and what do I want to keep? There’s been a lot of natural cleansing in this period. I think a lot of people, whilst right now it feels really ugly, in 12 months time, they’re going to have made some decisions or be in a totally different business or career, and be really happy and glad this happened because sometimes, things always have a natural way of working themselves out.
Mark Wright
What is your key to success?
Find whatever it is you love to do, and then get obsessed with it. If you want to be successful, you have to be obsessed with being successful in whatever it is. That’s the best advice I could give anyone. I learned, very early on, what it is I was going to do, and I focused on that, day-in, day-out. I watched You-Tube videos about it at lunchtime. I worked until midnight about it, day-in and day-out. It is really finding something that you enjoy, finding something you’re good at and passionate about, and then just really working at it like crazy. If you do that, it doesn’t matter what tools you have behind you, what mentor you’ve got, this, that, and the other, you’ll get there eventually if you stick at it long enough.
Research reveals that millennials would be willing to take a pay cut to work in a nicer office; and also consider quitting if their workplace is either outdated or inefficient…
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Today, smart buildings are becoming more dynamic and tailored to individual requirements, specifically within the office space. And with Gartner predicting that the greatest source of competitive advantage for 30% of organisations over the next few years will be their ability to creatively exploit the digital workplace, the pressure is on for businesses and building owners alike to invest in the latest technologies and techniques to provide even better user experiences.
Employee Expectations
Research reveals that millennials would be willing to take a pay cut to work in a nicer office; and also consider quitting if their workplace is either outdated or inefficient. Employers need to keep up with the rapidly changing demands of employees in order to stay competitive when attracting and retaining talent.
To achieve this, workspaces are now becoming more ‘aware’ through an ecosystem that allows buildings to dynamically adjust to the requirements of users through the convergence of IT and Operational Technology (OT) such as building management systems, energy and space management. There is an expectation in place that facilities and building management firms will adapt to meet employee expectations; if not, then they will fall behind.
Collaboration and Productivity
Many companies are leading the way with shared office facilities and hot desks on a part-time or multi-lease basis. With desk layouts developed by algorithms, companies are responding to the demand for mobility and flexible consumption in the modern digital workspace. By configuring open and closed spaces through noise-absorbing fabrics and glass doors, buildings are providing the privacy of individual offices within an open plan setup, meaning that staff no longer need to be confined by physical walls.
Furthermore, data can be collected about user movements, machinery condition, energy usage and other activities within the building that can be used to optimise the user experience and enhance collaborative processes further. For example, mobile phone controlled AV screens, wafer-thin sensors that can detect occupancy and trigger the air conditioning system, ongoing measurement of internal environmental conditions including temperature, humidity and CO2, and indoor mapping and navigation platforms.
Sustainability
With 72% of office workers revealing that a sustainable environment is important to them, embracing this new movement has become a competitive necessity. Through clever environmental design which optimises space, consumption and resources, smart offices can reduce the overall environmental impact and save money and resources along the way. From autonomous energy systems that shut off heating and lighting when rooms are vacant to systems that monitor and optimise the use of water and electricity, these offices can identify their most wasteful aspects and also lessen the pressure on the national grid.
Making the Business Case
Smart buildings in themselves are opening up new revenue streams. But the cost of IoT implementation may be perceived as a barrier to its adoption and development. Many smart offices are built from scratch so existing workplaces need to be retrofitted with technology. And although there is an upfront investment or cost to retrofit an existing building, once installed, additions such as optimised lighting make running these spaces much more cost-effective to the building owner.
The Role of the MSP
Managed Service Providers have a valuable potential role to play beyond providing Digital Communications and collaborative infrastructure including high speed internet lines, Wi-Fi and cloud based collaboration technology such as Microsoft Teams. The MSP can work with an emerging ecosystem of expert IoT infrastructure, device and applications companies to deploy IoT sensor devices, capture and flow data to cloud based applications for insight and action. The MSP can become the agent of new efficiency gains for buildings and their users, generating new income streams and increasing user satisfaction.
Conclusion
People are the largest investment of an organisation, and as new technologies evolve to make their lives easier and safer, it is important to look at which technologies, strategies and approaches will create the most positive, productive and efficient impact for your office and users. IoT technologies, effectively overlayed and combined with existing digital infrastructure and collaboration initiatives, potentially deliver new data insight to further improve and enhance the intelligent workspace and productivity. An ecosystem of expert IoT companies working with incumbent MSPs can be an effective design, deployment and management mechanism for tapping into the intelligent workspace opportunity.
Interface Magazine talks to James Shanahan, CEO Revolut Singapore, regarding an exciting new dawn of digital banking…
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The banking sector has experienced so much disruption in recent years, hasn’t it?
My background is in banking and insurance for many years. One of my observations ever since has been the emergence of internet banking where the operating models of banks are very much outdated and customer experience is lagging behind what customers expect and experience in other industries. One of the opportunities that Revolut brings to the table or has built, in fact, is that we continue to expand on a new perspective on customer experience and a new perspective on the underlying operating model of banks. We’ve built, and continue to expand on, a global operating model. It’s a contemporary approach with a single underlying infrastructure; one that makes the business highly scalable. And I think in order of magnitude, less costly and more efficient than your run-of-the-mill bank.
Why is this so important?
This is important because when you take a zero off the cost of pretty much anything, you can change the world. And we’ve seen that in many industries in the past and as we move down that path with Revolut, we can see that as we bring ourselves into more and more markets. The difference that makes to our customers and the difference that makes to our ability to scale the business very rapidly is immense. The fundamental business model of banking is the balance sheet, leveraging the balance sheet, taking in deposits, lending those deposits out, and essentially, making a margin on that business. That business is not being disintermediated. The balance sheet business of a bank is intact and sound and will continue on for hundreds of years into the future, is my expectation. However, the surrounding systems, the surrounding protective systems, whether they’re credit systems, whether they’re profit and loss generating platforms or new product platforms, you will want to cut the G and L platform: the credit scoring, the risk engines, all of these are designed to protect those balance sheets. And then, of course, we get to the distribution where the high cost of branches, the high cost of ATM networks, are the millstone around the neck of banks that no longer performs the way it has done in the past. I mean, with the advent of technology, we can disintermediate at that level.
How does a restructuring of a platform help?
Looking at it from a more holistic perspective, the business model of a bank is intact, but the way it is carried out is dramatically or vastly inefficient to what’s possible using the kind of technology we have available today. And so, when you reimagine that from the perspective of an organisation like Revolut, you can conceive of a global bank that operates on a single common platform. You can conceive of a global bank that shares the same operating model universally. And when you start to do that, you are able to scale the business far more rapidly than any bank. Most banks, if you look in their scaled markets, are going to be individual stacks. The stack we have in one country is different from the stack that we have in another country. And that leads, obviously, to very high cost and the inability to move rapidly and to act in a very agile manner. So, by re-conceiving the infrastructure of a bank, if you like, the way that a bank delivers its services, you can take an order of magnitude off the cost, number one, and you can bring a level of experience to the customer that’s not hamstrung by old tech, by old thinking, by siloed approaches, and even a silo at a country level. Because frankly, that school of thinking, that style of thinking is really what’s held banks back and continues to do so, today.
I guess changing is coming to many banking enterprises?
There are some banks starting to move out of that mindset, but it’s like turning the ocean liner. And we’re coming along in perhaps not a speed boat anymore, but in a fast-moving, rapidly expanding boat that can move quickly, can turn quickly and can speed past, some of the incumbents in the market. In any market, we always overestimate what can be achieved in one year, but we dramatically underestimate what can be achieved in 10 years. So, Revolut is five years into its existence. I mean, ask me that question in five years or 15 years, and I hope to show you that Revolut is a global bank with tens, if not hundreds, of millions of customers on board able to operate at margins which put banks in their current form to shame.
Security issues obviously increase with these transformations…
Well, look, security is a war, and a war that will continuously wage. I think there’ll be no end to that. The good guys versus the bad guys will go on forever. What I see is this is increasingly… What we all see is a tech battle as we move to technology as a way to distribute financial services. I think a company that has a stronger tech underpinning and is digitally native, if you like, in its understanding of that technology, will always fight a better battle than those who have to learn the tools of war and have to bring their approaches to a new battlefield, if you like. I think there’s a second part of it as well. So, not only the ability to leverage technology more completely and with more modern and up-to-date tools, if you like, but also the usability factor here. So, a lot of security issues are not driven by weaknesses in the underlying security, but rather weaknesses in customers’ behaviour or lack of understanding on the part of protagonist in the transaction as to what might represent a less secure way of doing things. By having a lot of agility and flexibility on the front end with this customer experience, we can make it easier for customers to stay secure. We can educate them through the way that the application is laid out, through the way the customer journey moves. And we can avoid situations by running, if you like, a rule set or machine learning, or some artificial intelligence tools around the transactions, in addition to the usual transaction monitoring tools and protection tools to guide customers and to help them in a way that many, I think, less contemporary organisations don’t have the flexibility to do. That allows us to do, build in a level of customer awareness of security right from the beginning, and to adjust that on the fly. We can adjust our front ends very, very quickly and lead customers to a better position.
Does this inevitably lead to lower fraud rates?
We find our fraud rates, for example, to be significantly lower than industry standards right across the board. And I think this does reflect the fact that we have a more agile and more technologically-sound understanding of what’s going on, and we can apply it more completely. There’s also something to be said for the ability to manage customers’ expectations in this regard. So, it’s quite clear coming onto a digital-only platform from a financial services perspective, that customers need to be educated, need to be made secure, need to be reminded, if you like, or nudged in the right directions. And that’s easy to achieve with a digital front end much more so than, in a branch or an ATM machine or other offline kinds of environments. So, I think the opportunity to be vastly more secure is built into the operating nature of what we’re doing here with Revolut and other technology platforms.
I guess Covid has driven some of these changes…
You could argue that, absolutely. I think a lot of our customers are driven by convenience, less so than an age demographic. And I think convenience also raises a question in people’s mind, “Whilst this is easier to achieve, am I being safe? Is my bank, A, being responsible, and B, do I inherently understand the change in risk profile that I’m taking on with moving to this platform?” I think in the end… I don’t know. Maybe let’s leave it at that now. Obviously, there’s been some changes in customer behaviours. I mean, despite all the best intentions, travel has evaporated around the world, as we’ve come to see. So, spending has been affected, but I would say that it’s more muted than we expected. We saw a change in our customers’ behaviour and a dip in spending, but we’ve also seen a rapid recovery from that, in particular as people moved online. So, an acceleration in the tendency of people to move online occurred. Perhaps we saw three to five years’ worth of growth in several months in some markets. And then, secondly, I think it creates almost like a pendulum effect. When people are unable to spend, particularly in their disposable income, a demand builds up. And as we saw in various markets now, as lockdowns were eased or removed, we’ve seen spending bounce back, and again, with the pendulum effect, in some cases higher than it was before we went into the COVID period.
According to a recent report from ABI Research, the digital twin market is expected to grow from $3.8bn , as of 2019, to $35.8bn per year by 2025, with more than 500 urban digital twins expected to be in use.
So what’s behind this expected growth? Well, perhaps unsurprisingly, COVID19 has meant that now more than ever before we need to increase resilience and optimise resource management.
Michael Jansen, CEO of Cityzenith, sits down with us to explore the booming digital twin market and what role digital twins could play in tackling a global pandemic…
A business that’s fully and passionately dedicated to ¨promote beauty to achieve personal fulfilment¨, Belcorp is creating something new for itself that’s not a cultural reset, per se, but a cultural reboot. The message behind this Latin American beauty corporation, which operates across 14 countries, remains the same – but it’s now better, stronger, even more deeply ingrained in each and every fiber of the business. What is, on the face of it, a digital transformation for Belcorp has actually been a full people-centric makeover from the inside-out – it just happens to have been driven by technology. With his hand on the tiller is Venkat Gopalan, Chief Technology, Data & Digital Officer for Belcorp, who stepped in 18 months ago to help push the digital plan, resulting in a hard press on the fast-forward button for the company’s development.
Elsewhere, we catch up with Lori Snyder CIO, Information Systems & Technology at the State of Nebraska for the Department of Health and Human Services, to see how the state is using digital strategies to battle COVID-19. Plus, we have exclusive interviews with former Apprentice winner Mark Wright, Director of Climb Online and James Shanahan, CEO Revolut Singapore. We also list 5 essential tips to building an intelligent workplace.
Engaging members virtually and competing in the fast-developing digital fitness market…
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One of the UK’s leading technology developers, which works with operators to deliver virtual fitness content to their customers via livestream classes and premium on demand fitness channels, connecting over 300,000 activity users with over 6000 providers, has partnered with a global health and fitness giant.
Move and Les Mills are partnering up to provide a key element of Les Mills’ new digital content solution empowering health and fitness operators to engage their members virtually and compete in the fast-developing digital fitness market.
The turnkey platform means operators can host Les Mills Content in their own branded ecosystem (web and app) which can be seamlessly integrated into their existing membership system, as well as livestream their own content.
Commercial Director at Move, Justin Mendleton, explains how the partnership helps solve the challenges that the fitness industry faces:
“The demand for virtual fitness products and services continues to accelerate at light speed. It’s going to be a critical part of every operator’s offering long after the pandemic has receded.
We know that operators face huge operational and technical challenges launching and sustaining a high quality digital solution. That’s why we’re thrilled to partner with Les Mills to deliver world class fitness content and world class digital technology that all operators can benefit from.
Read our exclusive interview with Jean-Michel Fournier, CEO of Les Mills Media:
Locking down a virtual strategy now is essential: according to a recent paper from Allied Market Research the global digital fitness industry is now expected to grow by nearly £4bn between 2020 and 2024.
Some of our partners taking advantage of our digital engagement expertise are already using Virtual Studio and seeing retention rates as high as 79%. Having a high quality digital solution during these lockdowns has been an absolute lifeline for them.
If you want to continue to engage and retain your members, it’s pretty clear what you need to do.”
Physical stores do not offer the same browsing experience as we would usually expect…
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There is no doubt that the coronavirus pandemic has changed the landscape of the retail sector. Social distancing regulations and civil anxiety surrounding the virus mean that physical stores do not offer the same browsing experience as we would usually expect. Meanwhile, a growing reliance on online shopping has been boosted by instructions to remain at home as much as possible.
The impact of COVID-19 and our new shopping behaviours have a profound effect on retailers. Changed buying experiences, falling and rising sales, and new consumer demands have defined an adverse year in retail. Here, we look at how customers and businesses have been affected by these changes.
Rising and falling sales
The Office for National Statistics points to eight key industries within the retail sector to define its overall performance since the start of the pandemic. Only two industries managed to increase their sales in the immediate months following lockdown. Unsurprisingly, these were food stores and non-store retailing (otherwise known as businesses which do not utilise a traditional brick-and-mortar location). All other industries within the retail sector saw their figures drop the most in April.
While most industries have since recovered and now show high sales figures when compared to February, two still fall behind their historic performance. Clothing and fuel saw sales drop by 67.6% and 60.7% respectively. This is significantly lower than the 22.2% drop the entire retail sector experienced. The latest figures indicate that the pandemic’s impact is still damaging. In October, clothing was still 13.8% below February sales. Fuel was still 8.8% down.
The reasons for these fallings are a consequence of reduced demand. Limited social activities reduced the need for new clothing. Working from home, furlough, and further travel restrictions also reduced the need for fuel.
However, there are some promising industries within the sector. Household goods now achieve sales 14.4% above what they achieved in February, despite falling 50.5% in April. In fact, this recovery is seen across the board. Total retail in October achieved 6.7% more sales than it did in February. This indicates that the sector should remain optimistic for a stimulating recovery and boost when restrictions are eased, and normal consumer behaviour resumes.
An online boost
During the initial national lockdown, non-essential stores closed to prioritise the public health crisis. Unsurprisingly, consumers became more reliant on online shopping services as reflected in the rise of none-store retailing sales. But the lockdown changed more than the shopping experience, the limitations on public activities changed the demand for some products and services. For example, where social activities were limited, exercise was encouraged. In-store clothing retailers felt the force of lockdown, but for online sport sales companies, sales saw a significant boost. Cycling saw an increased popularity during lockdown, with many searching for more isolated ways to exercise and commute to work. For example, Google searches for ‘mountain bikes’ increased by 522% between February and April in 2020.
One bike sales company, Leisure Lakes Bikes, shared how their online activity grew during the pandemic. Demand for bicycles increased. In fact, visits to their website increased by 295% between March and April — only one month. By May, visits to their website had increased by 580% compared to March. The appeal of cycling during the lockdown was strong.
Time on their website also increased. Between March and April, the average time spent on the website increased by 57%. This shows that consumers are spending longer online, researching products and showing a real intention of making a purchase. One consumer survey found that 55% of customers prefer to visit stores before buying online. COVID-19 is directly responsible for changing this consumer behaviour.
This example reflects changing customer demands and the impact of selling online. Recognising the retail landscape, offering a product which consumers need, and offering an unchallenging buying experience will allow modern retailers to benefit during this period of uncertainty.
Prioritising responsibility
The retail sector is adapting to the changing views of consumers. Customers look towards stores to provide a safe and COVID-secure environment through hand sanitation stations, social distancing recommendations, and PPE equipment and cleanliness among staff. However, the coronavirus pandemic has not just pointed towards an improved health awareness in businesses. Other aspects, including the environment and social contributions, are a focus of consumer choices.
The pandemic has created a sense of ‘mindful retail’. One consumer index suggests that during the pandemic, 55% of people are shopping in local stores in their community or are buying more locally sourced products.
In the same manner, 61% of consumers say they are making more environmentally friendly or sustainable choices when shopping. Even more, 89%, of these people intend to continue this habit when the crisis ends. This means that a majority of people intend to prioritise sustainability in the future through their shopping choices.
Retail businesses have responded to these changing behaviours, promising to ‘build back better’ in the future. While the pandemic may have impacted the affectability of sustainable strategies, there is a clear drive to improve the retail sector in the future in this respect. One study of the largest businesses in the retail sector shows this intention. Retail giants, including Dunelm, B&Q, and IKEA lead among companies which mention sustainability most through their social media and professional platforms. Measures may include recycling, limiting waste, and utilising renewable energy.
The retail sector has been irreversibly impacted by the coronavirus pandemic. Whether looking towards consumer behaviour, e-commerce rises, or company culture, retail businesses must reflect on their potential recovery in the future and understand how they can improve on their services going forward. As the pandemic recovery continues, businesses must adapt to the constantly changing landscape of retail
Almost two thirds received additional funding to accelerate initiatives…
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Coeus Consulting, an award-winning independent IT advisory, today announced findings from its annual CIO and IT Leadership Survey 2021. The survey of senior IT leaders explored how they have had to urgently prioritise and accelerate programmes during the pandemic over the past 12 months.
Remarkably, over half (53%) claimed they were able to implement a strategic shift of their entire business operations to digital and almost three quarters (68%) of respondents either strongly, or generally agreed, that acceleration helped them to digitalise more of their operations.
Half of organisations were still amid their digital journeys or in the planning stages when they had to re-prioritise and pause non-urgent initiatives to focus on operational continuity during the pandemic. In fact, 70 per cent of organisations surveyed prioritised end user solutions (EUS) such as remote working, 52 per cent prioritised operational stability, closely followed by cost optimisation (50%).
“The proficiency that businesses have demonstrated in their prioritisation and acceleration of critical initiatives is a huge triumph. Being able to re-direct resources and cutting down their time to market in digitalising the organisation is no easy feat, particularly in the throes of a global pandemic” said Ben Barry, Director, Coeus Consulting.
Despite this, the speed at which organisations were forced to adapt meant that short term and tactical business decisions had to be made, with over three-quarters (78%) of respondents stating they had implemented ‘quick fix’ solutions.
“Businesses will need to revisit these over the coming months to build on these capabilities with more permanent solutions for the future and ensure that all changes made in response to the pandemic are assessed to identify any tactical risks accepted and create a plan to mitigate, update or accept all of them” Barry continued.
As a result of deploying ‘quick-fix’ solutions, organisations were confronted with operational, as well as strategic difficulties including agreeing priority changes, implementing the solution and post implementation, each of which encompassed numerous challenges.
Challenges in agreeing the priorities for 2020 included security, which was key for over half of the respondents. This was followed by governance constraints (44%), business risk aversion (37%), employee reluctance/education (32%) and board level resistance (22%).
Fifty per cent of respondents cited cost of implementation as the biggest challenge, followed by delivery of bandwidth (42%), integration difficulties (41%) and lack of skills and expertise (37%).
Post implementation challenges included respondents experiencing negative process impacts (53%) and increased operating costs (45%). Customer and user perceptions were also adversely affected for almost 40 per cent as organisations tackled uncertainty and their own internal changes.
These factors were likely exacerbated by the fact that business and IT leaders had to make these decisions rapidly and in a short time frame, having to balance risk with maintaining operational continuity.
Additionally, 82 per cent agreed that business and IT leadership played a key role in improving ways of working and minimising disruption across the business. Furthermore, almost 70 per cent of respondents stated that IT leaders were crucial in accelerating large scale deployments in EUS and about a third prioritised initiatives in improving customer experience, increasing revenues and developing or changing products.
Almost two-thirds of organisations noted they had received additional funding to help accelerate priority projects, but a large majority of those surveyed (63%) agreed that re-scoping, undoing projects, renegotiating and stalling contracts, as well as redeploying resources, will likely cause ongoing business impacts, and we would expect the cost of doing so to be significantly high.
Despite challenges with costs, the IT budget expectations show that CIOs across all sectors are expecting their budgets to remain untouched (28.6%) or increase (22.1%) as businesses recognise that IT is a critical part of delivery in all sectors.
Barry concluded – “As we move forward, organisations must reflect on these implementations, challenges and the role of IT as they look to establish a more permanent shift to a new hybrid workforce in the future.
IT Leaders and their teams have had a great opportunity to show their value and will continue to drive the strategic agenda in 2021 and beyond. This increased visibility and the business’ dependence on IT has given them an opportunity to demonstrate that IT leads in terms of business transformation, and should be funded accordingly.”
IoT data set to unlock significant innovation over the coming years…
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What organisations can do with data is set to dramatically shift in 2021 and beyond, according to IoT connectivity specialist Eseye, as more IoT devices are deployed and the data they generate dwarfs that collected through traditional online channels. Eseye predicts that data mined from user interactions with things rather than digital services will create a wealth of rich data, bigger and more detailed than online data ever was, enabling new business models, the creation of new products and services and new levels of understanding of human behaviour.
Services like Amazon, Facebook and Netflix capture a wealth of consumer usage and behaviour data which is stored, analysed and used to digitise and reinvent shopping, social interactions and entertainment as custom personalised, data-driven services. This has had an extraordinary effect on the creation of new personalised services and new disruptive business models. As radical a change as this was, now IoT data is set to power unprecedented levels of innovation over the coming years.
According to Eseye, this innovation will be seen not just in the next generation of classic IoT devices, which will become much more interactive and personalised to real time behaviour, but also in the development of a new set of devices created through the fusion of multiple sensors, cellular connectivity to the cloud and advanced AI techniques. This combination will enable near real time predictions of what services should be dynamically configured into those devices to maximise revenue and collect even more data and deliver huge value.
“IoT companies that see the potential, not just in the device but also in the data collected, will be the big winners,” comments Nick Earle, CEO, Eseye. “As we come out of the pandemic, organisations will be looking for new ways to innovate, and IoT data has the potential to disrupt business models and processes in practically every industry. Disruption, by its nature, comes from places we haven’t even dreamed of, but it can be radical. For example, the people who invented the internet could never have predicted the emergence of services such as Uber and Netflix. Likewise, we can only speculate around what IoT entrepreneurs will come up with once they have access to data from billions of devices capturing rich intelligence on every aspect of our lives and businesses. We predict it will be an even bigger wave of innovation than the first wave of IoT adoption.”
One of Eseye’s customers is already using rich data to predict diseases before they happen. A leading digital therapeutics provider manufactures and sells a next-generation clinical-grade wearable, which delivers actionable insights powered by machine learning, deep neural networks and AI on real time disease trajectory. This helps clinicians predict and prevent serious medical events. For example, chronic diseases, like heart failure, can lead to billions of pounds of unnecessary hospitalisations and re-admissions. Therefore, the potential benefits across the healthcare sector if this model becomes widely adopted are enormous.
Another example is how IoT is helping vulnerable people remain independent through condition monitoring, whereby such devices use personal health data combined with behavioural patterns, and analytics predict when changes in care regimes might be required. These are just two examples of millions of potential applications.
“In 2020 the pandemic has accelerated many of the IoT trends we predicted last year. That’s because an economic slowdown, like we are experiencing, puts enormous pressure on enterprises to reduce costs and increase customer delivered value. IoT does both of these things, and so the pressure for adoption is growing. This sudden need for new technological approaches has happened at a time when IoT is reaching a level of cost and maturity that allows for mainstream adoption. This will increase the ability to collect rich data from these next generation IoT devices, delivering unimaginable insights to power innovation in years to come,” adds Earle.
This is just one of 10 IoT predictions that Eseye is forecasting for 2021 and beyond. Others include how IoT can deliver real time visibility into the food supply chain with technology advances such as printing IoT circuits, batteries, and cellular connectivity onto flexible labels. It’s exploring how IoT – as it becomes more integrated into consumer and industrial products – can provide brands with a direct line to customers, collapsing supply chains to bring original equipment manufacturers closer to consumers.
Furthermore, Eseye is also analysing how mobile network operators (MNOs) are adapting to compete globally and why a federation approach creates a more viable economic model for MNOs to deliver IoT, as well as the emergence of virtual MNOs. Eseye announced its global alliance of MNOs, The AnyNet Federation, in 2019 and over the last year the AnyNet Federation has grown to 12 MNO members, a number which Eseye expects to further grow in 2021.
To find out more about Eseye’s 2021 IoT predictions, download the report here.
How investing in your workspace could improve your business and the bottom line…
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The past year has been an experiment in different working environments. Workers are again being asked to work from home during the third national lockdown in England while similar restrictions are advised in Scotland. However, the dramatic shift to working from home flexibility has outlined the importance of a good working environment.
If working from home showed very little difference in the productivity of your business, you may want to consider how you can make your office space more productive in 2021. The vaccine drive throughout the UK raises optimism that a return to normal working arrangements can resume in the close future. When returning to working space after restrictions are eased, to protect yourself from company liquidation, you may want to consider how investing in your workspace can improve your business and the bottom line.
Build it and they will come… to work
How does your office space define your branding? While a unique office space can be superficial and potentially unnecessary to complete real work, you must consider the benefits of creating a space that people want to work in. Using the period where workers cannot visit the office is the perfect time for refurbishments. Construction and maintenance work is permitted during this lockdown, meaning you can create a refreshed space for when your staff return to the site.
A great working environment can boost worker morale, promote motivation, and improve your staff’s quality of life. One report found that an overwhelming 87 per cent of workers would like their employers to offer healthier workspace environments. These include wellness rooms, fitness benefits, ergonomic seating, and adjustable sit-stand desks. The appeal to make investments and create this type of space is not purely for your staff morale scores. It can help attract the best talent in your sector.
In fact, 93 per cent of workers in the tech industry said that they would stay longer at a company that offered this type of workspace. In the UK, the average cost of replacing a staff member is £12,000. The retention of your staff is important as trained staff carry the experience of your organisation, and keeping them prevents the costs of training new team members. Investing in your office space may prevent you from spending more money on losing staff.
A defined workspace
Working from home has been a unique experience for many people that were not placed on furlough during the coronavirus lockdown. However, some may have found that the novelty wore off quickly. Having a defined workspace away from home is an important investment for creating a focused environment.
When you consider that with an eight-hour working day, workers spend over one-third of their waking life in the workplace. A defined workspace is as important as a defined bedroom or kitchen.
There’s a big difference between preparing yourself for office work compared to falling out of bed and sitting in front of a laptop screen.
Promoting collaboration and innovation
Again, as important as it is to have a defined workspace, it’s also important to be surrounded by your colleagues and like-minded people. Office space can help new ideas float about easily, as opposed to the online group-chat messages that we’ve become accustomed to.
When restricted to small teams, staff will create a tunnel vision of their task, with little regard for the effects on the rest of the organisation. An open office space can help create routes of communication between your staff and departmental teams. Your task may be specific, but the final goal of your organisation is encompassing.
A sociable workspace is essential for innovation and productivity, but it also helps to prevent sick days. Nicole Fink writes that the economy loses money through “lost productivity including absenteeism, illness, and other problems that result when employees are unhappy at work.”
According to reports, absences cost the UK economy £77.5 billion per year. The need to boost morale and reduce absence can be achieved through the creation of an enjoyable working environment. A working space that creates a sense of community and wellness goes a long way to recover the cost of absenteeism.
Make efficiency quickly
An organised working space has more benefits than you may think. Investing in office furniture can help prevent clutter and make important information easier to find.
One survey found that 13.5 per cent of workers believe that they would be more productive in an organised and decluttered space. Decluttering is an easy fix with low investment costs, and the effect of using cable ties and efficient file storage will improve your business dramatically.
34 per cent of people believe that a cluttered workspace is the most likely reason to have a negative first impression of a company. This is important for clients and potential employees. If a business does not look like it is prepared for organised work, then other clients and staff will not want to work with them.
When considering the most viable investments that your business can make now, the return to work experience should be a priority. Office spaces are at the heart of your organisation and the foundation for all things creative. When workers return to the office following the easing of lockdown restrictions, the workspace can revive enthusiasm in your business. Workers will enjoy reuniting with their colleagues in a productive environment.
Whether it’s to create a space where workers feel happy or productive, for clients to recognise your value, or to increase the efficiency of work, you can profit in more ways than one from creating an office space that works for everyone.
Chris Horner is Insolvency Director at Business Rescue Expert
A global shift to remote working has accelerated digital transformation and prompted a higher degree of focus on cybersecurity, according to Kaspersky’s latest report.
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A global shift to remote working has accelerated digital transformation and prompted a higher degree of focus on cybersecurity, according to Kaspersky’s latest report.
Transitioning from a corporate office environment to working from home, coupled with financial restraints due to economic recession, has seen challenges presented to cybersecurity experts not many had seen before.
From February to March 2020, a 569% growth in malicious website registrations was detected and reported to INTERPOL, including malware and phishing. In April, there was a huge spike in ransomware attacks by multiple threat groups that had been previously dormant for months.
Cybercrime threats are expected to rise as more opportunities present themselves in the coming months. Fake vaccine registration websites will aim to steal data, whilst business email compromise schemes aim to take advantage of the economic downturn and shift in the business landscape.
Protecting the perimeter of a company is no longer enough: there is a desperate need now for home office assessment with tools to scan the level of security. Discouraging poor internet practices such as connecting to an unprotected Wi-Fi hotspot should be top of the list, with VPNs and multifactor authentification systems being offered as a solution.
With an increased reliance on cloud technology and services, dedicated management and protection measures are now a necessity for businesses. Around 90% of employees use non-corporate software and cloud services, such as messaging apps, and this is unlikely to change any time soon.
To ensure that any corporate data is kept under control, better visibility over cloud access will be necessary. IT security managers will need to align themselves with this cloud paradigm and develop skills for cloud management and protection.
This is why, according to Kaspersky, the quality of protection is “no longer up for discussion.”
“Quality protection is now a must have,” report Alexander Moiseev, Chief Business Officer at Kaspersky.
“Another major trend is that deep integration between various components of corporate security, ideally from a single vendor, now plays a bigger role. For instance, there was a long-held belief in the industry that various specialised solutions from various vendors can help create the best combination for protection.
“Now, organisations are looking for a more unified approach with maximum integration between different security technologies.”
You can read Ksapersky’s “Plugging the gaps: 2021 corporate IT security predictions” report in full HERE.
According to the latest ONS figures, the impact of Covid-19 restrictions on the physical retail sector has been mixed. Stores…
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According to the latest ONS figures, the impact of Covid-19 restrictions on the physical retail sector has been mixed. Stores selling hardware, paints and glass, for example, saw a 13% increase in the value of retail sales compared to last year. Others have been hit particularly hard – with clothes store sales down by more than a quarter (26%) in the same time frame.
The forthcoming wave of vaccinations promises to restore the UK’s economy to a more stable position. Nonetheless, we must consider the possibility that changes in consumer behaviour may linger even when lockdowns and social distancing are a thing of the past, as well as how different sub-sectors within the industry will be affected.
Let’s therefore look at two opposing, but equally possible scenarios on the road ahead.
Scenario A – Opening the floodgates
After months of being cooped up at home, customers flock to town centres, industrial parks and shopping centres to exercise their freedom to purchase goods in-person. Sales volumes increase, but supply chains become stretched due to spikes in product demand and store inventories become more difficult to effectively manage.
In addition, disruption to both the need and availability of workers in the months prior leaves stores understaffed, leading to long queues and disgruntled customers. Finally, customers who for months have been encouraged to go cashless are now making far more card and contactless payments, leaving some POS systems struggling with the uptick in data traffic and leading to more frustration for staff and customers alike.
Scenario B – The high street ghost town
For many, shopping online during the pandemic switched from something people wanted to do to something people needed to do. As a result, those who were previously sceptical or unfamiliar with technology (or who simply preferred shopping in-person) had to familiarise themselves with the process. Of course, although many within this group may still be averse to e-commerce today, we must assume that at least some will use their newfound familiarity to continue shopping online in the post-Covid era.
In this scenario, customers new to e-commerce have been swayed by the user-friendliness, low prices and fast delivery on offer online. As a result, footfall on the high street struggles to recover to pre-pandemic levels, creating a tough environment for the small independent retailers who compete with the online giants.
Preparing for every outcome
While these two scenarios are diametrically opposed, the Internet of Things (IoT) could help address some of the issues described in both situations. Comprising a dynamic network of sensors, devices and equipment, the IoT makes it possible to view and interact with physical objects as easily as files and folders on a computer. In other words, the IoT creates a digital overlay that sits across the physical infrastructure of retail stores, effectively facilitating the agility of online shopping in a physical space.
It will require investment, but securing the future is a goal that pays dividends. Here we look at the solutions the IoT has to offer in these two scenarios.
Solution A – Unlocking efficiency at every stage of the supply chain
Preparing to mitigate the negative outcomes in this scenario requires retailers to take a hard look at the systems they have in place, identify areas in urgent need of greater efficiency, and implement new IoT tools to address them:
Real-time supply chain – inventory sensors and POS data are integrated into a direct communication system with supply chain partners, triggering automated manufacturing and production systems and adjusting stock delivery schedules accordingly.
Data-driven decisioning – capacity sensors linked to data analytics platforms not only track the number of customers in-store, but analyse seasonally-adjusted data relating to the length of time customers spend in the aisles and predict where and when staff will be needed.
Robotic process automation (RPA) – from processing supplier deliveries to quarterly stock counts, RPA systems automate time-consuming tasks that happen behind the scenes, freeing up staff time for better workforce scheduling and more focus on customers.
Solution B – In-store customer experience unmatched by online retailers
Innovations such as live product tracking and same day delivery have recently tipped the customer experience race in online retailers’ favour. To attract new customers and retain their business, brick-and-mortar stores must emulate the dynamic, digital and personalised experience offered by their online counterparts:
Interactive digital displays & kiosks – positioned at the store entry, customers can benefit from an optimised in-store journey and a highly personalised experience by viewing commonly bought items, their location within the store and in-the-moment marketing offers based on purchase history.
Roaming POS – queuing is eliminated as tablets carried by staff process customer payments anywhere in the store. In addition, RFID scanners built into trolleys and baskets can total large volume purchases in real-time, without needing to take a single item out to scan.
Customer application integration – in-store geotargeting systems can link via Bluetooth to customer-facing smartphone applications to help locate specific items and provide other useful pieces of information, such as stock levels, current offers and the location of staff.
LTE & SD-WAN branch networking: laying the foundations for the future of physical retail
Regardless of which scenario becomes a reality, any subsequent IoT strategy must begin with a reliable, secure and agile network. The first step is cutting the cord with fixed broadband connectivity and setting up a private in-store network running on LTE. Also known as wireless WAN (WWAN), this solution offers retailers greater levels of flexibility thanks to out-of-the-box connectivity and unparalleled reliability through multiple network channel management.
The second foundational requirement for retail IoT is SD-WAN. With the sheer quantity of network applications running in most branches, cloud monitoring and troubleshooting features – including automated alerts – SD-WAN enables retailers to cost-effectively manage WAN conditions at widespread locations. Crucially, SD-WAN also allows secure VPNs to be established in a matter of minutes, providing robust protection for devices and sensitive information, such as customer payment data.
Survive and thrive in the future of retail
The past year has been an uphill struggle, not least for retailers contending with limited footfall in their physical stores. Investing in new technology may not be top of mind for all retail businesses in the immediate future. But for those who are able and willing to make small adjustments to innovate may find they are able to unlock efficiencies in their supply chain, improve their in-store experience and attract and retain new customers once lockdown restrictions start to ease.
74% of businesses are boosting their marketing and consumer research budgets this year, to better reach potential customers.
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74% of businesses are boosting their marketing and consumer research budgets this year, to better reach potential customers, according to new research from Stravito, a leading provider of knowledge management software for insights.
The research, which was conducted by independent polling company Censuswide, surveyed 200 business decision makers in large and medium sized UK companies in the last week of December 2020.
It revealed that 76 per cent of business are set to overhaul their customer engagement strategy in response to the disruption and dispersal caused by the Covid-19 pandemic, suggesting that many companies are already anticipating 2021 to be the year that they ‘bounce-back’ from the difficult period caused by the crisis.
Interestingly, 82 per cent of surveyed decision makers agreed that data-driven insights are a top priority for them in 2021, and a whopping 83 per cent agreed that improving communication and relationships with customers will be critical to their business growing this year.
Similarly, 72 per cent of business decision makers agreed that their company needs to improve its knowledge and research sharing capabilities in order to improve sales in 2021.
Thor Olof Philogène, CEO and co-founder of Stravito, commented:
“In this pandemic era, connecting to consumers on a ‘human level’ is more important than ever, and demonstrating empathy and understanding with customer concerns and needs is imperative.
“This process must start with comprehensive market and consumer research to help inform business strategy and understand exactly how consumer behaviour and expectations has adapted over the course of the very eventful last 12 months. With workforces still distributed, and remote working here to stay for the foreseeable future, it is essential that research and business insights are made available to all departments and workers in a given company, so that there is no misalignment in knowledge or customer acquisition strategies. Getting instant access to all available market research at the touch of a button will also go a long way to preventing knowledge silos developing between already distributed workforces and departments.”
Deal volumes up 18% and deal values increase 94% in second half of 2020
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M&A valuations are soaring, with rich valuations and intense competition for many digital or technology-based assets driving global deals activity, according to PwC’s latest Global M&A Industry Trends analysis.
Covering the last six months of 2020, the analysis examines global deals activity and incorporates insights from PwC’s deals industry specialists to identify the key trends driving M&A activity, and anticipated investment hotspots in 2021.
In spite of the uncertainty created by COVID-19, the second half of 2020 saw a surge in M&A activity.
“COVID-19 gave companies a rare glimpse into their future, and many did not like what they saw. An acceleration of digitalisation and transformation of their businesses instantly became a top priority, with M&A the fastest way to make that happen — creating a highly competitive landscape for the right deals,” says Brian Levy, PwC’s Global Deals Industries Leader, Partner, PwC US.
Key insights from the second half of 2020 deals activity include:
Dealmaking jumped in the second half of the year with total global deal volumes and values increasing by 18% and 94%, respectively compared to the first half of the year. In addition, both deal volumes and deal values were up compared to the last six months of 2019.
The higher deal values in the second half of 2020 were partly due to an increase in megadeals ($5 billion+). Overall, 56 megadeals were announced in the second half of 2020, compared to 27 in the first half of the year.
The technology and telecom sub-sectors saw the highest growth in deal volumes and values in the second half of 2020, with technology deal volumes up 34% and values up 118%. Telecom deal volumes were up 15% and values significantly up by almost 300% due to three telecom megadeals.
On a regional basis, deal volumes increased by 20% in the Americas, 17% in EMEA and 17% in Asia Pacific between the first and second half of 2020. The Americas saw the biggest growth in deal values of over 200%, primarily due to some significant megadeals in the second half of the year.
COVID-19 accelerates deals activity for digital and technology assets in a highly competitive market
In demand assets have commanded high valuations and fierce competition, driven by macroeconomic factors. These include low interest rates, a desire to acquire innovative, digital or technology-enabled businesses and an abundance of available capital from both corporate (over $7.6 trillion in cash and marketable securities) and private equity buyers ($1.7 trillion).
By comparison, assets in sectors that have been hardest hit by the pandemic like industrial manufacturing or those being shaped by factors such as the transformation to net zero carbon emissions are creating structural changes that companies will need to address. Where the future viability of their business models are challenged, companies may look to distressed M&A opportunities or restructuring to preserve value.
Deal makers widen assessment of value creation to non-traditional sources
Non-traditional sources of value creation such as the impact of environmental, social and governance factors (ESG) are increasingly being considered by deal makers and factored into strategic decision-making and due diligence, as they focus on protecting and maximising returns from high valuations and fierce demand.
“With so much capital out there, good businesses are commanding high multiples and achieving them. If this continues – and I believe it will – then the need to double down on value creation is now more relevant than ever for successful M&A,” says Malcolm Lloyd, Global Deals Leader, Partner, PwC Spain.
The impact of a hot IPO market on M&A
The last six months saw the prevalence of the use of special-purpose acquisition companies (SPACs) to pool investor capital for acquisition opportunities in a highly active IPO market. In 2020, SPACs raised about $70 billion in capital and accounted for more than half of all US IPOs. Private equity firms have been key players in the recent SPAC boom, finding them a useful alternative source of capital. More SPAC activity is expected in 2021, especially involving assets such as electric vehicle charging infrastructure, power storage, and healthcare technology.
Canonical’s Charmed OpenStack will enable industry-leading cloud-based online charging system
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Canonical, the publisher of Ubuntu, today announced that its Charmed OpenStack has been selected by Telefonica Brazil to – in a first for the region – migrate its online charging system (OCS) to its private cloud, Unica Next. The transformation project will see eight private clouds built on Charmed OpenStack, geographically distributed to service Telefonica’s customers in Brazil.
As the country’s biggest mobile operator with 76 MM mobile subscribers, Telefonica uses its OCS to give B2C & B2B customers real-time control and visibility of their precise usage across voice and data calls.
Instead of selecting a conventional virtualised environment, Telefonica opted for Charmed OpenStack for future scalability on which to build a long term roadmap. With new market trends such as 5G, this migration will give Telefonica the agility to develop new features at scale, staying ahead of customer demand by providing more advanced offerings with a faster time to market.
“Migrating our OCS application to the cloud will give us the base and agility we need in order to consistently offer best-in-class solutions for our customers,” commented Flavio Matiello, Head of PrePaid Platforms & OCS at Telefonica Brazil. “This selection was an obvious choice to enable us to scale our charging capabilities to a future-proofed private cloud platform.”
As the OCS requires close proximity to the network, the clouds will be geographically distributed in Brazil. This architecture will consistently deliver the low latency needed to meet the needs of Telefonica’s wide customer base and was a key factor in the selection of a private cloud infrastructure.
“Canonical is dedicated to enabling customers to drive new innovations and we’re pleased to have collaborated with Telefonica Brazil on its OCS migration,” said Nicholas Dimotakis, VP of Field Engineering at Canonical. “This represents a growing trend of telecoms companies moving towards OpenStack, and we’re excited to see what other cloud-based services this could open up across the industry.”
Telefonica’s OCS cloud will be built on Canonical’s Charmed OpenStack, and utilise Canonical’s open source tools to automate the deployment and operations of their infrastructure. Telefonica will benefit from Canonical’s Managed OpenStack offering for the ongoing maintenance and support of operations. The project’s initial phase was successfully rolled out in early August 2020.
“Canonical has been an important community member in helping make OpenStack among the most widely deployed open infrastructure software for telecom in new markets. We’re proud to see Telefonica Brazil choose OpenStack for its flexibility to support a fast-changing telecom landscape. But more importantly, we’re thrilled to welcome their team to the community, representing a growing user base in Latin America,” said Mark Collier, COO, Open Infrastructure Foundation.
Connected technology is of critical importance in this process, and is likely to be one of the key economic drivers going forward.
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Although we have bid a grateful farewell to 2020, the disruption and uncertainty we experienced are spilling over into 2021. If there is one thing that we learnt last year, however, it’s that we need to accelerate the pace of transformative change. Connected technology is of critical importance in this process, and is likely to be one of the key economic drivers going forward.
The digital and physical world continue to converge
2020 symbolises a turning point of adaptation to digital interactions in everyday life, be it working from home, ordering groceries or online schooling. Consumers in 2021 and beyond expect to experience a seamless blend of intertwined in-person and online interactions along the customer journey.
In the manufacturing world, we can expect the rapid growth of AI, IoT and other industrial automation technology, especially since human resources become less accessible and reliable.
Technology’s place in the boardroom
In 2020, technology proved to be a competitive advantage for some companies and a threat to the survival of others. In particular, the failure to have a genuine eCommerce presence cost many companies dearly. As a result of this, the lines between technology strategy and corporate strategy are beginning to blur. In order to survive and thrive, organisations need to assess their current tech capabilities and expand on future possibilities.
Data-driven decision making
To prepare for current changes and an unknown future, corporate and technology strategists need to have access to accurate data to analyse, identify trends, reduce wastage and inform their strategies.
The first step in this process is accurate data collection. This is enabled by Internet of Things (IoT) sensors and networks that are able to report on virtually anything, 24/7. The next step is the ability to analyse this data. Again, technology platforms with advanced analytics capabilities, automation and artificial intelligence (AI) are making meaningful analytics a possibility. By using tools such as cloud-based dashboards, organisations have the ability to:
– Identify internal and external strategic forces
– Inform decisions
– Monitor outcomes
– Develop strategies continuously and dynamically
Information technology accessed by everyone, but trusts no-one
Cloud-first, cloud-only
One of the first steps in digital transformation is modernising legacy enterprise systems and migrating them to the cloud. The adoption of cloud-based applications became particularly important in 2021, with a large proportion of the office-based workforce operating from home. In order to continue with business as usual, employees needed access to critical software and collaborative working. In 2021, organisations will adopt a cloud-first mentality when it comes to building or upgrading technology infrastructure.\
Zero trust is a must
In an increasingly digital world, cybersecurity is high up on the list of organisational risks. Zero trust security (which involves security measures that require everything to be verified) is shaping cybersecurity initiatives. In a zero trust architecture, there is no inherent trust, and every access request should be validated based on:
– User identity
– Device
– Location
– Any other variables that provide context to each connection
Access to data, applications and workloads is provided based on the principle of least privilege.
For most companies, the creation of a zero trust architecture will require third-party assistance from digital transformation experts in IoT spheres.
Supply chains move to the front office
Supply chains were once seen as ‘behind-the-scenes’ necessities. When COVID-19 hit, it quickly became evident that even the most resilient and agile supply chains were only as strong as the weakest links.
A recent survey of supply chain professionals found that 97% of respondents said that their organisations experienced disruptions related to COVID-19. The same survey found that 73% of respondents are now planning major shifts in the way they approach procurement and supply chain management.
In 2021, more and more organisations are realising that the way they conduct their supply chains can actually become a competitive differentiator. Accelerated by the COVID-19 pandemic, customers are increasingly looking for more streamlined supply chains, fast, contactless delivery and greater traceability. In addition, organisations are realising the value of data extracted through the supply chain network.
There is a growing trend to fit products with IoT-enabled sensors that provide 24/7 asset visibility from the source to the hands of the consumer. The ability to capture larger volumes of real-time data allows supply chain operators to mine this data for operational insights.
In addition, the use of drones, condition monitoring, robots and image recognition are making physical supply chains more effective, efficient and safer.
Contactless customer service
Delivery and shipping
Born out of customer desire to minimise physical contact, contactless delivery options will continue to develop in 2021. Contactless delivery is made possible by artificial intelligence-based applications and robotics.
Telemedicine
To minimise the risk of COVID-19 exposure in the healthcare sector, practices have started implementing more telehealth offerings. These include:
– Remote/video consultations
– A.I-based diagnostics
– No-contact medication delivery
Autonomous vehicles
Autonomous driving technology is set to make significant progress during 2021, with major manufacturers such as Honda and Ford announcing plans to mass-produce autonomous vehicles and launch autonomous driving ridesharing services.
Zero food waste
Food security came to light in the midst of supply and demand challenges brought about by the coronavirus in 2020. In 2021, reducing food waste is moving higher up the agenda.
The UN’s Food and Agriculture Organisation reports that more than 30% of the world’s food is lost or wasted every year. Smart technology can be used to reduce food waste, increase food security, and assist with better distribution of food resources worldwide. For example, automated, sensor-based inventory management and replenishment ensures that the correct quantities of food are ordered at the right time, completed without human intervention and inaccuracies.
Blockchain
And, finally, no series of predictions would be complete without a quick comment on blockchain technology. For the most part, the application of blockchain tech is overshadowed by its “poster boy” application—Bitcoin and other crypto currencies. However, as we move into a smarter age, the process accountability distributed ledger technology guarantees will ensure that 2021 will see greater transparency on ordering, delivery and workstream management, along with a host of tradable asset ledgers coming online. All of which will improve efficiency across operating lines and help cut waste.
Technology and transformation 2.0.2.1
These trends predicted for 2021 are connected by the thread of digitalisation and connected technology. The need for this transformation was accelerated by the ‘new normal’ necessitated by the coronavirus pandemic, which set the world on a course towards powerful new digital capabilities. Daunting as this may seem, having the right technology partners on board helps organisations take advantage of the critical technology trends of today.
A look at some of the most innovative advancements in the use of AI in healthcare…
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Technology has impacted every area of our lives, but arguably none more than healthcare. Thanks to advancements in diagnoses and treatments, we’re living longer, healthier lives.
One technology in particular that has revolutionised healthcare is artificial intelligence (AI). The machine-learning technology is used across the spectrum of healthcare, from robotic surgery assistance to virtual nursing assistants and image analysis. It’s even being utilised in drug research to streamline the discovery and repurposing phases.
As with many sectors, the application of artificial intelligence is perceived as a threat by some. Its ability to eliminate admin tasks and even take care of end-to-end processes has caused concern amongst healthcare workers. But it’s important to note the technology is an enabler and helps workers to be smarter and more efficient.
The use of artificial intelligence in healthcare has increased exponentially in the past year, with more intelligent applications than ever before. Here, we cover the most innovative advancements in the use of AI in healthcare recently.
Efficient drug development and testing
UK-based artificial intelligence firm Exscientia has used AI to develop a drug molecule from scratch. That’s right, AI is being used to create new drugs. The molecule forms part of a new drug aimed at treating patients with obsessive-compulsive disorder (OCD), which has entered into human trials in record time. The drug was available for clinical trials within 12 months, compared to the average of four-and-a-half years for the entire lifecycle of drug development.
Similarly, UK biotech company Healx has secured millions in funding to research and develop new drugs for rare conditions using artificial intelligence. Not only does artificial intelligence dramatically reduce the time between drug development and clinical trials, but it’s also projected to save millions on the research and development phases of creating new drugs thanks to how efficient it makes the process.
Processing cancer scans
The National Health Service (NHS) is using Microsoft’s InnerEye technology to automate the process of scans for prostate cancer. Once the scan is taken, the AI gets to work. It outlines the prostate in the scan and marks up any tumours. By automating this manual, laborious process, NHS staff can act faster and speed up prostate cancer treatment.
This technology is also being used to analyse scans from breast cancer screenings, outlining potential tumours. Experimental technology is currently being developed by the University of Nottingham to predict a patient’s response to chemotherapy. This combines breast cancer patient MRI scans, clinical data and advanced computational modelling to help clinicians to deliver personalised, right-first-time treatments.
Virtual GPs powered by artificial intelligence and machine learning are no longer a new innovation. But virtual patients have been introduced in the past year to train NHS staff. Because patients are currently advised to only attend the surgery in urgent situations, in-person training has been limited. The virtual patients utilise mixed reality, allowing trainees to role-play with a virtual patient via video instead of actors in-person.
Using this technology allows learners to build the soft skills required to deal with patients, including providing comfort along with bad news. Users also develop knowledge around building treatment plans and explaining diagnoses. The AI gives the user feedback in real-time so they can continually learn and improve.
Faster stroke detection equalling a lower impact
Viz.ai is a stroke detection solution which uses deep machine learning to identify patterns in a patient’s brain activity and accurately identify large vessel occlusions (LVO), which account for up to 46% of ischemic strokes. The AI will send a radiological image to the clinician’s smartphone, allowing medical staff to quickly triage patients and prevent the irreversible loss of the patient’s brain cells.
Medical professionals who specialise in stroke treatment and care will know that when it comes to treatment, every second counts. In fact, for every minute of additional time-to-treatment, 1.9 million patient brain cells are lost. One study shows that Viz.ai, on average, could prevent patients from being bedridden and requiring 24/7 care, and instead able to walk out of the hospital with no further care required.
Thanks to the utilisation of technologies like artificial intelligence and machine learning, the future of healthcare is bright. Not only can these advances take away laborious but important administrative tasks from clinicians, doctors and nurses, they can be used to create brand-new treatments, allow staff to train without the requirement of in-person actors, and even prevent stroke-induced disabilities.
Charities in the UK are reaping the rewards from GoPoolit – the world’s first social media for good
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GoPoolit, which was founded in the United Kingdom over the COVID-19 lockdown by fundraising professionals with decades of experience, provides a new income stream for charities through the thing the world engages with the most: social media.
Instead of prompting users to post ‘asks’ and lobby for funds on behalf of charities, GoPoolit users are encouraged to show off the creativity that they do on their usual social networks.
Users will talk about their lives, celebrate their achievements, and most likely, post adorable photos of their pets. When doing so, users nominate a charity to their post and share it across all their usual social networks from the GoPoolit platform.
Instead of a ‘like’, their friends, family and followers on GoPoolit have the opportunity to pool between 1-10p to that post, and therefore, that charity.
The more viral users go, the more opportunity there is to raise hundreds of thousands in pocket-sized donations for causes close to their hearts – simply by doing what they already do.
During these uncertain times, like most industries, charities and the third sector have been feeling an immense amount of pressure. In previous years, conventional methods of fundraising have faltered. A new, innovative approach has struggled to fill that void – until now.
There is an equal demand from social media users for a new platform focused on social good. According to the Pew Research Center, almost two-thirds of Americans think that social media has a mostly negative impact on the state of their country.
With users becoming increasingly disengaged with the policies and practices of many platforms, GoPoolit is the perfect chance to hit the reset button on their digital lives and use social media for good.
On the GoPoolit website and app, users can post their usual social media content in support of charities such as World Vision, SOS Children’s Villages, Habitat for Humanity and many more.
Matt Turner, Director of Communications for GoPoolit…
“Imagine if every post you ever made on Facebook or Twitter could be monetised into micro-donations for a cause you care deeply about.
In the months and years to come, we are confident that GoPoolit will become a part of millions of people’s everyday lives – and joining today means you’ll be able to say that you were there from the start.
Sometimes, the smallest gestures can collectively have the biggest impact – so join thousands of others who believe that their social media posts can be a cause for good in the world today!”
The beauty industry is hopping on the trend of the digital world…
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The year 2020 has changed the way we shop forever. The pandemic has driven online sales, for example. Now, over 25 per cent of the world’s population shops on e-commerce websites. The dramatic shift from the high street to online landing pages is set to continue. But while COVID-19 has changed many brands’ focus on retail, the beauty industry has continued to innovate.
There are more factors involved in our changing shopping habits. From consumer demand to understanding the customer experience, beauty brands are opening up to further technological and social innovation. Here we look at how shopping for beauty products will change in the future.
Technology
Technology and the makeup industry are becoming more interwoven. This is already evident in some makeup retailers who offer customers the ability to match their makeup with their skin type and colour by using intelligent scanners. However, innovations may further integrate intelligent technology into our buying decisions, helping us to make smarter decisions about the types of products we buy. 80 per cent of online consumers state that new tech is improving their shopping experience.
Using artificial intelligence (AI), some makeup companies can indicate your skin age and advise which tone of foundation and concealer should be used. Previously, the makeup market had often made it difficult for women of colour to find a matching foundation or concealer. However, this technique allows correct decisions to be made and products to be custom produced for specific customers.
Technology even allows us to test out makeup looks and help guide our purchases. Smartphone filters, the likes of which have been popularised by Snapchat and Instagram, can show us what we look like with a variety of fashionable options. Customers can try on a variety of fashion and beauty products, from clothes, ladies shoes, and makeup. When deciding which colour looks best, choosing from swatches may become the old technique. Instead, seeing the makeup we may buy on our faces without having to apply it may make cosmetic buying a walk in the park. The benefits of this include being able to view multiple makeup looks and colours, avoiding cross-contamination by using testers, and being cleaner overall.
Authenticity
One survey by Ipsos shows that consumers are influenced by the people closest to them over any other group. This means that beauty influencers may not be as effective as first thought. The survey suggests that 50 per cent of people’s beauty choices are influenced by friends, while Instagram and social media influencers only influence 25 per cent of people when it comes to buying beauty products.
Beauty businesses are recognising this and are seeking out more authentic ways to demonstrate and promote their products. Instead of aspirational advertising, where a particular standard of beauty is pedestalled, the future of shopping in the beauty industry will celebrate difference. Diversifying the beauty industry will create a better image for the market, where different body sizes, skin colours, ethnicities, and distinguishable features will be celebrated. Even gender will be a less considerable measure in the industry. The US edition of Vogue recently featured Harry Styles as the first solo-male on the magazine’s cover. Wearing a flowing dress, the singer is taking another step in proving that beauty has no limitations.
Functional
The beauty market has a strong focus on aestheticism. After all, makeup should be used to make us look stronger and feel more confident. But we may be looking for more than colour shades and texture when we go shopping in the future. Instead, makeup is becoming less of a covering tool, and more something which can benefit and rejuvenate the skin underneath.
Gone are the days of clogged pores and heavy chemicals which we would normally associate with makeup. In the future, we can expect natural vitamins, oils, and extracts in our makeup to boost our skincare.
One ingredient in health-boosting makeup is vitamin A. This vitamin can be found in many foundations and base layer cosmetics and can benefit your skin greatly. Vitamin A helps promote and maintain healthy dermis and epidermis. The top two layers of skin can benefit from this health boost which adds natural moisture and can prevent breakouts.
The move is being adopted by more cosmetic companies who understand that, in the future, beauty shopping will focus more on the long-term benefits of cosmetics as opposed to the short-term boost that a new shade of eyeshadow can give us.
The beauty industry is hopping on the trend of the digital world. But the biggest changes will not impose on how we shop, but why we shop. The message of the beauty industry will become one of acceptance and utility, where cosmetics serve a purpose of confidence and change. When we shop for beauty products, we will think about the impact of our buying choices.
Two-thirds of accounting departments still process invoices manually: only 15% are fully paperless
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Despite the increasing need to process invoices remotely as more employees are urged to work from home, the majority of companies are still lagging behind in automation implementation. Accounts payable departments are still largely processing invoices manually, according to a survey of accounting and finance professionals released today by Ephesoft, Inc.
The survey gathered responses from 200 accounting and finance professionals from 26 countries. Key findings include:
Distributing or processing paper documents
Businesses are shifting to automation of their processes – especially for high-value, high-volume documents such as invoices. However, the survey results indicate that companies are slow to change when it comes to digitally transforming invoice processing and other financial documents.
● Only 15% of respondents said that their organisation is fully paperless, which means the majority of businesses (85%) are not.
● Of those who are not, just slightly over 50% are actively pursuing a paperless environment.
● One-third (33%) of companies are predominantly paper-heavy, still far from intelligent automation.
With an average cost to process per invoice at about £11, a lack of automation is likely to keep company growth limited, leaving room for a significant increase in productivity. Modern automation has been proven to cut costs significantly, often by 80% or more, which can be reinvested in other areas.
Current technologies
When asked whether their businesses currently have document management, workflow, AP automation, RPA or artificial intelligence technologies in place, a majority of companies report having some type of document management and workflow tools system in place, but AI applications are still under-utilised. Here’s the breakdown, further showing a lack of current automation tools:
● Less than one-third (30%) employ accounts payable automation.
● Only 12% utilise RPA tools and just slightly less (11%) report using AI.
While these findings are understandable and relatable, Ephesoft predicts that new AI-powered low-code/no-code, cloud technology, which is evolving at a rapid pace, will remove barriers to entry into AI.
The AI Journey
When the question was posed, “What is your organisation’s location on the AI journey?” responses were split, with 42% saying they were in the planning stage and 40% saying they were not planning on implementing AI tools at all.
We can conclude from the data that AI has still not been widely adopted, but many organisations have plans to invest in it.
“This survey confirms that the accounting profession has lagged in adoption of newer technologies such as AI/ML, cloud and low-code/no-code architecture likely impacted by traditionally long implementation cycles and complex integrations,” said Naren Goel, chief financial officer, Ephesoft. “The accounts payable space is an ideal example where manual steps like entering invoices into an ERP system can greatly impact efficiency, so it’s exciting that we are finally starting to see innovation in this space with point solutions that are up and running in hours, eliminate manual tasks and allow accounting professionals to focus on higher value-add functions.”
The survey on digital transformation, AI, technology and automation was conducted on Nov. 5, 2020, by Accounting Today on behalf of Ephesoft. Responses are from 200 accounting and finance professionals from 26 countries, including CEOs, CFOs Partners, CIOs, CTOs, CPAs, accountants, controllers, auditors and consultants in a variety of industries, including banks, energy, government, healthcare, technology, accounting services, airlines, auto, education, large global consultancies and many others.
Most businesses have a website. Fact. But what role does it play in the overall strategy of your business? Now…
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Most businesses have a website. Fact. But what role does it play in the overall strategy of your business? Now that global business is going through one of the toughest and most challenging times, you might need to blow the cobwebs off your website as it could be what actually saves your business.
2020 has been the economic sledgehammer that many of us were not prepared for and has damaged or destroyed companies around the globe in a few short months. But there are ways of salvaging your business from the wreckage if you are prepared to pivot your strategy and stick your neck out and re-evaluate your e-commerce and social media marketing.
Re-invent yourself as an e-commerce site
Over the last few months we have worked closely with a couple of businesses which have had to completely shut down as a direct result of the lockdown, but they have significantly pivoted their strategy and re-invented themselves as an e-commerce site and reaped the benefits.
Although you don’t get the face to face customer relationship, being online still allows you to communicate with customers and develop a ‘virtual’ relationship with them. Via a range of social media channels, you keep them in the loop with what your business is doing, you reassure them that you are still there, you keep talking to them and in doing this, you will build and maintain their trust in you.
This adds value to your customers and by staying active on social media, they still feel connected with you. Now is as good a time as any to reflect that you are probably moving online to stay online as customer retail habits may not return to how they were before the pandemic.
Play on ‘support local’ messaging
Local businesses have been affected a lot more than the big corporates as they don’t usually have the bank role and the ‘padding’ or reserve funds to make it through something as hard hitting as the pandemic.
When it comes to local business, there has always been an almost tribal sense of people trying to support them. If you are able to play on that from a messaging perspective, that’s a great way to make people stop and think and could work really well in winning customer support.
For some of you, it will be fight or flight, and you have to do what is best for you, but if you can reach out to your community there is a good chance that they will buy local. The retail inconvenience caused by the pandemic has made people realise what the value of a local business really is, and if it wasn’t there, how difficult life would be.
Get customers involved – get them to follow you, like your posts, comment, share etc By encouraging this they will feel they are still part of a community, albeit a virtual one!
There is a mini economy in local business, and it needs to be maximised.
Add value to customers lives instead of focussing on direct response marketing
We have definitely seen a shift in behavioural trends over the last few months, be it wearing masks, standing on circles in a queue, keeping our distance from people, but also in the way consumers are engaging with brands.
Those brands offering some kind of value, help or reassurance are leading the pack. Joe Wicks work outs were a prime example of this. The fitness guru wasn’t just pushing his book sales or the growth of his social media channel, his focus was to provide value to parents and young children and to help them to exercise at home, and his growth and popularity came by default.
Ensuring you push a strategy out there that adds value and helps first, typically earns massive dividends but a word of caution: Whatever comfort blanket you offer during these tricky times, make sure you maintain this as part of your strategy moving forwards or customers will lose faith in your integrity.
Your plans also need to be both flexible and scalable, can be turned on and off and with a tone of voice to fit more cautious consumers who are newer to the whole digital experience.
Generate trackable returns
Paid media, in whatever guise, ensures that your brand and your content is seen by a targeted audience compared to many other marketing channels and a big benefit is that it is also scalable.
You don’t have to fork out big money for a billboard and then hope that you make a return from it; paid media means that you can categorically see that, for example, you spend £1K and you made £5K. In an era where we are all being a little tighter and more conscious of the ins and outs of our cash flow, it really is essential that you can track your spend to the nearest pound/pence and see that your returns are on your actual marketing endeavours.
It doesn’t have to look perfect
When it comes to content, brand and comms in general, especially when it is your own business and something you are passionate about, of course you want your platform to look amazing, sound amazing and to be really polished; but it costs to achieve this perfection.
Right now, most businesses don’t have the budget or the time to do that and customers are much more forgiving.
If your proposition is so enticing that people are going to focus on that, the image, the USB and your amazing content, you will already be in a strong position to be successful.
E-commerce/Social Media marketing can save your business if you make it an integral part of your strategy. You need to think fast, be creative and importantly, stay true to your loyal customer base and keep your brand message consistent.
Tim Hyde, Founder and Director of Social Media Marketing Agency, TWH Media
Having commenced his career in leading the Facebook strategy for Lad Bible, Tim Hyde boasts an impressive track record of helping businesses and brands scale online through effective social media marketing strategies.
One of the industry’s leading social media gurus, Tim founded TWH Media in September 2017 and now works with large brands globally ranging from Adidas to Apple Music.
Industry experts say that INSTANDA’s no code platform and ADROSONIC’s insurance domain expertise will empower insurers with the agility to price risk in ways that meet the client’s needs in a changing post-Covid-19 world.
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In a significant development to accelerate the ongoing digital transformation in the insurance industry, INSTANDA, a UK-based SaaS Insurance software platform has entered a partnership with ADROSONIC, a digital consulting firm. Industry experts say that INSTANDA’s no code platform and ADROSONIC’s insurance domain expertise will empower insurers with the agility to price risk in ways that meet the client’s needs in a changing post-Covid-19 world.
Delighted over the tie-up, Tim Hardcastle, the CEO & Founder of INSTANDA, said: “Partnerships play a key role in the insurance industry, not merely for the growth and expansion of the business involved, but also for the transformation of the industry. The new partnership with ADROSONIC is exciting as it provides capability to new markets in North America, India, Middle East as well as Europe.”
Mayank, CEO & MD, ADROSONIC, said that the tie-up would provide insurers with innovative digital product and customer propositions for new markets as well as liberate insurers from inflexible legacy tech and from high-risk, high-cost and multi-year change programs.
“Given the paradigm shift that the market is undergoing, partnership models need to demonstrate not just agility and flexibility but to do so with high quality execution. ADROSONIC and INSTANDA have an outstanding track record of delivery so I am excited at what we can offer insurers to realise their ambitions and bring new ideas to market.” Hardcastle added.
“An unprecedented event like Covid-19 has left a sudden yet profound impact on the Insurance Industry and their IT Systems, as they are now subject to rigorous scrutiny following the rapid shifting of entire workplaces online that was forced due to the pandemic,” Mayank said.
“As the key decision-makers respond to the new market demands and opportunities, they are starting to question the limitations of their existing processes and legacy systems, they also had to reassess the cost base turning to a more cost-effective and agile platform which enables them to provide quicker and more responsive service to their customers and clients. In such a scenario, INSTANDA’s no code platform coupled with ADROSONIC’s domain expertise along with a wide range of digital accelerators including RPA, Data Analytics, & CRM are key in liberating insurers from inflexible legacy technologies.
These accelerators will power transformation across organisations looking at improving their ROI by dramatically reduced product launch times, underwriting and distribution costs and an unrivalled customer experience,” he concluded.
INSTANDA works with the leading carriers, MGAs and brokers in UK, Europe, North America, LATAM, Africa, Middle East and Australia. INSTANDA is the Insurance Industry’s first no-code business platform and allows insurers to break into new markets as well as overcome the drawbacks of legacy IT systems and embrace the benefits of digital transformation.
After a growth in alert volumes, and unpredictable spikes driven by global volatility, its time to close alerts quickly and accurately…
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Silent Eight today announced a multi-year partnership with HSBC that will support the bank in enhancing its industry-leading compliance operations. A recognized leader in technology innovation, HSBC sought a financial crime partner that could successfully improve its manual processes and existing statistical models to decrease risk while simultaneously increasing efficiency.
Silent Eight Alert Resolution investigates, and resolves cases in the same way an analyst would; with greater speed, precision and consistency. Following a successful trial period, the solution is set to be integrated into HSBC’s existing infrastructure to provide case adjudications that are explained and auditable.
“Given the growth in alert volumes, and unpredictable spikes driven by global volatility, we saw an opportunity with Silent Eight that would give us the ability to close alerts quickly and accurately,” said HSBC’s Group Head of Compliance Services, Matt Brown.
Silent Eight CEO and co-founder, Martin Markiewicz, said, “We’re delighted to find a partner that shares our focus on eliminating financial crime. HSBC’s dedication to this project is just one aspect of their tireless commitment to improvement, and to helping drive AI innovation across the industry. We’re proud to partner with them on their mission to make the world safer.”
“Silent Eight’s business case was extremely compelling,” said Ben Rayner, HSBC’s Global Head of AML and Sanctions Screening. “We have chosen their solution as we believe it will provide significant business benefits across all our success metrics.”
Silent Eight is a technology company leveraging AI to create custom compliance models for the world’s leading financial institutions. Our mission is to empower our clients in their fight to eliminate financial crime. Founded in Singapore and with global hubs in New York, London, and Warsaw, we are deployed in over 150 markets. For more information, visit: www.silenteight.com
Our fitness habits have changed dramatically in 2020…
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ClassPass, the world’s leading fitness and wellness membership and a global provider of corporate wellness benefits, has released their annual data-driven trends report. ClassPass has the most robust database in the world of fitness, wellness and beauty search behavior, with insights compiled from 30,000 boutique studios, gyms, spas and wellness partners across 30 countries.
This year’s report focuses on the impact of the pandemic on fitness, wellness and beauty, the trends that have emerged post-lockdown and where these industries are headed in 2021.
The data is broken out into the following categories:
● Top Workouts of 2020 – Digital ● Top Workouts of 2020 – Studio Fitness ● Most Popular Days and Times to Sweat ● How Your City Is Working Out ● Social Trends in Fitness ● Beauty and Wellness Trends During COVID-19 ● The Future of Fitness: 2021 Trend Forecasting
As 95% of studios around the world closed their physical spaces, ClassPass helped 5,000 top studios to add livestream and on-demand workouts, and 81% of ClassPass customers reported that they worked out using digital options. Here’s how they got their sweat on:
Top digital workouts of 2020:
Yoga
HIIT
Pilates
Strength Training
Barre
Dance
Stretching
Boxing
● HIIT’s share of all workouts increased by 26% and Pilates’ share of all workouts increased by 16%. ● *Restorative fitness is also very popular in 2020. Meditation and Stretching both rank in the top 10 on-demand activities booked through ClassPass. ● At home classes that require less equipment are more popular. Classes that require bodyweight only pulled in double the number of bookings as classes that require equipment. ● When you find a strength training workout you love, you’ll repeat it. Strength training is the on-demand workout most likely to be replayed. Fitness travel is in: ● More than half of members have tuned in for classes taught in other cities. ● UK fitness fans are likely to “travel” to NYC and Amsterdam. ● North America fitness fans are likely to “travel” to London, Sydney and Amsterdam. ● APAC fitness fans are likely to “travel” to NYC, London and Los Angeles.
UK TOP WORKOUTS OF 2020 – STUDIO FITNESS
It has been an extremely tough year for studios, with many being forced to close for months, and some having a second round of lockdowns. However, the global data has been promising:
Top in-person workouts of 2020 as studios have reopened:
HIIT
Indoor Cycling
Reformer Pilates
Vinyasa Yoga
Bootcamp
Circuit Training
TRX
Hot Yoga
Additional insights:
● Members are booking equipment-heavy classes such as HIIT, Cycling, Pilates and Boxing classes. It’s likely that many members will continue with some combination of digital workouts, but rely on studio classes for the workouts that are tough to do at home.
● Since studios have been able to reopen, two underperforming genres during lockdowns have climbed back to the top: Indoor Cycling bookings have increased by 30% and Reformer Pilates bookings have increased by 18%.
● There was a 400% increase in the number of outdoor classes being offered by studios this year as many closed studios moved outside, taking advantage of fresh air and room to socially distance. 4 in 5 surveyed members reported a willingness to attend these classes, and we anticipate this will be a lasting trend into 2021.
● Transparent safety information is a key factor in the decision to return to studios, according to more than half of ClassPass members. To help, ClassPass added a feature that allows members to preview the specific safety and sanitation precautions of every studio, from distanced bikes to contactless check-in.
MOST POPULAR DAYS AND TIMES TO SWEAT
Most Popular Time To Take a Weekday Class: 12pm
For the first time ever, lunchtime is the most popular time to workout.
Most Popular Time On Weekends To Take a Class: 10am
Most Popular Times For Professionals on a Company-Sponsored Plan: 8am-3pm
Professionals are now much more likely to take a lunch class instead of an after work class. 89% of professionals say they feel more productive during the work day after exercising.
Most Popular Day Of The Week To Work Out: Wednesday
Workouts used to be stacked earlier in the week. Due to limited end-of-week happy hours and more time spent at home, there is less of a rush to get workouts done before the weekend.
FITNESS HAS STAYED SOCIAL, EVEN WHEN SOCIALLY DISTANT
Fitness fans have gotten creative with distant happy hours and remote meetups, inviting friends and colleagues to join them in a class.
● Most popular digital workout to take with friends based in other cities: HIIT
● Digital happy hour – most common time to take a digital class with friends: 12pm
● Most popular time to meet up at a studio with friends: 6pm
● Most popular studio workout to meet friends at as restrictions lift: Cycling
● Most popular workout to take with a colleague: Strength Training
THE FUTURE OF FITNESS: 2021 TREND FORECASTING
Taking A Crunch Break For Lunch Break:
● For the first time ever, 12pm is the most popular time to work out during the week.
● Lunchtime workouts have seen a 67% increase in popularity. This shift can largely be attributed to a rise in remote work, and the ease of no shower required virtual meetings. Even as people have returned to studios, the 12pm weekday time slot for in-person classes is more popular now than it was before lockdowns.
● Bristol, London, Edinburgh, Dublin, Manchester and Brighton have all leaned into this trend, becoming this year’s Lunchtime Warriors, or the cities more likely to book a lunchtime class.
Open Air Gyms Are a Breath of Fresh Air:
● Outdoor workouts first emerged in Europe and have continued to grow in demand throughout the US. 4 in 5 surveyed ClassPass members are willing to try outdoor classes — ClassPass has added a search for “Outdoors” classes to support this trend and the number of outdoor class options has increased by 400% in 2020.
● Many studios are getting creative with outdoor classes including using beautiful city backdrops for class. One studio in Amsterdam even rented out an underutilized wedding venue! Los Angeles is the most likely city to book an outdoor class in the US. Edinburgh is the most likely city to book an outdoor class in the UK.
● For members who feel more comfortable with 1:1 instead of group workouts, ClassPass has also added personal training options through a new partnership with Fyt.
Corporate Wellness Benefits Have Become a Must-Have for Companies:
● 25% of professionals are exercising more now than at the start of COVID-19, with 1 in 5 using their previous commute time to exercise
● 4 in 5 professionals say fitness activities have been crucial to establishing a new work-from-home routine. 96% of professionals say they feel more motivated and less stressed after exercising, with 89% of professionals saying they feel more productive during the work day after exercising.
● 3 in 5 professionals who have participated in a team workout report feeling more connected to their team afterwards. Teams are most likely to book a private HIIT or yoga class to stay engaged and workout together, and hundreds of private classes have been booked.
● Since the start of the pandemic, ClassPass has offered remote fitness benefits to one million employees across companies of all sizes. The interest from companies is continuing to grow, and we expect fitness and wellness benefits to be more important than ever in attracting and retaining talent.
People Will Head Back To Studios Once They Feel Safe
● 92% of professionals hope to return to fitness studios and gyms in 2021, with 40% planning to return exclusively to in-studio workouts when they feel safe to do so (source: Nov 2020 study of 2,185 professionals from 19 countries)
● After attending their first indoor class since the start of the pandemic, 89% of subscribers responded they would go back as or more frequently to future classes
Cities are increasingly, and massively, depending on water technology as sea levels continue to rise…
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Water is the elephant in the room. As the IDTechEx report, “Smart Cities Market 2021-2041: Energy, Food, Water, Materials, Transportation Forecasts”, explains, cities increasingly and massively depend on water technology as sea levels rise and for other reasons. They will eliminate sewage systems by treating it where it is produced. Gone are thirsty, traditional agriculture systems, and their global supply chains.
Stop killing the sea
Currently, cities are killing the sea that is increasingly near to them. Dead ocean areas are spreading. They do this with untreated sewerage, salt from desalination plants, chemicals from factories, leisure activities, marine vessels, and farm runoff of toxins and fertilizer. Instead, they must farm the sea and maintain biodiversity and create benign marine tourism and leisure activities. Methods of distributing salt from desalination without killing anything do now exist, but deployment is slow.
Cities on the sea
Smart cities are planned at sea and on reclaimed land as at Forest City Malaysia, which promises a veritable jungle with “sounds of nature” and all that greenery self-watering. You can buy a DND house on and under the sea in Dubai.
Independence
Cities will make all their own food, fresh water, and electricity for reasons of empowerment, security, and cost. That electricity-making is even pivoting to water with tidal turbines installed from Scotland to the Hudson River in New York and wave power, both being almost continuous and using almost none of the steel and concrete that produces 16% of global warming. Take a few hours to drop them in – not 10 years as for hydro dams. Part of the reason for water power is that there is less and less land for wind turbines and solar farms. Indeed, silicon solar works better cold, so it is migrating to sea or lake as floatavoltaics. New photovoltaic materials are even useful underwater, and photovoltaic paint is on the way, as explained in the IDTechEx report, “Materials Opportunities in Emerging Photovoltaics 2020-2040”.
Leaders in tidal power such as Simec Atlantis and Verdant Power have more and more companies chasing them. You can say the same for wave power leaders such as Seabased, Wello, and Eco Wave. Even ORPC RivGen horizontal axis water turbines are proving viable in shallow rivers, and they do not disturb fish. Most water power is virtually continuous – no massive batteries. See the IDTechEx report, “Distributed Generation: Off-Grid Zero-Emission kW-MW 2020-2040”.
Leisure and freight on water
Obviously, cities will focus more of their leisure industry and freight transport on the water. See the IDTechEx report, “Electric Leisure & Sea-going Boats and Ships 2021-2040”. IDTechEx sees several ways that even large ships can become zero-emission when today they each pollute as much as millions of cars. At the other extreme, Swiss Seabubble aquaplaning water taxis are zero-emission, charged by small river turbines under the landing platform. They are planned for Paris.
Smart agriculture
Today’s farming systems on land gulp water and boost global warming. They are replaced by vertical farming (see the IDTechEx report, “Vertical Farming 2020-2030”), solar greenhouses, hydroponics in buildings, aquaponics and saline agriculture in marshes as sea levels rise. Genetic agriculture will save water. See the IDTechEx report, “Genetic Technologies in Agriculture 2020-2030: Forecasts, Markets, Technologies”. Meat and milk will be grown in city laboratories, and managing with one percent of the fresh water will become commonplace. See the IDTechEx report, “Plant-based and Cultivated Meat 2020-2030”.
Soliculture greenhouses on rooftops and elsewhere are adopting smart glass that provides electricity for the robots as well as optimally growing the plants again with almost no water. Robotic food cultivation is integrated with human facilities in parts of China, saving space and water.
Fish farming and barley, samphire, seaweed, and other vegetable growing in saline water is a done deal back to the ancient Sumerians, but it is necessarily broadening in scope as global warming and people moving to cities makes land even more scarce. The amazing thing is that there is a roadmap of many options to go even further. For example, aquaponics uses even less land than hydroponics, and it costs less. This is growing fish and vegetables in one closed system, the fish excrement feeding the plants.
Smart gardening
Some are planning turf that produces electricity as well as tapping and filtering rainwater for use. Xeriscaping is appearing in smart cities. It is the process of landscaping or gardening that reduces or eliminates the need for supplemental water from irrigation. It is promoted in regions that do not have accessible, plentiful, or reliable supplies of fresh water and is gaining acceptance in other regions as access to irrigation water is becoming limited. Xeriscaping is an alternative to various types of traditional gardening in necessarily frugal smart cities.
On the other hand, the trend to multi-purposing even extends to damp turf, vegetation, and soil. Plant-e is a company that develops products that can generate electricity from living plants, and Harvard University has biofuel cells using such fuels.
Smart water transport
Transport systems are reinvented for smart cities, and necessarily, Hyperloop shooting passengers from city to city by magnetic levitation in a vacuum and Boring Company Loop shooting autonomous cars at high speed across cities will increasingly be tubes in sea, lake or river for at least part of the way. That even saves money. Autonomous underwater vehicles are zero-emission and they monitor offshore wind turbines, sea-floor mining, fish stocks, and more. Leisure submarines anyone – as taxis too?
Thirsty desert cities
The largest challenge of the $0.5 trillion NEOM smart city in the Saudi Arabian desert is drinking water – all desalinated from the sea. See the IDTechEx report, “Desalination: Off Grid Zero Emission 2018-2028”. The Bill Gates Belmont desert city in Arizona is nowhere near the sea, and the state gets its water from the Colorado River, which is drying up. By far its biggest challenge is water. It has to guarantee 100 years’ supply to be allowed to start. Arizona-based startup Zero Mass Water’s SOURCE photovoltaic panels make electricity but also use the sun’s rays to pull water from the air. Each panel has the potential to draw up to 10 litres (2.64 gallons) of water per day. That will help, but all the sources still leave that city with severe water conservation requirements.
Here is one. Bill Gates has proven from his investments that the elimination of sewage distribution and treatment farms is coming when it is treated at the source. That saves huge amounts of water. One new toilet has an electrochemical reactor that can break down water and human waste into fertilizer for fields and hydrogen, which can be stored in hydrogen fuel cells as a green energy source. Even the little water used is treated enough to reuse for flushing or for irrigation.
IDTechEx guides your strategic business decisions through its Research, Subscription and Consultancy products, helping you profit from emerging technologies. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.
Gurpreet Purewal, Associate Vice President, Business Development, iResearch Services, explores how organisations can overcome the challenges presented by AI in 2021.
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2020 has been a year of tumultuous change and 2021 isn’t set to slow down. Technology has been the saving grace of the waves of turbulence this year, and next year as the use of technology continues to boom, we will see new systems and processes emerge and others join forces to make a bigger impact. From assistive technology to biometrics, ‘agritech’ and the rise in self-driving vehicles, tech acceleration will be here to stay, with COVID-19 seemingly just the catalyst for what’s to come. Of course, the increased use of technology will also bring its challenges, from cybersecurity and white-collar crime to the need to instil trust in not just those investing in the technology, but those using it, and artificial intelligence (AI) will be at the heart of this.
1. Instilling a longer-term vision
New AI and automation innovations have led to additional challenges such as big data requirements for the value of these new technologies to be effectively shown. For future technology to learn from the challenges already faced, a comprehensive technology backbone needs to be built and businesses need to take stock and begin rolling out priority technologies that can be continuously deployed and developed.
Furthermore, organisations must have a longer-term vision of implementation rather than the need for immediacy and short-term gains. Ultimately, these technologies aim to create more intelligence in the business to better serve their customers. As a result, new groups of business stakeholders will be created to implement change, including technologists, business strategists, product specialists and others to cohesively work through these challenges, but these groups will need to be carefully managed to ensure a consistent and coherent approach and long-term vision is achieved.
2. Overcoming the data challenge
AI and automation continue to be at the forefront of business strategy. The biggest challenge, however, is that automation is still in its infancy, in the form of bots, which have limited capabilities without being layered with AI and machine learning. For these to work cohesively, businesses need huge pools of data. AI can only begin to understand trends and nuances by having this data to begin with, which is a real challenge. Only some of the largest organisations with huge data sets have been able to reap the rewards, so other smaller businesses will need to watch closely and learn from the bigger players in order to overcome the data challenge.
3. Controlling compliance and governance
One of the critical challenges of increased AI adoption is technology governance. Businesses are acutely aware that these issues must be addressed but orchestrating such change can lead to huge costs, which can spiral out of control. For example, cloud governance should be high on the agenda; the cloud offers new architecture and platforms for business agility and innovation, but who has ownership once cloud infrastructures are implemented? What is added and what isn’t?
AI and automation can make a huge difference to compliance, data quality and security. The rules of the compliance game are always changing, and technology should enable companies not just to comply with ever-evolving regulatory requirements, but to leverage their data and analytics across the business to show breadth and depth of insight and knowledge of the workings of their business, inside and out.
In the past, companies struggled to get access and oversight over the right data across their business to comply with the vast quantities of MI needed for regulatory reporting. Now they are expected to not only collate the correct data but to be able to analyse it efficiently and effectively for regulatory reporting purposes and strategic business planning. There are no longer the time-honoured excuses of not having enough information, or data gaps from reliance on third parties, for example, so organisations need to ensure they are adhering to regulatory requirements in 2021.
4. Eliminating bias
AI governance is business-critical, not just for regulatory compliance and cybersecurity, but also in diversity and equity. There are fears that AI programming will lead to natural bias based on the type of programmer and the current datasets available and used. For example, most computer scientists are predominantly male and Caucasian, which can lead to conscious/unconscious bias, and datasets can be unrepresentative leading to discriminatory feedback loops.
Gender bias in AI programming has been a hot topic for some years and has come to the fore in 2020 again within wider conversations on diversity. By only having narrow representation within AI programmers, it will lead to their own bias being programmed into systems, which will have huge implications on how AI interprets data, not just now but far into the future. As a result, new roles will emerge to try and prevent these biases and build a more equitable future, alongside new regulations being driven by companies and specialist technology firms.
5. Balancing humans with AI
As AI and automation come into play, workforces fear employee levels will diminish, as roles become redundant. There is also inherent suspicion of AI among consumers and certain business sectors. But this fear is over-estimated, and, according to leading academics and business leaders, unfounded. While technology can take away specific jobs, it also creates them. In responding to change and uncertainty, technology can be a force for good and source of considerable opportunity, leading to, in the longer-term, more jobs for humans with specialist skillsets.
Automation is an example of helping people to do their jobs better, speeding up business processes and taking care of the time-intensive, repetitive tasks that could be completed far quicker by using technology. There remain just as many tasks within the workforce and the wider economy that cannot be automated, where a human being is required.
Businesses need to review and put initiatives in place to upskill and augment workforces. Reflecting this, a survey on the future of work found that 67% of businesses plan to invest in robotic process automation, 68% in machine learning, and 80% investing in perhaps more mainstream business process management software. There is clearly an appetite to invest strongly in this technology, so organisations must work hard to achieve harmony between humans and technology to make the investment successful.
6. Putting customers first
There is growing recognition of the difference AI can make in providing better service and creating more meaningful interactions with customers. Another recent report examining empathy in AI saw 68% of survey respondents declare they trust a human more than AI to approve bank loans. Furthermore, 69% felt they were more likely to tell the truth to a human than AI, yet 48% of those surveyed see the potential for improved customer service and interactions with the use of AI technologies.
2020 has taught us about uncertainty and risk as a catalyst for digital disruption, technological innovation and more human interactions with colleagues and clients, despite face-to-face interaction no longer being an option. 2021 will see continued development across businesses to address the changing world of work and the evolving needs of customers and stakeholders in fast-moving, transitional markets. The firms that look forward, think fast and embrace agility of both technology and strategy, anticipating further challenges and opportunities through better take-up of technology, will reap the benefits.
Digital health passport providers must also work to address any potential data privacy issues…
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Digital health passports should not be introduced on a mass basis until coronavirus tests are available and affordable to everyone in the country, a new report warns. The same considerations apply to vaccines once these are approved and ready for widespread use.
Failing to address issues with the availability and affordability of tests and vaccines risks excluding already vulnerable populations from protection against the virus, according to the research. This could also restrict people’s legal rights.
Digital health passports, sometimes also referred to as ‘immunity passports’, are digital credentials that, combined with identity verification, allow individuals to prove their health status (such as the results of COVID-19 tests, and eventually, digital vaccination records).
The report also urges digital health passport providers to work to address any potential data privacy issues. It calls for policymakers to strike an adequate balance between protecting the rights and freedoms of all individuals and safeguarding public interests while managing the effects of the pandemic.
The research was carried out by Dr Ana Beduschi, from the University of Exeter Law School and is funded by the Economic & Social Research Council (ESRC), as part of UK Research & Innovation’s rapid response to Covid-19.
The report warns that deployment of digital health passports may interfere with several fundamental rights, including the right to privacy, the freedoms of movement and peaceful assembly. It also warns that the use of digital health passports may have an impact on equality and non-discrimination. If some people cannot access or afford COVID-19 tests and vaccines, they will not be able to prove their health status, thus having their freedoms de facto restricted.
Dr Beduschi said: “Digital health passports may contribute to the long-term management of the COVID-19 pandemic, but their introduction poses essential questions for the protection of data privacy and human rights. They build on sensitive personal health information to create a new distinction between individuals based on their health status, which can then be used to determine the degree of freedoms and rights individuals may enjoy.
“Given that digital health passports contain sensitive personal information, domestic laws and policies should carefully consider the conditions of collection, storage and uses of the data by private sector providers.
“It is also crucial that the communities that have already been badly impacted by the pandemic have swift access to affordable tests and, eventually, vaccines. Otherwise, deploying digital health passports could further deepen the existing inequalities in society.”
Multiple initiatives to develop and deploy digital health passports are currently underway in the UK and abroad, to facilitate the return to work, travel, and live-audience large sports events. The World Health Organisation (WHO) and Estonia have recently agreed to develop a digital vaccination certificate that could be used for COVID-19 once a vaccine is available. Rapid antigen tests for COVID-19 are increasingly offered by private sector providers and results are often managed through digital platforms. Vaccine trials have shown promising early results, raising hopes for vaccine availability and widespread vaccination by next year.
The aim of the report is to inform decision-makers at an early stage, before large-scale deployment of digital health passports, about the risks they pose to the protection of these rights, and to recommend effective strategies for potential risk mitigation. The research analysed the existing legal framework, including UK laws, judicial decisions and international human rights law.
Significant Investment Growth of 200% over the Next 5 Years
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A new study from Juniper Research has found that network operator spend on MEC (Multi-access Edge Computing) will grow from $2.7 billion in 2020 to $8.3 billion in 2025, as operators invest heavily in upgrading network capacities and infrastructure to support the increasing data generated by 5G networks.
The study also revealed that by 2025, the number of deployed MEC nodes will reach 2 million globally in 2025, up from 230,000 in 2020. These devices, which take the form of access points, base stations, and routers, will play a vital role in managing the vast quantities of data generated by connected vehicles, smart city systems and other emerging data-intensive services.
The new report, Edge Computing: Use Cases, Innovation Opportunities & Market Forecasts 2020-2025, notes that this increase in investment is a result of network operators enhancing key network functions, by moving infrastructure used for processing data from core network locations, to base stations at the edge of their networks. It anticipates that the capabilities of 5G technologies, such as high throughput, low latencies and high device densities, will necessitate roll-outs of MEC nodes in urban areas.
The research identified smart cities as a key industry that will benefit from MEC node roll-outs, as operators and planning authorities identify how best to install 5G-compatible edge nodes. It suggests that these parties explore utilising existing city structures, such as street lighting and sidewalks, to mitigate issues of space limitation inherent to densely-populated areas.
Consumers to Benefit from Operators’ Take-up of Edge
The research forecasts that over 920 million individuals will benefit from edge‑enhanced Internet connectivity by 2025; rising from 100 million individuals in 2020. Services, such as music streaming, digital TV services and cloud gaming, will be the biggest beneficiaries of the ultra-low latency provided by operators’ increasing roll-outs of MEC nodes over the next 5 years.
CoinCorner’s CEO, Danny Scott, explains why he believes there is more positive growth set for Bitcoin in 2021
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“As we come to the end of what has been an iconic year for Bitcoin, I can only see more positive growth in 2021 and here’s why…
By CoinCorner’s CEO, Danny Scott
Eggs with currency signs in wooden packing on a blue background. Golden egg with a bitcoin sign. Investment concept
“Living and breathing this extremely fast-paced industry and soaking up global bullish news daily means that I’ve forgotten more good news from this week alone than Bitcoin had in years back in its early days.
“Here are a few of the reasons why I’m incredibly bullish on Bitcoin for 2021.”
“Starting simply, Bitcoin is finite and there will only ever be 21 million. Back in May, we celebrated Bitcoin’s third halving —an event that happens roughly every 4 years, halving the supply of Bitcoin coming into circulation —and this year saw it go from 12.5 Bitcoin to 6.25 Bitcoin per block (every 10 or so minutes). There are expectations for what might come after, with history telling us that the Bitcoin price will typically begin to rise significantly (20x+) within the 18 months following a halving — often simply put down to supply and demand.
“While we know the supply is fixed, what about the dynamic demand? This is the part that I feel has been underestimated at each halving, including by ourselves at CoinCorner following the 2016 halving which led to the bull run of 2017. During the bull run, we were signing up a record number of registrations but our system and processes weren’t ready for this, and we weren’t alone. Some of the larger exchanges had to freeze registrations as they couldn’t handle the throughput, while others experienced technical issues with their trading engines locking up and websites going down due to overload.
“This time around though the industry as a whole is better prepared for the predicted 2021 bull run… it’s not perfect, but it’s better.”
Where’s the current demand coming from?
“Compared to 2017 when demand came from the retail market (this will eventually happen again, of course), the current demand is coming from an institutional level completely flying under the radar for many people and it looks set to continue through 2021.
“Roughly 27,000 Bitcoin are mined (brought into circulation) each month and although this may sound like a lot, it’s really not. For context, Grayscale added 32,000 Bitcoin to their portfolio in October, CashApp received $1.6 billion worth of revenue from their customers buying Bitcoin in Q3 2020 and PayPal has entered the cryptocurrency market, allowing customers to buy Bitcoin with full global roll out planned for next year.”
“In October, Microstrategy became the first publicly traded company to add roughly 38,250 Bitcoin to their balance sheet, with Square closely following in their footsteps with a purchase of 4,709. I fully expect to see this trend continue through 2021 as more companies look for the best place to exit their fiat positions and choosing Bitcoin as their inflation hedge asset.
“At CoinCorner, our balance sheet (like many other Bitcoin companies) already holds Bitcoin and this is likely to be a growing trend as inflation begins to kick in due to the current financial climate.”
What about traditional investment?
“Companies aside, traditional investors are also beginning to make their moves. The well-respected Rauol Pal has this year become more and more bullish on Bitcoin and his position, even more recently mentioning that he was going to sell his gold to buy more Bitcoin.
“Another example is Stan Druckenmiller and Paul Tudor Jones — two high-profile billionaires who recently opened up about their Bitcoin investments and how bullish they are for the coming years.
Stan is yet another person to compare Bitcoin to gold as an investment, stating he owns both but believes Bitcoin should outperform gold. He was quoted saying:
“…so I own many, many more times gold than I own Bitcoin, but, frankly, if the gold bet works, the Bitcoin bet will probably work better because it’s thinner and more illiquid and has a lot more beta to it.” — Daily Hodl
“Again, this is a trend we can expect to see continuing as wealthy individuals look to inflation hedge assets.”
“There are lots of price models and predictions coming out, with Stock-to-Flow (S2F) from PlanB being one of the more popular ones, all ranging in price from $50,000 to $288,000 per Bitcoin in 2021.
“The chart below shows the previous halvings, with the red line indicating our current progress since the halving earlier this year. If it continues to follow the previous trends, we can expect to see the S2F model being somewhat accurate — meaning that $288,000 may not be an unrealistic target price.”
“Touching briefly on the unfortunate situation the world has suffered this year, the coronavirus crisis had the knock-on effect of causing a long-awaited financial crash in March. This resulted in Government bailouts: the U.S. FED printing $3 trillion (plus another $2 trillion on the way), the Bank of England likely printing towards £1 trillion and many more around the world following suit. Not to forget the introduction of negative interest rates which look to become the norm. Although this may be necessary in their eyes to stimulate the economy and its future protection, this comes with a huge risk of inflation on a scale unseen in these territories before.
“Putting this into perspective, the FED printed $3.9 trillion between 2008 and 2014 during the 2008 financial crisis, and they’ve already surpassed this in 2020 alone, with more likely to come.
“When it comes to financial uncertainty, people look for a safe haven and Bitcoin is becoming this.”
“61.71% of all Bitcoin in circulation hasn’t moved within the last 12 months. Bitcoin investors have stomached sharp drops greater than 50% this year and still didn’t sell. Bitcoin’s sitting comfortably around the $15,000 — $16,000 region right now and still those coins aren’t moving. Bitcoin investors are here for the long-term, they have strong hands and are preparing for the next 20x.
“This Bitcoiner crowd is also continuing to accumulate and hodl more every day, leaving less liquidity available for newcomers. In turn, this will drive the price. Once Bitcoin pushes past the $20,000 previous all-time high and starts hitting mainstream media again, retail investors will enter just as they did in 2017, but this time with the backing of public global companies, billionaires and hedge funds.”
Online searches for Bitcoin
“A quick look on Google trends for the search term “Bitcoin” shows that interest today isn’t anywhere close to that of 2017, sitting at only 13%. Yet, the Bitcoin price is hovering around 75% and looks likely to hit that $20,000 before the interest spikes again.
“Interest during the 2013 bull run was only 10% of what 2017 became and so, I fully expect the 2021 bull run to peak “Bitcoin” interest in excess of 5x, maybe towards 15x, of what we saw in 2017.”
“Bitcoin’s history shows that after a halving (2012 and 2016), the price sees an incredible increase in the following year, with the year after that being the only negative years (2014 and 2018).”
2010: 𝟵,𝟵𝟬𝟬%
2011: 𝟭,𝟰𝟳𝟯%
2012: 𝟭𝟴𝟲%
2013: 𝟱,𝟰𝟴𝟭%
2014: -𝟱𝟳%
2015: 𝟯𝟰%
2016: 𝟭𝟮𝟯%
2017: 𝟭,𝟯𝟲𝟴%
2018: -𝟳𝟯%
2019: 𝟵𝟮%
2020: 𝟭𝟮𝟭% (so far)
Is Bitcoin a success?
“The industry has been challenged by a lot of negativity over the years, but as time has passed, its reputation and sentiment has grown stronger.
“At what point do we call something a success? 10 years? 20 years? What if it fails in 70 years time? Would that make Bitcoin a failure? No, it would mean that it’s had its time and something better has surfaced.
“Personally, I’ve gone past the stage of treating Bitcoin like an experiment, or wondering when it will be considered a success — I already see Bitcoin as a success.
“The Bitcoin community is continuing to build a decentralised monetary future and this is only the beginning.”
Comments on millennial wealth often focus on unfavourable comparisons to Baby Boomer prosperity. But while Boomer affluence remains indisputable, millennials’ control of global assets continues to rise. With millennial wealth already topping $24trn, financial institutions have not ignored this shift in fortunes. Instead, those institutions have already worked to attract millennial attention with ESG options that recognise millennial concerns about the Climate Crisis.
To continue adapting, financial institutions can offer similar options for clients to support not-for-profit climate solutions. Normalising that support gives millennials another powerful mechanism to mobilise their assets for climate action.
Millennials’ economic influence and interests
The ‘millennial’ generation has long been plagued by perceptions of financial frivolity or misfortune. From failing to save effectively to drowning in student debt, millennials are often imagined as a global cohort incapable of economic heft.
A recent report from UBS calls many of these assumptions into question. Estimating millennials’ combined wealth at approximately $24trn, the report identifies the younger generation as an emerging powerbroker in the global economy. Driven already by income growth and entrepreneurial activity, this accumulation of assets will only increase in the wake of ‘one of the largest intergenerational wealth transfers ever’. A report from Accenture suggests that in North America alone, inheritance from Baby Boomers may top $30trn by 2050.
Rounding out this portrait of millennials’ financial power is a generational stereotype that has held true. Millennials pay attention to purpose: acting personally and professionally with a set of values in mind.
As a purpose for taking action, tackling the Climate Crisis consistently tops the list of millennials’ global concerns. Deloitte’s most recent Millennial Survey identified the durability of this climate concern even in the wake of COVID-19. Despite the ongoing pandemic, the issue of climate change and protecting the environment remained essentially tied with health care and disease prevention for millennial respondents in mid-2020.
Sustainable options from financial institutions
Faced with millennial wealth and climate consciousness, financial institutions have already adapted their outreach. Sustainable investing and ESG options offer important opportunities for savers and investors to protect the planet. A recent report suggests that global sustainable investment had reached $30.7trn in 2018, up 34% from 2016 levels.
Millennials already make up a significant portion of that total. 95% of millennials report interest in sustainable investing, and a staggering 67% have been involved with one or more sustainable investment activity. In the coming years, this engagement will only increase.
The need for climate not-for-profits
To further adapt to millennials’ economic influence and interests, financial institutions can also offer opportunities to support not-for-profit climate solutions.
ESG and sustainable investing allow market forces to encourage important climate action. But markets are not all-powerful. No market solutions exist for suing polluters, protecting rainforests, or accelerating clean energy to the billion people with no power. Not-for-profit organisations perform these critical tasks.
Take the environmental charity ClientEarth as an example. In September, the organisation was instrumental in accelerating the closure of Poland’s Belchatow power plant: the single largest greenhouse gas-emitter in Europe. This victory reminds us that not-for-profits play a key role in climate action – a role that for-profit organisations cannot fulfil.
In their effort to engage with millennials, financial institutions can acknowledge the role played by climate not-for-profits and provide their clients with simple ways to support them. Climate-conscious millennials will take advantage of an opportunity to channel their assets into issues beyond the reach of ESG initiatives.
An option to Reinvest in Earth
The Global Returns Project has coined the term ‘Reinvesting in Earth’ to describe that simple way for individuals with assets to support climate not-for-profits. When an individual Reinvests in Earth, they commit at least 0.25% of their savings and investments annually to funding not-for-profit climate solutions.
Financial institutions could make Reinvesting in Earth normal and easy by offering it as a tick-the-box option for clients. In addition to attracting millennials, normalising this regular, proportional funding could raise remarkable sums for the climate.
Globally, private individuals hold approximately $140trn in assets. If just 3% of those individuals Reinvested in Earth, they would raise $10bn every year for critical climate solutions.
Despite stereotypes to the contrary, millennials play an increasingly powerful role in the global economy. While ESG initiatives have proven popular with this younger demographic, financial institutions can also incorporate climate not-for-profits into their options for clients. Normalising the practice of Reinvesting in Earth gives millennials the ability to support non-market climate solutions with their assets.
The Global Returns Project:
The Global Returns Project (GRP) is an initiative from the Climate Crisis Foundation which seeks to transform the way we use private assets, by normalising “Reinvestment” in Earth.
It was founded in 2019 by finance gurus Yan Swiderski and Jasper Judd, after they grew frustrated by the lack of support being given to climate-initiatives.
With its unique funding structure depending on the commitment of assets rather than income, the organisation hopes to turn the table on traditional philanthropy and make it easy for individuals to fund not for profit climate solutions, whilst also encouraging financial institutions to make such reinvestment normal and easy for their clients.
Now that the COVID-19 pandemic has moved the Overton window for what we understand as achievable social and policy change, the next decade could prove fertile ground for climate change initiatives. As such, the Global Returns Project has set itself a target to raise 10 billion dollars per year for environmental causes. These funds will then be divided between the organisation’s partners, all of whom are identified via a rigorous selection process as the most highly effective climate solutions. Current partners include Ashden, Client Earth, Global Canopy, Rainforest Trust and Trillion Trees.
Jasper Judd Biography:
Jasper Judd is co-founder of the Global Returns Project. A Cambridge graduate and Chartered Accountant, he has held several senior finance, strategy and innovation roles in large listed global business throughout his career.
In recent years, however, Jasper has been increasingly focused on the Climate Crisis and what people with professional backgrounds can do to make a difference. Spurred by the desire to build a brighter future for his children, he decided to co-launch the Global Returns Project where he uses his financial expertise to empower people to easily fund not for profit climate solutions.
Tim Hardcastle, CEO and Co-Founder of INSTANDA, on what will be top of mind for insurers in 2021 and why technology will be critical
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“Insurance is the industry of risk. But the depth and breadth of COVID-19 – its impact on society and the economy – was not in insurers’ near-term planning models this year. Insurers and their customers enter 2021 in a world transformed. Physical and mental barriers have deteriorated. Walls separating businesses from customers have collapsed, with the discovery that digital can strengthen customer relationships.
ByTim Hardcastle, CEO and Co-Founder of INSTANDA
“As we enter this new world, insurance must reboot and reenergise. Reboot their business development plans, by investing in sophisticated digital tools and partnering with organisations that accelerate innovation. Reenergise their propositions and offerings, so their products continue to excite and stimulate customers.
“In practice, this means focusing on two areas: personalisation at scale and differentiation through digital engagement. Think Netflix and Disney plus, but in insurance.
“There is a more urgent pressure behind this need: cost. To avert another drop in earnings, insurers need to accelerate their digitalisation plans so they can take full advantage of reducing costs to industry leading levels of less than $1 per policy.
“What surprises could 2021 have in store? A potentially unavoidable one is the rapid acceleration of contextual or immersed insurance. Where customers buy insurance through another retail or business interaction – say, a new TV in Tesco – and insurance is embedded and sold through that. This not-so-surprise will bring new businesses challenges that only digital platforms can help solve.
“Another area which is exciting in the year ahead is the industry’s appetite to develop wider service-based offerings, such as pet and cyber insurance which provide extensive service wrappers. A pet wrapper, for example, may include advice on pet health and best practise to keep your pet healthy, with the aim to reduce bills and the insurance claim. This reflects the recognition of serving customers with a wider proposition than simply the claim pay-out.
“Our own business has adapted to respond to the challenge’s insurers faced this year. We’ve accelerated our plans to add more capability to the platform, such as launching our integration marketplace and digital billing and claims. We’ve done so in anticipation of a greater need from insurers to be braver in their approach to meet customer demand.
“Finally, I think the industry can expect a rebounding next year. There has been a downgrade in analysts’ predictions of 2020 results for several major players, as revenues slipped and claims increased. But we are also seeing rate increases in other segments so we anticipate 2021 earnings will rebound.
“2020 has brought a year of surprises to an industry that has dealt with some of the worst kinds of surprises, for centuries. A lesson it has taught – as surprises often do – is the necessity of adaptability; to be able to respond to customer demand and regulation, quickly.
“To prepare for this new year, organisations need to look at their existing infrastructure and business models and ask themselves: am I ready?”
James McLeod, EMEA Director, Faethm, the article looks at how AI and automation have come to be perceived as a threat to human employability much more than any other revolution-driving technology
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Technology, AI and societal change are the two major hallmarks of industrial revolutions. It would be remiss to discuss the first industrial revolution, for example, without reference to steam power and the migration of the workforce from the country to the city, or the third industrial revolution without reference to the internet and rapid globalisation.
Today, as AI/automation and the decentralisation of labour push the world toward the fourth industrial revolution, a core characteristic of these changes has become clear: an acceleration in the speed at which specific skills rise and fall in demand. Over the past 100 years or more, the length of these cycles has dropped from decades to just a matter of years, creating one of the biggest employability challenges for businesses and individuals alike moving forward.
To stay abreast of change, companies must fundamentally change the way in which they look at skills, training and career development. This isn’t just another story about technology and AI creating as many jobs as it invalidates, but rather a need to consider how existing roles will evolve and how people in at-risk jobs can easily transition into roles where they continue to add value on top of technology:
– What needs to happen? Career development must no longer be seen as horizontal (i.e. whereby individual workers refine a particular set of specific skills over the course of their careers and/or lives). Instead, careers must also follow a lateral trajectory, expanding not just upward, but outward into new skill areas.
– How can this be achieved? Each role will have a set of transferable and non-transferable skills. By identifying which skills sit across different roles, employers can corridor existing employees into new roles lessening the need to search for brand new talent.
– Why should employers do this? Trying to keep abreast of demand for new skills by constantly hiring new talent is a costly and unsustainable strategy. Moreover, by looking at how individual processes translate to value can help eliminate bloated processes and release capacity, making roles not only more relevant, but more efficient.
Enterprises that gather customer data also suffer 62% more financial damage due to data breaches…
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Customer data is a valuable commodity to businesses, which they use to improve and market their products. However, some companies profit from selling your data to other businesses.
According to data presented by the Atlas VPN team, one in ten businesses globally sell customer data to third parties.
The numbers are based on The Kaspersky Global Corporate IT Security Risks Survey, which features data from interviews with 5,266 IT business decision-makers from 31 countries globally. The interviews took place in June 2020 and were released in November 2020.
The survey reveals that around half of businesses worldwide collect client data. A total of 48% of small and medium businesses (SMBs) and 52% of enterprise representatives reported that their companies gather information about their clients. One-fifth of these businesses (18% of SMBs and 21% of enterprises) also sell that data to third parties.
Rachel Welch, COO of Atlas VPN, shares her thoughts on how people can protect better protect their data online:
“Nowadays, people face a challenge of balancing privacy and usability. They cannot control how securely companies store their information or in whose hands their data might end up. However, people can make sure that they limit the information they reveal online.
Using a VPN, reconfiguring your device’s privacy settings, and reading Privacy Policy before you sign up for a new service are just some of the things I would recommend to protect your personal data better.”
While 24% of SMBs and 21% of corporations do not currently gather customer data, they plan to do so in the upcoming 12 months. A quarter (25%) of small and medium businesses and 23% of enterprises do not collect any customer data. The remaining 3% of SMBs and 4% of corporations do not know whether they collect client data.
Companies that do not collect client data suffer less from data breaches
Companies that collect client data are attractive targets to cybercriminals and, therefore, always at risk of a data breach. Naturally, they also have more to lose if they get hacked.
SMBs that collect customer data typically lose around $117 thousand per data breach — 37% more than their counterparts that do not collect user data. Enterprises that gather customer data also suffer 62% more financial damage due to data breaches. On average such enterprises lose $1.3 million per data breach.
The ‘Financial Sector, Threat Landscape 2020’ report revealed five top security challenges that the financial sector are currently facing, the risks of future threats, and how to spot these risks before it is too late. Here, CPOstrategy takes a closer look…
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We are no stranger to the notion of cyber security, but one industry that suffers the most from cyber security threats is the financial secretary. Key security measures within the sector have evolved dramatically with the likes of key codes, two factor authentication, voice ID, behavioural analysis, one-time passcodes, protective messaging and digital fingerprinting.
1. Ransomware
Amazingly, the term “ransomware” was only added to the dictionary three years ago. In that time however, ransomware has increased dramatically in terms of the frequency of incidents and the range of methods used to conduct them. Let it be known that the attackers are extremely sophisticated. Once they have your data, who’s to say that your data will be given back or decrypted even if you pay up. Worse still what’s stopping them coming back to attack you again? The report found that once an attack is made, the bad actor will sell the details on to their associates to go after the victim again after deployment, because the payload can still be there, activated and deactivated.
2. Internal Threats
The report takes a look at the Verizon, 2020 Data Breach Investigations Report (DBIR) where it shows that ‘employees’ mistakes account for roughly the same number of breaches as external parties who are actively attacking’ the organisation. Now isn’t that terrifying? Misdelivery within the company, by which information has inadvertently been sent to the wrong person, stands tall as one of the most common issues when it comes to the notion of insider threats. Next time you forward an email or send one to the wrong person/recipient, click on the wrong mailing list, that’s a misdelivery. In the interests of fairness, misdelivery is almost always accidental and non-malicious, but the effects can be devastating. Especially if sensitive data is inadvertently shared to the wrong recipient.
3) App Developments
There’s an app for that. There really is. Apps in the investment and finance space have grown substantially in 2020 which is of course a good thing, as the ability to invest online is quick and easy, and accessible to all. But, with demand comes rushed development. Many of these apps were developed quickly and quite frankly are not ready for cyber-attacks. So that means no two-factor authentication, no protection from appropriate regulations, are not patched or maintained properly, and do not have contingency plans in place to mitigate the effects of a cyber-attack. What that means then is personal information of app users is relatively easy to steal and sell. This can be done by creating duplicate fraudulent apps to trick the user. On these duplicate apps, the imagery and language of the genuine app is mirrored. Once the personal information is supplied, all the money involved (real and virtual) is up for grabs. And so begins the circle of ransomware life.
4) Third-Party Risks
Few organisations work on their own. Quite rightly too. Think about third parties that they use. Vendors, partners, email providers, service providers, web hosting companies, law firms, data management companies, subcontractors. The list goes on. They are all essential to business operations and a lot of these third parties share IT systems and even sensitive information through legal teams so it goes without saying that third parties may very well be an open backdoor into your financial systems for attackers to infiltrate.
5) COVID-19
Yep, even cyber crime has been affected by COVID. It is that unavoidable. Cyber criminals are continuing to target the financial sector even during the pandemic. There has been quite the spike in cyber attacks on banks, financial organisations and the third parties connected to them. Going back to simpler times before COVID-19, if an attacker wanted to sabotage a company or steal data, they would target the business itself. They’d aim their sights at the website, the social accounts, the logins and all their vulnerabilities. In response, organisations had counter measures in place. But now, you just need to target a single remote worker and the house of cards comes tumbling down.
The Collaboration Progress Monitor, the National Centre for Universities and Business’ (NCUB) annual tracking of long-term trends in UK university-business collaboration, shows the number of interactions increased across the board in 2017/18. The Monitor forms part of the State of the Relationship report 2020.
The Collaboration Progress Monitor revealed that 2017/18 saw:
Almost 113,000 interactions between universities and businesses, with the number increasing by 10.2% from 2017 to 2018;
Investment by UK businesses in university research and development (R&D) soar by 8.7% in real terms in just one year – taking the total investment to £389m, between 2017/18;
In just one year, 2017/18, the number of interactions between universities and SMEs grew by 11.9% to 85,218, and interactions with large businesses grew in the same period, by 5.5% to 27,645.
Dr Joe Marshall, Chief Executive of the National Centre for Universities and Business (NCUB), said: “New analysis, published today, shows that collaborations and partnerships between universities and businesses were soaring before the Covid-19 pandemic. Between 2017 and 2018 the numbers of collaborations increased by more than 10 per cent on the previous year. It is hugely positive that these partnerships were becoming deeper and better embedded into the working practices of business and university actors across the ecosystem. Undoubtedly, working together helped universities and businesses to build the resilience to help carry them through the Covid-19 crisis.”
Marshall continued: “Although we have seen a rise in collaborations between universities and businesses for many years, the future looks challenging for collaboration as organisations respond to unprecedented change and uncertainty. Although university-business collaboration in the UK had been deepening, we need, now more than ever, to see collaborations continue to rise. Now is not the time for complacency. These vibrant, and productive partnerships that create lifesaving, innovative products and processes and develop our skilled graduates, are the lifeblood of the UK economy.”
David Sweeney, Executive Chair of Research England, which commissioned the report, said: “This report showcases how universities and business have worked together effectively across the UK and the benefits of that collaboration locally, nationally and internationally. Continuing and deepening university-business collaboration will be essential to help the country recover from the impact of the pandemic and to thrive in the future. Support for university knowledge exchange is a key element in regional resilience, as described in the report, and UK Research and Innovation is now working with the Government on a Place R&D Strategy to deliver improved local R&D outcomes in regions which currently face investment and capacity constraints.”
In the Cambridge Dictionary Machine Learning is referred to as ‘The process of computers changing the way they carry out tasks by learning from new data, without a human being needing to give instructions in the form of a program’. And, in the Oxford Lexico, it is used to describe ‘The use and development of computer systems that are able to learn and adapt without following explicit instructions, by using algorithms and statistical models to analyse and draw inferences from patterns in data’.
Generally speaking, ML relies on mathematical models which are built by analysing patterns in datasets. These patterns are then used to make predictions on new input data. Similar to the way Netflix offers recommendations for new TV series, based on previous viewing experiences, ML is one of the many approaches to AI that uses a system that is capable of learning from experience, and builds upon what has been learnt.
Misconceptions
People are often scared or apprehensive about what they do not understand. Although ML is not a new concept for experts in the field, many are only just getting to grips with what it is and how it can be used. Because the term ML is associated with depictions portrayed in the media of power-hungry robots with a thirst for human destruction, many recoil at the thought of utilizing it in business or private use. But the truth is that these portrayals are not accurate representations, and ML is used by the majority of us, on a daily basis, without us even fully recognizing how or where.
Examples of daily ML in action includes the use of portrait mode on your smart phone, social media feeds on applications such as Facebook or Instagram, music and media streaming including BBC iPlayer or Netflix, online adverts tailored to the user journey, pretty much every online game, banking apps, smart devices… the list is endless.
From reinforcement learning, semi-supervised learning, self-learning, feature learning, sparse dictionary learning, anomaly detection and robot learning, there are many different approaches and techniques used. But, on the whole, machine learning can be broadly classified into two classes, known as supervised and unsupervised learning.
Supervised Learning
Supervised Learning is where a machine learns from training data, and maps out inputs and outputs, based on rules provided in said training data, and from inferred functions. In Supervised Learning, the dataset is labelled, wherein there is a target variable. The value of which the ML model learns to predict, using different algorithms. For instance, it may do this based on IP address location, frequency of web requests and so on. From this, an ML model can then predict if the IP was part of say a Distributed Denial-of-service (DDoS) attack, and more.
The main goal is for the machine to extract the information from the unlabelled data sets, that could aid performance and increase productivity.
Unsupervised Learning
In Unsupervised Learning, there is no labelled data, thereby, no prediction of a target variable. Unsupervised Learning tries to find interesting associations, or patterns, within a dataset. For instance, clustering can be applied in user analytics where application users can be grouped together. By doing this, it is possible to see what data should belong to a specific group, or not.
Machine learning is about developing patterns and manipulating those patterns with algorithms. In order to develop patterns, we need a lot of data that has complete, relevant and rich context. It is not just about the quantity of the data, but also the quality.
Essentially, accurate and rapid security depends on the initial data collection. There are many systems out there, buzzing away, both on-premise and on the Cloud. You need to be able to get the data from those systems, process it, correlate, and analyse those systems. Whether via traditional Syslog, Cloud API, AWS, Azure, Statistical Analysis Systems (SAS) services, or something else, you need to get that data, and have it presented in a way that can be processed quickly and efficiently.
And, once you have the right logs, they need to be validated. You can start to standardise and normalise them. Start with basic correlation. By contextualising the traffic logs against threat intelligence data, analysts can see where risky user activity might be present. This, very quickly, moves along to advanced analytics.
Which is why Data Cleansing is an important part of machine learning, and helps analysts make sense of the raw data captured from multiple sources.
‘If intelligence is a cake, the bulk of the cake is unsupervised learning, the icing on the cake is supervised learning, and the cherry on the cake is reinforcement learning (RL).’ – Facebook AI Chief Yann LeCun
Applications of Machine Learning in Cyber Security
To better understand previous cyber-attacks, and develop respective defense responses, ML can be leveraged in various domains within Cyber Security to enhance security processes, and make it easier for security analysts to quickly identify, prioritise, deal with and remediate new attacks.
Automating Tasks
A great benefit of ML in cyber security is its capacity to automate repetitive and time-consuming tasks, such as triaging intelligence, malware analysis, network log analysis and vulnerability assessments. By incorporating ML into the security workflow, organisations can accomplish tasks faster, and act on and remediate threats at a rate that would not be possible with manual human capability alone. Automating repetitive processes means that clients can up or down scale easily, without changing the manpower needed, thus reducing costs in the process.
The method of automating practices via ML is sometimes referred to as AutoML. AutoML signifies when repetitive tasks involved in development are automated to specifically aid the productivity of the analysts, data scientists and developers.
Threat Detection and Classification
Machine learning algorithms are used in applications to detect and respond to attacks. This can be achieved by analysing big data sets of security events and identifying patterns of malicious activities. ML works so that when similar events are detected, they are automatically dealt with by the trained ML model.
For instance, the dataset to feed a machine learning model can be created by using Indicators of Compromise (IOCs). These can help monitor, identify, and respond to threats in real time. ML classification algorithms can be used using IOC data sets to classify the behaviour of malwares.
Traditional phishing detection techniques alone lacks the speed and accuracy to detect and differentiate between harmless and malicious URLs. Latest ML algorithm predictive URL classification models can identify patterns that reveal malicious emails. To do this, the models are trained on features such as email headers, body-data, punctuation patterns, and more to classify and differentiate the malicious from the harmless.
WebShell
WebShell is a piece of code that is maliciously loaded into a website to provide access to make modifications on the web root directory of the server. This allows attackers to gain access of the database. Which, in turn, enables the bad actor to collect personal information. By using ML, a normal shopping cart behaviour can be detected, and the model can be trained to differentiate between normal and malicious behaviour.
The same goes for User Behaviour Analytics (UBA), which forms a supplementary layer to standard security measures, to provide complete visibility, detect account compromises, and mitigate and detect malicious or anomalous insider activity. By using ML algorithms, patterns of user behaviour are categorised, to understand what constitutes normal behaviour, and to detect abnormal activity. If an unusual action is made on a device on a given network, such as an employee login late at night, inconsistent remote access, or an unusually high number of downloads, the action and user is given a risk score based on their activity, patterns and time.
Network Risk Scoring
Use of quantitative measures to assign risk scores to sections of networks, help organisations to prioritise resources. ML can be used to analyze previous cyber-attack datasets and determine which areas of networks were mostly involved in particular attacks. This score can help quantify the likelihood, and impact of an attack, with respect to a given network area. Thus, helping organisations to reduce the risk of being victimized by further attacks.
When you are doing business profiling, you have to decipher what area, if compromised, is going to destroy your business. It could be a Customer Relationship Management (CRM) system, your accounting system, or your sales system. It’s about knowing, within your specific business environment, what area is most vulnerable. Say, for instance, HR goes down, this may have a low risk score within your company. But if your oil trading platform goes down, that could bring down your entire business. Every company has a different way of doing security. And once you understand the specifics of an organisation, you know what to really protect. And if there is a hack, you know what to prioritise.
The Future of ML
ML is a powerful tool. There is no denying that. But it is no silver bullet. It is important to remember that, while technology is developing, and advancements in AI and ML are evolving at a significant rate, technology is only as good, or as bad, as the minds of the analysts controlling and using it.
There will always be bad actors developing their skills and technology to find and exploit weaknesses. Which is why it is crucial to combine the best technology and processes with industry experts, to be able to detect and respond to cyber threats accurately and rapidly.
To learn more about the use of Machine Learning (ML) and Artificial Intelligence (AI) within security analytics, and to debunk some of the common misconceptions and myths surrounding what constitutes AI and ML, view our video on ‘Using Machine Learning & AI to Hunt Risk in the Real World’ here.
With virtually all companies looking at AI, what are some of the key risks they need to consider before implementation?
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Today virtually all companies are forced to innovate and many are excited about AI. Yet since implementation cuts across organisational boundaries, shifting to an AI-driven strategy requires new thinking about managing risks, both internally and externally. This blog will cover “the seven sins of enterprise AI strategies”, which are governance issues at the board and executive levels that block companies from moving ahead with AI. by By Jeremy Barnes, Element AI
1- Disowning the AI strategy
This is probably the most important sin. In this case, a CEO and board will say that AI is a priority, but delegate it to a different department or an innovation lab. However, success is not based on whether or not a company uses an innovation lab—it’s whether they are truly invested in it. The bottom line is that the CEO and board need to actively lead an AI strategy.
2- Ignoring the unknowns
This happens when companies say they believe in AI, but don’t reach a level of proficiency where it’s possible to identify, characterise and model the threats that emerge with new advances. Even if it is decided not to go all-in on AI innovation, it’s still important that there is a hypothesis for how to address AI within a company and an early warning system so the decision can be re-evaluated early enough to act. Being a fast follower requires as much organizational preparation and lead time as leadership.
3- Not enabling the culture
The ability to implement AI is about an experimentation mindset. That and an openness to failure need to be adopted across the company. Organisations need to keep in mind that AI doesn’t respect organisational boundaries. Most companies want high-impact, low-risk solutions that could simply lead to optimising, rather than advancing new value streams. It is hard to accept increased risk in exchange for impact but it will come as part of the continuous cultural enablement of an experimental mindset.
4- Starting with the solution
This is the most common sin. It’s important to be able to understand the specific problems you’re trying to solve, because AI is unlikely to be a solution for all of them, and especially not blindly implementing a horizontal AI platform. Have the conversation at board level to ensure that an overarching AI strategy, and not simply quick-fix solutions, is the priority.
5- Lose risk, keep reward
As mentioned in the third sin, it is natural for companies to want to implement AI without any risk. But there is no reward without risk. A vendor motivated to decrease risk will also decrease innovation and ultimately impact by making successes small and failures non-existent. AI creates differentiation only for companies that are willing to learn from both their successes and their failures. A company that doesn’t effectively balance risk in AI will ultimately increase its risk of disruption.
6- Vintage accounting
Attempting to fit AI into traditional financial governance structures causes problems. It doesn’t fit nicely into budget categories and it’s hard to value the output. The link between what you put in and what you get out can be less tangible or predictable, which often makes it harder to square with existing plans or structures. Model the rate of return on AI activities and all data-related activities. This demands that these activities affect profit (not just loss) and assets (not just liabilities).
7- Treating data as a commodity
The final sin concerns data and its treatment as a commodity. Data is fundamental to AI. If data is poorly handled, it can lead to negative impacts on decision-making. Data should be treated as an asset. The stronger, deeper and more accurate the dataset, the better models that you can train and more intelligent insights you can generate. But, at the same time, when personally identifiable information is stored about customers, it can be stolen, risking heavy penalties in some jurisdictions. You need to build towards data from a use case rather than invest blindly in data centralisation projects. So, now you know what not to do. Here are some of the simple things that you can do to move ahead. First, talk to your board about how long it will take to become an AI innovator, modelling it out, rather than simply discussing it conceptually.
Second, prepare for change and put in place monitoring. AI shifts all the time, so you’ll want to regularly check in to adjust and pivot your strategy. It’s important to develop a basic skill set so you can redo planning exercises with your board. Third, model out risks in both action and inaction. But don’t model them in a traditional approach, which is to push risk down to different business units and then compensate those units for reducing risk rather than managing trade-offs. Instead, view those trade-offs in terms of risks and rewards, and start to think about how you are accounting for the assets and liabilities of AI. Ultimately, you want to start to model what is the actual rate of return for all these activities that you are doing. Then benchmark it against what you see in other companies from across the industry, and that will give you a good picture of the current situation and where to go.
With a rise in immersive training and workouts on demand, connectedness matter most…
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In what is almost a redundant statement, due to the very obvious nature of it, technology has taken over every facet of the modern world. From the way we eat (ordering a takeaway or watching a YouTube cooking tutorial) to the way we purchase the very clothes on our backs (via H&M, Zalando etc.), technology is right there as an enabler. In fact, in 2020, global retail sales are projected to amount to around $26.tn dollars, with an estimated 1.9bn people worldwide purchasing goods (including food) or services online.
Go back just one year to 2019, and e-retail sales surpassed $3.5tn worldwide. The fact of the matter is, technology has made this possible and it will continue to drive these numbers to almost unimaginable levels. The really fascinating thing about this however, particularly in a year beset by lockdowns and restricted movement outdoors, is how many of these transactions were made from home and how much of that $3.5tn has been spent in the palm of our hands?
In all the talk of global markets and industry being disrupted and revolutionised by technology we often focus on those trillion dollar ones because they are the traditional ‘big hitter’ industries. Over the past decade however, one industry sector has seen incredible growth all over the world and technology (to no surprise) has seen that growth take on a whole new level. In 2019, the global fitness and health club industry exceeded $96bn. There are more than 201,000 health and fitness clubs worldwide and more than 174mn global members. It’s clear to see; the health and fitness space is not to be sniffed at. One of the biggest, if not the biggest, ways in which technology has redefined the fitness industry is through on-demand services. Like everything else in our lives, we want it and we want it now. But for Jean-Michel Fournier, CEO of Les Mills Media, it’s important to remember what people want with their fitness experiences before getting lost on working out how to provide that to them through technology.
“We are more and more connected,” he says from his home gym in San Francisco. “Connection in fitness is very important. Being able to be part of a community and believing in something bigger than you is way more motivating than exercising by yourself and not being able to share what you achieve or what you’re doing. It’s about trying to connect with people who have the same objective, or same experience or someone who can advise you. So that community is very important and with technology now you’re able to be engaged and supported by your community, anywhere, anytime.”
That sense of a shared community, through health and fitness, defines the very core of Les Mills. Headquartered in Auckland, New Zealand, Les Mills is on a mission to create a fitter planet not by making people work out but by helping people fall in love with fitness so that they want to work out.
Les Mills provides workouts that are licensed by 19,500 partners in 100 countries around the world and has a tribe of 135,000 certified instructors to deliver the likes of BODYPUMP, BODYCOMBAT and GRIT workouts to millions of members. With the future of fitness merging between physical and digital, the company has led the charge in delivering immersive training and workouts on demand. This is where Fournier, a fitness fanatic and a student of Silicon Valley, looks to continuously drive engagement with members and it starts with that sense of connectedness and love affair with fitness.
“Actually, I don’t really care about technology. Technology for me is an enabler. Technology’s here to help improve the life of our community,” he laughs. “It’s really my very first company where I’ve seen how we help people to live a better life. To feel better when they wake up in the morning, and do the exercise and fall in love with our classes, where people are doing body pump and body combat on a daily basis and they share their pictures, their achievements through the community. It’s so exciting when I see that and that’s what feeds me, honestly.”
The health and fitness space is notoriously costly and often seen as a luxury, pricing people out entirely. So surely technology and on demand services would simply follow suit? Fournier recognises this, recalling the unfortunate passing of his father over the past few years and how that had made him rethink the role of technology in fitness. “Before my father passed away, he told me that he wished he could go back and be in shape and feel proud of his physical fitness,” he says. “That really impacted me. It made me ask one question; how can we help people get better access to fitness services. The answer is through technology.”
Fournier believes that technology is the key to democratising fitness services, making it truly available to everyone. Les Mills offers all of its fitness programs and workouts, together with advice and FAQs, through a simple and easy to use mobile and tablet app. This app will capture all kinds of data from its members and their activity and feed it back to them in a way that is personalised to each user. While we are competitive by our very nature and we do crave the shared community that Fournier speaks of, we all have our own personal goals and our own achievements that we strive for. But how can an app provide personalised experiences for well over a million users all over the world? The answer is, again, technology. Specifically Artificial Intelligence and Machine Learning.
“The technology allows us to think about things that are perhaps within our subconscious that impact our exercise,” says Fournier. “When are we most motivated to exercise? How does our sleeping habits impact our performance? At what point during a day am I going to get the best results? These are all things that AI and Machine Learning will allow us to think about and understand better. It’s really opening everyone’s eyes and making that process of falling in love with fitness that little bit more seamless.”
Machine Learning, while not a new concept, is still in its infancy in terms of global implementation. Fournier believes that we are “at the beginning of a tsunami” when it comes to Machine Learning and that when it does become a norm, personalisation will come naturally. He compares the concept of personalisation in fitness to that of other streaming on-demand services like Netflix. Personalisation in those platforms can only stretch as far as presenting films that you like based on your activity, or personal lists you create. In fitness, the variables are so sparse and unique to each individual that a “one service to many” approach simply will not work.
“Technology in the fitness spaces creates a sense of accountability with both the community and the coaches” says Fournier. “You are starting to see more and more coaching platforms out there and we are doing some experimentation with this at Les Mills, where people have a coach in their pocket. Now they are connected with the coach and the coach is going to communicate directly and check on your performance. They look at the data and see that you’ve done the workout and congratulate you for it. Then you feel good about it.”
Fournier admits that it also works both ways, thanks to those extremely different variables; “Say you haven’t done it, the coach can ask you why. It’s because you’re tired, or you’ve hurt yourself. The coach can then work with you to adapt the workout. So that’s going to create this accountability and technology is going to help to create this connection between your data and your community. There’s going to be this golden triangle of information here.”
The benefits of technology are clear to see; the personalisation of the user experience comes directly from it, so Les Mills should just go ahead and throw all of its eggs into the technology basket right? Wrong. Les Mills, since the very beginning back in 1968, is a business built on the foundations of family and community. Right from the top with Phillip Mills himself, to his wife Jackie and children Diana and Les Mills Jr, there is a culture that looks at fitness services and exercises and marries that with technology that can spread that culture all over the world. The technology will never drive the business, the community will. This in itself brings an interesting challenge to the table, yes Les Mills wants to serve the world and help each and every one of us, but it’s also a business and a business will also be driven by revenue and bottom line results through innovation. “So how do you innovate? You need to be sure you have a good understanding of the mission,” says Fournier. “At the end of the day if there are people out there fleeting the next best tech thing in fitness and they’re being more successful, good for them. At the end of the day the mission for Les Mills is not to conquer the world, or to be a dominant company. At the end of the day, we are here to really help people.”
Les Mills is driven by people, for people. That is abundantly clear. Personalisation is one challenge that the company faces and for the most part succeeds in, but what about the actual user experience? How easy is it for someone to log in to the CMS, search through the copious amounts of workouts and then stream those workouts in a truly seamless experience? Les Mills, like many businesses right now, works to provide an omnichannel experience for users so they can indeed access it anytime and anywhere. But omnichannel is a word that has fallen into the trappings of many other keywords in technology right now. How does the company look to move away from simply following a trend and offer a true omnichannel experience?
“It’s hard,” laughs Fournier. “Not everybody has an internet connection at 100 or 200 megabytes. Not everyone has the same bandwidth and capabilities to stream. These days there are a number of successful platforms out in the world, which makes it easier. Having streaming capabilities and adding a strong architecture while working with the best CMS platform out there is critical. Around four years ago, coinciding with when I came into the business, we laid down a very strong and robust platform that can support millions of recurrences and millions of subscribers, to be sure we can provide the quality that our users need regardless of their situation.”
The lines between health and fitness and digital are increasingly blurring and reaching a point as to where we may not be able to think about exercise and fitness without a livestream, at home experience. As with any technological shift, there is also a generational shift running alongside it. It isn’t simply a case of older generations of gym users and fitness professionals suddenly pivoting to digital or being alienated as the world around them becomes an increasingly digital one. As we have seen in many other industries, it is not that black and white and it comes as no surprise that this is something that Les Mills understands more than most.
“If someone wants to enjoy our content on an app, they can. If they want to enjoy our content in a live streaming class, they can. If they want to enjoy our content in a live class with a real instructor they can do it as well,” says Fournier. “At the end of the day we are a content provider. What we do is create amazing fitness choreography linked to music and we do so in a way that is truly accessible to all and for all.”
In 2020, the world was forced to stand still as it became gripped by the coronavirus pandemic. With lockdowns and restrictions put in place to protect the lives of people the world over, this closed a lot of doors for the likes of restaurants, retail stores and yes; gyms and fitness centres. One could be forgiven for thinking that Les Mills, pioneers in the streaming on demand space for fitness, were well prepared for this and suffered minimal impact from this. “Our customers are those fitness clubs and the community centres that provide Les Mills classes to their communities,” reflects Fournier. “So we were hurt there. Everybody moved to digital, which was great and thanks to the great work we did in previous years in building a robust platform we were able to absorb the millions of recurrences into our platform and keep the right level of stability.”
For Les Mills, it has always been about the community and when that community is forced to stay indoors and to stay away from the physical connectedness, the focus changes slightly. Connected community has always been a cornerstone of Les Mills, but in these difficult times the company changed tact and became much more connected to its community than ever before. “I’m very proud of the Les Mills team because we really focused on what was important. The focus was really on responding to the customer needs,” beams Fournier.
“People wanted more connection, so we generated some live streaming classes. They wanted to talk with their instructors live, so we did a lot of live Q&As that were pretty amazing.”
Fournier points to one example where the Program Director, Glen Ostergaard, presented a live streaming class to over 25,000 people worldwide. Just a few short years ago, this would have been unprecedented even for Les Mills and yet here it was, leading one of the largest live streaming fitness classes in the world and exceeding all expectations.
Elsewhere, in the absence of being present in classes and under the watchful eye of a trainer, Les Mills needed to think about how it could leverage the 140,000+ fitness instructors around the world and enable them to connect with the people. “These people aren’t just the faces you see on our apps and workouts, they are the community who run the classes in centres and in gyms,” says Fournier. “They understand fitness, they understand health and wellness and they are a part of the whole community so we started to connect and to create a networking effect, connecting the expert to the community that has a need. It has been quite amazing to see this level of engagement and communication with instructors and seeing how they can exercise better.”
Right, the future and what it will look like for many remains uncertain. The last year has taught us to rethink our perceptions of how industries can and should operate and has forced a lot of businesses to rethink their operations. In some cases, this has created great opportunities and change for good. For fitness and exercise, which as we know was already going through it’s own evolution prior to 2020, this evolution and convergence of fitness and technology will continue at an incredible pace. As we talk of new norms, what does that actually mean for Les Mills? Can it ever go back to what it was before? “Some people enjoy exercising from home. Some people are enjoying working out more outdoors and hiking or going to the park and doing their exercise routines there. And you will always have people missing their fitness club,” says Fournier. “Human nature will always go back to convenience and people will want to go back to the convenience of a fitness club or a class.”
“I firmly believe that club operators need to evolve and they need to focus on their members.There are an increasing amount of members who are outside the club as we’ve discussed. You see the evolution right now, more and more are embracing digital, creating some challenges and motivating people to exercise outside of the club. It’s a pretty big shift and one that’s going to continue, so we have to continue to look at our offering and how we can continue to serve our community in the best way possible.”
Our cover story this month is a revealing feature with Microsoft’s Sangya Singh. Plus, we have exclusive executive insights from Moneta, Les Mills and Fiserv, as well as the Top 5 Financial Security Challenges of 2020 and in-depth guide to AI strategies.
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This month’s cover exclusive features Sangya Singh, Chief Experience Officer and Director of Product Management, Dynamics 365 Customer Insights at Microsoft who takes us ‘behind the scenes’ as she reveals how Microsoft achieves design-thinking-driven digital transformation…
“The need for transformation is greater now than ever before. We are facing problems around the world that can be solved only through innovation: whether it is unaffordable and unavailable health care or energy usage that outpaces what we can support, to education systems that fail many students, to companies and organisations whose traditional setup are being disrupted by new emergent technologies or demographic change or global pandemic like COVID-19. All these problems have people at their heart. They require human-centred, creative, iterative and practical approaches to find the best ideas and solutions that will democratise the benefits of technology and bring in equity to all.
Design thinking is just such an approach to innovation. It requires a different type of leadership style and culture in place; an effective innovation culture is one where we are willing to set aside our initial conception or understanding of what the problem is…”
Plus! We have exclusive executive insights from Moneta, Les Mills and Fiserv, as well as the Top 5 Financial Security Challenges of 2020 and in-depth guide to AI strategies.
Leading retailers across the EU and US are running outdated applications, leaving them vulnerable to cyber attacks….
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In another episode of The Digital Insight Bitesize, we take a look at cybersecurity.
With a recent report indicating that leading retailers across the EU and US are running outdated applications, leaving them vulnerable to cyber attacks, we ask:
Can you be complacent when it comes to your approach to cyber security?
Traditionally such matters would be placed on the desk of the CIO and the IT teams, but Is it their responsibility to focus on cyber security? There’s certainly an argument that the wider organization could and should be more involved.
In a year defined by crisis, how has the COVID19 pandemic impacted the cybersecurity conversation moving forward?
Answering these questions for us today is Stephan Kornakowski of Output24, a leading cyber assessment company focused on enabling its customers to achieve maximum value from their evolving technology investments…
By failing to involve more general staff, company leaders hinder DX progress
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While businesses are doubling down on digital transformation (DX), new research from Futurum Research found that organisational leaders are leaving many of their employees behind in the process. The study revealed that 94% of all employees want to be more involved in DX, and almost half (44%) of the general staff say they simply don’t know how to help. This not only disenfranchises some employees, but it can also slow the pace of DX success.
The global study, sponsored by Pegasystems (NASDAQ: PEGA), surveyed executives, technology leaders, and general employees from over 500 enterprises in North America and Europe on the role company culture plays in driving DX success.
As company leaders accelerate the pace of DX in the wake of the pandemic, the research revealed many employees are eager to be part of the solution. But despite this enthusiasm, only 10% of general staff strongly agree they know how to contribute to their company’s digital transformation efforts. Interestingly, there is also still confusion at the top: even 14% of CEOs report they don’t know how to get involved.
The research also uncovered three additional insights on how leaders should infuse DX into the fabric of their business:
Barriers to success must be addressed holistically: A majority of business decision makers (68%) believe improving customer experience is the most important DX driver, followed closely by automating existing processes (67%) and improving or updating processes (65%). While most agree on the ultimate goals, decision makers face a wider variety of roadblocks to reaching them, namely a lack of adequate skills (42%), partnerships (36%), and budget (36%). These holistic operational issues must be addressed – starting with training or hiring for these skills – to ensure DX success at scale.
Effective DX leadership drives top-down results: Who usually leads the DX charge? Only 18% of respondents believe it’s the CEO compared to 47% who identify the CTO or CIO. But when employees cite the CEO as the DX leader, employees report a more positive perception of DX, which can be helpful in building a stronger DX culture. For example, 67% of respondents from organizations with CEO-led DX expect to be ‘very effective’ in technology leadership compared to only 51% in CIO-lead organizations and 34% when the CTO leads.
Digital transformation is a journey on which no one should be left behind: Leaders need to find ways to bring all employees on the DX journey so they feel vested in the outcome – even in the smallest of ways. Respondents cite helping to train others on new technology (50%), being open minded about using new tools (40%), and voicing positivity about DX (35%) as the top ways they believe they can help – which are all relatively achievable. Broader employee participation at any level helps the DX culture permeate through an organization so businesses can ultimately better serve their customers.
Identifying opportunities across people, processes and technology has created significant operational efficiency improvements around complex claims handling…
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Tesco Underwriting has partnered with Netcall, a leading provider of low-code and customer engagement solutions, to significantly enhance its complex claims handling process. Tesco Underwriting, who underwrite Tesco Bank-branded car and home insurance policies and provide claims services to customers, worked with Netcall to evaluate its ways of working, processes and technology for complex claims. Tesco Underwriting then identified and implemented operational efficiencies which led to an improvement and streamlining of customer and colleague journeys around complex claims, and a significant boost to its customer Net Promoter Score (NPS).
Tesco Underwriting wanted to manage complex claims efficiently to give their colleagues and customers the best possible experience. This meant focussing on the improvement of internal processes, including the effective management of workflows, to ensure claims handlers could accurately identify the priority status of work. Tesco Underwriting needed a system that could provide full visibility of all claims, and the handlers assigned to them, as well as displaying the order of priority and providing the ability to adjust as required.
Tesco Underwriting had three of their Continuous Improvement Team trained on Netcall’s Liberty Create low-code platform in just three days. The members of that team then went on to develop a highly customisable application that helps manage internal claim workflows and has significantly improved efficiency. The company is now able to provide its handlers with a visual tool that automatically prioritises each claim – whilst also breaking down individual work queues. The application development process took under three weeks, with full deployment – including the training period – completed in three months. It can take the same period of time for a company to gather requirements for the development of an internal system, demonstrating the efficiency of the low-code platform. By using Create, Tesco Underwriting was able to adopt the desired, agile approach and achieved an even faster time to delivery.
Being able to build a prototype during the training stage and within such a short timeframe enabled Tesco Underwriting to move quickly and show quick time-to-value to stakeholders. What’s more, since implementation, the company has witnessed a significant increase in claim handling efficiency – with the number of claims processed per hour increasing by 57% due to the implementation of the new low-code based application. Using Liberty Create, the company has met its own goals for claims processing within the first six months – and the new system has also contributed to a substantial seven-percentage-point rise in Tesco Underwriting’s customer NPS.
“The speed and agility that the low-code platform has given us has meant we’ve been able to build, iterate and change processes really quickly and effectively. Without the project, I don’t think we’d have been able to achieve the NPS and the efficiency benefits that we have derived – the speed and agility has been fantastic,” commented Neil Arrowsmith, Head of Operational Excellence, Tesco Underwriting.
“We’re thrilled that Netcall has been able to assist Tesco Underwriting in its venture to optimise its business processes in such a short time frame – six times faster than using traditional development tools and methods. The fact that the company has already seen such an increase in efficiency is fantastic and we’re excited to see what further benefits to customer experience Tesco Underwriting uncovers with our platform in the future,” commented Mark Holmes, Chief Sales Officer, Netcall.
England’s first smartphone-enabled vaccination status feature will assist economic recovery and encourage vaccine uptake…
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myGP – the UK’s largest independent GP booking and healthcare management app that connects patients with primary care – has announced its intention to provide the people in England with a simple, clear means of communicating their verified vaccination status, via their Smartphone.
The new vaccination status feature will display, within the patient profile page of the myGP app, whether or not a patient is sufficiently protected from COVID-19; illustrated via a few personal details and a simple green tick, which will appear 21 days following the final vaccine dose, when a patient is considered protected from the virus. This ‘tick’ will act as a clinically assured means of proving one’s vaccination status, displayed in real-time, generated directly from a patient’s medical record.
myGP – home to the myGP TICKet feature – is developed by Hammersmith-based iPLATO Healthcare. Currently available to patients at 97 percent of England’s GP practices, myGP has spent years working alongside the NHS to gain NHS accreditation. As a result, the app already enables around two million patients in England to view their medical records, request repeat prescriptions, request GP appointments, and access other complementary healthcare services. More than 200,000 patients in England have accessed their medical records via the app in just the last two months.
Economic recovery, at capacity
Currently planned for release in February 2021, and dependent upon availability of the clinical data, the myGP TICKet could allow businesses whose viability depends upon operating at capacity – such as the arts and hospitality sectors – the ability to open either full or part-time to vaccinated individuals, without the need to observe strict social distancing rules. In addition, the technology will reduce the administrative burden on GPs, who will likely be inundated with requests for verification of vaccination status as people begin to return to everyday life around the country.
Since the start of the pandemic, myGP has regularly undertaken patient research, to gauge feelings and intentions regarding their health, access to primary care, and their intentions regarding the Covid-19 vaccine. Last week, upon learning that a vaccine had been approved, myGP asked 2,000 adults if they intend to have the new vaccine, of which 31 percent said no. However, of this group, 23 percent said they could be swayed to have the vaccine if it meant they could attend live events and other activities without strict social distancing measures in place.
Tobias Alpsten, the innovator behind myGP TICKet and Founder and CEO of iPLATO Healthcare and myGP comments on why it could be a game-changer for the UK:
“Not only does our research tell us that the public would respond positively to this kind of incentive; we believe that our solution can provide an economic lifeline to industries who have been crippled by the pandemic.
Further, this innovation will absolutely relieve administrative burden on GPs by simplifying an individual’s access to his or her own vaccination status. The myGP TICKet means that patients will not have to contact their GPs, get certificates printed, apply for vaccination passports, or other long-winded solutions. Simply download the myGP app, register, and it’s done.”
Katie Coull, Artistic Director of Charity ‘Artists for Essential Workers’ (AFEW), comments on why the myGP TICKet could be game-changing for the arts:
“Being unable to operate at capacity has been absolutely crippling for artists and arts venues alike. The ability to fill a venue to capacity, even just part of the time, would make a world of difference to the organisations who provide Britain’s cultural lifeblood. We are fully in support of anything that can open our doors earlier than planned.”
James Balfour, CEO of 1Rebel, one of the UK’s leading fitness brands, explains why the myGP TICKet will help bring the country’s fitness industry back:
“The fitness industry has been faced with unique struggles during the pandemic, due to social distancing requirements. Exercise has been a buzz word during the pandemic, but gyms have been one of the casualties of the lockdowns and tier-systems, despite low transmission rates, and the well-known physical and the mental health benefits it brings.
“Any solution that will help group exercise in particular get back to business safely, will be very welcome by 1Rebel. We can’t wait to get back to helping boost the nation’s health; including having a positive impact on England’s economy.”
Register here to be notified when the myGP TICKet technology is live: www.myGP.com/ticket
Technology is key to all businesses in one way or another, so it’s important to adapt a digital twist to our everyday operations…
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After COVID-19 forced the UK to stay at home, we have had no choice but to make some changes to our everyday lives. A lot of us have used our time wisely and come up with some quirky ways to continue life as somewhat normal – just with a virtual take on things. Being blessed with the age of digitalisation, our digital devices do just about everything for us at the click of a button.
The pandemic has seen a digital transformation in everything from online weddings to an an e-commerce takeover. According to a recent Ofcom report, the average daily screen time for TV and online video content increased to six hours 25 minutes per day since April 2020. This is up by almost a third from the year prior.
In this article, we will discuss how COVID-19 has forced the world to digital in recent months.
Virtual vows: The rise of online weddings
After recent announcements reduced the number of guests at wedding ceremonies to 15 people, the big day that many couples have dreamt of might not be as big as they expected. To overcome this issue of crossing names off the guest lists, many couples have favoured an online wedding ceremony instead. So much so, Google search data found that the term ‘virtual marriage’ experienced a 21,900% increase between February 2020 and July 2020 – proving that virtual vows have been the go-to for many couples recently.
Not only that, but for the search term ‘Zoom wedding’ has also experienced an increase of 3,800% between February and July this year. By using video call platforms such as Zoom, the new measures put in place that limit the number of physical attendees is avoided. Although saying your vows over a screen may not be initially what you had in mind, nothing should get in the way of celebrating your big day.
Technological try-ons
As basic luxuries such as being able to go to a store and try on clothing or jewellery have been stopped, many have solved this problem with the help of technology. Since searches for the term ‘virtual engagement ring try on’ experienced an increase of 433% between March and August, jewellery crafter Angelic Diamonds has skilfully implemented a virtual ring try-on service. This helps their customers see how the ring will look before making a purchase.
FaceTime fitness
Since attending our favourite sport and fitness classes in person has been put on hold, virtual classes have become the next best thing. Fitness company Les Mills International experienced a 900% increase in virtual sign-ups over the course of lockdown as more and more of us rely on home workouts to keep fit.
Other than virtual classes, many have taken this a step further and brought the gym to them. In recent news, high-end department store John Lewis & Partners has revealed that sales of fitness machines had increased by 369% during lockdown. Sales of yoga equipment also experienced a staggering increase of 267%.
Digital driving days
Who’s to say you need a car to drive? Since driving lessons were placed on hold, many turned to virtual driving lessons during lockdown. Driver training simulator company Driver Interactive provides customers with a realistic driving experience that allows them to practice driving in hazardous situations from the comfort of their home.
The thriving e-commerce market
As technology advances throughout the years, the e-commerce market continues to thrive. This has been even more apparent during lockdown. Since the start of the first UK lockdown in March, e-commerce market sales increased by a staggering 161%, adding a hefty £5.3 billion extra to the market. Not only that, but more than 85,000 businesses have joined the online marketplace over recent months.
Although industries have financially suffered as a result of restrictions, many have now embraced the digital world as a result. From clothing stores opening online shops to pharmacies offering virtual prescriptions, almost every industry has found a way to continue making profits through these difficult times.
For the likes of Amazon, however, they have seen sales soar over recent months, achieving a 40% increase in sales to $88.9 billion in the second quarter of 2020. Being at an advantage when it comes to already being an entirely e-commerce store that sells everything from clothes to new car parts, there is something that all businesses can learn from Jeff Bezos’ business operations.
We have seen businesses across all industries get creative with digital in 2020. Technology plays advocate to all businesses in one way or another during these difficult times, so it’s important to adapt a digital twist to our everyday operations.
Lack of confidence in long-term ability to implement digital processes is a growing concern…
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ServiceNow research highlights opportunities for organisations to boost productivity as today’s new pace of working creates the perfect environment for innovation
Legacy technology is causing UK businesses additional concerns during lockdown, according to new research by ServiceNow (NYSE: NOW), the leading digital workflow company that makes work, work better for people. Prior to the announcement of a second national lockdown, both C-Level leaders and employees had low confidence that they would be able to adapt to another major business disruption.
The Work Survey gathered opinions from 900 C-suite leaders and 8,100 employees across 11 countries, including 100 C-level executives and 1,000 office workers in the UK. It found that, despite 96% of UK leaders and 87% of UK employees stating that their company transitioned to new ways of working faster than they thought possible during the initial lockdown, many departments would not be able to implement new digital processes within a month in the event of another major disruption, such as the one we are facing now. Only a minority of UK leaders believe that customer service (37%), finance (38%) and IT (39%) could introduce new workflows within 30 days.
This challenge is exacerbated because most businesses still have a digital disadvantage, with 98% of UK C-level leaders admitting to still using offline processes. These include:
Offline workflows such as document approvals (59%)
Security incident reports (41%)
Performance reviews (39%)
Leave requests and processing (37%)
“Organisations innovated rapidly, and initial sprints enabled them to react to the immediate COVID-19 challenges,” said Chris Pope, ServiceNow’s VP Innovation. “Some decisions made were knee-jerk and rapid, but at what cost? There may be good short-term gains, but are they ‘match fit’ for our new ways of working? For organisations still struggling to integrate and implement a fully integrated workflow system, the future of work will not arrive, and soon they’ll fall behind.”
Worker safety is paramount
The survey also showed there are doubts when it comes to workplace safety from both UK leaders and UK employees.
Almost a third (31%) of UK leaders and 51% of UK employees are concerned their company will prioritise business continuity over safety. In addition, over a quarter (26%) of UK leaders and 40% of UK employees agree that their company will not take all the necessary steps to keep employees safe when returning to work in the office.
“The critical challenge for UK organisations will be balancing the immediate need for business continuity with the personal needs of their employees,” said Pope. “2020 has been a difficult year for a lot of people. Many have seen restrictions over the past several months, which look set to continue through the winter. Businesses need to lead with compassion and combine empathy with meaningful action to help their employees navigate the months to come. In this distributed working environment, how organisations handle the moments that matter, from when a hire joins to when they leave, not only determines talent retention but will also contribute to overall business continuity and success.”
Business leaders split on return to office preferences
UK business leaders are also divided on how to keep their company most productive. While 49% want to maintain new ways of operating once the crisis subsides, 51% are keen to return to business as closely as it was prior to COVID-19, indicating a divide in approach.
Despite 57% of UK employees feeling they now have a better work-life balance, both UK leaders (99%) and UK employees (80%) have concerns about how remote work will impact their business moving forward.
The research indicates that leaders are prioritising speed of business while staff care about the human side of working. In terms of the largest challenges posed by remote work, UK leaders are most concerned about extended timelines for new releases or innovations (48%). Conversely, UK employees see reduced collaboration (48%) as their largest worry.
56% of organizations suffered a ransomware attack in the last 12 months costing $1.1M per hack
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According to data acquired by the Atlas VPN team, 56% of organizations worldwide experienced at least one ransomware attack in the past 12 months, with an average ransom costing victims $1.1 million.
The numbers are based on the Global Security Attitude Survey conducted by CrowdStrike, where 2,200 senior IT decision-makers and security professionals were interviewed on questions concerning cybersecurity in their workplace in the last 12 months. The survey took place between August and September of 2020.
Ransomware is malicious software that infects victims’ systems, devices, or files and blocks access to them unless a ransom is paid. A total of six in ten organizations worldwide faced at least one such attack over the past year.
Out of all the countries featured in the survey, businesses in India had the most ransomware events in the last 12 months. A whopping 74% of respondents from India said their organizations had suffered from ransomware attacks in the past year.
In total, 38% of company representatives said their organization faced only one ransomware attack, while 36% reported they endured more than one such attack in that period.
Next up is Australia, where 67% of the respondents reported that their organization had suffered ransomware threats in the last 12 months. While in France, which occupies the third spot in the list, 60% of businesses faced ransomware attacks during the same period.
Rounding out the top five list are Germany and the United States. According to the survey, 59% of organizations in Germany had ransomware events, followed by the United States, where 58% of organizations experienced ransomware attacks in the period of the past 12 months.
Companies in the United Kingdom endured the least amount of ransomware threats. According to the survey, 39% of respondents said their organization was targeted by a ransomware attack in the past 12 months.
Asia Pacific companies pay the biggest ransom
Once attacked, organizations do not always pay ransom to cybercriminals. In fact, only 27% of respondents confirmed their organizations paid the cybercriminals as a result of a ransomware attack, with the average payment being $1.1 million per hack.
Organizations in the Asia Pacific paid most for ransomware attacks. The average ransom payment in this region in the last 12 months was $1.18 million.
Companies in Europe, the Middle East, and Africa regions do not fall far behind with ransomware payments. On average, a single ransom payment in the region cost victims $1.06 million.
Finally, businesses in the United States paid the least per ransom to cyber criminals compared to other regions featured in the survey. An average ransom payment in the United States was $0.99 million.
Tips on protecting organizations from ransomware attacks
With ransomware attacks posing an increasing threat to organizations around the world, it is essential to take all the possible precautions to minimize the risk of falling victim to cybercriminals. Here are some key things to remember:
Keep your software up to date – Regularly update the software you use. The updated software has the latest security patches, making it harder for cybercriminals to exploit system vulnerabilities. Also, do not forget to conduct regular software scans to ensure it operates efficiently.
Minimize administrative privileges – Restrict employees’ ability to install and run software applications on work devices outside of the responsible department.
Back up your data – Keep your data backed offline. This way, even if you experience a ransomware attack, you will not need to pay cybercriminals to get your valuable data back.
Educate employees – The majority of data breaches happen due to human error. Test your employees’ security awareness with phishing tests. This will help educate them on how cyberattacks may look like and keep them vigilant at all times.
If your organization has fallen victim to a ransomware attack, it is generally not advised to pay ransom to cybercriminals. Paying a ransom does not guarantee you will get your data back and also encourages the criminal behavior.
Instead, organizations should prepare an incident response plan, planning what actions need to be taken should the unfortunate event happen. While no organization is infallible to cyberattacks, having a response plan can mean you will come out of the situation with minimum damage.
ServiceNow research highlights opportunities for organisations to boost productivity as today’s new pace of working creates the perfect environment for innovation
The Work Survey gathered opinions from 900 C-suite leaders and 8,100 employees across 11 countries, including 100 C-level executives and 1,000 office workers in the UK. It found that, despite 96% of UK leaders and 87% of UK employees stating that their company transitioned to new ways of working faster than they thought possible during the initial lockdown, many departments would not be able to implement new digital processes within a month in the event of another major disruption, such as the one we are facing now. Only a minority of UK leaders believe that customer service (37%), finance (38%) and IT (39%) could introduce new workflows within 30 days.
This challenge is exacerbated because most businesses still have a digital disadvantage, with 98% of UK C-level leaders admitting to still using offline processes. These include:
“Organisations innovated rapidly, and initial sprints enabled them to react to the immediate COVID-19 challenges,” said Chris Pope, ServiceNow’s VP Innovation. “Some decisions made were knee-jerk and rapid, but at what cost? There may be good short-term gains, but are they ‘match fit’ for our new ways of working? For organisations still struggling to integrate and implement a fully integrated workflow system, the future of work will not arrive, and soon they’ll fall behind.”
Worker safety is paramount
The survey also showed there are doubts when it comes to workplace safety from both UK leaders and UK employees.
“The critical challenge for UK organisations will be balancing the immediate need for business continuity with the personal needs of their employees,” said Pope. “2020 has been a difficult year for a lot of people. Many have seen restrictions over the past several months, which look set to continue through the winter. Businesses need to lead with compassion and combine empathy with meaningful action to help their employees navigate the months to come. In this distributed working environment, how organisations handle the moments that matter, from when a hire joins to when they leave, not only determines talent retention but will also contribute to overall business continuity and success.”
Business leaders split on return to office preferences
UK business leaders are also divided on how to keep their company most productive. While 49% want to maintain new ways of operating once the crisis subsides, 51% are keen to return to business as closely as it was prior to COVID-19, indicating a divide in approach.
Despite 57% of UK employees feeling they now have a better work-life balance, both UK leaders (99%) and UK employees (80%) have concerns about how remote work will impact their business moving forward.
The research indicates that leaders are prioritising speed of business while staff care about the human side of working. In terms of the largest challenges posed by remote work, UK leaders are most concerned about extended timelines for new releases or innovations (48%). Conversely, UK employees see reduced collaboration (48%) as their largest worry.
More information about The Work Survey can be found by accessing the survey findings slide deck and infographic.
Survey Methodology
Wakefield Research fielded an online quantitative survey in September 2020 to 900 C‑level executives and 8,100 office professionals (employees) from companies of 500 or more employees in the following countries: United States, United Kingdom, France, Germany, Ireland, Netherlands, India, Japan, Singapore, Australia, and New Zealand. While Wakefield surveyed across industries, the findings highlight meaningful differences from employees in the following five key industries: financial services, healthcare, manufacturing, telecommunications, and public sector.
iland research reveals hidden pitfalls of hyperscale cloud and low confidence in key features of cloud services, while a lack of resources is holding back cloud migration projects for 83%
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iland, a leading VMware-based cloud services provider for application hosting, data protection and disaster recovery, today released the findings of its research into customer confidence in cloud services. It found that despite the increase in cloud adoption due to the pandemic, three quarters of organisations surveyed say hyperscaler IaaS instance types may not meet their cost and performance needs for mission-critical applications, while more than one in five are not satisfied with key features of cloud provision such as security, performance, availability and support.
The research also found that a lack of migration resources is delaying or preventing cloud projects for more than 80% of organisations surveyed.
The research: The Hidden Pitfalls of Working with Hyperscale Clouds was conducted among 501 senior IT executives, including CIOs, CISOs and CTOs, in the UK and US by independent research organisation, Opinion Matters, in June 2020. Participants were asked for their views on security, performance, compliance and their overall level of confidence in the cloud services they have invested in.
Key research findings include:
83% say lack of migration resources and/or time has delayed cloud migration. Among those, 12% say it has entirely prevented migration.
75% say a T Shirt size or hyperscaler instance type does not meet all their performance and cost requirements.
24% are not confident that hyperscale clouds can meet performance and availability requirements for specific applications.
23% are not confident that production data is protected via backup or disaster recovery in the event of data loss with their cloud service provider.
24% are not confident they can get the support they need from their cloud service provider.
53% say security is the top factor in cloud supplier selection.
76% agree CSPs should assist or actively manage customer data compliance.
Commenting on the research findings, Researcher Charles Moore said: “While cloud adoption has seen a significant uptick due to the pandemic, the lack of migration resources for many customers has delayed or prevented deployment. Customers need to choose a cloud vendor that can fill the internal resource gaps that can hinder success.”
Justin Giardina, iland Chief Technology Officer, added: “The business benefits of moving to the cloud are indisputable, but with 83% of those surveyed saying that migration resources are necessary to achieve those benefits it’s clear that customers need to look beyond just the cloud platform and ensure their vendor can offer the supporting services that can reduce risk and improve time to value.”
“Hyperscale cloud services are missing the mark for a significant proportion of the organisations surveyed,” continues Giardina. “Having trust in critical cloud features is fundamental to realising its benefits, so with more than one in five respondents lacking confidence in aspects such as performance, availability, backup and support points to the hidden pitfalls of hyperscale clouds.”
Security, management, visibility, and control are priority customer requirements for cloud solutions
The study also found that key requirements for cloud service provision include common or unified management across all services; this is a priority for 73% of those adopting multi-cloud solutions. Similarly, infrastructure visibility and control are must-have features for 71% of respondents. Many were looking to the future, with 89% saying it was important or critical that they can write to their CSP’s API for future software development and deployment.
Security is a primary criterion for cloud provider selection, with 53% saying it is the leading consideration and a further 43% saying it is a major factor. Three quarters of customers also want to see cloud service providers helping manage data compliance.
The survey found that the majority (74%) of respondents felt it was important that CSPs preserve their company’s existing networking environment when they move to the cloud. This reflects the current landscape, where many organisations are being forced to accelerate their cloud adoption programmes due to the pressures of supporting large-scale remote working. Giardina notes: “When organisations are being rapidly pushed out of their comfort zones and forced to shrink deployment schedules to the absolute minimum, being able to maintain the familiar networking environment in the cloud is an advantage that is appealing to under-pressure IT departments.”
We catch up with digital strategist Dr Paul J Bailo, who reveals the third part of his digital transformation masterclass…
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I believe that our final chat within the Digital Transformation Trilogy is based around culture…
The first of our trilogy into what constitutes a successful digital transformation centred around leadership and this was followed by planning. But the glue to keeping this all together is the culture. And culture’s very hard to define for a lot of people, but it’s really the essence of what your organization is about.
It’s truly understanding what your value systems are. When we think of who we are and what we believe we bring to an organization – our beliefs, our religions, our upbringing and what mom and dad taught us – we bring in our feelings of how we see the world. These are basic perceptions, deep, embedded thoughts in our minds, shared beliefs, and even unconscious feelings, right? Who we are and what we are as human beings have developed through where we lived, what zip code we lived in, our friends, our family, religion and background. And these are the values we bring into an organization, which are fundamental to this idea of culture. So, you’re mixing all these different values in order to drive a digital culture, in order to set the right mindsets and behaviors that could be shared with all the members of the organization.
When we talk about digital culture, it’s usually about organizational change and transformation…
Historically, organizations talked about siloed use of digital, but now we’re talking about how every department needs to be digital. When you start talking about keeping everything in a small group and collaborating, we’re saying, “No, digital is everywhere in every aspect of the business.” These are traditionally very hard things for organizations to develop in their culture. And it’s rooted in this idea and belief of who this organization is and what they stand for. And this digital culture needs to be reinforced on a daily basis from the executive leadership down to the frontline people. The culture is the foundation for the business’ success in digital. It’s this stable environment in which organizations behave and hold everyone accountable. I think of culture almost like baseball in a sense.
Baseball? How so?
So, baseball is a set of rules and every player knows that these are the rules. There’s a first base man, second base person and third base person. There are rules and regulations on how you behave in the game of baseball, so when people, the players go out in the field, everyone knows what to do. With our digital culture we need to know the norms that we believe in, and the values we hold true, and the actions we expect. These actions have rituals and behaviors and routine processes that are digital, and there’s a digital culture, which basically serves their structure. These structures are a digital structure of org charts, and products, and mission statements that build the digital culture, in order for organizations to be very successful in the execution of digital initiatives. It’s this idea of the digital culture driving the actions, the mindsets, and driving the mindset at the root of the cultural change that must exist, in order for organizations to be successful in this current world that we’re living and the constant change.
The focus of digital is not just about the actions alone, it’s about the actions and the change that must happen in our heart, minds, and souls in these organizations that are transforming to be digital. It’s who we are and what we stand for, and consistently reminding ourselves and the employees, and the team members, and the shareholders of what we stand for in this digital culture. It is the mindset and behaviors that we agree to. and police, to hold everyone accountable. Understand that by doing this in our culture, they will reap the benefits of this digital change and digital landscape by agreeing that this is how we’re going to support each other in our overall digital culture: the values, the behaviors, how we talk to each other, how we behave with each other, how we execute as a team together.
What are the tangible benefits to this cultural approach?
It’s through minimal disparity and a sharing of the high risk of failure. Support is built into the culture. Taking a massive risk is built into the digital culture. It is extremely hard to change the culture because you’re truly trying to rewire people’s minds. And in legacy organizations, most people hate change, so you have to think about the power structure in this idea of digital culture, and this idea that decisions need to be made quickly, efficiently, very fluidly, and to constantly evolve in this idea of continuous improvement, which means that the culture will be evolving with it also. It’s the values and beliefs that the organization hold as one. It also is the emotional piece. It’s truly, how do you want to work? Is this a place that you want to belong to? Are your personal values aligned with the digital values of this organization? What are the values, right? The values that this organization holds true in this digital arena, are a critical part of the culture, absolutely critical.
Digital is forefront and the lifeblood of these organizations that must have a digital culture in order to survive. There’s no way companies are going to survive – banks, financial institutions, insurance companies – if they continue to behave in the way they’re behaving. Clients will not come to them, and will leave them in droves, if they are not bleeding edge digital organizations that have a culture pushing the envelope in transformation and change. Even the idea or ideas of decision-making, in a digital arena, are fast and furious. It’s not this big, long, legacy type of committee, in order to say these are now the decisions. It’s fast and furious in order to keep up with the marketplace. It’s the idea of strategy on a continuous, unending basis. It’s the idea that digital will change the way organizations conduct business.
It’s seeing the power shift within an organization?
Right! This digital culture is driven by the outcomes. And it’s this idea of digital culture which causes this power shift in the organization. And this is very egotistical, right? This idea of digital culture is a power grab for some people. It’s a mindset rewiring. It’s a behavioral rewiring. It’s an adjustment of values and behaviors. It’s a way of policing each other in a way that might make some people very uncomfortable. When we’re thinking about this, it’s this idea of culture which is one of the core pillars of a digital organization, and looking at these digital organizations in order to be much more efficient and effective in this brutal environment we’re currently in. It’s also building relationships, understanding that the idea of digital culture is a never-ending learning environment.
Apple doesn’t have the best products or the best services, but they react to the market extremely quickly. They react to it because they have a culture of learning, both on the soft skills and the hard skills. They understand the challenges of digital technology very quickly because their culture supports this idea of never-ending learning. A true digital culture within the organization is a learning institution. A digital culture in an organization is an organization that takes care of its employees and upskills them. It identifies the skills that employees need to be competitive, identifies the skills that organizations need in order to drive cultural digital change.
When we talk about digital culture, we’re discussing a massive shift in the way organizations think and behave as well as the organizational structure, the power structure, and executive mindset change. It’s really this idea that digital skills are required in every level of leadership, that training is necessary and the best practices of digital are required.
Increased responsibilities are pushing IT to breaking point
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Increasing pressure on IT teams is pushing many IT decision-makers to the brink of burnout, according to new research from Pulsant, a leading UK provider of regional data centre and cloud infrastructure services.
Nearly two-thirds of UK IT decision-makers (65%) have felt under increasing pressure to keep the organisation running effectively over the past 12 months, with 80% of these admitting this has harmed their health and wellbeing.
The research, which was conducted on 201 UK IT decision-makers in mid-market organisations, finds increased pressure on IT has manifested in various ways: 40% of IT decision-makers impacted say they are experiencing anxiety as a result of increased pressure; over a third (35%) are suffering from increased stress which is unsustainable and will result in burn out if not addressed, and nearly a quarter (24%) have experienced burn out which has resulted with absence from the business. Plus worryingly for businesses, 20% have either resigned or started looking for a new job.
The rise in pressure could be due to an increase in expectations with 77% of IT decision-makers saying expectations of IT have risen within their organisation in the past 12 months. The biggest reasons for this increase were noted as a greater focus on security and compliance (45%), the expectation for IT to work with more areas of the business (39%), the expectation for IT to support and have knowledge of a broader range of technologies (38%), increased pressure to update ageing infrastructure (36%) and being expected to deliver projects quicker (35%).
This, in turn, means that IT teams are left stretched across a wide range of responsibilities, with over a third (34%) of IT decision-makers saying too much workload/not enough time is one of the top challenges within their teams.
“An accelerating pace of change means that IT teams are under more pressure than ever to support more critical business initiatives and deliver results faster, while at the same time ensuring business systems remain available, secure and compliant,” says Pulsant CTO, Simon Michie. “This can place IT teams under immense strain which is detrimental to both the success of the business, and more importantly employee wellbeing, with staff left stressed, anxious and having to take time out from the business.”
The research also revealed a divide in opinions on the purpose of IT, with IT seen as both a caretaker of information and technology and also the driver of innovation across the business. Over half of IT decision-makers (58%) and business leaders (55%) believe the primary role of IT is either a help desk or technical support function or to be responsible for maintaining and running business-critical systems, while 40% of IT decision-makers and 45% of business leaders see the main role of the IT department as an enabler of innovation.
IT has also become influential in board-level business decision making with the majority (87%) of IT decision-makers saying IT is involved in setting the business strategy for the year ahead. An overwhelming majority (93%) say their organisation has a representative from the IT team on the board/leadership team, highlighting that IT is now widely regarded as a critical function.
However, while there is clear recognition for the role of IT in driving the business strategy and innovation, IT teams face challenges in delivering on expectations. Nearly two-thirds of IT decision-makers (65%) say their team is under pressure to be more innovative but there is not enough investment for this to be possible. IT decision-makers are also put off from driving new ideas forward by challenges including conflicting priorities (38%), lack of resource (36%) and time (35%).
“It’s hugely positive that both business leaders and IT decision-makers recognise the role of IT in driving innovation, but it’s clear that more attention needs to be paid to providing the IT team with the right support and resources it needs to perform both functions effectively and maintain the wellbeing of IT professionals,” concludes Michie.”
The research was conducted by Censuswide on 201 IT decision-makers and 200 business leaders in UK mid-sized companies (200-2,500 employees). The full report – The IT Paradox: Balancing support and innovation – and further insight into the findings can be found here.
New web application security study found US retailers had a larger attack surface, while EU retailers run more outdated services…
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Outpost24, an innovator in identifying and managing cybersecurity exposure, today announced the results of the 2020 Web Application Security for Retail & E-commerce Report, which analysed the web applications of the top 20 retailers in the US and EU. Research shows exploits targeted at web applications remain one of ecommerce’s most significant threats. Using an average risk exposure score based on Outpost24’s multi-layered attack surface discovery tool, Scout, the findings revealed that web applications used by US retailers were more at risk with an aggregated average risk score of 35 against a maximum score of 42.33, which was higher than their EU counterparts at 31.
On average, the report found US retailers to be running more publicly exposed web applications (3,357) compared to EU retailers, which ran fewer applications (2,799). Yet, despite having a smaller attack surface, EU retailers had a higher percentage of applications using old components that contained vulnerabilities (27%) as opposed to their American rivals (22%). Nonetheless, all retailers had security risks within their web environments that could expose them and their customer data they hold to potential exploitation and compromise.
The list of retailers were chosen based on Deloitte’s Global Powers of Retailing Report 2019 and had their public-facing web security environments analysed against the seven most common attack vectors used by hackers during reconnaissance, to ascertain the risk score, including Security Mechanisms, Page Creations Methods, Degree of Distribution, Authentication, Input Vectors, Active Contents and Cookies (score 1-100 each).
Security Mechanisms was the single biggest attack vector for both EU and US retailers, attaining a risk exposure score of 90.5 and 99 respectively. For retailers using HTTP websites, and not restricting access to adversaries trying to get into unsecured parts of a site without encryption, this will contribute to a higher attack surface score. Active Content, which observed how web applications were running scripts, was the second most dangerous as both US and EU retailers acquired scores of 88 or more. Third highest was Degree of Distribution with all retailers attaining scores higher than 77.9, which is attributed to the high number of product pages commonly found on large ecommerce sites making it difficult to secure everything.
Nicolas Renard, Security Analyst at Outpost24 comments “hackers are masters of reconnaissance and will go to great lengths to identify weak spots in their target. The rather high risk exposure score among the top retailers is a worrying trend, as bigger attack surfaces create more opportunity for bad actors to find holes in their security defense and execute potential exploits.”
Outpost24’s Scout tool also examined the components that were used to develop the web applications and discovered that 90% of EU retailers and 50% of US retailers are currently running outdated jQuery versions on their applications which could expose them to common cross site scripting attacks. Furthermore, the top retailers are found to be using a variety of outdated servers to run their applications, making their shared hosting environments vulnerable to unauthorized access through potential exploitation of known vulnerabilities.
Stephane Konarkowski, Security Analyst at Outpost24 said “how the web application is built and developed is a key risk indicator if you know where to look. Our research shows the complexity of modern-day applications and the need for retail organizations to understand their attack surface and risk levels. To avoid data breach and the loss of customer trust and revenue, retailers must address security hygiene as an essential step to protect their web applications and ensure the attack surface is kept at a minimum through continuous assessment.”
Even before COVID-19, many organisations faced considerable IT challenges. Now, COVID-19 is rapidly pushing companies to operate in new ways…
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Even before COVID-19, many organisations faced considerable IT challenges. Now, COVID-19 is rapidly pushing companies to operate in new ways and IT is being tested as never before. As businesses juggle a range of new systems, priorities and challenges, including business continuity risks, sudden changes in volume, real-time decision-making, workforce productivity, security and customer satisfaction, leaders must act quickly to address immediate systems resilience issues and lay a foundation for the future. If leaders wait until the other side of the pandemic before applying lessons learnt from the experience so far, it will be too late. Long-term strategies for greater resilience need to be determined now; for many, strong technology partnerships will be critical to this.
Here at Babble, we’ve recently been announced as the Five9 EMEA Reseller of the Year for the second consecutive year, so you could say we know a thing or two about successful partnerships. Our relentless strive to build long-term relationships with clients and implement services that guarantee business continuity and eliminate the hassle and expense of traditional on-premise contact centre software, has in turn benefitted our relationship with Five9, driving record European sales for the business.
So, what’s the key to building successful long-term partnerships?
1. Seek seamless integration: Firstly, if you lack the skills or resources in-house to deliver business-critical technology solutions, you must look to a partner that can seamlessly integrate into your business – and quickly. But always remember, the best technology partnerships are those that are worth more than the sum of their parts, and these relationships must be mutually beneficial.
2. Look beyond the costs: Cloud technology negates the need for bulky upfront costs, which can boost digital transformation, especially where financing is an issue. However, leaders should not focus on the partnership costs alone. Businesses must carefully consider the supplementary support they need and will receive when it comes to innovation, digital transformation and engineering. It is crucial that decision makers understand this at the outset to ensure they don’t enter into partnerships that are ultimately disappointing, and short term.
3. Leverage expertise: Business leaders must be prepared to put the innovation and investments being made by cloud and technology experts to good use. Most businesses will choose to work with at least one technology provider as they look to leverage their deep expertise and numerous cloud services, and getting the most out of them is about committing to a partnership. Don’t think about the short-term – you should be committing to a relationship that allows you to leverage expertise for years into future.
4. Remember the basics – check product functionality/offering: Don’t lose sight of what you require the partner for and ensure that the products the chosen partner can deliver align with and provide the functionality that your end users require.
5. Nurture relationships Don’t forget that technology partnerships are no different to any other relationship. The best partnerships are built on a long-term basis, so while it is critical that a strong working relationship exists from the outset, this is not the only consideration. The relationship needs nurturing. Communication is fundamental – and with a global workforce that is now more technologically agile and available than ever before – there really is no excuse.
The new issue features exclusive content from Marsh UK, HPE, and Rim of the World Unified School District…
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Welcome to the latest issue of Interface Magazine!
This week’s cover star is Alistair Fraser the CEO of UK Corporate at Marsh who has given us an exclusive insight into the massive transformational change at the insurance brokerage, that seeks to help enterprises survive and thrive during a global pandemic…
The COVID-19 pandemic’s economic and social impacts are driving significant shifts in global political risk — introducing new dynamics and accelerating existing geopolitical megatrends, such as trade protectionism and the transition to a multipolar world order.
“We segment our service delivery to clients based on their size and needs around risk and insurance,” explains Fraser, from Marsh’s Bristol office. “Our role is to advise our clients on their insurance and risk requirements so that they can manage risk in a more controlled way, helping them to protect their business, roll out new products and services, and continue to thrive.”
Elsewhere, we speak to Erik Vogel, Global Vice President, Customer Experience at HPE to see how the global, edge-to-cloud Platform-as-a-Service company is transforming the customer journey with GreenLake to provide an ‘everything-as-a-service’ offering…
Plus, we have the third and final instalment of digital strategist Paul Bailo’s Digital Transformation masterclass, and an exclusive with Mads Fosselius, CEO and Founder, Dixa who reveals the secrets to succeeding in this ‘new world’. And we speak to Michelle Murphy, Superintendent of Rim of The World Unified School District, who explores how a digitalisation of the classroom begins and ends with the success of the student in mind.
MTS looks to better enable multi-vendor and cross-platform integration…
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Russia’s largest mobile operator and a leading provider of media and digital services, announces the selection of Canonical’s Charmed OpenStack to power the company’s next-generation cloud infrastructure. MTS plans to leverage Charmed OpenStack’s advanced lifecycle management capabilities and flexible cloud-native architecture to better enable multi-vendor and cross-platform integration.
Serving over 77 million subscribers in Russia, MTS has chosen to partner with Canonical, the publisher of Ubuntu, to further its efforts in building out a full-fledged digital ecosystem based on an open source platform. The partnership is aimed at decreasing time-to-market and speeding up deployment of new services — including toward MTS’ expected future 5G deployment — as well as reducing the total cost of ownership (TCO) of cloud infrastructure. MTS also anticipates to enhance its core technology expertise and set up a competence center for developing OpenStack-based solutions.
MTS plans to begin operationally rolling out the project next year, ultimately deploying Canonical’s Charmed OpenStack solution across 11 data centers in Russia.
MTS CTO, Victor Belov, commented: “The selection of OpenStack is another step forward in our strategy to migrate towards open source software. Building an ecosystem based on OpenStack will speed up our technology adoption, lay a foundation for future 5G rollout, and enhance our network’s edge compute capabilities. This solution will also enable us to improve virtualization cost effectiveness, as well as expand our ability to leverage a wide variety of virtual platforms. That will not only help us maintain a technical edge in the Russian telecom industry, but also enhance our IT agility and enable us to tackle complex challenges to better meet the needs of our customers.”
“Canonical is truly excited to partner with MTS and provide a platform on which they can roll out their 5G network,” said Regis Paquette, VP Global Alliances at Canonical. “The partnership will help build an underlying network and IT infrastructure bringing the latest updates in a predictable and automated fashion. With comprehensive security built-in, and unified automation from core to remote edge locations, this partnership places MTS at the forefront of innovation with open source.”
“All around the world, carriers love OpenStack. What started as an agile framework to deploy and manage network functions has grown to become a preferred platform for managing the evolution of networks from LTE to 5G,” said Mark Collier, COO, Open Infrastructure Foundation. ”Canonical has been an important vendor since the earliest days, and we congratulate their team on working with MTS to deliver agile, open infrastructure for the company’s 77 million subscribers.”
For two in five UK consumers, the telephone has replaced face-to-face interactions during the pandemic When many organisations had to…
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For two in five UK consumers, the telephone has replaced face-to-face interactions during the pandemic
When many organisations had to close their doors and restrict face-to-face activities during the pandemic, the telephone has proven to be a vital and effective tool, with two in five consumers saying phoning business and call centres has replaced face-to-face and in-store interactions with brands. In fact, the survey, which was carried out by Netcall in conjunction with Arlington Research, has revealed that more than a third of consumers (34%) have found it vital to phone businesses during the pandemic. That’s despite recent speculation that COVID could spell the end of the call centre.
And, contrary to many popular beliefs, the telephone has been a vital channel for younger consumers as much as it has been for older age groups. 38% of Millennials, 40% of Generation X, 39% of Baby Boomers, and 39% of the Silent Generation all agree that phoning businesses or call centres is one of the main ways they contact a brand. In addition, 36% of 18-24 year olds agreed it has been vital to telephone a business during the pandemic, compared to 27% of 55-64 year olds.
With England now entering its second national lockdown, which will see all non-essential businesses closed to the public once again, society’s reliance on alternative contact methods is set to continue – and could even escalate.
However, it’s not all good news for the contact centre. More than half (55%) have been kept waiting longer on phone calls to brands during the pandemic. Whilst there may be explanations for this in terms of increased demand and challenges with staffing traditional contact centre sites, this still harms brands when it comes to reputation and customer loyalty. Customer experience and the way that companies respond to consumers has never been so important. In fact, 69% agree that bad customer experience/support over the phone negatively impacts the way they feel about a brand, whilst more than one in three (37%) think businesses should be available by phone 24/7.
And, as the demand for round-the-clock services to be delivered remotely increases, self-service channels are rapidly being seen as the solution. Two-in-five (43%) respondents prefer to use self-service channels such as online chatbots, rather than phoning a call centre. And these preferences vary with age: 58% of 25-34 year olds prefer self-service channels, compared to 33% of 55-64 year olds and 28% over 65. That doesn’t mean self-service for all types of interactions; rather, that organisations should focus their efforts on providing customers with the appropriate channels for the complexity and effort of the engagement.
Richard Farrell, Chief Innovation Officer at Netcall commented, “For simple transactions, automated channels, underpinned by low-code software, can provide convenience for users and free up resource in contact centres for more complex, emotional, or high-value interactions. Chatbots are an obvious example, but organisations shouldn’t neglect telephone-based services such as Interactive Voice Response (IVR) and other forms of voice bot for call routing, direct debit creation, and payments. When customers need to call or escalate from an automated channel, there are ways to help manage the experience, such as call centre callback, that removes much of the frustration for callers and delivers more effective staff utilisation.
“Agents must also be empowered with the right tools to do their job, and that means information being readily available, as well as systems and processes that remove friction from customer journeys. Robotic Process Automation can quickly gather information from multiple systems and perform steps once a call completes, improving customer experience and improving efficiency,” Farrell concluded.
Retailers need to rethink their entire sales and marketing strategies…
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Through forced closures, physical restrictions and mitigating measures, the pandemic has posed threats that have forced retailers to rethink their entire sales and marketing strategy, both short and long term.
And the stats are there to support these notions. Ecommerce sales were up some 92.7% in May 2020, and some 60% of consumers plan to maintain these shopping levels post COVID-19.
Of course, health has been the biggest concern, and by no means should that be disregarded. But livelihoods have suffered too, and navigating out of the disruption from a commercial standpoint is going to take some consideration of them both.
At least that’s the view of Nate Burke, CEO and founder of digital marketing and ecommerce specialists Diginius. Having spent recent months helping businesses establish and grow their online offerings, in light of the restrictions in place to contain the spread of the virus, Nate explains his proposition.
“Physical stores have faced unprecedented challenges this year but before we bid farewell to 2020, many are attempting one last claw back of revenue. What they are recognising is a need for change – not only to survive the pandemic, but to come out of it stronger and well-positioned for retail’s evolved landscape.
“Digital offerings and ecommerce, in particular, have provided a much-needed lifeline. But now that they have their online footing, the next step for businesses is to establish themselves in a marketplace that is only getting bigger, more advanced and increasingly competitive. And one of the ways to differentiate and grow is through digital marketing that can in turn, drive online sales.
“Included in this are Artificial Intelligence (AI) and automation – buzzwords in the digital sphere. But unlike human activities, the computerised actions are much less effected by a biological virus outbreak. And therefore, their influence and impact on the industry haven’t slowed like most other factors have.
“Rather, the changes they are causing are inevitable, but by embracing their capabilities, businesses can not only make a commercial breakthrough, but a human one too. And that couldn’t be more important than at a time like this.”
A human touch
Using computers to increase the human nature of your digital offering, although odd, isn’t ineffective. Nate explains how.
“An increasing number of customers are opting to shop online where they are safe from any virus threats. But what this means for retailers is a risk of consumers becoming disconnected from their brand, which can happen quite easily when the physical distance between the two has widened.
“This is where the benefits of automation can really be felt, particularly when used to enhance customer experience.
“For example, automated marketing strategies that serve content tailored to individual interactions, or PPC tactics that automate ad copy to match users’ search queries, for example, all make for a more personal experience.
“And we shouldn’t forget about that most traditional of digital brand communications nowadays, social media – with its ability to schedule and organise ahead of time posts that will enhance digital marketing and brand communication efforts.
“What this creates is positive brand engagement as each customer is getting an experience that is perfectly suited to their requirements. And in this way, the brand feels much less like a simple transaction and more of a value-added experience.”
There is proof that this has commercial benefit too, with figures indicating that 75% of email revenue is generated from personalised campaigns.
A look inside
While focusing on addressing heightened customer sentiments, it’s important to remember that your employees too are people that are facing the same challenges and uncertainties. But luckily, automation can also help make their jobs easier.
“Another benefit of automation is its ability to lessen the admin burden for all businesses, but especially those who are new to ecommerce and those who now have an omnichannel offering with both an online and physical store,” explains Nate.
“For employees, this means less paperwork or order monitoring as the process can instead take place via a centralised digital platform, which not only holds customer and supplier information, but also analyses data to create insight that can then go on to inform business decisions.
“Pressure is taken off employees, who may well be struggling with an increased workload due to the addition of sales channels, which will no doubt improve wellbeing and workplace satisfaction. And commercially speaking, this can reduce costs related to wages and training, allowing budget and resources to be reallocated to other business-critical activities instead, such as digital marketing.”
The financial impact of the pandemic continues to grow, so we anticipate budget saving will be on the minds of many business owners in the coming months. It appears, then, that automation could be a useful technique.
Nate believes that: “When fully integrated into a business’s process, yes, automation can save costs and help to maximise return on spend in other areas. But as with anything, investment into learning, understanding and implementing a strategy are required in the first instance.”
“Despite this, automation and digital transformation are here to stay. Those who are willing to embrace AI technology now will be in a much better position than those who don’t. And with retailers having suffered enough this year, it may well be that automation is what the industry needs to propel it into a whole new era of ecommerce, giving it a fighting chance of survival amid COVID-uncertainty.”
Nate Burke is CEO of Diginius, a software and services provider with a performance based approach designed to grow your sales online.
Lenovo™ and Intel®-sponsored study looks into how updating technology can improve productivity, employee engagement and customer satisfaction…
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A new Lenovo and Intel commissioned study, “Empower Your Employees with the Right Technology,” conducted by Forrester Consulting, has found that the impact of technology in improving the employee experience (EX), or an employee’s full journey in an organisation, is much more than anticipated — highlighting opportunities for organisations’ IT decision makers (ITDMs) in today’s remote and hybrid work environment. The key insight points out that while companies on average see a 5x return on investment in the EX driven by increased productivity, organisational agility and customer satisfaction, ITDMs and employees disagree on technology priorities. While ITDMs are prioritising strategic IT integration, software and service needs, employees are more focused on their fundamental daily technology experience. This suggests that business leaders have room to collaborate more closely with employees on their IT purchase decisions to elevate team engagement, increase customer satisfaction and improve the bottom line.
Bridging the divide between employees and IT decision makers
With organisations now shifting their focus toward remote and hybrid work, ITDMs are upgrading devices, software and services as part of EX initiatives to improve team engagement and satisfaction. Based on the research findings, this has led to more tech spending. IT leaders are reporting a 5x return (USD $1 spent on these programs yields USD $5 of increased staff productivity, organisational agility and customer satisfaction), with many expecting to increase their investment by nearly 25 percent in two years.
Yet employees still report that they’re frustrated with their PC hardware and software experience:
Fifty (50) percent of respondents say their PC devices are out of date or insufficient (e.g. not fast enough, reliable enough or powerful enough)
Forty-six (46) percent note their software frequently malfunctions and disrupts their work
Only 33 percent are extremely satisfied with the current laptop provided by the company
Only 30 percent said their laptops or desktop work well for cross-collaboration.
Importantly, ITDMs and employees both define employee satisfaction with technology as a crucial goal. Satisfaction with technology also has the greatest observable positive impact: nearly 60 percent of ITDM respondents noted a more than 10-percent increase in EX scores by improving employee satisfaction with technology. It’s evident that IT departments and the technologies they offer are instrumental to driving EX, beyond conventional factors such as human resources, worker benefits and more.
Yet again, there is a clear disconnect between employees and these ITDMs, whose primary concerns are the longevity of their technology investments rather than its impact on team engagement. According to the study, whereas 84 percent of ITDMs believe employees can easily switch to a different PC device if their current one needs to be replaced, only half of employees agree that’s an available solution. Ultimately, both ITDMs and employees agree that refresh cycles can be improved and better aligned. In addition, ITDMs believe the integration of hardware and software will impact EX the most, whereas employees simply want devices that work consistently.
Prioritising employees to better leverage technology investments
The study outlines a few key recommendations on how business leaders can better improve employee engagement and business outcomes through technology investments.
Realign investments. While many ITDMs are investing resources into exploring newer, emerging technologies such as 5G, augmented and virtual reality (AR/VR), and artificial intelligence (AI) or machine learning tools, based on worker respondents’ feedback there is an opportunity to focus first on immediate employee priorities—building a strong foundation of collaboration tools and PC devices—while IT departments explore more advanced technology tools in parallel.
Reorganise priorities. Decision-makers should also focus on improving EX vs only focusing on specific productivity metrics. In fact, according to the study nearly 80 percent of ITDMs plan to focus on improving employee engagement over the next few months.
Focus on PCs. PCs have become critically important to employees, with 77 percent of full-time employees saying that PC devices are a critical factor in their daily work and collaboration with one another. A renewed focus on PCs can make the greatest impact on the bottom line and customer satisfaction, with most respondents agreeing that PC devices are critical to increasing customer satisfaction (69 percent), revenue growth (62 percent) and employee retention (55 percent).
Involving employees in PC investment decisions. Overwhelmingly (72 percent) of employees responded that listening to workers or getting clarity on what they need ranks in the top three of what companies should do to improve EX. This feedback is important, as employees understand their work devices’ value in driving business outcomes, based on technology factors such as performance, connectivity, reliability, portability, size/weight, battery life and more. Listening to employee feedback can go a long way towards making the case for better technology options.
“Our new study findings further affirm our belief in the strategic importance of technology as critical investments, and not as simple transaction costs. The right deployment of technologies delivering returns can far exceed the initial expense of new business models and opportunities,” said Christian Teismann, President, Commercial PC and Smart Devices Business, Lenovo.
“Given employees are a company’s greatest asset, the study further maps out opportunities to uplift the return on technology investment by focusing on PC devices and collaboration tools, while better involving employees in purchase decisions. In today’s new remote and hybrid work set-up, these steps are pivotal for companies in yielding opportunities that go far beyond the initial spend on their technology.”
Data revealed as Tech Nation and Dealroom launch the Impact & Innovation database…
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New research from Tech Nation and Dealroom reveals that investment into UK impact startups increased 9.5x between 2014 and 2019. UK impact startups have raised €1.4B so far in 2020 with Cleantech and Climate tech companies raising the most capital of all UK impact startups.
The biggest rounds for UK impact startups in 2020 include Octopus Energy, Arrival, Connexin (Hull), Tokamak Energy (Abingdon), Compass Pathways, Cera, Highview Power, FiveAI (Cambridge), The Meatless Farm Company (Leeds).
It comes as Tech Nation and Dealroom launch the Impact and Innovation database, that catalogues 4,939 startups and scaleups, 7,472 funding rounds, and 232 exits of innovative companies addressing the world’s most pressing challenges.
George Windsor, Head of Insights at Tech Nation, commented: “UK impact tech firms have come on leaps and bounds over the last six years – with nearly 10x more investment made into groundbreaking companies in 2020 than 2014. UK tech must continue to play a key part in tackling some of the world’s toughest challenges, including climate change. This revolution is happening right across the country. Tech Nation is pleased to work with some of the leading companies in this space through our world-first Net Zero programme – ensuring that companies working in this sector can scale to have the greatest impact.”
The data also reveals that European startups are more impact-focussed than their global peers. €6B was invested into European impact startups in 2019, making up over 15% of all VC investment in the region. This research shows that what was once fringe investment and innovation activity is finding traction and proven success in Europe, becoming a core part of European innovation ecosystems.
Climate tech startups, which includes electric vehicles, have attracted the most investment within the Impact sub-sector, with European players emerging as global market leaders. European companies working to tackle climate change and its impacts have attracted €9.8B in VC investment in the last five years.
Impact innovation startups are also fueling growth and job creation. Crucially, these startups are actively hiring, the Impact & Innovation database lists over 2,100 jobs in impact startups that are currently hiring in Europe – over 390 of these are in the UK.
The Impact and Innovation platform will bring together startups, investors, non-profits, governments, and corporates in one open-access data-driven platform. The new mapping of the global impact and innovation ecosystem will facilitate data-driven policy and decision making, the sharing of cross-industry knowledge, and will foster the partnerships required to help next generation innovators succeed on the global stage.
Accenture and ServiceNow have formed a new business group to help private and public sector clients accelerate their digital transformation…
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Accenture and ServiceNow have formed a new business group to help private and public sector clients accelerate their digital transformation and better address today’s dynamic operational challenges. The Accenture ServiceNow Business Group represents a significant multi-million dollar investment from both companies over the next five years.
In the COVID-19 era, organisations are under more pressure than ever to innovate faster, reduce costs, enhance productivity, and meet their customers’ needs. The Accenture ServiceNow Business Group will help organisations rapidly evolve organisational processes and unlock the full value of technology investments by adopting digital workflows that deliver modern, personalised customer and employee experiences. This includes empowering employees and customers with self-service and remote work programs that offer increased flexibility, mobility, and choice. By establishing a more modern workplace with platform-driven, technology-enabled workflows, organisations are better positioned to balance business needs, satisfy customer demands, drive employee engagement, deliver productivity expectations, and realise workplace cost optimisation.
“By further strengthening our strategic alliance with ServiceNow, we will enable our clients to more quickly embrace change,” said Julie Sweet, chief executive officer, Accenture. “With a move to the cloud, they can reimagine their operations, reskill their employees, and become more sustainable. Working together with ServiceNow to automate complex processes and create better experiences across industries, we will help organisations deliver greater 360-degree value that benefits all — their customers, people, shareholders, partners, and communities.”
ServiceNow CEO Bill McDermott said: “Leaders in every organisation know that their 20th century technologies are too slow, too siloed, too stuck in the status quo to meet the dynamic digital demands of employees and customers today. Speed, agility, and resilience are what’s needed now. Our ServiceNow and Accenture partnership brings together world-class teams, expertise, and our modern workflow platform to accelerate every organisation’s digital transformation. The Accenture ServiceNow Business Group will help every organisation become a 21st century digital business.”
The Accenture ServiceNow Business Group will deliver industry- and domain-specific solutions and services to customers. Together, Accenture and ServiceNow will initially help accelerate digital transformation programs for customers in telecommunications, financial services, government, manufacturing, healthcare, and life sciences. Workflow innovation will focus on employee engagement, customer service and operations, artificial intelligence for IT operations, and security and risk. Additional industry solutions will be developed in the future.
Supported by approximately 8,500 Accenture people skilled in ServiceNow, the new group brings together dedicated professionals from both organisations with expertise in transformational workflow and platform development, marketing, sales, and business development across numerous priority industries. The business group will develop advanced industry and domain-focused solutions designed to deliver tangible, positive outcomes for clients at scale.
For example, Boehringer Ingelheim, a leading, research-driven pharmaceutical company with more than 51,000 employees and an Accenture and ServiceNow customer, uses ServiceNow’s technology and Accenture services to create a seamless, consumer-grade experience for global employees and customers.
“Our work with Accenture and ServiceNow has strategically fueled our innovation power. By optimising our global employee experience, we’ve made our work processes across business functions faster and more efficient, ultimately driving better patient outcomes,” said Andreas Henrich, corporate vice president of IT Enterprise Data Services at Boehringer Ingelheim. “We’ve reduced complexity across our disparate bespoke systems and, in doing so, have transformed our business for growth.”
Accenture and ServiceNow also collaborate to serve government entities. Earlier this year, Accenture Federal Services (AFS) announced a $96 million task order to help the Department of Veterans Affairs (VA) modernise its enterprise service management and IT capabilities, using ServiceNow to power the digital transformations end-to-end. Using the Now Platform, AFS will work with the VA to automate its manual workflows and introduce applied intelligence (AI) and machine learning capabilities, allowing the VA workforce to focus on more complex tasks that serve veterans.
“Today, Veterans Affairs is truly running IT like a business,” said Greg Rankin, Service Management Office Director, Department of Veterans Affairs Office of Information & Technology. “We are utilising ServiceNow’s powerful discovery engine and Accenture’s expertise to create top-down business service maps that eliminate the guessing game as to which configuration items underpin which business service. With a mission as critical as providing service to veterans, it’s imperative that we have real-time visibility into the health, availability, and costs of the services we provide – we have that now.”
Accenture’s use of ServiceNow is a strategic enabler of customer-facing innovation at scale and, as a ServiceNow customer, the company uses ServiceNow workflows for employee engagement, invoice processing, asset management, artificial intelligence for IT operations, and its universal service desk. Accenture recently made the Now Mobile app available to its more than 500,000 people.
As a ServiceNow Global Elite Partner, Accenture is one of ServiceNow’s largest global go-to-market partners and winner of its Global Partner of the Year award in 2020.
A new study from Business Fibre reveals the best cities to be a tech student around the world
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A new index by Business Fibre has analysed 34 of the world’s Organisation for Economic Co-operation and Development (OECD) capital cities to find 2020’s best cities to be a tech student. The index has analysed each city according to metrics such as the number of universities offering technology and engineering courses, total tech companies and employees in each city, the monthly living cost and the top cities investing in tech-related research. See the index here.
The top 10 cities to be a tech student
To find the world’s top cities to study technology, we have ranked each city according to a series of metrics to find the overall winners for those looking to start their career in technology.
The metrics explored include budget spent on tech-related research, the number of people employed in professional, scientific and technical sectors, tech companies, monthly living costs as well as the number of top universities offering technology and engineering courses.
Introducing the top 10 cities to be a tech student…
London, UK
Berlin, Germany
Jerusalem, Israel
Bern, Switzerland
Seoul, Korea
Stockholm, Sweden
Paris, France
Canberra, Australia
Rome, Italy
Tokyo, Japan
Top cities contributing to tech research
Exploring Technology research spend, the study also finds the top cities who are consistently investing in technology research. This has been calculated by looking at the % of the total GDP spent on research.
Rank
City
Research Spend (% of total GDP)
1
Jerusalem, Israel
4.8
2
Seoul, Korea
4.3
3
Bern, Switzerland
3.4
4
Stockholm, Sweden
3.4
5
Tokyo, Japan
3.2
6
Berlin, Germany
3.1
7
Copenhagen, Denmark
3.1
8
Vienna, Austria
3
9
Helsinki, Finland
2.7
10
Brussels, Belgium
2.7
The highest-ranking city is Jerusalem, which ranks high across all metrics and is the 3rd best city for tech students overall. The top three cities for tech-related research also include Seoul, spending 4.3% of the GDP, followed by Bern at 3.4. All three cities also rank high for the best universities and overall top cities for tech students.
Top 10 universities to study technology worldwide
Based on the top 10 cities to be a tech student, we wanted to find the best universities in each city for aspiring students. To find the best universities BusinessFibre looked at metrics such as the total number of students, faculty staff and the number of international students. This alongside each universities global subject ranking for Engineering and Technology make up the top 10 tech universities in the world. The monthly cost of living has also been included so that students can be sure they’re studying at the best overall tech university.
Rank
University
Worldwide ranking (Engineering and Tech 2020)
City
1
Imperial College London
7
London, UK
2
Technical University of Munich
25
Berlin, Germany
3
Technion – Israel Institute of Technology
179
Jerusalem, Israel
4
ETH Zurich – Swiss Federal Institute of Technology
4
Bern, Switzerland
5
Seoul National University
22
Seoul, Korea
6
KTH Royal Institute of Technology
30
Stockholm, Sweden
7
Ecole Polytechnique
57
Paris, France
8
The Australian National University
71
Canberra, Australia
9
Sapienza University of Rome
127
Rome, Italy
10
The University of Tokyo
21
Tokyo, Japan
Comment from Ian Wright: “With technology arguably being the fastest growing and most profitable industry in the world, we wanted to find the best cities in the world to be a tech student as well as the top cities funding technology-related research.
It’s clear from the research that London, Berlin and Jerusalem are the best cities for students, while Seoul and Bern join Jerusalem at the top for investing in technology-related research.
For those who don’t want to spend a ton of money on their education, Seoul National University is a great option that offers a lower living cost while still having a good global university ranking.”
With an ever-increasing demand for digital and online payments, Paypal will increase the utility and usability of cryptocurrencies by making…
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With an ever-increasing demand for digital and online payments, Paypal will increase the utility and usability of cryptocurrencies by making them available as a funding source for purchases, with nearly 26 million merchants accepting the currencies.
The service has been enabled by a partnership with Paxos Trust Company and has seen PayPal secure a first-of-its-kind conditional Bitlicense from the New York State Department of Financial Services.
With over 5,300 different types of cryptocurrencies, PayPal has been selective in its choices, and will only offer support to Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Customers will then be able to instantly convert their cryptocurrency balance to fiat currency.
In addition to this, PayPal will offer educational content which aims to help account holders understand more about cryptocurrency and blockchain, as well as the risks and opportunities associated with investing.
Dan Schulman, President and CEO of PayPal, said: “The shift to digital forms of currencies is inevitable.”
“This shift will bring with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”
Bitcoin’s price rise from 15th October to 22nd October
However, there are concerns from the crypto community, as customers currently cannot move the cryptocurrencies to other accounts either on or off PayPal, and PayPal will not provide customers with the private key. There will also be a transaction fee for any purchase or sale, but these have been waived until 2021.
Upon the news, Bitcoin’s price hit a record high for the calendar year, rising 13% to $12,900 on Thursday. PayPal’s share price had a similar reaction, with shares up 7% to $215.
Web scraping can improve your bottom line and competitive positioning if done correctly
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According to BRC-KPMG’s retail sales monitor[1], retail sales in the UK increased by 6.1 per cent in September on a like-for-like basis from the same period last year. However, the same month also saw a dramatic increase of 37 per cent in online non-food sales. As we enter the Golden Quarter, eCommerce operations need to be clear about why they need an ethical approach to web scraping to stay ahead of the pack. This is according to Oxylabs, a proxy and data gathering service provider.
Julius Cerniauskas, CEO at Oxylabs, stated: “It is very clear from the figures released this week that UK consumers are spending online on home improvements and even stockpiling goods in preparation for another tightening of COVID related restrictions. In fact, the British Retail Consortium went one step further claiming Christmas was coming early.”
While this appears to have provided a boost for some retailers, as we move towards Black Friday and into the Christmas trading period, those online or refocusing on eCommerce, need to get ready quickly, and the key to this is having a clearer understanding of their market. Central to this is information and that in turn requires data.
“Information is so readily available today with the advent of the internet and sourcing reliable information can happen incredibly quickly,” added Mr Cerniauskas.
The top five business benefits of ethical web scraping
Competitor analysis
Imagine being able to scrape product and price comparisons within minutes across tens of thousands of eCommerce channels, enabling you in turn to be able to influence consumer-buying decisions via data-driven pricing strategies and attracting price-sensitive customers.
SEO
The main goal of Search Engine Optimisation (SEO) is to increase website traffic and convert leads. With ethical web scraping, you can quickly collect critical data on keywords, PPC and even content. Then, with this data available you can adjust your own online campaigns.
Enhanced lead generation
As a business, for you to reach out to your prospective customers and generate more sales, you need qualified leads. That means getting all their details, such as the name of a company, street address, contact number, emails, and other necessary information.
How data is collected is absolutely critical, but so too is its veracity. This is where ethical web scraping steps in to collect public data from competitors’ websites, portals and forums, so you can find out who is following them and what they are saying. From there, the collected data will have to be aggregated and analysed to provide insights and patterns.
It’s all about brand
Anyone who sells online knows the pivotal importance of brand and how consumers perceive it. Ethical web scraping across multiple online channels can help executives to promptly collect vast amounts of data that can bring tangible insights once analysed. The real value is if this is done in conjunction with measuring your competitors over the same timeframe and that leads us to the final benefit.
Sentiment
From TripAdvisor to eBay, from Amazon to Yelp, the internet is awash with opinions on your business, drafted and posted by consumers on a daily basis. It is all publicly available and that is why you need ethical web scraping to automate this process of intelligence collection, which, once absorbed, can create new opportunities and allow companies to differentiate in highly competitive markets.
Mr Cerniauskas concluded: “Ethical web scraping is a practise whose time has come. When done ethically and correctly within the law, it can identify and extract vital public data which will help any eCommerce operation to maximise the critically important financial and marketing decisions they need to take in the build-up to the Golden Quarter and beyond.”
Oxylabs has been at the forefront of data gathering and extraction for over five years. Driven by an ever-increasing demand to capture and leverage publicly available information, large scale eCommerce providers, as well as businesses working in the information economy, are readily deploying residential and data centre proxies to fuel web data gathering mechanics in-house, as well as outsourcing ready to use solutions to gather business intelligence, support price optimisation, and enhance lead generation over competitors, to name a few.
“Data centre and residential proxies make in-house data scraping possible by acting as intermediaries between the requesting party and the server. The choice of either type depends on the business use case, with residential proxies being most suitable for more challenging data targets and/ or specific geographic locations.
“Not every company has the resources to conduct data extraction in-house. In those cases, outsourcing a trusted solution is ideal because it can free up resources to focus on data insights rather than being overloaded by challenges associated with data acquisition,” concluded Mr Cerniauskas.
Now more than ever before, IT and procurement must come together…
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In a bid to survive and prosper, businesses are either moving forwards through innovation while others are hunkering down to secure initial and long-term survival. Which approach proves more successful remains to be seen, but as we move together, cautiously or optimistically, we need to consider our actions of today. Starting with leadership, IT and working closer with procurement.
Lockdown is a word we all now share. But lockdown means far more than simply staying at home. Lockdown is a behaviour which many companies have adopted in recent months, a behaviour that is required to enable survival.
This lockdown behaviour is, in part, demonstrated by looking at the job market. The first ‘hot’ roles that grew sharply soon into the UK pandemic were in finance, followed by procurement. Across sectors, roles which could ensure structure to finances, conserve immediate cash and renegotiate to save some money in the mid and long term, all grew sharply. Companies were effectively managing their financial risk exposure.
Managing down this risk of exposure by limiting activity to core activities, limiting cash, and cutting spend, gives more financial headroom, but will it provide a future for those same companies? That future is one that will be measured by stakeholders, shareholders and critically the actual teams of employees who need to feel confident that they will get the funding, latitude, investment and accountability to grow again.
Widening the business lens
This, interestingly, is a time when employees who perhaps previously hadn’t really had a wider lens on the businesses in which they work in, are now becoming more aware. The agenda in many businesses has been about customers and that remains as true during these tough times as it ever was. But, perhaps the wider ‘IT’ engine room of the business had been less interesting to some parts of some of our teams.
In addition to finance, bigger constraints came into play as the landscape continued to change. Some organisations have seen a game-changing shift in their competitors and are in defence mode, protecting their businesses from both new and existing competitors in an urgent bid to maintain cash flow, remain solvent and survive the events of 2020.
Radical and sudden operational and supply chains have also been impacted and disrupted. Some companies are struggling to leverage distribution channels and to provide enough product/service availability to keep up with demand. The ability for IT systems to accurately predict customer/client demand for products and services, in the face of competitive disputers taking full advantage of change in customers’ demands due to the pandemic, requires IT platforms capable of balancing short-term focus against long term growth opportunities in a business. This, without overplaying it, is a major challenge for senior technology leaders. The propensity for historic underinvestment in technology, that same technology which now safe-guards the future, might mean any current near-term gains might well become rapidly eroded as today’s tactical gives way to tomorrows’ strategic catch-up.
These company lockdowns are being seen by many of us. So, more than ever, having a responsive IT team with definitive and exemplar leadership driving survival in some technology led companies who are consolidating revenue streams, divesting businesses, rationalising products and reducing proposition of services to help to drive a simpler business, is going need high emotional engagement, experience and intelligence, and exceptional collaboration.
IT and Procurement: hand in hand
Along with simplifying, many companies are reducing their trading risk by diversifying supply chains across multiple vendors and partners, to enable more transparency and security across supply chains. The complexity this adds to IT platforms can in some legacy IT stacks, be exponential.
This technology complexity is overlaid with another major contributor, and key strategic partner to IT, procurement.
Procurement teams are actively reviewing IT and other framework contracts, scrutinising big spend items, and assuring contractual performance with suppliers. Investigating cost reductions due to the scaled back operations of product or services outlined above, as well as removing over-licensed software, matching capacity that was built into contracts with actual need and achieving other low-hanging fruit to reduce ongoing expenditure is a joint collaboration where IT and Procurement will only succeed together.
In recent work I have led ( before the pandemic) I have been able to achieve year-on-year savings in operating expense in excess of 50% through partnering effectively with Procurement. By adopting a focused strategy on what products and enhancements can deliver proper near-term and lasting value, and by challenging and removing legacy IT, outdated working practices and processes, reducing the ‘belt-and braces’ culture and implementing a ‘what matters’ culture.
This ‘what matters’ approach was achieved through a rigorous and transparent process involving team members through the organisation, at all levels, working in collaboration with partners and suppliers to look at creative ways to finance payments, defer spend, extend contractual Terms and to avoid ‘hanging-on’ to platforms which, in the very near term, will become exposed as obsolete. In my recent conversations, one CEO said to me that we have a world class ERP platform but it’s about ten times the size we need – we’re massively over-engineered’. He is acutely aware this needs to be dealt with. In my own recent past, I have taken over 20% out of the cost base for a single large business-wide platform. A reduction of millions of pounds. This was achieved by being focused on right-sizing the platform the business needs for now and not allowing vendors to charge for licenses for future growth when that growth, right now, is uncertain.
A culture of change
In driving this change there is a huge reliance on having the best possible people engagement, exceptionally high amounts of transparency and trust, and a culture which embraces the uncertainty openly, and with empathy. Being transparent and operating with empathy will give businesses more of a license to do the right things and the hard things and get as much support as possible.
Businesses that operate counter to this, with secrecy, obfuscating their thinking and sharing their decision making until as late as possible, will lose trust of their teams, both in the short term and long term. How many of us have seen M&A activity destroy value because of the wrong behaviours of an acquiring company? Good leaders in good companies remove information silos within their organization (including those among leadership roles) and focus on more cross-functional collaboration, but this is not all we need to consider as senior IT leaders.
Our teams, especially in times of immense change, also need support. The investment made in supporting people in time of need pays dividends in the future. The key to this is allowing flexibility within the operations of the business. During the pandemic, a number of my team worked split days, early morning to mid-morning and then evenings. It worked well and was well received, allowing for home schooling and other home life challenges. But, this flexibility is not something for a few months, this is change for the long term. How then, as our businesses rely on being more agile, can IT teams be collaborating yet separate and discontinuous in time? The role of IT leaders going forwards is to provide a far clearer outcome-based approach to working, enabling people to organise themselves not just to meet when needed, but to work when needed. This needs new skills and behaviours. Skills of collaboration, not being afraid to ask for help and readiness to be flexible to expand in tangential roles. This new way of working is going to take time to settle in organisations; employers, leadership, managers and their teams will need help long into the future of how to adjust, while working productively and collaboratively.
Change is necessary
Productively and collaboratively is not enough anymore. We also need to keep everyone safe, both physically and mentally. Leaders and managers, no matter how functional and historically distant from deep rooted emotional intelligence thinking they are, also need to become significantly more aware. Development will be needed as part of basic early-career management education in a range of topics as far ranging as diversity and systemic bias in decision making in the workplace, to building products with sustainability and carbon neutrality in mind; maybe with objectives and performance linked to this more extensively than is found today.
Having recognised that functional skills alone are likely to be a smaller percentage of the competency of the next generation of first-time leaders, what other capabilities are needed in the best of the next generation of leaders?
Characterising these skills has been driven forward by the pandemic, but clear expectations would include critical thinking, creativity, and inclusiveness driven from both curiosity and a growth mindset all deployed in an organisation that shows both flexibility and adaptability. These operations must be prepared to be courageous and challenge the status quo in an empathetic and technology inspired way.
Being a next generation leader in this new and complex world will take some investment. Being a current generation leader living with today and developing teams for tomorrow will require all of us to draw on everything we have learned to date and double it up, This is certainly the case if we want to be the beacons of hope, inspiration and confidence for those we lead, coach, mentor and develop today.
As we all think about the new world with this technology issue showing us some of the possibilities of our future, I think deeply about the ever-growing challenges of being a technology leader in society, both in industry and globally.
The once simple(r) operating model of developing great products, wrapping great service around them and giving great value would likely mean success. Alas, this is a formula that has long since passed and the final bastions of companies that could operate in that way, have, in no small part to Covid, been rapidly eroded.
The future is ours to see
Having started with a conversation about finance, procurement and risk, we return to the conundrum; How do keep the spirit of innovation, effectiveness and efficiency in our teams alive, whilst at the same time cutting cost, driving wastage down and surviving?
Will we see a resurgence of command and control style operating models? Or will waterfall style driven deliveries prevail? For the Agile proponents reading this, will we see a reversion to less iterative, less accountable, less empowered teams of technologists, and arguably less innovative thinking?
Or, as some are demonstrating, will fortune favour the brave and the courageous?
Will we see encouragement to experiment and invest in new ideas, with quick adaptation, pivoting in response to the recent disruptive events?
Will we see a further acceleration of the latest thinking, the use of AI, blockchain, cloud, ML, IoT, edge computing, at every level of our operations from changes in our supply chain to enable better transparency and security?
Will we see changes internally unlocking more efficiency through new models of operations? models that complement new technologies platforms and underpin remote working
Out of the shadows
Regardless of the delivery model, approach and style, it’s clear several companies are pushing forwards on some big-ticket innovation items in readiness for their futures.
Others are hunkering down.
No strategy can yet be judged as right or wrong, it is too early to tell.
Both hunkering down and investing might lead to initial and long-term survival, but as we move together, cautiously or optimistically, we need to consider our actions of today.
Never has the shadow we cast as IT leaders been so evident. Never has IT output, and the trust in IT, been so high. Never has IT been so central to the future, as it is now.
IBM and ServiceNow today announced an expansion to their strategic partnership designed to help companies reduce operational risk and lower…
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IBM and ServiceNow today announced an expansion to their strategic partnership designed to help companies reduce operational risk and lower costs by applying AI to automate IT operations. Available later this year, a new joint solution will combine IBM’s AI-powered hybrid cloud software and professional services to ServiceNow’s intelligent workflow capabilities and market-leading IT service and operations management products.
The solution is engineered to help clients realise deeper, AI-driven insights from their data, create a baseline of a typical IT environment, and take succinct recommended actions on outlying behavior to help prevent and fix IT issues at scale. Together, IBM and ServiceNow can help companies free up valuable time and IT resources from maintenance activities, to focus on driving the transformation projects necessary to support the digital demands of their businesses.
“AI is one of the biggest forces driving change in the IT industry to the extent that every company is swiftly becoming an AI company,” said Arvind Krishna, Chief Executive Officer, IBM. “By partnering with ServiceNow and their market leading Now Platform, clients will be able to use AI to quickly mitigate unforeseen IT incident costs. Watson AIOps with ServiceNow’s Now Platform is a powerful new way for clients to use automation to transform their IT operations.”
“For every CEO, digital transformation has gone from opportunity to necessity,” said ServiceNow CEO Bill McDermott. “As ServiceNow leads the workflow revolution, our partnership with IBM combines the intelligent automation capabilities of the Now Platform with the power of Watson AIOps. We are focused on driving a generational step improvement in productivity, innovation and growth. ServiceNow and IBM are helping customers meet the digital demands of 21st century business.”
Organisations are under pressure to deliver innovation and create great experiences for customers and employees, all while driving efficiencies and keeping costs and IT risks down. Yet in today’s technology-driven organisation, even the smallest outages can cause massive economic impact for both lost revenue and reputation. This partnership will help customers address these challenges and help avoid unnecessary loss of revenue and reputation by automating old, manual IT processes and increasing IT productivity.
IBM and ServiceNow will initially focus on:
Joint Solution: IBM and ServiceNow will deliver a first of its kind joint IT solution that marries IBM Watson AIOps with ServiceNow’s intelligent workflow capabilities and market-leading ITSM and ITOM Visibility products to help customers prevent and fix IT issues at scale. Now, businesses that use ServiceNow ITSM can push historical incident data into the deep machine learning algorithms of Watson AIOps to create a baseline of their normal IT environment, while simultaneously having the ability to help them identify anomalies outside of that normal, which could take a human up to 60% longer to manually identify, according to initial results from specific Watson AIOps early adopter clients. The joint solution will position customers to enhance employee productivity, obtain greater visibility into their operational footprint and respond to incidents and issues faster.
Specific product capabilities will include:
ServiceNow ITSM allows IT to deliver scalable services on a single cloud platform estimated to increase productivity by 20%.
ServiceNow ITOM Visibility automatically delivers near real-time visibility from a native Configuration Management Database, into all resources and the true operational state of all business services.
IBM Watson AIOps uses AI to automate how enterprises detect, diagnose, and respond to, and remediate IT anomalies in real time. The solution is designed to help CIOs make more informed decisions when predicting and shaping future outcomes, focus resources on higher-value work and build more responsive and intelligent applications that can stay up and running longer. Using Watson AIOps, the average time to resolve incidents was reduced by 65 percent, according to one recent initial proof of concept project with a client.
Services: IBM is expanding its global ServiceNow business to include additional capabilities that provide advisory, implementation, and managed services on the Now Platform. Highly-skilled IBM practitioners will apply their expertise to facilitate rapid delivery of valuable insights and innovation to clients. IBM Services professionals also will introduce clients to intelligent workflows to help improve resiliency and reduce IT risk. ServiceNow is co-investing in training and certification of IBM employees and dedicated staff for customer success.
For example, using the IBM and ServiceNow joint solution, a bank will be able to obtain a full view of an incident, from start to finish. With recommendations and deep diagnosis from Watson AIOps, a service agent will be able to quickly understand the incident, without ever leaving the ServiceNow ITSM platform. Leveraging more than an agent’s own knowledge and research, Watson AIOps can provide anomaly detection along with automated recommendations from the historical deep analysis of prior incidents. Using incident management tools from ServiceNow, actions and insights can be recorded for auditing purposes and for leveraging future insights. Watson AIOps can then push important context to tickets, discovered only via AI algorithms and baselining techniques, helping to make the data more useful to agents and retraining the AI over time.
“Businesses are facing increased pressures to match the digital pace of a cloud-first market in order to meet the demands of their customers,” said Stephen Elliot, program vice president, DevOps and Management Software, IDC. “The C- suite is transforming workflows to deliver insights and automation for more efficient customer engagement models and cost containment strategies for the business, while simplifying IT operations and increasing collaboration between IT and business stakeholders.”
Today’s news strengthens the partnership previously announced by IBM and ServiceNow to help enterprises simplify IT operations for multi-cloud environments.
A new ‘smart infrastructure’ and carbon-neutral energy era will see the US state emerge a global leader to fight Climate Change.
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New Mexico is launching a new ‘smart infrastructure’ and carbon-neutral energy era on a grand scale, after its 2019 Energy Transition Act (ETA) positioned the US state as a global leader to fight Climate Change.
Its ambition will be enabled by partnership between The Agile Fractal Grid (AFG), developing a new integrated power and broadband network, and Cityzenith, creator of the revolutionary Digital Twin platform SmartWorldPro.
Digital Twins are virtual replicas of buildings, infrastructure and physical assets, fully interconnected with the data in and around them that optimize project performance, and help predict and visualize future outcomes. Delivering value across multiple functional areas like maintenance, energy consumption, space utilization and traffic management, Cityzenith’s Digital Twin platform, SmartWorldPro, aggregates and analyzes information needed to design, build, and run projects at any scale.
The state and these partners predict the multi-billion-dollar project will transform life and the economy in New Mexico (pop. 2.35m, GDP $104bn) and ripple outwards as other energy operators, states and nations see the benefits: 1,000s of new businesses, 100,000s of new jobs, better and faster data links, higher infrastructure efficiency, and up to six new smart cities.
The 5th largest US state’s fossil fuel power will also be replaced by a cleaner ‘smart’ energy network, featuring North America’s biggest solar and wind array, and generating ample surplus for trading on energy markets.
Those living there will experience ‘smart’ IT benefits in entertainment and hospitality venues, retail, transport hubs, health and hospitals, security, telecoms, power utilities, employment, and manufacturing.
Key to all this potential is Cityzenith’s SmartWorldPro, a breakthrough software able to unify all planning data and diverse software. It speeds hi-res 3D Digital Twin modelling of the replacement infrastructure towards efficient design before construction, and streamlines ongoing operation and development of the new assets.
Cityzenith’s CEO Michael Jansen said: “It’s the kind of visionary project SmartWorldPro was designed for and we are already modelling New Mexico’s biggest city, Albuquerque (915,000) before rolling out across the state over a 10-year program.
“SmartWorldPro can integrate with AFG’s futuristic portfolio of AI, smart building, and other technologies towards a ‘Smart Connected Community’ for cities, large venues, and even whole states.”
AFG CEO John Reynolds said: “The project is a highly efficient deployment of services for 21st century public, commercial, and industrial needs.
“But individuals will also be impressed by Living-as-a-Service™, the emerging bundled entertainment, ticketing, hospitality, housing, transportation, food and beverage, wellness, and utilities platform.
“And Cityzenith’s SmartWorldPro means we can show and deliver this data-rich ‘smart lifestyle’ to everyone in New Mexico – urban and rural. Longer-term, this sustainable power, comms, and lifestyle ‘reset’ could span North America, and national 10GB broadband maybe just 10 years away.
Michael Jansen added: “It’s easy to see the benefits for New Mexico, but this cutting-edge technology can go global, pushing back against urban pollution and Climate Change and trillions in economic and environmental damage.
“Cities occupy less than 2% of the Earth’s surface, yet consume 78% of global energy and pump out 60+% per cent of greenhouse gas emissions* while 100 megacities like New York, Seoul, Hong Kong and Shanghai produce a shocking 18% of those emissions.
“So, partnership with fellow visionaries at AFG also fits our long-term ‘Clean Cities – Clean Future’ mission.”
This follows the recent media coverage across the US where Cityzenith has pledged its SmartWorldPro technology to the worlds most polluted cities
While the virus has presented many challenges, it has also opened up opportunities for increased industry security and customer relationships. Agnė Selemonaitė, Deputy CEO at ConnectPay, explains.
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1. Increased industry security
Banks and other financial institutions have been a major target for scammers since the beginning of the pandemic; in fact, cyberattacks between February and April alone spiked an astonishing 238%. The increased volume of threats has encouraged companies to face the situation head-on and implement new safeguards.
“Putting more safeguards in place will benefit market players long after the crisis has blown over, as market players will be better equipped to deal with the constantly evolving digital threats,” says Selemonaitė.
2. Growth of digital payments market
Alongside the World Health Organization encouraging us to go cashless, the crisis has stimulated the growing amount of e-payments. Selemonaitė notes Sweden’s example: amidst the uncertainty, Sweden’s central bank signed an agreement to gain access to EU TIPS platform, which will act as the basis for the country’s own platform for instant payments.
“Sweden’s approach shows that in order to be in a better spot to satisfy increasing demand for faster, more convenient services – you need to be proactive,” Selemonaitė explains. “We follow this approach too; having realised our clients’ needs for greater options amidst quarantine, we integrated more payment methods into our Merchant API.”
3. Accelerating digital banking development
As banks had to severely limit their working hours during the lockdown, digital banking picked up the slack to accommodate the financial needs of people working from home. “As the new wave of customers sieged the system, faster development of banking services took precedence,” says Selemonaitė. In the US alone, over 45% of people have changed the way they bank amidst the crisis, and according to a European customer survey by McKinsey, there has been a 20% increase in digital engagement.
4. Enhanced customer experience
The aforementioned McKinsey survey showed that people who are highly satisfied with their digital banking experience are two-and-a-half times more likely to open new accounts with their existing bank than those who are just just satisfied. The aftermath of COVID-19 is expected to continue down the path of developing simplified UX to attract and retain clientele.
“Although requiring meticulous work, constant UX evaluation can greatly benefit product credibility and client retention, for instance, our first UX update led to doubling our monthly conversions,” says Selemonaitė. “It is likely that we will see a more customer-focused approach in the post-crisis industry too.”
5. A catalyst for fintech companies
The ’08 financial crisis gave a boost for the fintech industry, as, at the time, people were losing trust in the system, and in legacy financial institutions. In the aftermath, some entrepreneurs parted ways with the concept of traditional banking, aiming to present the market with a more technologically sophisticated solution.
“This time, the crisis could have an even greater impact for fintechs, as well as regtechs, as they rely on solutions fintechs can develop,” adds Selemonaitė. “Unfavourable circumstances drive the need to innovate across interconnected sectors.”
Marius Galdikas, CEO of ConnectPay, explains the role of digital finance during a pandemic, and how it has changed society forever…
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Could you tell us a little about your background?
I originally come from the field of technology. I’m a physicist, and I’ve always marveled at engineering and technology – digital technology, specifically. Through the years, I shifted into products and then into fintech, which was very exciting to me, because fintech is about people and technology. It’s about good people that understand regulation, understand business and understand technology. I am now the CEO of ConnectPay.
Data shows that cyberattacks on financial institutions spiked enormously between February and April this year – why is that?
I think the main reason it happened is actually at the core of the pandemic; the pandemic means people are locked up at home, so you end up with many more users of digital financial services than there usually are. Cash is unusable at this time, when you’re locked up, so you have a lot of new customers in digital finance – some of them are tech savvy and others are not. There’s a lot of people that never used digital financial services, and now they must. So you have this influx of customers into the market, that’s number one. Number two, governments reacted and we had these stimulus programs released, which means there’s a lot of funds being distributed through different programs. And many of those funds are meant for relieving the consequences of joblessness.
So you have a lot of new funds moving around and, because all of it is happening in the digital finance area, I think that stirred up the whole fraudster community. Fraudsters are working hard, now, to try and use the situation to steal funds from people, which results in information security threats and cyber attacks. Cyber attacks are means of achieving the goals for fraudsters.
How has cyber security adapted to combat this issue?
It’s a very big challenge to tackle. Number one is, all of the financial services providers that already operate online, they have their assets online, they have the required technology and so on. Could that have been changed so fast? No. Information security requires a lot of work and insight, and it’s a lengthy process to deploy specific tools to combat that. So I don’t think much has changed, but I think a realisation came that fraud prevention is now a very important area.
As well as increased security, what have been some of the digital baking trends since the emergence of COVID-19? How have people changed the way they handle money?
The stride towards a cashless society has obviously been accelerated, forcefully. Some countries and some companies will do better than others, but I think majority of the change is yet to come, because the pandemic will result in economic hardship and economic hardship will result in changes, in innovation, just like we had in the 2008 crisis. That gave birth to Bitcoin crowdfunding, sharing economies – all of that was an outcome of financial crisis, and I think we will see something come up that we cannot even imagine right now. What is the driver for those changes? Previously in 2008, there was a huge loss in trust towards financial institutions. The financial sector was the reason behind the crash, and so trust was lost, and all of these instruments – crowdfunding, sharing economy, blockchain technology – were targeted specifically at, “Hey, we don’t trust financial institutions anymore; what can we do to exclude them from the economy altogether?”
So what will happen now, I think, will be the same, depending on the size of the downturn. I’ve been hearing that in the Western and European developed markets, countries have been hit very hard, financially, by the pandemic. This will continue; there will be financial problems. It’s different because, previously, everybody lost jobs and salaries went down. Now, there’s a different aspect to what the hardship will be like, and it will result in something new.
What are your thoughts on a cashless society? Do you think it’s inevitable or are there barriers? And if it does happen, how far away do you think it is?
I do think it’s inevitable. I think the entire world is going towards a cashless society at different speeds; for example, the Nordic countries are the biggest cashless societies in the world, whereas the UK is probably five years behind them. In the US, cash is still very important –people love cash in the States – so they’re about 10 years probably behind the Nordics. However, the direction is the same. It’s all going towards cashless. The reasons for it is obviously internet penetration and mobile phone penetration – those are the key factors towards how fast will we get to cashless society, country-by-country. But also, what we need to understand is that cashless society also sort of puts a strain on the society as a general, because elderly people might be excluded from this market or might have trouble or problems adapting to the cashless environment. However, sometime, we will all be there.
The push towards the cashless society is driven by two things: one is the new consumer. These are new people, the new generation, and exchanging funds should be as simple as messaging or using social media. So one driver is this new generation that drives the digital economy and the cashlessness, because they live in the digital world. The other part is the actual financial institutions that drive the cashless society, but their reasoning is different – it’s efficiency. They want to cut costs. They don’t want to have physical retail locations. Nobody wants to transport or count cash. There’s fraud issues related to cash, so the financial institutions are driving it from another perspective.
Do you think it’s safe to say that digital banking is no longer a luxury, but a necessity?
Absolutely. We see that the world is much more fragile than we thought. We are all forced to go online, work from home, access our financial instruments from home, shop online, get government funding and stimulus online without going anywhere, and so on. It is a necessity, it is definitely not a luxury and everybody will have to adapt to that. I just hope it becomes less painful for everybody to transition, and that people don’t lose out on their money through fraud.
We spoke to Carlene Jackson, CEO of Cloud9 Insight, about the transformative power of both technology and company culture…
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What led to you launching your business, Cloud9 Insight?
I started Cloud9 about 10 years ago, and it was an opportunity to support small businesses to deploy CRM in the cloud for the first time, because I saw a trend of more and more clients moving to the cloud. There’s an opportunity to help clients with making the most of their data in the SME space, plus they’re able to use Microsoft technology to get more insights – hence the name Cloud9 Insight. At the time, most of my competitors were still looking to sell on premises-software, but I saw a gap in the market.
Historically, what I’d seen with enterprise clients I had worked with, is that CRM projects had been at least a year long, and often you’d question whether the business had moved on since the definition stage of the project, and if it was still fit for purpose. I think projects these days need to be a lot more agile to support clients with business transformation; for me, working with cloud technology allows that agility.
There’s a quote on your website where you say you have a love of change and disruption – what does that mean to you, as a tech leader and expert?
I think it comes naturally to me. I’m moderately dyslexic, and some say that dyslexics are quite creative people. I find it hard to read anything without having a pen and paper in my hand, because I always got lots of ideas, and I think part of the reason that entrepreneurs have often been so successful as dyslexics is that we often think differently. If you look at tackling problems the same way they’ve always been tackled before, then you’ll probably come up with the same answers – but if you can address things differently, then maybe you might come up with a better opportunity.
When I started my business, I moved almost immediately to the Alps; I hadn’t worked in the Microsoft channel, and I had no preconceptions about what did a Microsoft partner selling CRM did. That meant my business model turned out very different to a lot of others. I also recruit a lot of young people into my business – which is why I’ve set up an apprenticeship programme, called Vantage Academy – and having them involved in the business has helped maintain that creative, disruptive model.
So is company culture very important to you?
Definitely. I used to work at IBM, and it was quite normal to travel around different offices around the country, visit your clients and just pop in and hot desk. Depending on which office you went to, some people were a bit more chatty and you got to hear a little bit more about what they’re doing. But what I noticed about my business, as it was growing, was it was becoming departmentalized and siloed in the same way that many of my clients complain about. I didn’t want that; I don’t want the salespeople not working with the support people, or projects people, and so on. There’s so much opportunity to learn when you have conversations with colleagues across different parts of the organisation, and I really wanted to make sure that we worked as a team.
I know you’re a big advocate for diversity in the workplace, and in the general realm of technology – what are some of the benefits diversity can bring?
First of all, organisations need to make sure that the demographics of who they employ reflects the demographics of who you’re selling to, because it’s difficult to understand them otherwise. Certainly in a B2C market, having representation across age groups in your workforce is really important. What I’ve found is that what really motivates the older generation is the ability to be a mentor and a leader to those that don’t yet have the experience. They want to give back.
As for younger people, they have energy, ambition and hunger to pass on to across the workplace, allowing great things to happen, and I think it increases the performance of my overall team. Diversity could also be gender; certainly in many sectors like tech and oil and gas, it is heavily biased towards males, and a lot of my staff do tell me that it’s nice to have a more balanced workplace.
I’m a lot more people centric than maybe a lot of my peers might be; I like to embrace the people and the value of people in businesses, both within my clients and within my own team. That’s really important to me.
You wrote a piece about how working from home is changing attitudes to work, specifically citing children gatecrashing video calls and how that represents how the life part of work-life balance can no longer just be hidden away – with technology supporting people really successfully to work from home, will things ever go back to ‘normal’?
I think there’s no going back to ‘normal’, for sure. The old way is not going to exist at all. There’s two types of businesses: those who are probably kidding themselves and just about surviving, and those who are probably a lot more agile and forward-thinking, who are going to look at the trends that have been happening, jump onto those trends and allow a lot more flexibility around people working from home.
The other great thing about this mobility of the workforce, is that maybe your team don’t even have to be in the vicinity of your office – maybe not even the vicinity of the UK. Maybe we can tap into where the best talent is.
How do you think female entrepreneurship can be encouraged in tech, and other STEM industries?
I love that question. One of the exciting things about me being able to set up an apprenticeship business is I’m definitely going to use my voice and position to be a great advocate for younger females to come into the tech sector. I think there might be a perception that you need to have technical skills, but having great leadership skills, having creative skills are also very important and greatly valued in the sector. It’s just trying to open the younger generation’s mind, especially for young females, as to the skills that they have inherently, in great abundance, how are they valued, and how can they use those skills to make a difference.
And for me, technology is a great enabler of change and making a difference. I’d like to see schools working more with younger people to help them feel confident about working with technology. When I hire people that are fresh out of school, I’m absolutely dismayed by how few skills they have in using technology. That crosses all genders, but it’s really sad to see the percentage of females attending degree courses that are highly attended by males. However, when you look overseas at places like Poland, they have a much greater balance, so I think we have a lot to learn about what is it that overseas countries are doing that we’re not. I suspect that starts at a young age in school, and if we could create more entrepreneurs, then our economy will be much more successful.
So it’s about encouraging STEM topics in schools, full stop, not just for girls but all genders, in order to fill that skills gap.
Yes, absolutely. I think that if there’s more integration between businesses and their involvement in schools, and that opportunities to learn entrepreneurship and problem-solving using technology exist, that might open their eyes.
Loyal subscribers ‘rejected’ and ‘ignored’ by brands that show favouritism to new customers
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TV subscription brands are their own worst enemy when it comes to losing customers, according to an in-depth report launched today by Singula Decisions, a specialist in subscriber intelligence.
The new findings highlight that while brands obsess about the problem of ‘churn’ they only have themselves to blame for customers cancelling their subscriptions. Respondents are left rejected and ignored by OTT brands that prioritise winning new customers instead of building valuable relationships with existing ones. In addition, brands often avoid customer communication completely for fear of alerting consumers to the fact they are being billed for a service they may have grown tired of, and that futile efforts to retain customers only truly start when they request to cancel.
Speaking about the findings, Bhavesh Vaghela, CEO of Singula Decisions, said: “Brands spend a huge amount of time and effort building predictive models and using analytics to identify potential churners and understand why they are leaving – but what they often don’t consider is that they’re the biggest part of the problem! By the time a subscriber has requested to leave, the damage has been done. To reduce churn, brands must change their mindset; efforts to build a long-term, happy relationship must start at the beginning, not a short burst at the end to try and save a customer that’s cancelling.”
Retain subscribers
The ‘Psychology of a Subscriber’ research has highlighted the need for brands to do more to listen, understand, and engage with customers throughout the entire journey. Learning what makes each individual subscriber tick and responding appropriately – from the moment they join, through the power struggle over billing, and even the pain of cancellation – is essential to the long-term strategy of reducing churn and building positive, long-term relationships with subscribers.
Report author and Director of QualiProjects, Jennifer Whittaker, said: “A lack of focus during the early stages of the customer journey means loyal subscribers can feel rejected by brands, and that they are not getting enough value. It’s disheartening for loyal subscribers to see favouritism shown to new customers who have not yet spent any money with the brand. When brands avoid loyal subscribers due to a fear of losing them if they are reminded too overtly of their monthly spend, they are unconsciously sabotaging what could have been a healthy relationship.”
Make cancellation easy
Those surveyed also commented that communications and marketing offers are rarely personalised – treating all customers with a one-size-fits-all approach instead of individuals with unique desires and needs. The process of cancelling was also flagged as a major problem by consumers who feel there are too many barriers, and that some brands act in a cynical way, using interrogation tactics and pressure to get them to stay or find out why they are leaving.
“Churn is inevitable – and doesn’t have to be viewed negatively. Some cancellations are involuntary, either due to financial difficulty or a change in lifestyle, so it’s important that brands listen and make it easy and painless for customers to go. Giving the subscriber a positive experience at the end – by making it easy for them to leave and rejoin, and providing great customer service – means there’s a strong possibility that they will return in the future,” Vaghela added.
Churn
This is the final paper in a series of three that looks at the ‘Psychology of a Subscriber’. The latest report focuses on ways brands can look to reduce churn and win back customers through better communication and creating positive sentiment with loyal subscribers. The research explores how brands can:
Create valuable engagement with loyal subscribers and give rewards for their commitment
Shift from a cold, transactional relationship to a warm, emotional one
Enable customers’ wishes for flexible subscriptions that offer easy ways to ‘dip in and out’
Make it easy for customers to cancel and rejoin, generating positive sentiment for the brand
Reimpress past subscribers by gaining permission to keep in touch, while maintaining login details and watchlists so they feel remembered and like they’ve ‘come home’ when they rejoin
Download a copy
The ‘Psychology of a Subscriber: Part 3 – Churn’ report explores the psychological and emotional drivers that consumers experience when subscribing to an OTT service and can be downloaded here.
The qualitative study, which was conducted and authored by Qualitative Researcher, Accredited Psychotherapist and Director of QualiProjects, Jennifer Whittaker, and Business Psychologist and Researcher, Katharina Wittgens, explores subscriber attitudes towards OTT TV brands in the UK and US, gaining a deep understanding of how consumers think, feel and behave throughout the customer journey.
Join the webinar
There will be an opportunity to hear the authors of the study discuss the research with Colin Dixon, Founder and Chief Analyst of nScreenMedia in a live webcast on October 19th at noon Pacific Time (8pm BST, 9pm CET). This webinar is part of the Let’s DEW Lunch webinar series from Digital Media Wire and you can register to attend here.
Ray Stanley, CIO and VP of Marian University, tells us how an IT strategy empowers the student to unlock their true potential.
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Our cover story this month is an exclusive look behind the scenes at Indianapolis’ Marian University to see how its unique technology strategy puts the student experience front and centre. Ray Stanley, CIO and VP of Marian University, tells us how an IT strategy empowers the student to unlock their true potential.
“In higher education, we have many different groups of customers. We have the staff, faculty and students and so being a driver of technology is critical,” explains Stanley. “But you also have to make sure that you’re listening to your entire customer base as a whole and that you’re understanding and aligning with the trends in higher education.”
“In higher education, the industry kind of forces you to go where it needs to go in its offerings,” Stanley explains. “You also cannot force technology and expect adoption. You’re not here to support a business to make a profit, your goal is to support the faculty to instruct a student for successful graduation and it’s a completely different mindset and a completely different model.”
Elsewhere, this month, we spoke to Carlene Jackson, CEO of Cloud9 Insight, about the transformative power of both technology and company culture. Marius Galdikas, CEO of ConnectPay, explains the role of digital finance during a pandemic, and how it has changed society forever. Plus, AgnėSelemonaitė, Deputy CEO at ConnectPay reveals five opportunities that COVID-19 has created for the digital banking sector…
How AI-driven technology is gaining momentum in the digital payments market, both in backend operations and customer-facing payment systems…
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Over the past few years, the digital payments market has exhibited steady growth. To keep up with the increasing number of transactions, companies are continuously looking for ways to utilize new tools that would help ensure smooth and efficient processes. Currently at the heart of this lookout is the use of artificial intelligence and its use-cases in reducing the number of false positives in fraud and AML monitoring, and facial recognition-based payment verification.
Marius Galdikas, CEO at ConnectPay, has shared his insights on the current trend of harnessing the power of intelligent systems and their role in fraud prevention and streamlining transactions.
AI-enabled facial recognition
The pandemic gave precedence to AI-driven facial recognition solutions. A group of restaurants and retailers in California combined the need for stemming the spread of Covid-19, and the task of handling payments securely. The effort resulted in a face-powered payment confirmation system, or PopID. According to Marius Galdikas, the pay-by-face idea bears great potential as it requires a lot less engagement from the customer’s perspective, which adds to its appeal.
“Such AI-powered payments decrease the required effort from the customer to the bare minimum,” said Marius Galdikas. “Eliminating the extra steps in the process—taking out the card, entering the required PIN—is likely to improve perceived shopping experience, as customers can focus on a grab-and-go approach and save time. This leaves very little room for hassle, which, in fact, may lead to increased shopping cart values too.”
Interruption-free transactions
While conducting a digital payment transaction, users want one thing above all else – a smooth, glitch-free experience, as unexpected lags are too much of a disruption for the modern-day customer. VISA has already attempted to bridge any possible outages by introducing a Smarter Stand-in Processing (Smarter STIP), which leverages deep learning to analyze past transactions before generating decisions to approve or decline transactions on behalf of issuers. The prototype is set to be released in October, and the smart stand-in solution may push other players in the payment industry to also look for additional measures that could help limit the number of declined transactions.
Listen to Marias on our exclusive episode of The Digital Insight:
“For merchants, a smooth payment process may be the single most important aspect in terms of retaining customers with the ever-decreasing attention span,” said M. Galdikas. “Bypassing issues related to system glitches could help avoid costly failures for both PSPs and merchants. In addition, combining such solutions with AI enables to adopt a more dynamic approach and deal with similar situations in a timely manner, without any noticeable mishaps for the customers.”
Fraud-resilient settlements
The past few months reemphasized the importance of anti-fraud measures, as having more users switching to online shopping instead of brick-and-mortar businesses resulted in skyrocketing levels of scams. The finance sector has already ramped up the cybersecurity spent to keep the fraudsters at bay.
AI can assist with recognizing patterns and exceptions, minimizing fraud for complex, high-volume transactions. Human error is one of the more pronounced weaknesses, so using task-specific AI to recognize dubious transactions will have a significant impact on the overall fraud resistance of digital payment systems. In addition, fraud prevention not only protects against the loss of funds but also saves businesses additional costs for legal settlements, which can add up to above $3 for each dollar lost to scammers.
“The circumstances surrounding Covid-19 and the growth of online fraud adds up to the stressors that urge both merchants and PSPs to deepen their search for novel security tools even more,” explained M. Galdikas, “thus AI-driven solutions are highly likely to become a must-have among tools for ensuring transparency and reducing fraud.”
Without a doubt, the real impact of AI usage in the digital payments market will reveal itself over time. That said, it seems a wider implementation of AI-driven integrations is inevitable, as it carries the promise of next-level actionable solutions that would sustain the growing demand for digital payments.
How much would it take for you to part ways with your data?
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To some, personal data is priceless. But most Brits would be willing to part with various aspects of their digital identity if they were financially compensated, according to research of over 2,100 UK consumers by Okta and Juniper Research.
The survey finds that almost two-thirds would be willing to sell their purchase history (63%), location data (62%), browsing history (59%) and details of their online media consumption (59%). Over half would also be happy to share their social media activity, including what they post on social platforms (56%) and who they follow or engage with (56%).
The results vary by age. Generation Z (55%) and millennials (49%) are most willing to sell their data for a price, with this figure dropping significantly when looking at older generations. Only 16% of those aged between 65 and 75 would be happy to part with any type of their data.
“Our research found that many Brits do not understand what makes up their online identity. Most are aware that things like usernames, online profiles and browsing history are readily available, but do not consider some less obvious aspects, such as listening history, details of devices connected to the internet and work done online. All of these things create personal data,” commented Ben King, Chief Security Officer EMEA at Okta. “Personally, it doesn’t bother me too much if a company is tracking what I’ve listened to on Spotify. But particularly in Europe, privacy issues are increasingly prevalent and there are multi-million fines coming out for businesses breaching compliance.”
What’s the damage?
Of those willing to sell, most Brits would accept under £100, dependent on the type of data. In fact, the research shows that consumers would generally accept between £10 and £50 for their location data (31%), browsing history (30%) and purchase history (29%).
“Many are willing to part with their valuable personal data for a surprisingly low amount. For instance, 10% would be willing to give away their password data for under £30,” added King. “The reality is that companies are getting a huge amount of personal data for free at the moment. But with public awareness on the increase, there’s a risk of alienating those who remain cautious about how their data is handled, so offering a financial incentive could potentially offer a solution to this. The best move for companies collecting personal data is to be brutally honest in saying ‘yes, we use your data and this is what we do with it’.”
Despite many UK citizens feeling prepared to sell their data, there are some areas they draw the line. Passwords (69%), offline conversations (67%), biometric data (67%) and personally identifiable information (61%) are the top areas of digital identity that Brits would not want to sell at any price. Other areas of concern include email and messaging history (61%) and dating app activity (56%).
“Most importantly, continuing to raise awareness of data tracking and how commonplace it is in our daily lives will eventually help people realise that it might not be as big a deal as they think. At the end of the day, if someone receives a targeted ad that shows them exactly what they need, they’re getting convenience. And for most, that’s a benefit,” said King. “Where we need to pay attention is to the vulnerable parts of the population who might be less aware and more easily led. The question is, where does the responsibility lie? Both the government and corporates have a role to play here, but individuals of a working age should be responsible for doing their own research and educating themselves too.”
Methodology
The survey was commissioned by Okta and carried out by Juniper Research. It was a nationally representative sample of the online population of Australia, France, Germany, the Netherlands, the United Kingdom and the United States. The overall sample size was 12,239, including 2,218 respondents in the UK.
By Shane Johnson, Senior Director of Product Marketing at MariaDB Displaying a day’s flights is a transaction. Displaying them with…
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By Shane Johnson, Senior Director of Product Marketing at MariaDB
Displaying a day’s flights is a transaction. Displaying them with their likelihood of an on-time departure is a smart transaction. At their core, these are the standard transactions that databases have been performing for decades – ultimately powering the online interactions we’ve become accustomed to.
Today, customer expectations for modern applications have grown a vast amount, and to be met, databases must be robust and enable access to large amounts of data in real-time. To drive better customer service, they must go one step further and generate insights that leverage historical data and records.
No longer is it enough for databases to power a product recommendation. It is now expected that these recommendations are driven by sophisticated insights, such as cross referencing previous purchases with current products that have had their prices dropped.
Smart transactions enrich the customer experience by converging transactional and analytical formatted data sets to enable real-time analytics before, during and/or after online transactions.
‘Dumb’ Transactions
A smart transaction, though given many different names, is an ability to combine transactional and analytical queries. The result of extending traditional transactions with analytical queries and interweaving them is the creation of a better end-to-end experience for the customer.
It is perhaps easier to understand the power of smart transactions by first looking to the alternative: ‘dumb’ or ‘standard’ transactions. When we go online to make purchases, we are engaging in standard transactions. In its simplest form, this might be searching for a certain product or service, and buying the first option presented to us.
When you add analytical capabilities, more data is taken into account to produce recommendations based on customer behaviours. When looking to purchase a product or service, leveraging vast amounts of additional data allows the supplier to present specific options that are, for example, the most popular for other shoppers of the same demographic.
This can be taken even further to enable the notification of customers of current sales, low stock, and even to present products when the buyer is likely to be running low. In effect, using smart transactions allows customers to put in significantly less legwork to get the best deal and complete their transaction.
Efficiency is a key and indispensable advantage to using smart transactions that benefits both customer and buyer, in as close to real time as we can get. Customer demands have been on the rise since the internet has become more prominent in our lives; the ultimate goal is efficiency – we now expect more, faster.
The Market
The concept of smart transactions has perplexed database providers for some time, with limited proprietary offerings surfacing in recent years. The market has been slow to take off due to the expensive nature of the service; to scale both transactions and analytics in a distributed manner without multi-million dollar hardware appliances has proved difficult until recently
.
The market has evolved to a point where companies with transactional workloads have consistently found it difficult to add analytics to these transactional workloads. However, this capability has recently broken through in open-source technologies, opening up a world of possibilities for developers and companies of all sizes, bringing an enhanced customer experience to millions of people globally. The open-source offering is revolutionary, enabling developers all over the world to build applications with transactions that are augmented with analytics, without incurring extortionate costs.
The potential of the market has not escaped experts in the field. According to research from 451 Research, now a part of S&P Global Market Intelligence, hybrid workloads accounted for 15.7% of total incremental database revenue in 2018 and is estimated tol account for 26.9% (a CAGR of 13%) of incremental database revenue in 2022.
The potential of the market grows even further when accounting for the general availability of open-source software and the continued increase in customer demands for better service.
Future-proofing Modern Applications
The future will see the use of smart transactions ingrained in everyday life, with criteria for building modern applications starting with the preliminary need for more responsiveness and a better customer experience.
For companies looking to grow their businesses and keep their customers happy while doing so, starting out with standard transactional processes is no longer a limitation. With cloud-native open source software, adding analytics at a later date is now easy and cost effective. There is no need for the re-architecting of databases where analytic workload applications are ready for use out-the-box, and this creates exciting possibilities for a future business environment where companies are able to be more versatile and adaptable.
deVere Group reports that enquiries for Vault, its global money app and card service, has experienced a jump in enquiries of 67% in Quarter 3.
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Growing demand for green, paperless banking and fears over post-Brexit rule changes have triggered a “monumental surge” in enquiries for money and challenger bank apps, reveals one of the world’s largest independent financial advisory and fintech organisations.
deVere Group reports that enquiries for Vault, its global money app and card service, has experienced a jump in enquiries of 67% in Quarter 3.
The cutting-edge app allows users to deposit, store, transfer and exchange money in most major currencies. The deVere Vault Prepaid Mastercard®️ can be used online, in-store and at any ATM location across the globe where Mastercard®️ is accepted.
Nigel Green, CEO and founder of deVere Group, which launched Vault in 2017, comments: “The monumental quarter-on-quarter surge for banking-style apps is, we believe, attributable to two main drivers.
“First, individuals and companies are increasingly embracing and expecting green, paperless banking.
“This is partly fuelled by the pressing need for us all to drastically reduce waste and better protect the environment – something the pandemic and issues such as raging wildfires has collectively focused minds on – but also because a paperless system is, typically, a more convenient and efficient one.
“Traditional banks have a long way to go to catch-up with tech-driven challenger banks and fintech [financial technology] firms, which are intrinsically much greener and are leading the charge to a paperless future.”
He continues: “The other major point driving engagement with e-money apps in Europe specifically is that many of the UK’s banks are set to abandon their customers, by closing their accounts and stopping use of their services across Europe within weeks unless they have a valid UK address.
“Under post-Brexit rules, it becomes illegal for UK banks to service customers living in the EU without applying for new banking licences.
“This will cause significant disruption for many individuals, families, businesses and other organisations.
“As such, people are flocking to firms that already operate under pan-European rules.”
The massive jump in enquiries, says Mr Green, underscores that “fintech is the future of finance” – not only for clients’ convenience and efficiency but also, in a large part, because it is more environmentally sustainable.
The deVere CEO concludes: “For Millennials and Gen Z clients especially there’s been a radical shift toward ‘less stuff, more impact’ in banking and financial services.
“And this is just the beginning of this global and far-reaching trend.”
It’s hard to find many upsides to the global pandemic the world is living through, but one positive is the…
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It’s hard to find many upsides to the global pandemic the world is living through, but one positive is the lower CO2 emissions being recorded, with Nature Climate Change estimating that emissions fell by a quarter when lockdowns were at their peak.
We are at a moment in time where we need to consider our carbon footprint and what impact it is having on the environment, especially within the business sector. The BBC claims that aviation accounts for two percent of the world’s carbon emissions with this only set to rise as passenger numbers are expected to double to 8.2 billion by 2037. In 2018, eight million business trips were taken from the UK. Some of these flights are long haul, and flying further generates more carbon emissions than the average person does in a year. As other sectors are taking more steps to create a greener world, aviation’s negative contribution is set to continue.
The emission levels through lockdown show that when the whole world works together change can be seen. So, in this article we will see how you can make your business travel eco-friendly.
Is your journey necessary?
Working from home during lockdown has seen a surge in innovative ways to allow us to connect as an office, outside of the office. Software such as Microsoft Teams, Zoom and Skype for Business have been heroes in allowing businesses to continue running effectively. From meetings to training, these programmes have allowed us to continue our daily routine without having to all be in the same room.
These technologies can further outside of lockdown allowing companies to save money. Rather than spending money on unnecessary travel, switch to virtual meetings. Through these technologies mentioned relationships can be maintained around the world without having to leave your home or office.
Try a train?
If you need to travel, think about how you can get there. Is it possible to take the train rather than flying? Try and see if you can get an electric train as they release around seven times less emissions than a plane does on the same route. This may not be good for cross-country trips, it’s more sustainable than using flying for regional or national travel.
If travel is essential, consider your mode of transport. For example, do you really need to fly? If it is possible to take a train or bus instead of a plane, you should consider it. If you are travelling domestically have you thought about bus travel. Additionally, plenty of buses are now being run on biogas, significantly cutting down on emissions.
Go cheaper!
Flying in first class may be nice, but it heavily impacts your carbon footprint. According to the Department for Business, Energy and Industrial Strategy (BEIS) the emissions produced by a passenger in first class are four times higher than someone in economy and business class is three times higher. This is due to the bigger space between the seats, meaning each person accounts for more of the pollution. So think about how much money you will save getting the cheaper ticket, and how much better your carbon footprint will be.
Go direct
Because the biggest consumption of fuel an aircraft uses is when it takes off, getting a direct flight rather than having to stop off reduces your carbon footprint. On the average four hour flight the fuel used to take the flight to its cruising altitude accounts for between 10 and 20 percent of total fuel consumption.
Limit what you take
Simply, by taking less, less fuel is needed to get it to where you are going. It’s unlikely you will be packing a huge amount for a few days business trip, but just try and limit what you take to a minimum.
Give feedback
If you see that your airline is not doing much to be more environmentally conscious, change. There are actually eco-friendly airlines. Companies are trying to reduce their fuel consumption and meet industry-wide targets. The targets set may include modernising the fleet for they use newer aircraft, rather than old aircrafts that use kerosine a liquid derived from petrol. You can do research on which models are more fuel-efficient and if your chosen airline uses them. You can search the emissions your flight will create with Matrix Airfare Search and you can compare which airlines and routes are more eco-friendly.
Carbon offsetting?
Airlines now have started to offset carbon emissions, or some of them anyway. This is due to the rise in ‘flygskam’, the Swedish for flight shame, which means more people are now looking at ways they can make their flights eco-friendlier. Carbon offsetting is when the emissions of a journey are calculated and you are allocated carbon credits from projects which then remove the same amount of emissions from somewhere else, this could involve projects planting trees to help absorb the carbon dioxide from the environment.
The flights you take over a period of a year will make up the majority of your carbon footprint. This will be higher for those who go on many business trips. Think about what has been written in this article and try and apply it when you are planning your next trip.
The global pandemic is an unprecedented situation, with many economies experiencing significant hardship. Ultimately, for the foreseeable future, businesses –…
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The global pandemic is an unprecedented situation, with many economies experiencing significant hardship. Ultimately, for the foreseeable future, businesses – in all sectors – are going to have to adapt to survive, not least robust post-pandemic planning for pedestrian movement.
The reality is that humans get confused and break rules. Having signs, tape lines and crosses on the floor are all good measures – but will people stay in their boxes and comply to the rules? Will they have real fear of proximity? Knowing how to manage your space as guidelines ease, or if the government asks you to double down again overnight in the face of new waves of infection, is vital.
Tech that maps social distancing …
It will come as a relief to learn that raw materials for greater certainty, and the flexibility to keep up with a dynamic situation over the months, and possibly years, are all readily available. The likes of 2D and 3D CAD drawings for your building can be used to render a 3D model of the building which can be populated with realistic, intelligent agents whose behaviour is modelled by pedestrian movement software.
Massmotion, a type of crowd simulation software, is an example of technology that can be used to help map social distancing. MassMotion, which is used by global consulting engineers and architects. It’s rather timely that the software world’s ubiquitous move towards subscription rather than outright licensing has come at just as professionals across the built environment are grappling with the need to understand pedestrian behaviour in more detail than ever before.
Its proximity modelling tests and visualises scenarios within computer models. Its native 3D design means that crucial potential pinch points like stairs and elevators are also modelled accurately and can be observed in animated visualisations. Its sheer power means that new parameters can be entered into the model and a new simulation will run to test new ideas within minutes. Proximity modelling tools are used to show how close people are likely to get and for how long and highlight risk areas.
Oasys added proximity modelling to its pedestrian simulation software and explained that: “What the team has done is to produce a new set of analytics that can be drawn from the software. We have also accelerated some experimental research to give customers the ability to test personal space preferences.”
Using technology for existing buildings
Technology such as MassMotion will be crucial in designing and building future structures to ensure social distancing is far more achievable for the building’s occupants. But how can other technological solutions help support social distancing measures in pre-existing buildings? After all, spatial awareness cannot be accurately relied upon.
Currently, personnel distancing systems known as PDS are being trialled around the country. These proximity warning gadgets can be fastened to a person’s arm or belt, or in the case of construction sites, onto a hard hat. The technology can also be added to lanyards or wrist bands. Once the exclusion zone has been programmed, these tags will sound an alarm and vibrate if the wearer gets too close to another wearer.
This technology will be particularly useful in warehouses and shops, allowing staff in a highly mobile environment to focus on their jobs around the building and let the PDS alert them if social distancing measures are being breached.
The future
Understanding and optimising how people use space is increasingly recognised by architects, but can it also inform smart environmental and energy management? As well as wearable smart sensors for people, there had been an innovation of smart sensors for buildings that detect the number of occupants in a space would suggest that there is a growing overlap here.
Pedestrian movement analysis could be a long-term addition to our toolbox, not just an interim response to the pandemic.
…but just 15% think the Government encourages innovation, research from GovGrant reveals
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Just 15% of UK SMEs think the Government is creating an economic environment in which they are encouraged to innovate, according to new research by GovGrant, the R&D and IP specialists. This is despite the fact that over three quarters of these businesses consider innovation to be important for recovery from Covid-19, reaffirming the disconnect between businesses and the Government support schemes available.
The survey collected the views of over 500 SME decision-makers across seven different sectors. The findings show that whilst 85% of respondents acknowledged the importance of innovation, just 26% felt their current activity was highly innovative.
Luke Hamm, CEO, GovGrant, comments:
“Despite the Government’s R&D Roadmap outlining its commitment to R&D and innovation, our research shows the need for further support when it comes to recognising innovative activity. SMEs urgently need clarity and a common definition of innovation that transcends sectors, geography and generations if we’re going to plug the gap between the support that’s available and how SMEs make use of it. This is particularly true when it comes to IP.”
This might be the result of confusion around the definition of innovation, with respondents split across three different definitions – 42% of respondents said they viewed innovation as tiny and continual changes that happen daily, with the rest saying that it either happened rarely (but made a considerable impact) or occurred sporadically. This disconnect may well be the reason that many SMEs are failing to claim valuable tax credits for their R&D, with nearly a quarter stating they had never done so.
GovGrant’s research also revealed that 43% of UK SMEs do not have anyone in charge of the commercialisation of intellectual property and innovation at Board level. As a result, only a quarter of respondents (24%) thought the main purpose of a patent was to add commercial value, and one fifth said they had no strategy in place to track their IP.
Luke Hamm concludes:
“Innovation has never been more important for creating a resilient and productive economy post Covid-19, especially with Brexit and the end of the transition period also fast approaching. We need to be taking intellectual property much more seriously. The Government must do more to improve awareness and accessibility of its support schemes, including the Patent Box, if SMEs are going to invest in their R&D and thrive. We urgently need to review the patent process and make it attractive on the global stage.”
It should come as no surprise that a strong environmental ethos within an organisation is a driving factor for many…
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It should come as no surprise that a strong environmental ethos within an organisation is a driving factor for many jobseekers when choosing where to apply for work.
However, a recent report has detailed just how important sustainability aligned with social responsibility really is in terms of recruitment.
When we think about sustainable brands in 2020, Innocent Drinks is never too far from our consideration. Incorporating recycled plastic into their packaging for the past 17 years, Innocent is not only a manufacturer of delicious drinks, they are a sustainable giant, continually giving back to the planet that they take from.
The fruit used for their drinks are purchased through the Rainforest Alliance, a scheme which works in conjunction with farmers, protecting their rights and preserving their land, and 10 per cent of their profits are devoted to charitable causes. Unsurprisingly, staff are more than keen to shout about their business’ efforts. According to Glassdoor, 92 per cent of staff would recommend the business to a friend.
With this in mind, in this article we take a look at the millennial mindset regarding sustainability, why sustainability and social responsibility mean so much more to organisations than meets the eye, and how you can detail your business’ focus in a job description to target the ideal talent pool.
Millennial mindset
In research conducted by Totaljobs it became apparent that 26 per cent of British workers would be willing to take a pay cut in exchange for working for a business which acted responsibly in terms of the environment.
Furthermore, 28% would actually consider quitting their current role and transitioning into one which was offered by a more environmentally responsible company. Of this 28%, within the age range of 23-28, which harbours a significant number of millennials, 50% would do so.
Ultimately, for any business, that is why it is so important — the aforementioned demographic. By 2025, millennials will account for approximately 75% of the overall workforce. This is a group which was also discovered to offer their services for a considerably lower salary — up to £8,100 per annum — to a business who demonstrated environmental care.
Although, for employers, the current situation might not reflect this mindset, this will be thanks to the fact only 17% of Generation Xers feel the same way.
Head of Sustainability at IKEA Joanna Yarrow suggested that millennials are excited by the prospect of working for companies that play a positive role within society. This is supported by a PWC report that discovered 65% of people in China, Germany, India, UK, and US want to work for a company with a strong social conscience.
This list of economic superpowers is surely enough to demonstrate that it is an incredibly pressing matter.
Think outside the box and focus on the globe
What we’re looking at here isn’t just a change in processes to benefit the planet, this is an opportunity to completely remarket your business, attracting key talent along the way.
Go beyond the simplistic development of an environmental and social conscience and make it the foundations of your business and you have, in effect, opened up Pandora’s box.
Gudrun Cartwright, Environmental Director at BITC, comments: “For those that get ahead of the curve, the opportunities are immense.”
Implementing a strategy such as corporate sustainability is, simply, another form of competitive advantage. Not only will customers be drawn to your brand, the best talent pool will be too.
Around 30 per cent of staff have suggested that they have given more effort to a business they have worked for which employs these strategies. This repeats the rhetoric from an age-old cliché, ‘you get out what you put in’.
A happy workforce results in higher productivity, which saves money, and, ultimately, translates into a more satisfied customer.
Promoting the best of your business
PWC detailed, in the same report, that ‘36 per cent of HR departments across the globe are actually amending their recruitment strategies to focus on their business’ social and environmental stance.’
That said, what are they including when crafting their job descriptions?
As a business we focus a great importance on our social and environmental sustainability and, therefore, in your role you would be expected to replicate this each and every day.
Here at XXX we set out to act in an exemplary fashion towards the community. Whether this be in regard to social conduct or waste management, as an employee it is your duty to uphold these policies.
It is the cornerstone of our foundations to act in a responsible manner in terms of sustainability. You, as an employee, are expected to display this in all aspects of your work.
Lynn Cahillane, Head of Marketing at Totaljobs said: “With a widely reported skills shortage, employers have the opportunity to showcase a clear commitment to reducing carbon emissions and help tackle the climate crisis. A step which could make the difference in attracting the UK’s most sought-after workers.”
Don’t lag behind the herd, seize the opportunity today to demonstrate your business’ true worth.
Nell Walker talks to James Shanahan, CEO Revolut Singapore, regarding a new dawn of digital banking
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“By re-conceiving the infrastructure of a bank, the way that a bank delivers its services, you can take an order of magnitude off the cost and you can bring a level of experience to the customer that’s not hamstrung by old tech, by old thinking, by siloed approaches…” James Shanahan, CEO of Revolut Singapore
As the world slowly establishes a new normal, we reflect on some of the technologies which will contribute to a successful economic recovery
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Technology thrives during times of need
Necessity is, indeed, the mother of invention. According to Digital Information World, solutions created during desperate times endure, and drive economic growth long into the future. For example, The Great Depression birthed the electric razor and car radios, among other technological advances, while Microsoft and Apple got their start during the oil crisis recession in the 1970s. The current pandemic has presented us with the opportunity to change the way we live and operate, exposing weaknesses in systems we previously relied on and allowing us to make them better. People are searching for ways to adapt, and technology will always lead this march.
Increased investment in cyber security
According to the 2nd Global Business Barometer, teleconferencing platforms have, arguably, received the most attention as a tool for businesses to adapt to the changes brought on by COVID-19; however, for many businesses, the current focus is on security and risk. Forty-four per cent of respondents said cyber security would become ‘much more important’, followed by the related areas of data privacy at 42.5%, and risk management and cloud computing at 39.9% each.
Remote working
Businesses forced to either shut down or send their staff home to work during lockdown have been able to enjoy the silver lining of decreased costs of running their workplaces, giving them a little grace to ensure they survive and, hopefully, thrive as the economy reboots. Technologies such as video conferencing and project management software have meant that a lot of companies working from home have still managed to make a success of this time, and it’s highly unlikely that they won’t emerge from this with revised remote working policies in place. A Nowsourcing infographic states that as remote work, technology, and internet access continue to develop, workers will have the option to leave big cities, escaping the high cost of living and bolstering small town economies in the process.
Adoption of home technology
Whether it’s due to working from home, home schooling, a need to create alternative revenue streams or simply for the sake of socialising with friends and family, there has been a massive uptake in home technology – both hardware and software. The aforementioned infographic shows that sales and use of these technologies keeps growing: sales of Chromebooks have risen by 400%, webcams 179%, monitors 138%, headsets 134%, and keyboards 64%. Additionally, Zoom gained an extra 190 million new users in three months, and G Suite gained a million new paying businesses in February alone.
5G infrastructure
Despite bizarre conspiracy theories linking 5G to COVID-19, it is still fully expected by experts to help boost post-pandemic recovery by introducing new possibilities for tech products. 5G isn’t an upgrade of 4G, as many people believe, but a brand new mobile system. For businesses, it will create increased speed and bandwidth, improved battery life for remote IoT devices, enhanced security, better WAN connections, 100 times the traffic capacity, and 100 times the network efficiency – among many, many other advantages. Rolling out across 2020 and 2021, 5G will be a huge boon in our post-COVID recovery.
From the textiles used in garment manufacturing to creating a sustainable supply chain, technological advancements are set to innovate fashion…
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From the textiles used in garment manufacturing to creating a sustainable supply chain, technological advancements are set to innovate fashion in countless ways. For a long time, the processes used in the fashion sector have remained remarkably unchanged. In the coming years, however, we can expect big things!
As of 2020, fashion generates an estimated $664bn revenue, making it one of the biggest industries in the world. Because of this, technological innovations within this sector are set to be nothing less than world-changing and, if implemented correctly, technology in fashion could make an unfathomable change in creating a greener, cleaner world.
From big data to Blockchain technology, let’s take a look at the innovations that we can expect to see in the world of fashion over the coming years and consider the monumental difference that they are going to make.
Novel fabrics
Over recent years, we’ve made some big steps towards more ethical fabric practices. However, new fabrics such as vegan leather are actually damaging to the environment due to their high plastic content. In answer to this, scientists have been developing new novel fabrics, such as lab-grown leather and sustainably produced ‘super-strong’ spider silk.
Tech giant, Google, is also getting involved in this new era of fabric creation. The Google ATAP (advanced technology and projects) lab is currently working on the creation of touch-responsive textiles that are made from conductive threads. These fabrics are being developed further, and there are even plans for colour-changing fabric development within the ATAP lab. These fabrics will be designed to change colour in relation to moods, settings, or temperatures.
Artificial Intelligence
From customer service to inventory tracking, Artificial Intelligence is already becoming a powerful tool that brands can use to predict trends and get ahead of the game. Virtual wardrobes and automated wardrobe planning tools allow users to get creative with their shopping—improving the user experience while also giving brands access to unique, instant, customer data.
AI is also set to personalise the world of fashion down to the finest detail. Some brands are already utilising online ’fit engines’ that help users find the perfect style and fit for them. Say goodbye to the ‘one size fits all’ approach—thanks to AI, the world of fashion is about to get more personal than ever before.
Blockchain
Associated most with the record-keeping of bitcoin technology, blockchain tech is set to revolutionise the way the fashion is shipped, traced, and recorded. Each ‘Block’ within the blockchain is made up of specific pieces of data that store unique digital information about a transaction. This information includes the date and time of the transaction, as well as the monetary value of the purchase.
In the world of fashion, blockchain technology is an up and coming way in which brands are improving their supply chains. Every movement of a product on a supply chain will be recorded on the blockchain, creating a physical-digital link between each product and their digital identities. This unique link means that fakes will be obvious and therefore counterfeiting can be easily detected. Any attempt to divert goods can also be easily tracked in a blockchain system.
3D printing
Speaking of colour-changing technology, those working in the exciting field of 3D printing are also currently working on the development of colour-changing fabric. Using ‘photochromic inks’ that changes colour when exposed to certain wavelengths of UV light, scientists are developing garments and jewellery pieces that have the ability to shift between hues. The first success in this field was the creation of a ring that can be programmed into numerous customisable colours.
As well as colourful innovations like this one, 3D printing is working to innovate the textile industry in many other ways. From accessories to women’s sportswear, the possible 3D printing creations seem to be limitless!
3D printing has been used in the realms of runway fashion for a while now. Think back to 2010, when Dutch designer Iris Van Herpen made a statement with her “Crystallization” top, a geometric garment which was 3D printed from white polyamide. Over the next few years, 3D printing will no longer be confined to the catwalk but implemented on a much larger scale as part of the standard fashion supply chain.
From sustainability to the empowerment of individuals, technology is destined to revolutionise the textiles industry on every scale. With increased productivity and ultimate user understanding, the world of fashion will be re-modelled over the coming years and, thanks to technology, the end result will be more efficient, greener, and uniquely suited to every shopper out there.
We continue our look into the psychyology of the subscriber, with Bhavesh Vaghela, CEO of Singula Decisions. In this episode…
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We continue our look into the psychyology of the subscriber, with Bhavesh Vaghela, CEO of Singula Decisions.
In this episode we’re focusing on Part 2: Growth and how brands can RISE TO THE CHALLENGES OF A POST-PANDEMIC RECESSION AND SHIFTING CONSUMER PRIORITIES?
This episode is part two fo a three part discussion. For part one, which focuses on Acquisition, check out our previous episode below and stay tuned for part three.
We spoke to Carlene Jackson, CEO of Cloud9 Insight, about the transformative power of both technology and company culture
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Interface Magazine hooks up with Carlene Jackson, CEO of Cloud9 Insight, who reveals the transformative power of both technology and company culture…
What led to you launching your business, Cloud9 Insight?
I started Cloud9 about 10 years ago, and it was an opportunity to support small businesses to deploy CRM in the cloud for the first time, because I saw a trend of more and more clients moving to the cloud. There’s an opportunity to help clients with making the most of their data in the SME space, plus they’re able to use Microsoft technology to get more insights – hence the name Cloud9 Insight. At the time, most of my competitors were still looking to sell on premises-software, but I saw a gap in the market.
Historically, what I’d seen with enterprise clients I had worked with, is that CRM projects had been at least a year long, and often you’d question whether the business had moved on since the definition stage of the project, and if it was still fit for purpose. I think projects these days need to be a lot more agile to support clients with business transformation; for me, working with cloud technology allows that agility.
There’s a quote on your website where you say you have a love of change and disruption – what does that mean to you, as a tech leader and expert?
I think it comes naturally to me. I’m moderately dyslexic, and some say that dyslexics are quite creative people. I find it hard to read anything without having a pen and paper in my hand, because I always got lots of ideas, and I think part of the reason that entrepreneurs have often been so successful as dyslexics is that we often think differently. If you look at tackling problems the same way they’ve always been tackled before, then you’ll probably come up with the same answers – but if you can address things differently, then maybe you might come up with a better opportunity.
When I started my business, I moved almost immediately to the Alps; I hadn’t worked in the Microsoft channel, and I had no preconceptions about what did a Microsoft partner selling CRM did. That meant my business model turned out very different to a lot of others. I also recruit a lot of young people into my business – which is why I’ve set up an apprenticeship programme, called Vantage Academy – and having them involved in the business has helped maintain that creative, disruptive model.
So, is company culture very important to you?
Definitely. I used to work at IBM, and it was quite normal to travel around different offices around the country, visit your clients and just pop in and hot desk. Depending on which office you went to, some people were a bit more chatty and you got to hear a little bit more about what they’re doing. But what I noticed about my business, as it was growing, was it was becoming departmentalized and siloed in the same way that many of my clients complain about. I didn’t want that; I don’t want the salespeople not working with the support people, or projects people, and so on. There’s so much opportunity to learn when you have conversations with colleagues across different parts of the organisation, and I really wanted to make sure that we worked as a team.
I know you’re a big advocate for diversity in the workplace, and in the general realm of technology – what are some of the benefits diversity can bring?
First of all, organisations need to make sure that the demographics of who they employ reflects the demographics of who you’re selling to, because it’s difficult to understand them otherwise. Certainly in a B2C market, having representation across age groups in your workforce is really important. What I’ve found is that what really motivates the older generation is the ability to be a mentor and a leader to those that don’t yet have the experience. They want to give back.
As for younger people, they have energy, ambition and hunger to pass on to across the workplace, allowing great things to happen, and I think it increases the performance of my overall team. Diversity could also be gender; certainly in many sectors like tech and oil and gas, it is heavily biased towards males, and a lot of my staff do tell me that it’s nice to have a more balanced workplace.
I’m a lot more people centric than maybe a lot of my peers might be; I like to embrace the people and the value of people in businesses, both within my clients and within my own team. That’s really important to me.
You wrote a piece about how working from home is changing attitudes to work, specifically citing children gatecrashing video calls and how that represents how the life part of work-life balance can no longer just be hidden away – with technology supporting people really successfully to work from home, will things ever go back to ‘normal’?
I think there’s no going back to ‘normal’, for sure. The old way is not going to exist at all. There’s two types of businesses: those who are probably kidding themselves and just about surviving, and those who are probably a lot more agile and forward-thinking, who are going to look at the trends that have been happening, jump onto those trends and allow a lot more flexibility around people working from home.
The other great thing about this mobility of the workforce, is that maybe your team don’t even have to be in the vicinity of your office – maybe not even the vicinity of the UK. Maybe we can tap into where the best talent is.
How do you think female entrepreneurship can be encouraged in tech, and other STEM industries?
I love that question. One of the exciting things about me being able to set up an apprenticeship business is I’m definitely going to use my voice and position to be a great advocate for younger females to come into the tech sector. I think there might be a perception that you need to have technical skills, but having great leadership skills, having creative skills are also very important and greatly valued in the sector. It’s just trying to open the younger generation’s mind, especially for young females, as to the skills that they have inherently, in great abundance, how are they valued, and how can they use those skills to make a difference.
And for me, technology is a great enabler of change and making a difference. I’d like to see schools working more with younger people to help them feel confident about working with technology. When I hire people that are fresh out of school, I’m absolutely dismayed by how few skills they have in using technology. That crosses all genders, but it’s really sad to see the percentage of females attending degree courses that are highly attended by males. However, when you look overseas at places like Poland, they have a much greater balance, so I think we have a lot to learn about what is it that overseas countries are doing that we’re not. I suspect that starts at a young age in school, and if we could create more entrepreneurs, then our economy will be much more successful.
So it’s about encouraging STEM topics in schools, full stop, not just for girls but all genders, in order to fill that skills gap.
Yes, absolutely. I think that if there’s more integration between businesses and their involvement in schools, and that opportunities to learn entrepreneurship and problem-solving using technology exist, that might open their eyes.
Lenovo and Google Cloud Partner to Deliver the Ultimate Collaboration Experience for Google Meet
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Lenovo has announced, in partnership with Google Cloud, purpose-built meeting room solutions that include a comprehensive collection of innovative and attractive hardware components to enable workplace collaboration. The Google Meet room kits from Lenovo provide collaboration solutions for new and existing G Suite and Google Meet customers who need to outfit spaces to address the challenges of new hybrid working models. Ready out-of-the-box, the kits include compute, controllers, cameras, soundbars, microphone pods and cables1 and are available in three distinct offerings for small, medium and large meeting rooms.
Outfitting spaces with collaboration technology often require lengthy and complex assessment and purchase processes, and sometimes result in a disjointed user experience caused by a multitude of different elements that don’t necessarily work well together. In uncertain times when the future roles of office spaces are in question, it has become critical to ensure video conferencing solutions are easy to purchase, deploy and manage, and guarantee the best meeting experience for all users, whether in the room or remotely connected.
Flexibility Meets Design
Designed by Google Cloud and Lenovo, the Google Meet room kits complement a modern workplace ethic with minimalist design and a user-friendly interface for easy interaction. Lenovo and Google believe the future of work is fluid and flexible, and the Google Meet room kit were created with the new hybrid workforce in mind. Available in two colors, Chalk and Charcoal, the kits provide flexible and scalable options to specifically meet the customer need. Furthermore, the kits are backed by a three-year Lenovo Premier Support warranty and optional Smart Collaboration Managed Services are available.
Intelligent and Innovative
Controlled by a high-performance compute device, the solution includes an exclusive Google TPU (Tensor Processing Unit) that provides AI and machine learning capability to maximize audio and video quality. Power over Ethernet (PoE) allows the compute device to carry low voltage power and network traffic over ethernet to the kit’s components, such as the controller, cameras and speaker bars.
Google Meet Room Kits from Lenovo also include AI cameras with future-proof 4K capability for exceptional participant framing, and built-in TrueVoiceTM noise cancelation technology. To find out more about these intelligent technologies, check out Google’s announcement here.
“We are delighted to partner with Google Cloud to deliver easy to deploy and scalable collaboration solutions,” said Joseph Mingori, general manager, Lenovo Smart Collaboration Business.” The Google Meet Room Kits deliver effortless meetings with intelligent features that make video collaboration natural and more human, leverages G Suite productivity and helps bring people together through challenging times.”
The current technology landscape is drastically expanding the possibilities of online commerce beyond a ‘web shop’. While the new variety of devices, from voice assistants to smart home appliances, adds more range to front-end developers’ skill-sets, it should act as a motivator for more rewarding work. Instead, pressure to work faster as well as continuing to complete mind-numbing, low-level tasks can be detrimental to job satisfaction.
Along with the changing commerce landscape, modern commerce architectures, too, are emerging to meet market needs and offer the potential to transform the role of the front-end developer for the better.
Eliminating time spent on tedious tasks
Development at the front-end requires creativity alongside a variety of high-level technical skills, including working knowledge of HTML, CSS, plus JavaScript code libraries such as jQuery or React. Developers are often tasked with making changes to a front-end that’s heavily tied to – and impossible to update without also touching – the back-end, all while making sure the site doesn’t go down during the process.
Spinning all these plates can be very challenging during the busy periods that accompany trend-seizing promotions or seasonal sales. Not enough to sustain high traffic loads and not designed for scalability, these legacy platforms often have front-end developers scrambling to fix bugs in the middle of the night just to maintain a functional interactive shopping experience.
With headless commerce, the back-end is decoupled from the front. This means that even during periods of heavy website traffic at the front-end, the back-end will not be affected. Where peak seasons in retail have been troublesome for front-end developers previously, a headless, API-based architecture will free up time for front-end developers to spend on more valuable tasks like re-imagining the user experience, rather than responding to code-breakages at all hours of night and day.
Achieve faster time-to-market
Running time-consuming end-to-end testing has been a significant part of the front-end developer job description for years. Yet, performing extensive audits and bug fixes to align front-and back-ends can delay deployments significantly.
When they are free to experiment easily and safely, front-end developers can see the fruits of their labour in much faster timescales. This is particularly important as new channels emerge and different ways to reach customers need to be addressed.
Deploying creative new user interfaces to enhance the customer experience can be made much easier and become far less overwhelming a task using modern commerce infrastructure. Firstly, with a marketplace of third-party extensions and integrations which can be selected and simply plugged in.
Secondly, with decoupled back-ends and front-ends. As software developers carry out changes to the website, adding apps, store fronts, channels or even capabilities for voice assistants, virtual reality experiences or connected cars in the foreground, the background will remain blissfully unaffected. With no need to test for flaws created at the back-end, brands can efficiently launch new interfaces at speed to respond to emerging trends.
Overall, armed with the ability to experiment, alterations require less negotiation from developers, allowing them to be brought online with relative speed and ease.
Shaping the customer success
Communications between marketing and sales has been a troublesome disconnect for many digital companies in the age of online commerce. As the arbitrator between the customer and the brand, website interfaces must fulfil criteria to suit both of these departments and the front-end developer must work within the limits of the available technology.
Legacy systems and ‘commerce-in-a-box’ solutions have limited front-end developers to fewer options in the past. Whereas now, open APIs and headless commerce systems are available which can be plugged in to any front-end and cultivate greater creativity to make more possible.
Front-end developers should be able to work closely with sales and marketing teams to ensure websites are delivering a seamless customer experience that is on-brand and using technology that allows them to achieve their intended outcomes. This is where modern commerce systems have responded.
Improving response times considerably between departments, modern commerce systems speed up deployments, tweaks and iterations between approvals. With faster turn-arounds and the ability to experiment without technical repercussions, front-end developers can ensure that their valuable skills are being used most effectively to shape the customer experience to precise requirements.
Greater ease of application maintenance
Those brands that still rely on legacy systems may struggle to capitalise on front-end developer skills and creativity. Ultimately, a system that is less prone to bugs when making changes harnesses the power to transform the role of the front-end developer from a website code caretaker into the valuable, skilled user-experience artisans they are trained to be.
It is crucial that front-end developers react quickly to market trends, using their skills to connect customers with brands in the most effective ways. While adapting interfaces to deal with temporary events such as flash sales or promotions, front-end developers can deliver direct benefits to the way a website looks and feels to the consumer. Where previously, websites would have to be shut down for whole days to accommodate alterations, website developers can now focus applying their expertise to usability at the front-end to gain a competitive edge without worrying about maintaining basic functionality of the back-end.
Brands get the most out of front-end developers who are able to build new prototypes and deliver innovation through new features such as microservices. With a modern headless architecture changes are agile, scalable and fast so front-end developers can get more rewarding work done.
So, with modern commerce infrastructure, brands have a better ability to understand and therefore more effectively utilise front-end developer time and skills. No longer required to spend long hours on low value tasks, front-end developers can use their time to create engaging experiences.
How prepared is the retail sector to fully embrace a digital supply chain?
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How prepared is the retail sector to fully embrace a digital supply chain? Answering that question on The Digital Insight, is Wayne Snyder, Vice President, Retail Industry Strategy for EMEA, at Blue Yonder and Janet Godsell, Professor of Operations and Supply Chain Strategy at University of Warwick.
Together, we look at The Retail Supply Chain Digital Readiness report released earlier this year as part of a collaboration between Blue Yonder and the University of Warwick.
The latest issue of Interface Magazine features exclusive interviews with Sainsbury’s, EF Education First, OTP Romania Bank and TRA…
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Welcome to a very special edition of Interface Magazine!
The United Kingdom went into full-scale lockdown on March 23, 2020. For many enterprises, the stresses of a locked-down Britain, battling the virus COVID-19, centred around keeping businesses alive amid dramatic shifts in working practices. For others, it was a very different challenge. For the big supermarkets, lockdown represented an enormous logistical spike in operations during a time of unprecedented uncertainty. Supermarkets were literally feeding the nation.
“It’s unprecedented to run a business like ours, a complex business that requires so much day-to-day intense transaction, all remotely,” Sainsbury’s Group CIO, Phil Jordan explains. “We had to maintain normal working conditions to an extent for people who were in stores – the vast majority of the people who work for Sainsbury’s have been instore during the pandemic – with social distancing and various other things we had to do, to keep colleagues and customers safe. And doing all that while everybody else who provides a support service to the stores were not working in the same location. To be fair, we’ve done an incredible job, because we pivoted the whole company to work from home in a couple of weeks, and at no point did any of that ever cause any disruption to the stores.”
We also have exclusive interviews with Constantin Mares, Executive Director of OTP Bank Romania, Sulaiman Abdulla, Manager of the Procurement and Contracts Section at UAE telco regulator TRA and Patrick Kammermann, CIO at EF Education.
Plus, we list 5 ways in which technology will aid the post-Covid recovery and we feature another digital transformation masterclass with Paul J. Bailo.
2020 is likely to be marked in history as one of the most challenging years to have been in business,…
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2020 is likely to be marked in history as one of the most challenging years to have been in business, with the UK plummeting into the worst recession since records began.
With lockdown measures forcing the majority of industry sectors to suffer a significant downturn during the last quarter, this comes as no real surprise. The true test, however, will come during Q3, Q4 and 2021 as business leaders surpass ‘survival mode’ and work on rebuilding lost revenue.
This, of course, isn’t possible without implementing a comprehensive and effective sales strategy, where the following will be key to success:
With Marketing comes Sales
During the peak of the COVID-19 pandemic, business leaders divided into two camps. Those who completely paused and retracted out of fear and those who utilised the opportunity to evaluate and improve existing operations, dominate their industry sector and drive growth.
Those in the latter ‘camp’ are the ones who continued to market their business, maximising the opportunity of reduced competition online to engage with potential customers and convert new leads into much needed revenue.
With marketing, comes sales. Your customers are out there and looking for your product and/or service online. If you don’t market your business, they will find a competitor who does – it’s that simple.
Know your Value
All too often business owners undermine the value of their product or service by charging too little, which means they squeeze their margin and fail to drive any tangible level of growth.
There is no value in promoting the fact you are cheaper than your competitors if you aren’t making any money. Not only does it undervalue the market, but potential customers will be skeptical, automatically believing your service to worse if drastically lower in cost.
Know your value and stick to it, whilst having a ‘minimum’ price point in mind to ensure you can be flexible to different budget requirements without undermining the value your product or service offers.
Ultimately, if you aren’t making profit, you don’t have a business.
Be consistent and persistent
Time and time again, business leaders will commence a new sales strategy and, although they have positive intentions, will quickly lose interest and momentum if they fail to convert anything within the first few weeks.
The truth is developing a strong pipeline of sales is difficult, but you will find it so much harder with a ‘stop and start’ approach.
When building and developing Climb Online one of my first hires was a salesperson. Many business leaders would deem this strategy as flawed due to the fact I had limited resource to undertake the work once secured, but fast forward nearly 6 years and my sales team now accounts for a nearly a quarter of my headcount and we, as a business, faced no difficulty in securing new revenue throughout the COVID-19 pandemic as a result.
When building a strong pipeline of sales, you need to cast your net wide and make it as full as possible. The leads you believe will convert often won’t, and those you are unsure of tend to surprise you.
If you don’t have a salesperson and currently can’t afford one, you as the business owner need to drive a sales strategy forwards until you are in a position to hire. Be diligent and remain accountable by booking time out in your calendar each day to dedicate to sales, and thereafter measuring your success on a weekly or monthly basis to evaluate what has and hasn’t worked and why.
Follow up
If you find yourself submitting lots of quotes and proposals but aren’t converting potential leads into sales, you need to look at your follow up process.
80% of all sales are actually confirmed between the 5th and 12th follow up, so one chaser email isn’t likely to cut it. In addition, it’s important to look at how you are engaging with potential clients, as there is a fine line between persistence and pi**ing people off and an art to ensuring you don’t cross it.
Instead of always calling potential clients or sending short chaser emails, send them something of value that will not only benefit them and their business, but will ensure you stand out against industry competitors when it comes to decision making time.
There is no doubt that the next year will be incredibly challenging for business leaders, but those who dig their heels in and establish a new, focused and proactive sales strategy are those who will inevitably survive. Remember, “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty” – Winston Churchill.
Mark Wright,BBC Apprentice Winner and Managing Director of Digital Marketing Agency, Climb Onlinewww.climb-online.co.uk
The importance of speaking the right business language when operating in a crowded digital marketing sector…
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The latest episode of the Digital Insight welcomes Mark Wright, Director of Climb Online, a successful entrepreneur with a passion for business and a love of digital marketing and the winner of the Apprentice UK back in 2014.
Mark discusses the importance of speaking the right business language when operating in a crowded digital marketing sector and we also explore how, as long as you have the passion, the drive, the knowledge and a brutal honesty – then you have what it takes to succeed.
An effective customer engagement strategy is critical for any successful business — regardless of product, service, or industry. But as this year has seen the transformation of consumers’ buying habits, companies are having to adopt a new approach to customer engagement to help them succeed in a changed world.
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Regardless of which industry you operate in or the product or service your organisation provides, a major component of success depends on executing a strong customer engagement strategy. Yet doing this well in 2020 has proven difficult for many organisations due to the ongoing effects of the pandemic on consumer buying habits. By Mads Fosselius, CEO and Founder,Dixa
So, to succeed in this ‘new world’ firms must consider different ways to engage with customers that enable them to build more fruitful and profitable relationships.
This is crucial in the UK, especially when you consider that it is now in recession and consumer confidence is historically low. Therefore, to improve, businesses need to focus on what they can do to rebuild and repair in these final months of the year and beyond. Part of this involves focusing on relationship building with customers, in an effort to win back spend and loyalty.
This is where improving customer engagement has a powerful role to play: two-thirds of companies compete on the quality of their customer experience and 96% of consumers agree that customer service is key to their purchase decisions. Ramping up customer engagement, therefore, has the potential to pay dividends down the line.
But, how and where should organisations start as they strive to improve?
Continuous and valuable interactions are key
Customer engagement can be defined as the continuous and valuable interactions between a business and its customers. Running a successful business is not only about attracting customers to your website, converting them with a stylish landing page, taking their money, and thanking them for their custom. That’s crucial for ongoing success, sure; but engaging customers and cultivating valuable relationships long-term takes entirely more finesse and should be the focus.
Businesses trying to make a major impact on their industry, or niche, must therefore understand their core audience, pain points, budgets, shopping habits, goals, the most appealing options available to them, etc. before they can start to really engage them.
A successful company focusing on customer engagement will use this data to anticipate buyer needs and position itself as the ideal solution in light of this information. Catering to these target consumers’ requirements and delivering a quality service can help secure shoppers’ loyalty too; as highly-engaged customers are likely to keep coming back, make repeat purchases and recommend the business to others. So how do you do it?
The key to engagement is empathy and automation
Anyone who’s ever called a support line and been greeted by a never-ending list of options, seemingly without an agent in sight or had to contend with an ineffective chatbot for that matter, will understand how frustrating ‘poor’ automated service can be — especially when you know exactly what you need, but can’t find a single person to ask.
This isn’t to say that there’s no place for a well-executed automation strategy, in fact, automating standard, repetitive tasks will promote speed, efficiency and effectiveness in your customer journey, as well as providing your agents with a better working experience. However, this automation must be introduced in a thoughtful way, with a clear strategy helping to shape its impact on your business.
The right customer service software can intelligently determine whether an inquiry can be handled with pure automation, if it needs the human touch, or if it can be done with a mix of the two. Contextual routing and sentiment analysis are just two of the features that can help you drive customer engagement and offer a superior customer experience.
As with most things in life, balance is key, and a combination of automation and human-to-human connection is important to many customers, especially in times like these. And that’s where empathy comes in.
Knowing customers’ needs
To become empathetic, businesses must understand their target customers and recognise which problems they are experiencing. This is fundamental to ensuring they are catering to the right people and trying to solve the right issues.
Customers’ pain points and situations may have changed dramatically since the onset of the pandemic, and acknowledging this is important. Many customers might feel vulnerable at the moment with a future that seems less clear than ever before. So, companies must work hard to deliver the level of service customers need and deserve. This means businesses must take a fresh look at their audience to identify any unmet needs and be more empathetic towards them as they adjust to a new way of life. This might mean slowing some processes to allow agents extra time to listen to customers on calls or live chats. Customers will appreciate this effort and it will benefit your business in the long run.
But, what about customer service agents themselves? Life may be more challenging for them, too. While more employees are returning to offices, working from home is still recommended whenever possible in many places. Customer support teams can make calls and take part in live chats in their own home; but it is likely to be a very different working environment than the office they’re used to. Businesses should be honest with customers about their new customer support set-up too and remind them that employees are doing their best in unusual circumstances; and thank them for their patience in advance.
The role of omnichannel personalisation
Customers interact with multiple companies on a regular basis. Embracing more personalisation in your customer engagement strategy will help your audience feel more valued as they deal with you. That’s why 44% of consumers arelikely to become repeat buyers after a personalised service interaction and 39% will introduce their friends or relatives to the brand.
Fortunately, customer service software empowers brands to deliver a level of personalised service not previously possible. For example, by unifying communications across phone, email, chat and messaging, agents can instantly access the information they need, all in one place. This access to a customer’s interaction history enables an agent to understand their previous issues, what promises were made and what their preferred communication channel is. They’re not greeting the customer cold and asking them to provide previously shared info.
With customer recognition features in place to enable personalisation, support teams can also collaborate and solve problems together, thanks to easy transfer and listen-in options. This reduces the time wasted, and frustration caused, by bouncing customers from agent to agent.
Flexibility and adaptability lead to agility
COVID-19 has forced many businesses to pivot by making quick changes to their operations and processes. Routines that had become established over years (or decades) were transformed almost overnight, as companies learned to adapt to survive. For companies who had already embraced remote work, the transition may have been easier. But businesses with no experience with online collaboration or communication had to learn on-the-go. This increases the risk of delays and disruptions to services — including customer support.
Fortunately, flexibility and adaptability are the cornerstones of remote working, and embracing the right software solution empowers teams with the freedom to work from any location in the world as long as it has an internet connection.
Agents still have access to all the analytics and customer insights they need to offer a personalised experience, engaging consumers with a service tailored to their needs and communication preferences. This creates a stable foundation to build an efficient, effective, successful customer service network upon — no matter where employees are located.
How intelligent routing manages workloads
Through these trying times there will, no doubt, be fluctuating workloads to manage. Quality customer service software helps agents to cope and to pay equal attention to every communication channel. Employees can monitor all relevant channels in one place rather than switching between them again and again. This reduces wasted time and boosts efficiency.
Additionally, as intelligent routing prioritises inquiries based on their importance, agents are unable to ignore more complex interactions in favour of more straightforward ones. As a result, customers won’t be left waiting for a response while “easier” issues get addressed sooner. There’s also less risk of making genuine mistakes that frustrate customers — even for remote agents.
Lastly, businesses can expand their customer support teams to accommodate an increase in demand in a more cost-effective and fast way. They can set new agents up and increase efficiency without trying to find more office space.
As we near the last quarter of 2020, there is no doubt that it continues to be a tough environment for businesses to operate in. To survive and thrive, organisations will need to focus on developing and delivering the right kinds of customer communication strategies that drive customer engagement and loyalty.
The strategies discussed, along with the right customer service software, can easily be incorporated into regular business processes and improve customer engagement, regardless of where customer service agents may be located. By Mads Fosselius, CEO and Founder,Dixa
Sarah Doherty, Product Marketing Manager at iland discusses how a cloud-based infrastructure can accelerate IT initiatives.
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There’s no doubt about it, we are living in a cloud enhanced world. No matter what is happening in life, whether it’s uploading pictures of the family, keeping track of friends on social media, or working remotely, the fact remains that the cloud is a part of our everyday lives in one way or another.
So why are organisations so hesitant to adopt a cloud infrastructure? From speaking with customers, the reason extends across infrastructure, business as well as, let’s face it, an overall new way of thinking about what is the best way to mitigate risk.
When we talk to business leaders, the idea of moving from a CAPEX model to an OPEX model is appealing for pretty much everything but IT. They still look at IT assets and think about budget cycles and performance/capacity per the pound or dollar. This can put them into situations where they are purchasing hardware on three to five-year cycles, subsequently discovering after two years that the hardware they have invested in isn’t doing what it needs to do. However, at that point, the business is committed.
They may be locked into a certain vendor or platform and the pain of moving seems overwhelming or they may have concerns about moving to the cloud in general. In a nutshell, this approach is not compatible with the flexibility and scalability that many businesses need in their toolkit.
The tangible business benefits of using a cloud-based infrastructure have been heavily publicised of late, with the onset of COVID-19 necessitating a quick and efficient move to the cloud, in order to keep businesses moving. However, implementing a cloud strategy to future-proof an organisation can, not only have top-line operational benefits such as data security, business continuity, resilience, scalability, and accessibility – it can facilitate wider digital transformation strategies.
This will prove crucial to maximising business efficiency and time-to-market of these initiatives, in the event of another worldwide event where physical access to a building is not possible. After all, an organisation’s end users have become accustomed to receiving a faultless service – even during a global pandemic – and would have expected businesses to have learnt their lessons from COVID-19.
Organisations wanting to implement a range of IT initiatives have unarguably accelerated cloud adoption. However, when choosing a cloud partner, they normally express the following concerns around adaptability to the cloud, which cloud providers need to tackle head-on.
Security and Compliance
While it may not be the first thing that springs to mind for IT professionals looking to quickly enact digital transformation strategies, such as building applications that will streamline internal business processes, security practices must adapt as data moves to the cloud. While assets are normally well-locked down, it is easy to accidentally create vulnerabilities in the cloud since customers are responsible for setting many security controls around their apps and data.
All clouds have a different set of best practices and design principles. Therefore, knowing those practices up-front will help cloud admins avoid headaches later. Working with the right cloud partner to plan and then execute a cloud strategy will not only eliminate headaches now and later but will also help to grow the business for the future.
It goes without saying that vulnerabilities must also be addressed as soon as possible. Cybercriminals are currently stepping up their attacks to take advantage of remote employees. Phishing attacks are at an all-time high on small and large businesses, as well as public resources like hospitals and healthcare providers. Therefore, businesses must assign responsibility to an individual or group of individuals to look after the organisation’s data from the onset, especially during the migration period.
There is no time like the present to reinforce an organisation’s IT security and compliance guidelines, many of which include the relevance of when employees travel or occasionally work from home. This includes a refresher on password policies and how to identify and report phishing attempts. It’s important to help employees with securing their home networks, and all the other policies and guidelines they would typically follow at work to protect the company and customer data. This might also be an excellent time to train employees on document and data retention best practices.
Cloud Expertise and Management
Most IT teams are running at full throttle as it is, and the idea of learning entirely new jobs, alongside current tasks, can be daunting. Furthermore, IT managers may be wondering how to firstly move their teams to the cloud, and subsequently get them up to speed quickly and manage projects in the long run, minimising business disruption as much as possible.
A good first step is to implement a robust cloud migration strategy. This will help communicate a clear vision and change management plans to all employees within the organisation, including IT teams at the coalface, demonstrating how the move to the cloud will really help the business, and prove ultimately beneficial in the long-run. For example, key drivers are the need for greater availability, the desire to move from CAPEX to OPEX and the need for greater scalability as the company grows.
Furthermore, the progression from traditional server-based infrastructure to virtualisation and then to cloud involves several mental leaps. The cloud requires an adjustment of mindset and an ability to accept ways of doing things differently. However, this is the only efficient way to take wider business and IT strategies forward. Organisations should start their move with non-mission-critical applications, which are typically the easiest to migrate. The transition of refactoring some applications to function as cloud-native or distributed applications can take more time.
It goes without saying that organisations choosing a managed service provider to manage their cloud migration and ongoing support should lean on their partner as much as possible, especially in the first few months, to help teams get up to speed with new processes and workflows.
It’s all about short term pain for long-term gain.
Cost Control
Understanding all the factors that contribute to billing before an organisation makes the move to the cloud is a must, since cost management changes can lead to problems if they are not understood.
Cloud services are generally billed once a month or follow a pay-as-you-go pricing model. However, users must factor in hidden fees, such as data transfer costs, and additional support and training. These budget surprises can pose a challenge if not addressed proactively.
Organisations should choose the cloud partner that doesn’t spring any surprising extra fees; the best providers should have simple, easy-to-understand invoicing portals and support, where businesses have complete visibility of all costs in one place. This is increasingly crucial as businesses scale their cloud offering up and down – sometimes on a month-by-month basis – with differing costs to reflect this. When scaling in such a way, organisations need to be made aware of how these changes will be billed – i.e. immediately or on monthly terms. Not addressing the finer points of billing can unnerve an organisation who are not familiar with cloud models, or a SaaS approach.
It is important to look past the challenges and focus on the true advantages. The cloud provides a great opportunity to modernise IT infrastructure and gain operational efficiency through cloud-native design practices.
All clouds have a different set of best practices and design principles. Therefore, knowing those practices up-front will help cloud admins avoid headaches later. Working with the right cloud partner to plan and then execute cloud strategies will not only eliminate headaches now and later but will also help businesses to grow in the future through planned digital transformation initiatives that can be executed without the constraints of legacy hardware.
Employers have struggled to fill one-third of vacancies due to a lack of digital competency…
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In the UK, 62% of employers admit their workforce only has some of the skills required or face severe shortages. Whilst 15% of employers say they do not have the digital skills to meet organisational objectives, highlighting a significant discrepancy between the types of skills on offer versus those in demand right now.
The latest research by Hays Learning has found employers have struggled to fill one-third of vacancies due to a lack of digital competency.
Digital demand across industries
Today, more employers are emphasising the need for ‘specific digital skills’ over ‘baseline’ ones when it comes to hiring. Baseline skills include the ability to use Microsoft Word or Excel, for example. In contrast, specific skills are slightly more specialised but still advantageous across all sectors and can include things like Adobe Photoshop or customer relationship software.
A government report revealed that around 82% of all jobs in the UK list digital skills as a requirement. They also pay 29% more, on average, than those that do not require these skills (£37,000 vs £28,000 a year).
These are the five industries with the highest digital intensity, ranked according to the percentage of job advertisements in occupations requiring specific digital skills:
Industry
% of Job Ads requiring Specific Digital Skills
Finance & Insurance
95%
Information & Communication
95%
Real Estate
93%
Science & Tech
93%
Admin & Support Services
86%
How wide is the digital skills gap?
While 38% of UK employers say they have all the skills they need to meet their organisational objectives, at 62%, the majority admit their workforce only has some of the skills required or face severe shortages.
More private-sector employers are prepared for the digital era
According to a Hays survey of 14,500 employers and professionals, those in the private sector are better prepared for digital transformation than the public sector. Around two-thirds of private-sector (64%) employers say they have access to all or some of the skills they require, compared to only 56% of public-sector employers.
Critical barriers to digital transformation
It’s important to note that while the overall attitude towards digital literacy skills in the workplace is positive – 78% of employers and 69% of staff have an open mindset towards digital transformation in the workplace – they do not feel well-equipped or prepared to deal with this transformation.
The top challenges employers face in the journey to a more digital and automated workplace are:
Lack of skills from current staff: 58% Lack of support from staff: 37% Additional budget needed: 31% New processes required: 26% Difficulty integrating with existing processes: 25% Bridging the UK digital skills gap
Currently, a lack of skills poses the biggest challenge to automation and digital transformation. This can be addressed by educating and upskilling employees through training. Hays Learning provides the following tips on how businesses can start bridging the digital skills gap:
Identify the gaps: Knowing where the gaps are is the first step to closing them. Keep up to date with emerging technologies, especially those being adopted by competitors in your sector.
Encourage self-directed learning: Provide your employees with access to the learning tools they need to explore not just digital skills, but abilities around organisation and prioritisation, as well as soft skills too. Empower them to drive their learning journey and focus on their areas of interest.
Retain top talent: It’s essential to engage with existing talent, and not only focus on bringing in new entry-level talent. Give your current employees more opportunities to hone their digital skills.
Foster a “continuous learning” culture: A successful, fulfilling career path is one that focuses on learning and development, not as a once-off short-term goal, but as a continuous process. Considering technology changes and grows at such a rapid rate, it’s important to encourage your employees to embrace an ongoing learning process, to future-proof your business.
Companies serious about growth need to embrace analytics, especially in the HR function.
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Companies serious about growth need to embrace analytics, especially in the HR function. Collating and analysing the masses of data that most organisations have will increase operational efficiency and drive strategic planning. The pandemic has revealed just how effective a capability this is, especially for the HR function.
Businesses that had workforce planning analytics platforms were quickly able to build scenarios when the UK government announced its furlough scheme, for example. They had a much clearer view of the impact of furloughing and un-furloughing specific employees, even in an enterprise with a distributed workforce of thousands.
By employing business insights to provide actionable real-time intelligence, data analytics technologies make ‘what-if’ scenarios far easier to create and much more accurate than is possible with spreadsheets alone. They help move HR from a purely administrative role into a strategic driver of business initiatives and decisions.
Where, however, should an HR department start if it wants to embrace analytics? While most managements believe data analytics, automation and AI will become essential for business survival, they also acknowledge that there is a widespread lack of understanding to underpin it. An MHR Analytics YouGov poll of 500 HR leaders found 44 per cent of respondents do not currently have a main focus on ‘HR analytics’, or technology that uses ‘people data’ to solve organisational issues, even though they consider this to be vital to business operations.
HR specialists have much-valued expertise in people management and regulatory requirements, but are unlikely to be experts in data science. Unless they can make a good business case for investment in analytics, they may make little headway.
Here are five tips for HR departments embarking on the journey towards analytics.
Draft a plan
Identify where processes are slow, or reports are difficult to compile and require detail that takes days to complete. Often, organisations are still relying totally on spreadsheets. These are the areas where analytics will make a transformative difference. Data can be pulled from business systems by analytics platforms, removing time-consuming drudgery. Analytics enables HR to roll out results in a fraction of the time taken by manual methods, bringing a deeper level of insight which is necessary for critical decision-making.
HR must also consider a longer-term plan for more advanced platforms, where analytics automates the measurement of a range of indicators on engagement, providing more up-to-date and accurate insights than the conventional approach using quarterly surveys. With the right technology, HR departments can go one step further and use predictive models for managing retention, flight-risk, payroll fraud, pensions or pay gaps. All have immense strategic value in the boardroom.
Begin on a small scale
HR specialists need to start with a small project. The aim is to show value and results, and obtain buy-in from senior leadership for data analytics.
That initial project could be automation of spreadsheets, building a simple dashboard, or the collation of data for the next board report. It should be of sufficient scale to prove how analytics can transform operations and planning in HR.
The project could, for example, show how the business could save thousands of pounds by reducing absence. Emphasise how with analytics, workforce planning becomes more accurate, identifying costs and ensuring the right people are performing the roles that best optimise their talents for the organisation.
Spread the news
The next step is to spread the good news across the organisation.
Once the initial project has made the right impression, move on to a piece of work that will cut through at the top level, such as retention. Explain how workforce analytics can make businesses far more likely to keep their employees beyond the two years that is the average period of time in one job.
In a demonstration of how this works, the HR department can gather retention information about people leaving, within its full data set for all current employees. Predictive analytics can be used to create a model of why people left, using variables such as date of last performance review or training course, revealing which contributes most to departures. This in turn enables prediction of which employees are most likely to leave, opening up opportunities for intervention to keep them inside the company.
The same approach works with expenses fraud or mistakes – identifying who is overestimating mileage claims, for instance.
Face up to problems with data
A quick word about the data. Data can be a problem if a business wants to expand its use of analytics tools. Data may be stored in different formats on a variety of legacy systems, making access and integration difficult. Lack of standards leads to sporadic, “messy data” with data-inputting inaccurate or inconsistent, leaving gaps.
To resolve this, an organisation may have to change the way it processes data, setting new standards and ensuring it is more highly valued. Improving data quality is all about creating an environment where data is treated as the genuine asset it is.
Take care to select the right software
Rather than considering the specific capabilities or latest developments in analytics, focus instead on a provider that will address immediate requirements, can act as a strategic partner and will provide the necessary training.
According to IBM, workforce analytics systems can make companies up to 66 per cent more likely to increase HR performance efficiency – without any extra headcount. As such, it’s clear that an upfront investment in these technologies can pay long-term dividends, both from a financial and an efficiency standpoint. In these uncertain times, this sort of safeguard is vital for ongoing business confidence.
The future of workplace analytics
As we go forward into a period of post-pandemic recovery, where digital transformation has been accelerated, HR departments need analytics. From reporting, to creating new what-if scenarios and predicting flight-risk, reducing absence and fraud, or showing the impact of restructuring on pensions, data analytics is essential.
Investment in HR analytics technologies will hone a new competitive edge for any business by delivering greater agility, reducing the admin burden, engaging the workforce and building more effective strategies.
Laura Timms is HR analytics expert at MHR Analytics, providers of Data, Analytics & AI solutions that help organisations make sense of disparate data, generate insights and empower them to make intelligent decisions.
How brands are eroding subscriber trust and enabling disloyalty…
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Bhavesh Vaghela, CEO of Singula Decisions, joins a special episode of The Digital Insight as we we explore how over-the-top (OTT) TV subscription brands consistently show ‘narcissistic’ tendencies, which can erode subscriber trust and ultimately make them disloyal.
This is part one of a three part series with Bhavesh, as we explore the Psychology of a Subscriber report.
What happens after your customers sign up? Learn about the psychological and emotional issues that consumers face over Billing, Upgrading and Downgrading when subscribed to OTT brands such as Amazon, Disney+, Netflix and NOW TV.
Subscription brands are ‘behaving like narcissists’ and ‘failing to build trust’ with consumers
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Over-the-top (OTT) TV subscription brands consistently show ‘narcissistic’ tendencies, which can erode subscriber trust and ultimately make them disloyal, according to a new in-depth report launched today by Singula Decisions, a specialist in subscriber intelligence.
The study – ‘The Psychology of a Subscriber’ – found that a wide range of OTT streaming services, in both entertainment and sports, fail to connect with consumers on a deeper emotional and psychological level, by:
Not understanding the fundamental drivers motivating a subscriber’s behaviours and interactions
Invading their boundaries when asking for financial commitment too soon
Insufficiently tailoring the service to meet the moods and mindset of each customer
Creating ‘avoidant’ or ‘ambivalent’ attachments to subscribers that do not build loyal relationships
Ineffectively providing subscribers with the ability to share more about themselves and to listen to their feedback
Psychology of a Subscriber
The qualitative study, conducted and authored by Qualitative Researcher, Accredited Psychotherapist and Director of QualiProjects, Jennifer Whittaker, and Business Psychologist and Researcher, Katharina Wittgens, explores subscriber attitudes towards OTT TV brands in the UK and US, gaining a deep understanding of how consumers think, feel and behave throughout the customer journey.
Qualitative Researcher, Jennifer Whittaker, said: “Many brands do not listen to subscribers, nor do they create a safe enough space for subscribers to come forward and give more. In fact, brands often have unconscious narcissistic tendencies and are blinded by the belief that customers are only there to serve, by giving ‘strokes’ to the ego – aka money to the account – and helping to build a good reputation. Unfortunately, brands cannot know subscribers until subscribers give more. But subscribers will only give more if they trust, and they’ll only trust if they don’t feel forgotten.”
Part 1: Acquisition
This first report in a three-part series covers the acquisition phase of the customer journey. The research found that dissatisfaction and suspicion can begin from the moment a subscriber ‘joins’ a service, if asked to hand over financial information or commit to the brand too soon. While subscribers are at their most enthusiastic in the first months of engagement, brands rarely take advantage of their potential to become advocates.
Commenting on the findings, Bhavesh Vaghela, CEO of Singula Decisions, said: “We recognise how tough it can be to build a strong brand and grow a TV subscription business as consumers continue to dip in and out of services every month. We have seen strong consumer brands being created in other sectors such as retail, ecommerce and banking; consumers are loyal to these brands and TV subscription businesses are behind this curve. OTT brands must think differently about how they build a service and experience that best suits the needs of their customers – and do a better job to emotionally connect with their customers to build trust and loyalty.”
Death of the demographic?
Bucking the trend of demographic differences, the study found that at the acquisition stage there weren’t huge variations in needs and experiences between age groups. From Gen Z to Baby Boomers, subscribers of all ages said they felt a sense of being “pushed” by OTT TV brands to commit to the platform financially or share private information. Both UK and US consumers also emphasised the need for a variety of content; American respondents search for unique content that is frequently updated, while British viewers seek value for money based on choice and options for the whole family. After joining the platform, subscribers felt brands were nowhere to be seen, without guidance on how to use the service or how to connect accounts with friends.
Best practice opportunities
The findings do indicate, however, that brands willing to listen and take time to truly understand their customers, can build trust and loyalty. The report sets out nearly 40 best practice recommendations that can help brands to offer a simultaneous sense of both freedom and connection that subscribers crave in order to feel comfortable to share more of themselves.
Building a relationship that goes beyond a transactional one will have a huge impact on consumers who are faced with more choice than ever. OTT brands that take a lead from other industries, such as retail, ecommerce, and banking, and seek to connect with their customers on a more emotional level, can emerge much stronger.
Download a copy
‘Psychology of a Subscriber: Part 1 – Acquisition’ is the first of three reports looking at the psychological and emotional drivers that consumers experience when subscribing to an OTT service. Part 2 – Growth, which will be released in late August, will explore the relational dynamics and childlike emotions at play when subscribers interact with brands during the billing, upgrade, and downgrade stages. Part 3 – Churn, will follow in October, discussing how a mismatch between brand and subscriber when leaving a service can lead to passive-aggressive behaviours. It will also explore the emotional impact of being made to feel like a number instead of a name throughout the relationship.
There will be an opportunity to hear the authors of the study discuss the research with Colin Dixon, Founder and Chief Analyst of nScreenMedia in a live webcast on August 10th at noon Pacific time (8pm BST, 9pm CET). This webcast, the first in a series of three, is part of the Let’s DEW Lunch webinar series from Digital Media Wire. People can find out more about the series and register here: https://www.dewexpo.com/
The concept of ‘Digital Natives’ was introduced by John Perry Barlow in his critically acclaimed paper ‘A Declaration of the Independence of Cyberspace’ in response to the US Telecommunications Act of 1996.
Today, in the telecoms sector, operators wanting to be ‘Digital Natives’ are investing in digital transformations to replace their legacy systems and processes with next-generation technology to take advantage of new digital opportunities and be competitive amidst evolving customer expectations and demands.
At the crux of this is the need for telcos to implement cloud-based and omni-channel solutions that can lay the foundation for a truly customer-centric digital business, complemented by data-driven intelligence and flexible monetisation models. However, all too often operators are inhibited by the use of legacy-based BSS systems that cannot serve modern business needs quickly, if at all.
A report published late last year by TM Forum meanwhile identified that to be competitive in this new digital world, telcos need to be investing in modern Business Support Systems (BSS) to be able to meet the growing demand for services such as 5G.
Telcos need to be able to gauge customer needs and behavioural changes so they can react to these accordingly. Digitalisation is the key to achieving this as it can vastly improve a number of services. For example, operators that utilise process flows and rules based on certain trigger actions or events can predict the ‘Next Best Action’ and deliver vastly improved services tailored to each customer.
Paying attention to different customer profiles can see telcos introduce new products or price plans that cater to specific customer demographics or behaviour groups. For many telcos, this can often be intangible as many tend to have set price plans and services that are rigid and inflexible. While some identify the key problems and implement solutions to address frequent changes in the consumer landscape, they often struggle with responding to these changes in a timely manner.
DNA, a Finnish operator offering cable and mobile, fixed telephone, and internet services, is an example of a telco that realised the only way to succeed in keeping up with market competition today was through introducing innovative, cloud-based BSS solutions. Doing so has enabled DNA to digitally transform and generate new revenue streams by bringing forward new products to the market in line with ever evolving customer needs. For example, the company managed to digitalise its entire purchasing process by introducing a ‘non-contact’ product purchasing service, which means customers do not need to be physically present in retail stores and no paperwork is needed to set up a contract. The operator has also enabled SIM-only customers to have faster SIM activation, with both new and existing customers able to activate new SIM cards in the network within 38 seconds of purchase.
By digitalising its services, DNA is able to build, test, and deploy a whole new subscription model within its retail stores in less than 24 hours, as well as launch new campaigns in just a few hours if required. This level of operational efficiency and customer service has helped set DNA apart from its competitors, with the company now boasting the highest usage of mobile data in the world, with more than 20GB of data per SIM card across its network.
As DNA has shown, digital transformation and becoming ‘digitally native’ is vital for telcos to survive and thrive in a market that is fiercely competitive, not only around pricing but service delivery and customer loyalty too. By adopting and utilising digital services, telcos can vastly improve the speed and efficiency in which they deliver new services, offering multiple plans based on specific customer needs and market shifts.
Jukka Heiska, is Chief Marketing Officer at Qvantel, providers of full-stack BSS offering to help Operators with successful BSS digitalisation in faster time and with lower risk to maximise their business efficiency, reduce operational costs, and provide exceptional customer experience.
It’s time to admit it: Procurement has a long way still to go…
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Where are we really when it comes to embracing innovative technology in procurement?
In the latest episode of The Digital Insight, we welcome Greg Watts, CEO of Findr – an AI platform that allows fintechs to identify, assess and connect with prospective partners.
In this episode we explore the notion that, while digital transformation is touted as the solution to back-office procurement functions, there hasn’t yet been enough attention to how AI-driven tools can affect the strategic issues that underpin procurement and supply chain management, hampering the sector’s ability to truly reap the rewards of AI.
Gobeyond Partners and Webhelp surveyed 500 respondents at director level and above across a range of industries about the impact of COVID-19 on their businesses.
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New research from Gobeyond Partners, the consulting firm focused on customer journey transformation, and Webhelp, Europe’s leading provider of outsourced customer engagement services, has today revealed that over 60% of business leaders are re-evaluating how much they will be investing in change and transformation since COVID-19, yet only a third of survey respondents are committing to a higher spend in this area.
Gobeyond Partners and Webhelp surveyed 500 respondents at director level and above across a range of industries about the impact of COVID-19 on their businesses. By combining Webhelp’s expertise in customer engagement with Gobeyond Partners’ customer journey design and transformation capabilities, the two organisations were able to evaluate the impact of COVID-19 across a number of key areas and offer recommendations to businesses as they start to plan towards a post pandemic world. When it comes to the issue of transformation, the research highlights the value of an intelligent use of rightsourcing* which will be crucial for businesses to establish the most cost effective and relevant solutions to support the flexibility and speed needed during this transition period.
Change and transformation are two of a number of data points highlighted in the joint research and accompanying report by Gobeyond Partners and Webhelp which explores how consumers arenow demanding more human experiences, even in digital environments, and why organisations must balance agility and adaptability against a clear focus on maximising value from investment in transformation.
Mark Palmer, CEO of Gobeyond Partners comments on the findings: “As the urgency for change and transformation intensifies in our new reality, it raises some pivotal questions. How different willservice look and feel in the future? How will businesses and their operations need to adapt? And how can employers engage and support their colleagues to deliver on new customer promises? The engineering of an authentic human experience in the digital world will need a delicate balance, and companies will need to work hard to create service transformation that satisfies both these needs. This may expose a lack of capability and flexibility inherent in many organisations, due to a lack of investment. For brands to survive, leaders can no longer pay lip service to digital transformation and digital must be fully integrated into the overall operating model.”
Other key findings from the joint research include:
70% of businesses have seen a direct impact to their bottom line as a result of COVID-19, with more than half being negatively affected.
These financial impacts are expected to last, with more than 80% of respondents believing they will be financially impacted for six months or more and 50% expecting their finances to be affected for more than a year.
Companies that have been affected negatively by COVID-19 are twice as likely to expect cuts to their transformation budgets after the pandemic has subsided.
Craig Gibson, Chief Growth Officer at Webhelp Group continues: “Overall whilst budgets may reduce, spend on individual change and transformation programmes should not be reduced commensurately. Instead, the entire change portfolio should be reviewed and reprioritised. Now is the time to focus on and invest in a critical, clear and concise set of priorities, which the whole organisation can communicate and contribute to. This will ensure that the most critical agenda items will accelerate, without depleting vital cash reserves.”
The last six months have brought about some of the greatest shifts in the business world to date – and…
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The last six months have brought about some of the greatest shifts in the business world to date – and as a result, organisations have been under mounting pressure to turn up the heat on digital-led initiatives. This is all while employee numbers have decreased, where staff have been furloughed and other cost-cutting measures have been implemented, and as remote working has steeply increased.
In addition to keeping the lights on and revenue coming in, businesses are under pressure to innovate – which is no mean feat in the current business climate. One area in particular that could cause headaches is the level of technical skill needed to drive this higher level of transformation. However, bringing in highly-skilled developers to drive new initiatives is not necessarily the answer – or even an option, given the costs involved.
The challenges surrounding digital-first
Over the years, the demand for software developers has grown exponentially as businesses strive towards a digital-first future. Analysis from IT trade association CompTIA revealed more than 165,000 IT job openings were advertised in Q3 of 2019, representing a 19% increase quarter-on-quarter. Out of these openings, the software developer role was among the most sought-after, with more than 59,000 postings in the quarter alone – despite there simply not being enough developers to go around.
However, with the average salary for DevOps engineering jobs in the UK currently estimated at £72,500, the cost of employing such skills will prove problematic for businesses that are carefully balancing innovation with budgetary constraints. According to predictions from Forrester, companies in 2020 will cut tech budgets 6% to 10% from 2019 levels and by 10% to 14% from 2020 plans[1]. As a result, and with prolonged economic uncertainty ahead, investing in new tech talent has had to take a back seat for a number of businesses. Alongside ever-increasing demands from the business for innovation through new apps, this has led to a considerable IT backlog, where projects have been put on hold, and time to market has been significantly delayed due to the right skills not being available. As revealed in a recent IDC Survey Spotlight, one of the biggest issues caused by the lack of IT skills among European organisations are delays in developing new products and services, delays in deployment of new hardware or software, and difficulties in meeting objectives.
The traditional software development model has only perpetuated this need for expensive developers. At last, this is changing. New app development alternatives are available that address the requirement to simplify software development and, for the first time, usher in the possibility for citizen developers to effect meaningful digital change. This from the people already inside the business with a ready-made understanding of the problems that need solving. Now there is an alternative that allows businesses to overcome the barriers to delivering the innovation that may have been holding them back.
Innovating from within
Instead of spending significant time and investment searching and recruiting for external skills, innovating from within, and enabling existing employees to become citizen developers, is a time and cost-effective solution. Citizen developers can add value to businesses and drive developments from the very core of the organisation – whilst their in-depth understanding of specific process challenges help ensure that new systems and applications suit the needs of both the company and internal staff.
The opportunity for citizen developers within a business is endless – and this is where low-code technology plays a crucial role, as it allows employees with varying levels of technical skill to design and build powerful applications. These tools have advanced to the point where the creation of enterprise-grade apps is now possible, opening up enormous possibilities for organisations looking to increase their pace of innovation. In this way, the tools have democratised the software development process – and are now enabling a larger proportion of employees, who have a range of expertise from across the business, to drive innovation. It’s giving citizen developers the power and ability to take organisations to the next level as businesses continue along their recovery journey.
Overcoming the process disconnect
Whilst the technical skills from a qualified software developer are extremely valuable, often these developers do not possess the day-to-day experience of the processes they have been hired to optimise. This leads to a ‘process disconnect’, where improvements made by the developer do not necessarily fit with the desired outcome from the employees who will be using them.
Existing employees, on the other hand, who operate at the frontline, can utilise this knowledge to enhance processes and drive greater efficiencies. Due to their working knowledge of these systems, these employees will have their own ideas on where efficiencies can be made, based on any challenges they have previously faced and process optimisations they would personally like to see.
By embracing low-code technology, which can be used by anyone, no matter their level of technical ability, existing employees can make these changes first-hand. And by enabling people to quickly prototype new processes and workflows without any need for specialised technical skills, businesses can innovate and implement significant changes without having to rely on highly-trained developers.
Opening up the scope for complex applications
Whilst some initially (and incorrectly) may assume that low-code is simplistic and only suitable for basic applications, this technology in fact opens up the scope for a range of complex platforms that can bring significant value to a business – as well as its customers. One project that is effectively utilising process application technology including low-code is the Lloyds Market Association’s (LMA) ‘Gemini’ claims expert management solution. Following the development of a digital claims expert catalogue, using modern Platform-as-a-Service (PaaS) technologies, the team are now using this to better understand their true spend on claims experts whilst monitoring and optimising performance.
During a time where technology budgets are tight and access to digital skills is challenging, placing the power back into the hands of employees will be crucial to not only providing business continuity, but propelling businesses forward into the ‘next normal’. By providing citizen developers with a range of easy-to-use and scalable tools, employees will be able to drive true value across a business – and equip organisations with the tools to thrive in a digital-first era.
[1] Forrester Research Inc. – WEBINAR – Where and How to Adjust Tech Budgets In The Pandemic Recession
Digital strategy is the cornerstone of any business – but how is it driven? Dr. Paul J. Bailo, Global Head of Strategy and Innovation at Infosys Digital, explores digital leadership.
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When it comes to digital leadership, people often become fixated on the software part of that – but you are somebody who believes that the human element is just as important.
Absolutely. I don’t see how any organisation in this current world could survive without a true digital leadership model, when digital is at the forefront of every business. With COVID-19 coming into play and people working from home, you really have to develop your digital talents in relation to digital leadership. How do you become part of an employee’s moral values? How do they hear your voice for leadership and guidance? And how do you do this without physically being next to that person? How do you actually lead in this world of digital without a physical person being there? In my experience, and my own research, one of the critical elements to being a real digital leader is to have vision.
How do I take these pieces of technology, people, and process and look towards the future, allowing us to get from point A to point B, while keeping us moving forward? Six months ago, some people were sort of thinking about digital, some organisations had digital in a box, some people had digital in the corner, and some people didn’t even have a Chief Digital Officer. Fast forward today, if you didn’t have a digital model when COVID-19 hit, you’re dead in the water. That kick in the butt is allowing businesses to see cracks and fractures in their leadership model, that they don’t have a digital leadership framework where they have a vision for digital, and that digital is everything.
What are the most important tools in a digital leader’s arsenal?
Creativity, and a great network. You have to have a big Rolodex; you have to have a big contact list in your phone. You have to have a great network of different people from different areas that you could call upon. You may need people in the artistic world, the academic world, the philosophical world. You may need high-end programmers. You need all these people at your beck and call and you need them to build these solid relationships in order to share the wealth of knowledge.
In my opinion, it doesn’t help a digital leader to network in the same area that they’re familiar with. They have to break out of their own shell and network and build deep relationships, working relationships, outside of their norm. A lot of people say, you’re in digital, so you’re going to go to the digital conference. That’s great; I love to go to the digital conferences, and I love to speak at them.
However, I also go to other conferences, which have nothing to do with digital or data. I’m interested in aerospace, so I go to aerospace conferences to see about what’s happening in the aviation space. I go to museums to see the world differently, where there might be something in that artwork that intrigues me, that gets my brain to be working and thinking about problems differently.
When we start talking about networking, digital leaders need to know that they have to expand their proficiency in networking. They need to look outside what they’re comfortable with.
The way a digital leader thinks is that the day something is successful is the day it’s antiquated, so you have to rewire your mind that it can always be better. And this is not new – this is how nature works, it’s called evolution. Everything is constantly changing for the better, depending on the environment, or depending on the conditions that we’re living in. So when you start thinking about the digital leadership, I don’t think it just comes naturally – it’s an art form. It’s something you have to work on, it’s something you have to rewire your brain for; you have to read about it, you have to be thinking about it, you have to be talking about it, and you have to collaborate with others.
What do you think are some of the pitfalls, or common mistakes people make, when it comes to successful digital leadership?
Great question. Number one is thinking you have the people’s support when you don’t; thinking you actually have the leadership and the inspiration of the people, when you don’t. Thinking that what you suggested works without testing it out and trying it first. Talking without substance or an understanding of the data, and having the ability to talk to people but not really having empathy for them. People are smart, and they want to know that you’re going to walk through fire with them.
The idea of leaders considering themselves to be in a position of power – those days are over. People don’t want that; they want a leader who’s at the front, who’s going to be with them day and night to make sure things work. They want someone to are for and love them, who has the vision, experience and knowledge to assess risks very quickly.
These qualities are not easily found; there’s a limited amount of people who can do this, but if you can communicate digital change and transformation in a way that really touches their hearts – in a way that people understand – they’re happier to take risks. I look for the pebbles in people’s shoes; a lot of people focus on the big pain points and miss the smaller ones, but as a digital leader, you need to understand. Then you can instil in them self-leadership, and show them that you’ll be there to pick them up if they take a risk and fail.
We’re hearing more and more about the advantages of failing, and that it should be seen as testing and progression.
I think we’ve all failed, right? Historically, everyone has failed, but many swept it under the rug because people weren’t rewarded for failing, and looked down upon it, but life is made for us to fail. If you have a newborn baby, as it develops, it starts to crawl. And then, eventually, it tries to stand up and immediately falls down. Then it says, wow, okay, I learned something: let me try this again. They keep trying.
This is who we are as humans. Failure is just part of how we learn; we’ve put a societal black cloud over it, but it’s how we were made. You don’t learn as much in your successes as your failures. So, in looking for a great digital leader, you want to make sure this person’s failed a lot and has been through everything, because that’s the person who sees around the corners.
What are the three most important attributes of a digital leader?
Number one, be human. Number two, have a vision that people can understand and believe in. Number three, be curious about data, technology, the world – be curious about many different things. It could shape your thinking in formulating the best digital transformation solution around.
This isn’t something you become overnight – for the best digital leaders, it’s who they are. They’re naturally curious, they already have vision, they gravitate towards technology and they love people. People have to really want to work with you, believe in you, trust you, and love you to do really great things.
Remote working is here to stay, so what innovations will we see in the telecoms industry over the coming years?
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Technology has come a long way in the past decade, and the telecoms industry is no exception. Since 2010, this sector has seen incredible advancements and the worldwide revenue of telecoms services is estimated to be £1,026 billion. This year, we have seen an overwhelming move towards mobile and flexible working — a trend that was already gaining momentum before the COVID-19 lockdown made it a necessity for many businesses. Thanks to the telecoms industry and the innovations we are predicting to see over the coming years, working remotely is set to be more efficient than ever before.
The advancements of telecoms
It was during the 2010s that VoIP (Voice over Internet Protocol) really began to build traction and offer a high-tech solution for the telecoms industry around the world. Along with the growing availability of VoIP, the past decade has seen an incredible improvement in internet services. High-quality internet has become available to the masses, with many users benefitting from 100Mbps and upwards connections — at reasonable prices. As more and more businesses move their processes towards cloud services, reliable internet has become an absolute necessity for any organisation.
Since then, cloud services have made flexible and remote working possible — something that has come in extremely useful in the recent months. Remote working has also benefitted from fibre broadband, which has become far more accessible for everyone in recent years — an estimated 96% of the UK now have access to internet speeds of at least 24Mbps.
The telecoms industry has undoubtedly been an area of great innovation in recent years, but what does the future hold? The 2020s are set to bring some extraordinary telecoms advances and trends — here are the top four to look out for.
Hosted telephony
Businesses everywhere will continue to switch to using cloud-based technology, at an ever-accelerating rate, and largely switch to a cloud-first approach and business plan. Hosted voice services will also become the norm — necessitating an improved telecommunications infrastructure.
Most businesses are set to move away from the need for physical equipment wherever possible, switching from traditional PBX systems and towards a softphone-only environment. As well as offering a smarter way to operate, this switch will also bring many other benefits, including:
Disaster recovery capabilities — traditionally, this was only afforded to organisations with a lot of money to spend
Flexibility — giving staff the ability to work from any location while still being part of the corporate system
Preparing for the ISDN switch-off
Cost-savings — which can easily be achieved through consolidation, reduced call spend, and typically, a low capital expenditure when implementing a new system
The ISDN switch-off
Openreach has already announced that analogue and ISDN services will be coming to an end in 2025, which means all businesses will have to move away from these traditional systems and embrace the future of telecoms technology. It is essential that these upgrades are made before it is too late, and that businesses are not left without their voice services because of reacting too slowly. From now on, any new buildings or upgrades are set to be developed around super-fast fibre FTTP instead of the FTTC (Fibre to the Cabinet) technology that we have seen previously. This mass upgrade is set to provide speeds of up to 1Gbps.
Providers are upping their game
Many providers are taking communications to the next level and utilising mobile convergence options that will allow your phone system the functionality of a softphone without the need for one. Mobile convergence technology will be yet another factor that facilitates remote, flexible working. We are already well on our way to full convergence (smart phones, for example, already combine the functionality of a telephone, a camera, a music player, etc.), but we are likely to see this tech become more integrated within our business practices over the coming years.
5G will give us endless mobile possibilities
Both customers and businesses are set to benefit from the mass-introduction of 5G. Mobile voice services will be greatly improved by the installation of 5G, meaning that a mobile workforce will be able to use voice services even when they are away from a WiFi connection. These exciting possibilities will also be furthered by innovations such as AI and the Internet of Things (IoT) — both of which will contribute to the easy formation of an interconnected mobile workforce. Recent news however, suggests that the UK’s potential decision to stop using Huawei equipment might limit our access to 5G until 2025. It will certainly be interesting to see how the world of 5G unfolds in the next few years.
The future is more inter-connected than ever, while also looking to be extremely mobile. Make sure your business stays up to date with the trends and try to remain one step ahead so you can always ensure you are benefitting from an efficient and well-connected workforce. If you feel it’s time to make some upgrades or improvements in your telecoms systems right now, utilise external IT support and some expert advice to really up your game.
Natasha Bougourd is a Lead Applications Writer at TSG, offering managed IT support in the UK, with expertise across a range of areas including Office 365, Dynamics 365, document management and business intelligence.
Solving one of the biggest problems businesses now face—helping their employees feel safe….
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ServiceNow has entered into a new integration with Uber for Business to help solve one of the largest problems businesses face—helping their employees feel safe when commuting to and from work, as soon as it’s safe to reopen.
Using the ServiceNow Workplace Safety Management app, offered in the ServiceNow Safe Workplace suite, the Uber for Business solution provides a “Book Uber” feature so employees can easily coordinate their Uber ride to and from the workplace via their mobile device. Employees can concurrently schedule arrival times, reserve workspaces and manage health screenings, all through the Now Mobile app. The new integration comes on the heels of Uber’s recent roll-out of new features and policies to help protect the health and safety of both riders and drivers.
In only two months since the initial release of the ServiceNow Safe Workplace suite, which includes apps for contact tracing, workplace safety management, employee readiness feedback and employee health screening, more than 600 organisations have downloaded the apps. These organisations include Uber, Coca Cola European Partners, State of North Carolina, BankUnited, and AmeriGas.
“Uber for Business is providing flexible and practical transportation options for companies and their employees,” said Blake McConnell, senior vice president of employee workflow products, ServiceNow. “Our new integration with Uber for Business is helping businesses adapt and manage workplace and workforce readiness. Through the power of the Now Platform, ServiceNow is helping our customers solve for once-in-a-generation challenges as they capitalise on the opportunities of digital transformation.”
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“In a pandemic environment, businesses will have to reimagine what every day work looks like – including commutes,” says Ronnie Gurion, Global Head of Uber for Business. “Our partnership with ServiceNow allows employees who meet necessary health and safety checks to seamlessly unlock the ride booking function from within ServiceNow’s Workplace Safety Management app. It’s one way Uber can help companies and their employees transition into this new normal, whenever they are ready to do so.”
The new integration builds upon the latest updates to the ServiceNow Safe Workplace suite based on real-time feedback from global customers as they continue return to workplace planning and activation, including an integration with Juniper Mist to enhance contact tracing via AI-driven Wi-Fi and Bluetooth™ LE networks.
The roll out of full fibre and gigabit digital networks is a massively hot topic, not just in the world…
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The roll out of full fibre and gigabit digital networks is a massively hot topic, not just in the world of telecoms, but the business community overall. And with big numbers constantly hitting the headlines – from a £5bn Government investment to the creation of 1.2 million jobs – the cost vs gain of these next-generation network builds perhaps deserves greater attention. Sharon McDermott, an experienced telecoms lawyer from Trenches Law, offers her thoughts…
Without wishing to state the obvious, the UK’s need for connectivity is more pressing than ever. Entire workforces are trying to maintain ‘business as usual’ from home, the future of the traditional office is in severe doubt, socially distancing friends and family are eager to stay in touch, online shopping has spiked and there’s been record demand for streaming sites as people binge on box-sets during lockdown.
These are just some of the reasons why bandwidth matters and network operators’ ongoing builds are extremely timely. Yet the upfront investment required to make these roll outs a reality, cannot be underestimated.
Of course, there is the cost of the infrastructure itself, but there are so many wider ‘hidden’ costs too.
Usually 20-30% of properties in a build project require wayleave consents, which can be notoriously complex – not to mention costly – to navigate. Despite full fibre broadband increasing the value of a property, landlords commonly ask for consideration to ‘wire up’ their premises. Add to this, exorbitant legal fees – which in traditional law firms can be anything from £1,200-£1,500 per wayleave – along with surveyor rates which vary from £750 to £950, and the costs rise further still. Furthermore, in many cases, these costs apply per unit in an MDU, when a managing agent doesn’t permit the wayleave for the whole building. And that’s before work can even begin!
Add to that, the costs and resource constraints associated with planning, surveying and the civils element of the works, and these are not projects for the fainthearted. There are daily fines associated with unreasonably prolonged highway works too, as well as penalties for not complying with noticing requirements, amongst other things.
All of this for the operator to receive an approximate £20-£30 per month rental fee from the occupier, once the broadband is installed!
In short, telecoms is a big business and it’s reassuring that the roll out of gigabit-ready networks has multi-billion-pound Government backing. But operators don’t always have it easy, particularly when considering the value that such projects bring to both the national economy and communities on an ultra-local level.
For example, the Centre for Economics & Business Research (CEBR) has revealed that the full fibre roll-out – coupled with 25% of UK labour working from home by 2025 – could create 1.2 million jobs. The economic impact of this employment uplift would be astronomical.
The speed and agility with which organisations – particularly in the digital sectors – could work, if empowered with faster connectivity, would also unlock vast growth potential for the nation. Innovations based on the Internet of Things (IoT) often require vast bandwidth, which would no longer be hampered by unreliable connectivity; the UK could push ahead with its plight to be the digital centre of Europe; and as already alluded to, the value of properties would surely rise.
A 2019 study by Broadband Choices revealed that 62% of people would be willing to increase their offer on a house if it was “guaranteed” to deliver “superfast broadband”, and separate research from Housesimple suggested “ultra-slow” connectivity could knock 24% (average) off the value of a property.
In truth this debate could go on and on, but if stakeholders throughout the industry as well as the general public can work together – collaboratively – to keep projects moving, and costs down, then surely the better off everyone will all be.
You must look holistically at your organisation’s complete ecosystem…
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Never before has the digital realm been so fundamental to how a brand delivers its unique brand promise. In a world of accelerating disruption, organisations are looking for ways to rapidly create sustainable competitive advantage. Unfortunately, while 80% of companies believe they deliver ‘superior experiences’, only 8% of customers agree (Bain & Co.) The strive towards CX best practice, where competing brands solve customer problems in the same way, has created a market of digital sameness. But a dependency on CX best practice is not the only challenge to overcome. There is also platform fragmentation, organisational silos, and a lack of business logic ownership to contend with. Laurence Parkes, CEO of independent digital experience agency, Rufus Leonard, shares how brands can tackle this complexity to create meaningfully different digital experiences that drive sustained competitive advantage, resilience and growth for organisations.
Anchor your visionary experience on insightful user needs
Balancing the primacy of the consumer versus technology or brand thinking is difficult to achieve but highly rewarding when unlocked. In other words, define your visionary experience based on insightful user needs, hung from a clear brand strategy. Actionable considerations:
In the face of increasing complexity, a clear sense of purpose (inspired by your brand story) can both simplify and pull together disparity when designing your digital ecosystem. Distil your consumer research, competitive analysis and brand strategy into well-defined experience principles.
Find strength in a blended team of strategists, designers and technologists, all with an equal ‘voice’. This will help you find the right balance between consumer needs, brand experience, and the technology that enables it.
Your brand hero moments are what shape the distinctive experiences that matter to your customers. Use key audience needs and motivations to identify the pain points that need improving but overlay your brand promise, values and personality to identify the brand hero moments that will deliver the greatest short- and long-term commercial impact.
Gain control over your enabling technologies
To drive your differentiating digital experience, you need to connect consumer understanding and technological possibilities. Fundamentally, connecting your brand purpose with your tech stack. Actionable considerations:
By connecting and powering the experiences your CMO craves, with tools and systems from your CIO, you can deliver differentiation. Bring your CMO and CIO together by aligning around your brand vision to help focus and prioritise.
With technology enabling the efficient creation of value to customers, increasingly the tech platform is the business. Your Experience Services Architecture should be containerised and portable, so you own your business logic – releasing you from having to use a particular vendor. This way your brand’s experience roadmap is not tied to that of an uncontrolled third party.
Plan for future innovations with your cloud-based Experience Services Architecture. This will accelerate your innovation pipeline as you’ll have control over a critical component of your digital infrastructure. Enabled by this technology, our client was able to add a brand-new channel to their experience ecosystem in a matter of weeks, with our Omnichannel Experience.API.
Support your vision with a clear and convincing business plan
A powerful business case will push action through an organisation. Even better, an Experience Playbook will create an inspiring blueprint that outlines the impact of hero moments on the bottom line as well as the technical infrastructure needed to deliver them; becoming a tool that translates business strategy into meaningfully differentiated customer experiences. Actionable considerations:
Establish a backlog of ideas and experience concepts to explore, rationalise and prioritise. Assessing potential impact versus required effort to implement, identify the quick wins and immediate actions, and sequence the rest into a roadmap.
ROI is key in these times. You can measure the potential commercial impact of your experience concepts at a conversion and brand equity level. Conversion level example: calculate the lost revenue from unnecessarily abandoned shopping carts. Brand equity level example: estimate the likely increase in brand perception and future purchase intent from a best-in-class experience.
Align your technology roadmap and ensure the requirements are a joint responsibility between both your CMO and CIO. This is another important opportunity to align the organisation.
Your key takeaway
These guides are useful regardless of if you’re a large, established brand struggling with legacy issues or a nimble scale-up trying to keep pace with your rapid growth. To differentiate with digital, you must look holistically at your organisation’s complete ecosystem, encompassing the four engines of difference: brand, services, people and technology. From this, you’ll deliver meaningfully different experiences because they are consumer-centric, brand-led and technologically inspired.
Welcome to another packed issue of Interface Magazine! This month’s exclusive cover story follows the work of Chad Kalmes, Vice President Technical Operations at PagerDuty, to see how the SaaS digital operations management pioneer is supporting digital transformation across the sectors and around the globe…
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This month’s exclusive cover story follows the work of Chad Kalmes, Vice President Technical Operations at PagerDuty, to see how the SaaS digital operations management pioneer is supporting digital transformation across the sectors and around the globe…
PagerDuty is a real-time digital operations company whose platform supports a lot of critical real-time use cases for its customers by sitting at the heart of whatever technology ecosystem that particular customer is using. PagerDuty responds to signals and data from all the different software applications and systems in that environment and helps to proactively and intelligently understand when something is not working appropriately. The platform then helps customers to focus resources in a real-time manner to solve those problems, before they actually become issues or outages. The company is on a dramatic growth curve, with a raft of big-name clients such as Netflix, Peloton, DoorDash and Amex. “I joined PagerDuty about a little over two years ago to help them on that journey of maturing their processes, thinking through what needed to change to make them more successful, and getting them on that path toward public company readiness and ultimately the IPO last year,” he tells us.
Plus, we speak to Alessandro Crisci, Senior VP of IT for Amplifon Americas, who talks digital transformation and how an aging population is more digitally enabled than ever before…
Elsewhere, we catch up with digital guru Paul Bailo, to kick off a trilogy of digital transformation masterclasses. Plus, we list the top five opportunities that COVID-19 has created for the digital banking sector…
Spike in investments in medical testing, healthcare and children’s entertainment and education businesses in last three months
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Tech-led businesses, whose models have been further validated by the Covid-19 crisis, have seen unprecedented demand from investors in the last three months, according to tax-efficient platform Wealth Club. Companies which have enjoyed particularly strong demand range from those involved in medical testing and healthcare, to those focused on education and entertainment for children.
Between 6th April and the end of June, £10.8 million was invested into young innovative, EIS qualifying businesses, through Wealth Club’s platform, compared with £4.9 million in the same period last year, an increase of 110%.
EIS deals which have seen strong demand since April through Wealth Club include:
Bond Healthcare – a digital platform for the medical testing industry. A £400,000 EIS fundraising round sold out in less than a minute after going live
Acamar – the production company behind the children’s series, Bing, successful both in the UK and abroad. As well as being a global TV success, broadcast in over 120 territories, Bing is also an online phenomenon with 2.2 billion YouTube views and during lockdown were adding around 40 million a week. Acamar has raised £9.4 million through the Wealth Club platform. £1.8 million of this has been raised during the Covid crisis.
Azoomee – a global media company focusing on kids educational content that has 60 million users worldwide saw its subscriber numbers rise by 40% in March.
Gobsmack – a company delivering digital wallet technology to allow its blue-chip clients to engage and reward their customers.
Visionable – a video collaboration platform for healthcare teams, billed as the ‘Zoom for medics’, now reportedly mulling a £100 million raise to help support growth in the UK and overseas.
Sofant – Edinburgh university spinout Sofant Technologies Limited is at an advanced stage of development of a patented 5G-ready smart antenna.
Alex Davies, CEO at Wealth Club, comments: “Covid has turned even the staunchest technology luddites into online shoppers, viewers and users, meaning demand for innovative businesses, where technology is at the heart of what they do, has rocketed.
“Current demand is largely for technology-led companies whose business models have been further validated by the crisis – such as those in healthcare, online education and entertainment, and e-commerce.
“Many of these businesses were growing rapidly before the crisis. The impact of the pandemic has simply turbocharged their business models. People are being forced to learn online, have meetings online, treat patients virtually and so on. The partial adopters and the uninitiated suddenly see this as a good experience, perhaps even better than face to face. As a result, investment opportunities in businesses that facilitate these things are much sought-after.
“Unlike in the US, where there are numerous listed technology businesses for investors to get their hands on, the UK indices are very under-exposed. The FTSE 100 for instance has just 0.26% exposure to the technology sector.
“However, for experienced investors who are prepared to take more risk and invest in earlier stage unquoted businesses, there are a plethora of fantastic opportunities and the chance to potentially find the next big thing.
“The good news is that many of these opportunities qualify for EIS relief. This magnifies returns when things go well and reduces the downside when they don’t. It also keeps any gains you make out of the taxman’s hands. And with taxes likely to increase, this will be a very important consideration for many.”
Carlene Jackson, CEO of Cloud9 Insight, explores innovation in the software field
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The latest episode of The Digital Insight welcomes Carlene Jackson, CEO of Cloud9 Insight, a business which helps SMEs become more efficient and flexible through cloud technology.
In this episode, Nell Walker explores Jackson’s background as the founder of her business, the two discuss the importance of being agile and innovative as a growing technology business, and our guest explains why she’s so passionate about promoting diversity in the workplace.
Resellers will have a central role to play in helping IT leads manage ‘hybrid’ workforces as employee demand is split between working in the office and at home, according to Brother UK.
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A study of almost 300 office-based employees reveals a divide in appetite for returning to work, with 53% of respondents saying they feel safer working from home in the current climate.
The office commute is the top concern for two thirds of respondents (66%), followed by sharing toilets and bathrooms (65%) and using communal kitchen areas (61%). Almost half (49%) are also worried about the cleanliness of other colleagues, according to the findings.
On the contrary, 37% say they are looking forward to getting back to the office. Many miss seeing colleagues (77%), collaborating face-to-face (62%) and having a ‘proper’ workspace (45%). A quarter (25%) are also missing the office gossip.
The business says this split in demand for office and home working will create a productivity and safety challenge for many organisations – and resellers will have an opportunity to provide a range of solutions, including labelling devices, higher-end print devices for home offices, and compact scanners, to tackle it.
Andy Johnson, Head of Product and Solutions management at Brother UK said: “Understandably, many people in the UK are still concerned about returning to the office. But businesses also recognise that some employees are struggling to work from home and want to offer them the opportunity to resume some sense of normality.
“Companies must cater for both and this hands IT leads the challenge of not only managing a mix of office and home working technology on a longer-term basis, but also making sure they can operate productively while keeping employees safe.
“To do this, businesses will need their reseller partners on hand to help them with a range of challenges, from ensuring they have the right printing and scanning devices so people can work in the office safely, to providing remote working tools so those at home can operate securely at distance.
“We’ll be at the side of partners with our full print range, with devices suited to home and office use, as they help customers to meet the needs of the hybrid workforce.”
The automotive industry is laden with technological advancement — and always has been.
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Whether it be for safety, entertainment, comfort, or innovation, you can be confident that manufacturers are working tirelessly to develop the latest bit of tech every single day.
In recent years, the focus for automotive giants around the world has been automation. Manufacturing innovation has given us so much in the past — what the future holds is almost unimaginable.
In a way, it is almost as if we are starting afresh, because the cars of the future will be so advanced we will barely be able to recognise them.
With this in mind, we thought we’d take a look at some of the smart technologies we can expect to see making an appearance before the end of the decade.
What we can expect?
Vehicle to vehicle communication
In a perfect world, there would be no car crashes. Unfortunately, we cannot see into the future, and we cannot pre-empt what is around the next corner. But what if our cars could?
Vehicle-to-vehicle communication, or V2V systems as they are known, will “use dedicated short-range communications (DSRC), which are two-way wireless channels that enable V2V-equipped cars to communicate with each other at roughly 300 meters, and whose broadcast updates 10 times per second.”
Effectively, your car will have already spoken to a number of cars on the road ahead and calculated a plan for you, the driver, to avoid any potential collisions.
In most parts, it will revolutionise safety within cars thanks to the fact it will be able to detail when a car in front has run a red light, meaning it is unsafe for you to proceed. However, additional features will include the ability to warn drivers not to pass as there is a vehicle in front manoeuvring and there is abrupt deceleration ahead.
Reduced weight, reduced costs
For decades, it has been a desire of both motorists and manufacturers alike to reduce the weight of the vehicles we travel in.
In this department of innovation, there has already been rapid developments, but they were simply working to combat where weight gain had occurred in other areas. The 1967 Ford Fairlane 500 weighed only 19 pounds more than its 2017 Focus SE counterpart, while the 1967 Plymouth Fury III Wagon steps on the scales and comes in 15 pounds lighter than the 2017 Dodge Challenger.
Ford and BMW are just two manufacturers working to drastically decrease the weight of their automobiles, introducing more aluminium and carbon-fibre compounds. The Ford F-150, for example, has an aluminium body with a reduced curb weight of 698 pounds!
Not only does a lighter car save money when it comes to refuelling, it is also less damaging to the environment — meaning everyone’s a winner.
AR dashboard
Whether it be Back to the Future, one of the many Bond films, or any other film franchise which invoked a serious feeling of disbelief, you could almost guarantee that an augmented reality dashboard would work its way in somewhere. Now, the technology is set to make the leap from the big screen to the real world at last.
In effect, an AR dashboard would collate information from outside the vehicle, such as other moving objects and road conditions, and display them ahead of the driver on the windscreen. This removes the need for a driver to disturb their line of sight ahead.
The technology itself was used prominently when Pokémon GO was unleashed to the world back in 2016, but it is now used across many different platforms in many different industries.
German automotive giant BMW has been working to create a highly accurate camera and sensor system that will allow for the introduction of a full AR dashboard — displaying every bit of information that the driver could possibly need to know about the road ahead right in front of their eyes.
The smart technologies that we have already been gifted are nothing shy of amazing, but what the future holds for new cars is simply mind blowing. We are unsure when these advancements are going to come into play, but we are confident that when they do, they will transform the industry.
Embraced as one of the most significant technological breakthroughs in recent years, V2V is expected to improve the safety of our roads by allowing cars to communicate details like speed and GPS position to one another to help drivers avoid accidents In December of 2016, the U.S.
Augmented reality was introduced to the global mainstream in a massive way through the smash hit game Pokémon GO which was released for connected devices in 2016. The game was simple in design, you would use your device’s camera to view the real world with Pokémon characters digitally laid on top for players to collect.
Isabelle O’Keefe, Principal of Sure Valley Ventures, explores the ways in which technology companies have adapted and overcome.
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The pandemic has prompted unparalleled uncertainty and disruption for businesses and economists alike. But, as 49% of employees shift to working from home, and consumers move online and adapt to living in lockdown, technology businesses have responded rapidly to fill the void, providing effective solutions for businesses and communities looking to navigate the post-pandemic world.
Throughout lockdown, we have seen a rapid adoption of online and digital services and a shift in spending, with 44% of consumers using contactless or digital payments more and 34% set to do more shopping online. Many of the online behaviours that have been adopted during the outbreak will continue after the pandemic, and this subsequently cultivates the right environment for certain segments of the tech industry to thrive.
A switch to online grocery shopping
UK customers are forecast to spend an estimated £16.8bn on digital grocery shopping during 2020, an increase of around 33%, according to the latest research by Mintel.
Before COVID-19, demand for same-day delivery services was already on the rise. But, as consumers avoid retail outlets in order to minimise the risk of exposure, the pressure on brands to offer a seamless delivery system has become much stronger. Mastercard recently reported that card-not-present transactions made up 50% of April’s volumes, up 10% year on year, demonstrating the significant shift in consumer spend trends in recent months.
The shift in spending habits can be seen through the growth of online supermarket Ocado in the FTSE 350, whose share price has almost doubled since the start of lockdown. Buymie, Ireland’s leading same-day grocery delivery company, which has strategic partnerships with Lidl and The Co-op, has successfully raised a total of c.$9m since the start of the year. The company has seen a surge in demand on the back of the COVID-19 pandemic due to its ability to fulfil grocery delivery orders in as little as one hour. On-demand grocery delivery has emerged as a high growth segment of the tech and retail markets during this extraordinary period.
Advertisers eye in-game ads as audiences rise in lockdown
Advertising is another industry which is rapidly evolving in the current climate. While digital advertising spend is predicted to drop, recent research by ResearchAndMarkets.com indicates that the global in-game advertising market is poised to grow by $10.97bn during 2020-2024, progressing at a CAGR of 20%.
Throughout the lockdown, gaming has experienced rising online audience figures, with telecommunications provider Verizon estimating that video game usage in the USA during peak hours had risen by 75% from the previous week, just one week into lockdown. Games Workshop has had much success by switching to online sales, seen through its current market value of £2.7bn. With audiences rising, Mastercard and Alienware have become the first to sponsor Riot Games, which announced in May that it would offer in-game arena banners for the first time for League of Legends Esports.
Admix, which brings ads to games, esports, VR and AR, is benefitting from this hyper-accelerated digital trend. It is working on a unique technology to support game advertising at scale, where advertisers can bid programmatically through traditional ad-buying platforms, rather than relying on an ad agency model. Non-intrusive in-gaming advertising presents a significant opportunity in today’s market.
Educators and events companies move online
The COVID-19 pandemic has accelerated efforts to improve remote working and learning as lockdown prohibits the gathering of pupils and professionals around the world. Zoom has achieved global success and Microsoft Teams recently became the 10th most downloaded app in the app store. However, virtual reality is now transforming how training and educational content is delivered and consumed globally.
Immersive VR Education provides a ground-breaking alternative to video-conferencing providers like Zoom. It allows users to immerse themselves fully in a virtual environment, making hard to visualise concepts much easier to understand. In 2020, they have also partnered with the global giant HTC which agreed to invest €3m in the company in May. This evolving partnership in the current pandemic shows how IVR Education is in a strong position to take advantage of the new ways to work and learn in a post-COVID-19 world.
An even stronger demand for robust cybersecurity solutions
The recent surge in online activity has meant that protecting critical data is more important than ever. A report by Centrify highlights that 71% of UK-based business decision makers believe the shift to 100% remote working during the COVID-19 crisis has increased the likelihood of a cyber-breach. With these concerns echoed by management teams around the world, the global cybersecurity market is predicted to grow from $173bn in 2020 to $270bn by 2026.
The recent data protection requirements announced in June for all US Department of Defence suppliers have increased the demand for AI security companies, like Getvisibility, which leverages AI to discover, protect and classify critical data. The company has seen revenues rise by 50% month-on-month since the start of 2020. In the current climate, there is much value in a company that gives users visibility of data.
The current environment has allowed certain tech companies and the transformative digital solutions they provide, to become even more attractive. From our perspective, these emerging tech trends will continue to accelerate in a post-COVID world.
Frances Sneddon, Data Scientist and CTO at Simul8, explores how digital simulation can provide the crystal ball that businesses need.
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How do you loosen a lockdown? It is a challenge that governments across the globe are grappling with as they attempt to balance the necessity of kick-starting economies with the necessity of protecting people and productivity from the coronavirus pandemic. Digital simulation tools could be a crucial piece of the puzzle, helping businesses to rapidly test out the effects of different alterations to their workflows in a risk-free environment before putting them into practice.
Organisations will need to revisit their risk assessments and carry out an entirely new set of analyses to consider how previously run-of-the-mill processes and practices might need to be updated. While containing the further spread of COVID-19 is non-negotiable, opening things up again will require compromises at every turn, finding a workable balance of safety and productivity.
Social distancing, cleaning and hygiene practices, the number of staff on the premises at any one time, shift patterns – this is where the list of new considerations begins. What happens in the event that we reach a point where everyone entering the workspace needs to be tested for coronavirus symptoms? Add to this the wider interconnectivity of daily working needs, from customer interactions to managing supply chains, sharing workspaces with other businesses, controlling the flow of people against transport and infrastructure dependencies, and suddenly the ramifications of any changes begin to multiply.
Simulating possible outcomes
With so many possible knock-on effects when implementing the guidelines necessary to control the spread of the virus, finding the optimum work-arounds to continue any semblance of business-as-usual will likely need some experimentation. Experimentation, however, comes with risk.
By eliminating the risks involved in trial and error, simulation lends itself perfectly to adapting to the new world order where COVID-19 remains a threat. This rapid, predictive technology will offer a new level of preparedness.
Process simulation software uses animated, interactive models to replicate the operation of an existing or proposed production system. It enables organisations to analyse system efficiency and safely test process changes to improve throughput and profitability. It is used for evaluating things such as a manufacturing plant layout, setting up or reconfiguring production lines, routing calls through a complex contact centre, optimising staffing resources, or perhaps evaluating the benefits of new Industry 4.0 improvements.
It offers powerful capabilities to positively influence and streamline the continuity of the customer journey and experience. Marginal gains in processes such as systemised warehousing, seasonal stock levels and delivery infrastructure management can all be simulated to achieve greater cumulative advantages in competitive sales environments.
Using a drag and drop interface, you can quickly build a virtual representation of an existing or proposed system, similar to drawing a flowchart. The simulation can then be used to highlight problems, experiment with process changes and run a range of ‘what-if’ scenarios. This allows you to find solutions that will deliver the best results without risk to current production output or capital investment. Decision making confidence will quickly rise as risk factors decrease.
For example, a production line may need to be elongated to allow enough space between stations for safe work practices. Where will this additional space requirement impose and what will be the impact on throughput? Perhaps less storage space, or perhaps it requires other machinery to also be reconfigured. Warehouses, including picking and logistics processes may also need to be restructured.
Simulations can answer questions you didn’t ask and provide solutions you didn’t know you needed. They can teach you how to learn from mistakes you haven’t yet made and optimise processes in ways you never imagined.
Once reconfigured, how about disruptions that will slow down the production process? Equipment will need to be cleaned more frequently, for example. Certain tasks requiring simultaneous input from more than one worker may need to be rearranged, or they may simply take longer than normal. Simulation is more accurate and flexible than traditional process modelling methods, like spreadsheets, as it incorporates the random events and variability that can impact day-to-day factory flow and throughput. This might include equipment downtime in the event that an engineer cannot be reached to resolve a maintenance issue, or perhaps staff absence if an employee is required to self-isolate with immediate effect.
Data-led decision-making
In order to make appropriate decisions around these issues – decisions that will strike the right balance between productivity and safety – organisations need to work with tangible data. But at a time when whole new precedents are being set, past data will have its limitations in informing the decisions of this new world order – and incorrect decisions will pose actual threats to human life. There is little room for trial and error.
This is where digital simulation tools can be truly invaluable. These AI-driven systems learn quickly with cumulative predictive data facilitating a powerful feedback loop.
Digital simulations offer means of testing multiple different possible outcomes quickly, cost-effectively – and crucially, without risk. Questions about staff resourcing, stock controls, waiting times, supply chain management – anything where you can create a flow chart to analyse different outcomes is suitable for digital simulation.
Every business can benefit from testing the viability, sustainability and ultimately profitability of a proposed change or improvement. Typically, modelling occurred after a build, now it’s possible to predict productivity advances and advantages before. Decision making processes are empowered by an improved level of realism and predictability.
Case study
Setting a new throughput target to meet an increase in production demand – when launching a new model car, for example – will require an audit of current lines to see where the daily production rate can be increased. Chrysler did just that, using simulation software to study its line speed when it was tasked with improving one of its plants’ daily production rate from 930 to 969 vehicles.
Reviewing the full production line manually, and then testing different ideas to see the impact of changes on throughput, would have taken time. It would also run the risk of becoming a costly experiment. Instead, by building a digital simulation of the production line, the team at Chrysler were able to remove this risk and discover a quick route to understanding the full picture, testing different scenarios to identify the most effective plan before implementing.
Chrysler’s simulation revealed that two specific stations were causing bottlenecks and slowing throughput. Attention could now be focused on correcting and optimising those stations to speed up the lines without disrupting the rest of the process. The result of this focused optimisation enabled Chrysler to meet its target of producing an extra 39 units per day, which equated to an extra $1million revenue per day. The simulation provided the evidence needed to fast-track this critical decision, in the end with a relatively simple solution.
While this example demonstrates the benefits of proactively optimising production lines under normal circumstances, the elimination of risk, especially where safety is concerned, makes the use of simulation even more vital as a tool to help navigate to more normalised services in a COVID world.
James Hall, Commercial Director, Striata UK, explores the threats customers face and how to combat them.
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With cybercrime escalating in volume and sophistication every year, consumer trust is a bigger challenge for organisations than it’s ever been. And while legislation such as the EU General Data Protection Regulations (GDPR) and California Consumer Privacy Act (CCPA) have made things simpler by setting minimum standards for organisations to adhere to, they need to do more to truly guarantee trust.
They should not, for instance, assume that their responsibility is over once a document has been delivered safely to the customer. If a customer’s personal devices are unsecured, there is still a risk that one gets hacked or stolen. This means that confidential information sent by the organisation could find its way into the public eye, or worse, get exploited for criminal purposes. Even if the organisation’s own security protocols are watertight, it could still end up shouldering the blame or have its reputation tarnished.
When considering why it’s so important for organisations to protect customer communication even once it’s on the end device, it’s worth remembering just how many threats customers face.
The millions of mobile phones stolen every year alone represent a massive danger of identity theft. That’s before even getting to the number of people every year who fall victim to phishing scams or who have their information compromised after inadvertently installing malware.
According to Kaspersky Labs, the number of unique malicious objects detected by its web antivirus solution reached 24,610,126 in 2019. Some 85% of web threats detected were malicious URLs making the risk of a customer unwittingly clicking on a URL an ever present threat to data protection.
In short, while organisations have never been more aware of the need to keep their customer data safe internally, the threat to that data once it’s on the customer’s device continues to increase.
Data protection by design
One solution to mitigate these threats is for organisations to bake data protection into the design of their customer communications. Data protection by design is about considering data protection and privacy issues upfront in everything the organisation does, especially when it comes to customer communication. This not only ensures compliance with relevant legislation, it can save the organisation reputational damage and, ultimately, revenue.
But what does data by design look like practically?
Well, encryption and password protection should be non-negotiable for starters. Encrypting and protecting important documents ensures that even when it resides on the customer’s smartphone or laptop, the information cannot be easily accessed if the device is stolen or hacked.
Encryption is a process that encodes a message or file so that it can only be read by the intended recipient. Encryption scrambles, or encrypts, data which the receiving party can only unscramble, or decrypt, using a key (a string of values or an application).
Password protection, meanwhile, means a document cannot be opened without entering a shared secret known only to the sender and recipient. Requiring a password to access a secured document not only adds another layer of protection, but has other benefits. In the unlikely event that a document is sent to the wrong person, the incorrect recipient cannot open the document (personal information remains private) thereby avoiding a data breach.
Customer education is key
While it’s obviously important that the organisation does everything in its power to protect and encrypt information, customer education remains the most powerful weapon in its arsenal. Cybercriminals can find their way around new technologies, but tech-savvy customers are much harder to crack.
If an organisation can help its customers avoid risky behaviour and protect their personal information, no matter where it sits, they’re much less likely to fall victim to cybercrime. That, in turn, means reduced reputational and financial risk.
Understanding what it isn’t is just as important as understanding what it is, says Jim Logan who has nearly three decades of experience in financial services and technology…
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I’ve been working in the financial services space for close to thirty years now. I’ve seen many trends and technologies emerge. Some take hold, several are just a flash in the pan. Regardless of how long a concept sticks around, one thing remains: Terminology plays a material role in shaping perceptions. In a world where messaging tends to over complicate things, too many acronyms and too many buzzwords all work against what should be the primary objective: clearly illustrating value. I’ve found this to be equally true when it comes to artificial intelligence or ‘AI’.
Generally speaking, the word artificial doesn’t readily call to mind a positive image, does it? By definition, the word “artificial” has listed meanings of, “insincere or affected” and “made by humans as opposed to happening naturally.” It is the second part of this definition I’d like to explore a bit further.
Artificial Intelligence is, in fact, created by humans. And it isn’t a new fad or concept. Many don’t realize that the term was first coined by John McCarthy, Ph.D. and Stanford computer and cognitive scientist, back in 1955. AI has continued to evolve as a material concept, with practical applications across many industries, ever since.
For financial service professionals, particularly those of us involved with fighting financial crime and preventing money laundering, AI can have tremendous impact and practical application. Before we dive a bit deeper, I feel it’s important to first understand what AI isn’t.
AI is not intended to simply be a digital worker, certainly not within financial services and fighting financial crime. Yes, AI can automate various functions. We’re all familiar with the concept of ‘bots’ and virtual assistants. However, those are rudimentary examples of robotic process automation. True AI is human led and a continuous, instantaneous learning process that drives tangible value. AI is not merely a play to cut costs or replace human capital. Rather, AI enhances the bottom line by keeping compliance staff costs flat in the immediate term and enables our human experts to more appropriately manage their time, by focusing talent on investigations that matter the most.
One of the most valuable aspects of AI, in the context of anti money laundering and compliance, is the speed by which it can be deployed. We’re talking about time to market and time to value in a matter of weeks. Not months, not multiple quarters – simply weeks. But I don’t mean a generic, black box concept. I’m specifically referring to a highly precise, tailored AI solution that has extensive proof points and, more importantly, far-reaching global regulatory approval.
AI shouldn’t simply be an extension of legacy rules-based routines, nor a way to further automate the process of scoring or risk weighted alert suppression. That simply dilutes the true value of AI, and does not maximize the cost and efficiency benefits.
The cost of compliance continues to grow at a staggering pace, particularly for financial institutions and insurance companies. Equally of concern, the impact of fines for non-compliance has also skyrocketed in the last decade. Specifically to the tune of $8.4 billion last year across North America alone.
What if you could literally solve every single name screen, sanction, and transaction alert? What if you could achieve this without sacrificing any aspect of control and security? What if you could increase the throughput, efficiency and accuracy of your compliance operations without adding a single dollar of staff expense to your budget?
Let’s stop talking in terms of what if and have a meaningful conversation regarding how. I’m helping clients achieve all of these measures today and that is from a perspective proven in production. Here at Silent Eight we’re a team founded by engineers and data scientists, solving real world challenges in the anti money laundering and financial compliance market.
Artificial Intelligence isn’t scary…it isn’t a black box…and it isn’t the futuristic world of tomorrow – it is the here and now, and it’s battle tried and tested.
Wazoku is preparing for future growth through an additional injection of £1.25M, on top of its latest acquisition.
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Wazoku has announced a new funding round of £1.25M, led by Calculus Capital, supported by other shareholders and members of the Wazoku management team.
Wazoku is also continuing its expansion with the acquisition of US open innovation firm, InnoCentive’s, assets, creating the world’s most comprehensive and powerful innovation platform and community. Following a partnership earlier in 2020, it quickly became clear that the combination of platform and network had huge value to innovation-focused businesses and was a unique proposition in the market.
“Adding such a remarkable and proven external crowd to our existing platform means that no other organisation in the world has our reach and experience when it comes to open innovation, crowdsourcing and idea management,” said Simon Hill, CEO, Wazoku.
“This is a significant step for Wazoku – further funding and a strategic acquisition mean we are better positioned than ever and have a strong and established US presence. Workplaces are becoming inherently open and collaborative and we can offer the tools, services and collective expertise to help global businesses of all sizes solve problems and create opportunities.”
InnoCentive has grown a global network of almost 500,000 expert problem-solvers, comprising CEOs, PhD students, engineers, scientists, entrepreneurs, retired technologists and business leaders. This combined brainpower has helped address thousands of the world’s most complex innovation and bid data challenges, for organisations such as AstraZeneca, NASA and Enel. InnoCentive has a 75% success rate in solving challenges and Wazoku customers – which include John Lewis & Partners, Barclays and the Ministry of Defence – now have full access to this service.
Wazoku now provides the world’s biggest innovation community and broadest innovation offering. It allows the crowdsourcing of solutions to any pressing business challenge, all supported by the features and functionality already found in the Wazoku platform, Idea Spotlight.
“Our customers have long demanded a platform that integrates internal idea management with external crowdsourcing,” said Alpheus Bingham, CEO and co-founder of InnoCentive. “This enables multiple modes of innovation within the same workflow and on the same digital backbone and the combination of Wazoku and InnoCentive capability offers precisely that. No other firm has the experience and capability of crowdsourcing, idea management and open innovation that this combined proposition brings. The possibilities and potential are hugely exciting.”
Wazoku’s latest investment round brings the total amount raised to £7.35M and recognises the increasing demand for innovation in business. COVID-19 saw both an increase in business and a change in the way in which organisations were using Wazoku, with the quarter during lockdown (April-Jun 2020) Wazoku’s best ever from a new business perspective and overall platform activity level.
“The rapid shift to remote working and the need for engaging dispersed networks as well as the on-going need to innovate and solve problems, has seen a significant increase in demand for both our idea management and open innovation services,” said Simon Hill, CEO, Wazoku.
“We will continue to invest in new talent in both Europe and the US, and in product development, but our main focus is on continuing to build awareness of the power of open business models for driving cost-effective and highly impactful business change.”
Why it is fundamentally important to any transformation endeavour…
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Most financial services have embraced customer journey programmes as they have become the ‘go-to’ model to spearhead digital/enterprise transformations. The customer journey blueprint embraces a customer-first mentality, adds a ring-fenced multi-disciplinary team, and uses a scaled agile framework powered by modern engineering. If the aspiration of transformation is to identify greater value and deliver it faster, the customer journey approach has become the ‘de facto’ model to organise and deliver customer value at pace.
The reason why customer-centricity is so fundamentally important to any transformation endeavour is relevancy.
● The continued relevance of your brand and organisational purpose to your customer
● The relevancy of your products, and your propositions, to your current and future customer’s markets
● The relevancy and effectiveness of your underlying operating model to support this change
● Organisations are embracing customer-centricity to ensure their future relevancy and longevity
Financial services have consistently excelled at becoming finely tuned product manufacturing and product marketing organisations. However, they are increasingly concerned with brand & product relevancy and moving from traditional product management toward more expansive proposition development, defined as the ‘reasons that people decide to become’ and the ‘reasons why people decide to stay’ customers. This means all aspects of value creation need to be considered together, such as brand, values, marketing, price, features, service, and experiences.
Shifting the focus from product to proposition is vital. It pivots the functional needs of simple products like a mortgage to loftier goals like long term financial stability. Bear in mind, customer journeys are not the entire solution, but since they define and map out customer value over commercial value, it lays the foundations of proposition management.
Organising around customer journeys is particularly powerful in its impact on traditional financial product management. Customer journeys help cross-functional teams generate opportunities by breaking down the paradigms between ‘thinkers’ and ‘doers.’ Creatives and developers are no longer just the manufacturers of experience but become level with product management & marketing as they share an equal say in product development. True customer-centricity cannot be unlocked without the customer journey programmes unifying transformation teams. Ultimately, the move toward proposition management will be more challenging.
There are two reasons why customer journeys need help shifting enterprises towards authentic customer-centricity. Journeys that look at a single lifecycle segment like product application (sales) do not represent the full customer experience; they are simply a ‘customer-light’ version of an existing business process. These segmented process journeys miss the continuity of whole customer experience, and it’s often these transitional life cycle moments that lead to gaps and missed customer experience. It’s also where the controlled framework breaks. Focusing on simplicity may improve customer satisfaction, but it is not ‘customer in.’
Beyond execution and the scope of the journey, some additional indicators will accurately predict whether there has been an enterprise shift towards customer-centricity. Product management and the broader change team typically spend more face time with customers and colleagues while traditional product owners do not. The result is the product owners will rely on secondary research reports, channel analytics, and segmentation & marketing insights. Participatory design and customer inclusion in the creation of propositions and experiences indicate a shift towards true customer-centricity. Customers should be considered active members of the change teams – if they are not visible and present throughout the change life cycle, the team is behind. If product managers are not spending 1-2 days per month on the front line with customers and colleagues, then they are not as customer-centric as needed and, ultimately, less customer-centric with reporting and analytics. There is no short track for valuable time.
Moving towards customer-centricity should focus on a change in investment spending. Also, R&E practices focused around inclusivity, paired with customer-centric testing, will drive tangible change. If colleagues are not exposed to enough time on the front lines and the spend on research is not increasing in line with greater inclusion, then any ‘customer-in’ view created by the journey approach is arbitrary at best.
Customer journey transformations are essential to increasing value into an enterprise change function whilst ensuring customer-focused increases. Successful customer journey programmes will become the beacon for the future of work, cultural evolution, and catalyse organizations to transformation. Customer journeys have the power to shift organisations towards customer-centricity, but they need to be carefully implemented.
Organisations can’t be customer-centric without journeys. They focus on change colleagues, spending more time with customers, visibly including customers in value creation, and identifying and measuring what customers value through leading metrics. Equally, journeys focused on picking up existing end-to-end business processes will miss the value of looking customer-in and supporting the move towards being propositionally led.
Customer journeys are a power lever to shift an organisation towards customer-centricity, but they need to be carefully implemented, and other supporting indicators also need to be tracked.
Matt Hopgood is a Group Vice President for Publicis Sapient. He specialises particularly at the intersection of business design and business architecture and connecting them to customer experience. Deep expertise in digital strategy, creative and commercial leadership, service design, change management, customer research, data visualisation, information architecture, retail, commercial and investment banking UX, trading & risk software. Matt is an architect by training and education and has played a wide range of roles creating customer propositions and experience in financial services, advertising, and media companies.
The intricacies of growing a business’ Instagram presence and making the most out of this near-essential form of marketing…
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As the world has changed over the years, businesses have always had to adapt with it. With competition around every corner, avoiding new marketing strategies could be detrimental to your business.
One of the best things a business can do to remain viable is to connect with their audience in the most effective way. Instagram is currently one of the best social media platforms to help you do that. However, many don’t realise that simply having an Instagram presence won’t be enough to reap the full benefits that social media can provide.
Let’s explore the intricacies of growing a business’ Instagram presence and making the most out of this near-essential form of marketing.
Profile optimisation
If you haven’t already, transforming your profile into a business account should be your first priority, as it will allow you to receive insights into your audience and engagement rate. This will ultimately improve your content as you will be able to analyse which posts your audience engages with most.
Make sure your business account is set to ‘public’, so that everyone can see your posts. Use your logo, or a familiar image that your audience will recognise, as a profile picture. Keep your bio short and concise and make sure it communicates exactly who you are and what you do.
Growing your following
Buying followers is likely to be exceedingly tempting for any business looking to grow their following in order to give off an aura of relevance and success. In truth, the poor engagement rate that comes with a purchased following will always make it very clear to the average viewer that the following is not authentic, ultimately damaging brand reputation.
A high follower count is, of course, ideal for any business looking to expand their reach through social media, however, it’s important to build an organic following if you want to appear genuine. This can be achieved through a variety of social media marketing strategies and dedicating plenty of time to genuinely engaging with other relevant accounts.
A visual platform
With statistics showing that 40% of people respond better to visual information than plain text, Instagram is the ideal platform for you to showcase any attractive products. Ensuring that your posts are visually appealing is essential in making the most out of your business’ Instagram page. All images should be high quality and work in unison to give the overall grid an artistic quality. This will encourage your target audience to ‘like’ and engage with your content.
Designing a style and theme will set the tone, overall mood and feel of your account. With this in mind, it’s important to consider how you would like your Instagram feed to look; dark, colourful, minimalist, vintage, natural. This theme and colour palette decision will ultimately determine the types of photos and videos that are shared.
Some services are, admittedly, difficult to showcase via imagery alone. In this case, you can always invest in influencer marketing to help illustrate them. This will help to increase your brand awareness, as well as the general customer perception of your business.
Content marketing and shoppable posts
Instagram has successfully bridged the gap between social media marketing and ecommerce with the introduction of shoppable posts. Retail brands can find huge benefits in setting up shoppable Instagram posts, as they can maximise their impact on their target audience by giving them the opportunity to shop straight from the app.
Content marketing, on the other hand, is perhaps the number one way to successfully promote your brand. Many retail brands are utilising Instagram’s ‘story’ feature to communicate compelling stories that are relevant to their brand message. This establishes a positive relationship with their consumers and encourages impulsive buying.
Hashtags, live videos and stories
Once your feed is looking professional, you’re going to want to help people find it. Implementing hashtags is the optimum way of doing this, as they help Instagram group your content into chosen categories. A mixture of hashtags is recommended as these will push your posts out to the widest possible audience.
Whilst Instagram is primarily a photo-sharing network, over the years it has pushed these boundaries and now supports videos, live videos and Instagram stories. Brands and businesses can use all of these to create a variety of content for their audience to engage with, ultimately growing their following.
With more than 60% of the world’s top brands using Instagram for marketing, your business can’t afford not to take advantage of this versatile and visual platform.
Sarah Kauter, MD of the digital PR and Marketing agency, VerriBerri.
Peter Ruffley, Chairman at Zizo, discusses how the promise of AI…
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The promise of AI
At present, the IT industry is doing itself no favours by promising the earth with emerging technologies, without having the ability to fully deliver them, see Hadoop’s story with big data as an example – look where that is now.
There is also a growing need to dispel some of the myths surrounding the capabilities of AI and data led applications, which often sit within the c-suite, that investment will give them the equivalent of the ship’s computer from Star Trek, or the answer to the question ‘how can I grow the business?’ As part of any AI strategy, it’s imperative that businesses, from the board down, have a true understanding of the use cases of AI and where the value lies.
If there is a clear business need and an outcome in mind then AI can be the right tool. But it won’t do everything for you – the bulk of the work still has to be done somewhere, either in the machine learning or data preparation phase.
AI ready vs. AI reality
With IoT, many organisations are chasing the mythical concept of ‘let’s have every device under management’. But why? What’s the real benefit of doing that? All they are doing is creating an overwhelming amount of low value data. They are expecting data warehouses to store a massive amount of data. If a business keeps data from a device that shows it pinged every 30 seconds rather than a minute, then that’s just keeping data for the sake of it. There’s no strategy there. The ‘everyone store everything’ mentality needs to change.
One of the main barriers to implementing AI is the challenges in the availability and preparing of data. A business cannot become data-driven, if it doesn’t understand the information it has and the concept of ‘garbage in, garbage out’ is especially true when it comes to the data used for AI.
With many organisations still on the starting blocks, or having not yet entirely finished their journey to become data driven, there appears to be misplaced assumption that they can quickly and easily leap from being in the process of preparing their data to implementing AI and ML, which realistically, won’t work. To successfully step into the world of AI, businesses need to firstly ensure the data they are using is good enough.
AI in the data centre
Over the coming years, we are going to see a tremendous investment in large scale and High-Performance Computing (HPC) being installed within organisations to support data analytics and AI. At the same time, there will be an onus on data centre providers to be able to provide these systems without necessarily understanding the infrastructure that’s required to deliver them or the software or business output needed to get value from them.
We saw this in the realm of big data, when everyone tried to swing together some kind of big data solution and it was very easy to just say we’ll use Hadoop to build this giant system. If we’re not careful, the same could happen with AI. There’s been a lot of conversations about the fact that if we were to peel back the layers of many AI solutions, we’ll find that there is still a lot of people investing a lot of hard work into them, so when it comes to automating processes, we aren’t quite in that space yet. AI solutions are currently very resource heavy.
There’s no denying that the majority of data centres are now being asked how they provide AI solutions and how they can assist organisations on their AI journey. Whilst organisations might assume that data centres will have everything to do with AI tied up. Is this really the case? Yes, there is a realisation of the benefits of AI, but actually how it is best implemented, and by who, to get the right results, hasn’t been fully decided.
Solutions to how to improve the performance of large-scale application systems are being created, whether that’s by getting better processes, better hardware or whether it’s reducing the cost to run them through improved cooling or heat exchange systems. But data centre providers have to be able to combine these infrastructure elements with a deeper understanding of business processes. This is something very few providers, as well as Managed Service Providers (MSPs) and Cloud Service Providers (CSPs) are currently doing. It’s great to have the kit and use submerged cooling systems and advanced power mechanisms but what does that give the customer? How can providers help customers understand what more can be done with their data systems?
How do providers differentiate themselves and how can they say they harness these new technologies to do something different? It’s easy to go down the route of promoting that ‘we can save you X, Y, Z’ but it means more to be able to say ‘what we can achieve with AI is..X, Y, Z‘. Data centre providers need to move away from trying to win customers over based solely on monetary terms.
Education and collaboration
When it comes to AI, there has to be an understanding of what the whole strategic vision is and looking at where value can be delivered and how a return on investment (ROI) is achieved. What needs to happen is for data centre providers to work towards educating customers on what can be done to get quick wins.
Additionally, sustainability is riding high on the business agenda and this is something providers need to take into consideration. How can the infrastructure needed for emerging technologies work better? Perhaps it’s with sharing data between the industry and working together to analyse it. In these cases, maybe the whole is greater than the sum of its parts. The hard bit is going to be convincing people to relinquish control of their data. Can the industry move the conversation on from being purely technical and around how much power and kilowatts are being used to how is this helping our social corporate responsibility/our green credentials?
There are some fascinating innovations already happening, where lessons can be learnt. In Scandinavia for example, there are those who are building carbon neutral data centres, which are completely air cooled, with the use of sustainable power cooling through solar. The cooling also comes through the building by basically opening the windows. There are also water cool data centres out there under the ocean.
Conclusion
We saw a lot of organisations and data centres jump in head first with the explosion of big data and not come out with any tangible results – we could be on the road to seeing history repeat itself. If we’re not careful, AI could just become another IT bubble.
There is still time to turn things around. As we move into a world of ever-increasing data volumes, we are constantly searching for the value hidden within low value data that is being produced by IoT, smartphone apps and at the edge. As the global costs of energy rise, and the numbers of HPC clusters powering AI to drive our next generation technologies increase, new technologies have to be found that lower the cost of running the data centre, beyond standard air cooling.
It’s great to see people thinking outside of the box on this with, with submerged HPC systems and full, naturally aerated data centres, but more will have to be done (and fast) to meet up with global data growth. The appetite for AI is undoubtedly there but for it to be able to be deployed at scale and for enterprises to see real value, ROI and new business opportunities from it, data centres need to move the conversation on, work together and individually utilise AI in the best way possible or risk losing out to the competition.
Ranjit Rajan, a thought leader on the impact of digital transformation on economies, business, and the tech industry with a specialization in the emerging markets of the Middle East and Africa is also the co-author of Digital Nation: How the United Arab Emirates is building a future based on tech innovation, along with Dr Saeed Aldaheri…
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How does a company go about defining exactly what digital transformation means?
I think digital transformation is one of those buzz words that comes up in every conversation you have these days. Not just with CIOs and technology leaders but with any business executive. And I think a lot of the traditional IT work is now being rebranded as digital transformation. But in reality, digital transformation actually refers to significant receptive transformation in business courses and models. It entails the use of advanced technologies, such as AI and blockchain, cloud and big data analytics and so on to disrupt business to redesign customer experiences. To develop new revenue streams and business models and to monetize organizational and eco-system data to drive change within industry. So, it means quantum improvements and step changes in customer experiences, in operational efficiencies and in business models.
Once upon a time digital might’ve been left to an IT guy or a tech division and now it seems everybody needs to have an understanding on it…
Business leaders have become much more aware of the possibilities that technology can offer and so they are able to look at technology from the prism of business outcomes. And then on the other, the advancement of technology and the emergence of technology such AI, blockchain, robotics and 3D printing have created such new youth cases which were not possible before. And because of that, these cases are largely industrial and business use cases, and so therefore, it now gives an opportunity for the technology leaders to reach out to business and tell them that they can leverage these technologies.
At the same time, from the business’s point of view, from the line of business executive standpoint, he or she can now is much more aware of what is possible with technology. And therefore, he or she’s now proactively reaching out to the technology leaders and asking them for ideas and suggestions. So, it’s working both ways now and there’s alignment between the CIO and the IT department and the line of business executive, which is absolutely critical for success of digital transformation.
Jobs have been essentially redefined through technology, so how do you go about navigating that change and ensuring they are brought along on these journeys?
So, what is happening within organizations has been greatly influenced by how employees use technology in their personal lives or how technology has been impacting the personal lives of employees as individuals. Our personal lives have been transformed by technology such as smart phones and mobility, by the use of social media. By these applications that we use and how we interact with our service providers, with your consumer services organizations, the government, etc. Now, because of that, employees now, when they go to their workplace, they are looking at technology differently. They want to have the same experiences they have in their personal lives at the workplace as well. So now they are demanding that they have similar kinds of experiences at the workplace. And that is increasing pressure on the technology departments and senior executives to transform policies and services within the organization. And of course, the customers of the organization are also demanding greater use of technology in their services and products.
And of course, customer expectations of that journey are changing too…
The pressure on organizations today is tremendous. On the one hand you have customers demanding more; their needs are constantly changing, they are heavily influenced by technology. And so you have to step up and offer services which are augmented by technology. And you have to offer them at the service level that is being offered by the large digital services companies and social media networks like Facebook and Google. So, you have to offer services on a par with those; at the same time your employees are also consumers of these technology augmented services. On both sides you are under pressure.
How do you stay abreast of exactly what that customer wants?
It is indeed challenging. Your customer needs are constantly changing and the way a customer uses technology and how they utilise a service is also constantly changing. And so therefore, organisations need to be very agile, very flexible, and constantly on top of what those customers’ needs are. And this has to be done at the level of single, individual customers. You have to look at your hyper-personalisation and offer individualised services. And that is now possible with technology. It is possible by leveraging technology such as big data analytics and artificial intelligence. You’re now able to understand the needs of a customer as an individual, at an individual level and offer hyper-personalised services to that customer. The question is, how many organisations are really doing that? And how many of them have a strategy to do that?
As a business looking to embrace this digital innovation curve and digitally transform, how do you go about understanding what the right technology is?
I think there has to be a long-term strategy to look at the business overall. Look at those customer touch points that create the maximum level of friction for customers. And then try to make them frictionless. So what progressive organisations are doing is looking at their customer life experiences and creating customer journeys. So, it’s not just about providing an individual service to a customer, it’s about tying those services together to address a particular customer life experience. And therefore, creating a customer journey. Once you do that, then you kind of look at which technology makes sense in order to create less friction at various customer touch points. Now in some cases it might be AI, that could work, in some cases it could be some other technology. But then you build your technology’s story from the customer experience story.
What other challenges does a company face as it looks to begin and embrace a digital transformation journey?
Well there are several challenges for organisations that have been around for a while and play the legacy systems. And not just legacy systems, but also legacy processes, the organisation culture, mindset of the employees; all of them are hurdles to transformation. Often times, organisations are having to be built in certain ways because they have silos of innovation, they have data silos, each department has its own data sets that are not shared across the organisation. They have old technology that is perhaps not amiable to change and transformation. And so there are a number of hurdles that organisations need to overcome while they transform. It can’t be done overnight and they have to start working on each of these issues along the way.
But, in terms of technology itself, I think it’s important for organisations to consider developing a single unified architecture, wherein they can then plug in various new technologies that they want. And that architecture will need to enable flow of data across departments and businesses within the organisation. It should also enable the augmentation of their data with intelligence using AI, machine learning and all of that. And should also be able to integrate customer experience applications and services, easily.
And the other thing that’s important when you look at this is that organizations, which no longer exist in silos within industries, are part of larger ecosystems. And it is really the power of the ecosystem that matters to the end of the day. And so therefore, organisations need to have a technology strategy or technology architecture, to which other entities within the ecosystem can easily integrate and seamlessly transfer data and do transactions. And so therefore, for organisations which have legacy systems, it would take time for them to move and overcome these hurdles.
Obviously, you’re not just going to progress in a straight line, and there are going to be hurdles…
I think organizations need to understand that digital transformation is not a single project. It is not something that can be done within a few months. For medium to large size organisations, digital transformation will probably take years. And it is an ongoing process. And so, organisations need to have a longer-term strategy for digital transformation. So, the CEOs and the CXOs and the other members of the board need to outline a longer-term strategy and then kind of break it down into shorter term flexible goals. It is important for organisations to have the strategic agility when they have these longer-term goals and visions. But at the same time, have shorter term projects and initiatives. But the most important thing is to communicate this effectively.
Now you have specialisation and you’re very knowledgeable and experienced in the emerging markets of the Middle East and Africa. I want to zoom in a little bit in terms of the innovation and digital curve of the UAE…
Well the story of the UAE is a fascinating one. UAE is a fairly, relatively young country. It was formed in 1971 with the unification of various Emirates as states within the religion. Originally the UAE depended heavily on oil resources, so a large part of the GDP of the UAE was driven by oil earnings. But over the years, over the decades, the UAE has been very strongly focusing on on diversifying its economy away from oil. So, the UAE kind of realises that one day it will run out of oil and that they have to develop other resources.And so over the years the UAE has come out with several strategies to diversify. I just published a book called The Digital Nation, which kind of traces and monitors the development of the digital transformation within the UAE. And what has happened is that over the last decade or so, the UAE has been increasingly focused on developing its digital capabilities.
We had the vision 2021, which was launched in 2010 and that increasingly focused on developing the UAE as a knowledge economy, diversifying it away from oil. Right now, the UAE has about 70% of its economy is based on non-oil revenues. And so, it wants to further diversify and sees this opportunity. It sees this opportunity to leverage this destruction that we see around the world. That it can leverage that to create a mark for itself in the world. And so, a lot of strategies that have emerged over the last decade or so, have been focused on leveraging technologies such as AI, blockchain, IOT, etc, to drive these facets of the economy Including, transforming the public section and driving better citizen experiences and services but also transforming from the private sector. And also making the UAE an attractive destination for foreign investment, attracting talent from all over the world, driving innovation etc.
Tell me a little about Vision 2021, and how far along that journey the UAE is, currently?
It focused on several key areas, including education, health care, economics, etc. But, as I said, there has been a great focus on building knowledge industries. And as part of that, technology has been a core pillar or underlying foundation for that Vision 2021. The leveraging of technology has been one of the key elements of the vision. You see the focus on exploring technology to drive education, enable health care, better citizen services and supporting the private sector.
So technology has been at the core of Vision 2021. And as we get close to the end of the Vision 2021 strategy, we see a lot of developments that have happened which have technology at the centre of them. You see the launch of a number of technology related strategies and so we have the UAE AI strategy 2031, which aims to reduce government costs by 50% by leveraging AI and also fostering the development of AI within the UAE across sectors, and the use of AI across sectors. We see the launch of the UAE IOT strategy, the UAE fault and revolution strategy, blockchain strategy, etc. This hue of technology strategies have been launched by the government, which essentially focused on leveraging these technologies to drive government services, also supporting private sector and running innovation within the country.
The UAE’s leaders have been very effective in communicating their digital vision to the senior executives within the government and the private sectors and also to the citizens. It’s as if this is a personal quest for these leaders. When these strategies are launched, for example, the AI strategy, the UAE AI 2031 Strategy, which I spoke about earlier, the UAE immediately appointed a Minister of AI. So, it’s coming right from the top. They appointed a Minister of AI and that ministry now oversees the roll out of AI across public sector organisations. It oversees the education and wellness building around AI. It focuses on driving innovation around AI, etc. So, that’s just the example of AI.
Similarly, the UAE has known strategies related to the fourth industrial revolution: blockchain, IOT, etc. Now for each of these strategies, the communication of the vision comes right from the top. It’s the senior leaders of the country, the prime minister of the country, for example, Sheik Mohammed bin Rashid, who’s been very vocal, in terms of telling the government, the businesses and the citizens and residents of the country that this is something that we have to leverage. This technology disruption is something that we can harness to create a better country, to offer better services. One of the things that has been brought together to focus upon is happiness. Sheik Mohammed bin Rashid, the prime minister, has been talking about making UAE the happiest nation in the world. And a lot of these technology strategies kind of come together and focus on the happiness agenda of the country. So, it’s a national agenda for happiness and wellbeing and technology and the UAE has been very effective in doing that.
It’s time to embrace the digital model, writes Barrie Dowsett, CEO at Myriad Associates…
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The global opportunity to disrupt the professional services industry has never looked better.
Many practices still prefer to deliver a traditional consultancy approach, which typically starts off with a face-to-face session with consultancy time charged by the minute.
Professional services, like accounting, legal, and consulting have only just started to embrace the digital revolution, although there is some way to go on this front. These sectors are not known for their love of digitalisation.
However, due to the speed and seriousness of COVID-19 that is going to need to change.
At Myriad Associates, we believe the short-term is all about businesses preserving cash, battening down the hatches, and hopefully securing some form of bailout from the government.
Coincided with this, companies have needed to trust their teams to work from home as well as come up with a new business model or a major pivot as soon as possible.
Change is coming to the professional services sector, whether we like it or not. We can’t sit by and do nothing; we either embrace it or fade away.
It’s time to embrace digital or risk falling behind
Can you digitise your expertise and knowledge?
Innovations in AI technology have opened more opportunities to incorporate expertise and knowledge into digital platforms.
The traditional time and materials fee model can be replaced with a subscription or outcome-based pricing.
Clients are increasingly focused on desired business outcomes rather than the effort associated with the delivery, driving new contract structures and relationships with providers.
This means a success or outcome fee model will eventually become the new normal. The digital delivery of services will be a great enabler of these new pricing models.
Have a ‘work anywhere/anytime’ workforce
We already have the tools to work anywhere in the world at any time.
Powerful collaboration platforms and video conferencing platforms, like Zoom, have been around for a number of years, but many in the professional services industry have been reluctant to follow.
Despite many practices still working remotely, these types of digital platforms are open 24/7 – allowing professional services to flexibly meet customer demand.
Will this become the new normal? It’s certainly here for the foreseeable future and we’re seeing many businesses that are adopting this way of communicating permanently as part of their service.
Examples of financial services going digital
We have seen a number of businesses embrace digital transformation, including Receipt Bank.
Founded in 2010, the Receipt Bank platform was born as a solution to relieve the amount of time and money lost in forgotten expenses, keeping track of a company’s expenses and sharing it with their accountant.
Its platform has unlocked the true value of accounting data.
There’s no time wasted on data entry or admin tasks either and general ledger can be updated in real-time.
Lightwork Business, which – as the name suggests – set up a business ‘light work’ by automating it as much as possible, is another good example of how the digital revolution can be adopted.
In particular, they offer new companies the use of a prestigious central London office address and provide extras, such as digital versions of all the statutory registers, required to keep and maintain, as well as First Board Meeting minutes and share certificates.
How a software service, like Tax Cloud, can make your financial life easier
When it comes to digital, software like Tax Cloud portal is becoming invaluable, due to their self-service approach that helps a number of businesses and accountants thrive and make their life easier.
A lot of them are also free to use. Companies can use the Tax Cloud portal to work out exactly what R&D tax relief they can claim using their own figures, with applications created in a fully supported but hands-off fashion.
A number of these services now also come with telephone and online support but you still get the telephone and online support of a highly experienced R&D tax consultancy to help you along the way.
In conclusion
The upheaval and uncertainty surrounding the economic impact of COVID-19 are not going away any time soon.
With this in mind, now is an excellent time for businesses across the professional services world to reshape their business models in order to compete.
Not only will this give your company the best chance of surviving and thriving, but your customers will love you for it too.
About Barrie Dowsett…
As CEO and owner of Myriad Associates, Barrie Dowsett is responsible for overseeing all R&D tax credits claims and R&D grant applications. With over 15 years of experience, Barrie ensures that every R&D tax claim is maximised and that his clients have the best chance of securing grant funding. Prior to establishing Myriad, Barrie worked as a hands-on Finance Director for a number of large international manufacturing and engineering businesses. Barrie is a qualified Cost and Management Accountant (CIMA) and Member in Practice (MiP).
With ever-changing email best practices and privacy regulations, and challenges piling up for businesses worldwide, email programmes can’t be a set-it-and-forget-it component of marketing strategies anymore. On the contrary, they need to demonstrate good returns – both direct, such as click through rate, and indirect, such as the difference in active subscribers.
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A solid email programme consists not only of clever subject lines and enticing creative, but also the important parts that customers can’t see, like deep consideration and analysis of the parts of an organisation’s strategy. Every step of the way, aiming for continual optimisation and iteration is key to ensure the business maintains a healthy and highly efficient email strategy. This key objective can be achieved by performing regular audits.
An email audit is an assessment of a current email programme, with the scope to identify potential issues and optimise performance. Email audits can be perceived as a hassle, but actually they can help businesses stay ahead of the curve and gain significant advantages, such as improved compliance, higher customer satisfaction rate, measurable return on investment, and lower cost per email. Furthermore, they can help detect and resolve email delivery problems that can lead to serious losses, like lost revenue and market share.
There are 7 audits that we’d suggest every company needs to perform regularly, to keep their email programme in ship-shape as external variables change and may impact the effectiveness of their strategy.
Acquisition Audit: Signing up new customers or prospects to your newsletters is important to keep the communication going – but equally important is to evaluate if all the new customer experience performs as intended. Brands have broken acquisition sources and processes more than you’d imagine, causing disappointment to potential new subscribers right at the point when they’re ready to give permission. Acquisition audits can help keep customers engaged and satisfied from the very beginning.
Unsubscribe Audit: It is crucial to regularly check and confirm that unsubscribe links and processes are working. Not just for protecting your brand’s reputation, but also for ensuring compliance with EU and global regulations.
Template Audit: A template audit will help you ensure that templates continue to render well across most environments, have functioning links, have branding, messaging and footer language that are still current. With customers being more mobile than ever, businesses should confirm that rendering works well across all popular environments, and on mobile devices in particular.
Data and Integration Audit: Data is a critical asset. It’s essential to keep an eye on the flow of information to and from your ESP to ensure that data is integrated properly and without latency, and that the integrity of your targeting is intact and without errors.
Privacy Audit: Checking that the privacy policy, privacy statements in email and the process and verbiage at the point of acquisition meet the legal and regulatory standards is a necessary part of healthy email programmes. Take it one step further by ensuring that your privacy statements and forms are easy to understand and not in confusing legal jargon.
Deliverability Audit: Whether you’re building a high-growth consumer service or enterprise software, email plays a critical role in engaging and retaining your customers. Customers churn when emails are lost in spam folders or delayed. A deliverability audit will help you significantly improve reach and success of marketing programmes, ensuring that customers receive your communications on time.
Competitive Intelligence Audit: Email marketers want (and need) to benchmark their performance and activity against others. A competitive intelligence audit will help you see innovations happening in the inbox and where your organisation fits, in comparison – so you remain ahead of the competition. Sam Holding, Head of International, SparkPost
Hello and welcome to another packed edition of Interface magazine. This month’s issue features exclusive articles on Swisscom, artificial intelligence and cybersecurity post-Covid-19…
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Our exclusive cover story this month centres around Sven Friedli, EVP, Head of Enterprise and Architecture at Swisscom, who discusses how Swisscom is implementing agile architecture to provide a richer customer experience.
As the leading provider of telecom services and one of the leading IT companies in Switzerland, Swisscom has a duty to ensure that the way in which its customers can access those same services and products is simple, pain-free and personal. This is a challenge for all major telcos today in that they must satisfy the modern-day telco customer, who expects the same level of seamlessness and freedom in their shopping experience as they do in their own day-to-day lives.
“The modern customer can use their services wherever they want. He or she can sit outside and do all of their daily work with a wireless device on a seamless online experience. If they want to buy a new service from Swisscom where they don’t wish to go to the shop, they can do it online or via the app,” explains Sven Friedli.
Elsewhere, we speak to Ranjit Rajan, a thought leader on the impact of digital transformation on economies, business, and the tech industry with a specialisation in the emerging markets of the Middle East and Africa. And we also hear the thought-provoking insights of Jim Logan who ponders the fear factor of AI. Plus, we list 5 top cybersecurity principles of a post-Covid world…
As the retail industry settles into the ‘new normal’, eCommerce platform Kooomo advises on why sustainability still needs to be top of the agenda
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Consumers are more conscious than ever about how their shopping habits affect the world at large. As Coronavirus readjusts most people’s moral compass, consumers are choosing to invest their spending into more sustainable products and focusing their attention on brands dedicated to social issues and environmental efforts in all aspects of their business. This is according to digital eCommerce solutions specialist, Kooomo, which outlines that sustainability efforts still need to be very much at the top of retailers’ agendas and which responsibilities should be focused on.
Ciaran Bollard, CEO of Kooomo says: “Despite the disruption brought to the retail sector by COVID-19, online retail spend continues to increase, with stats showing that by 2024, online retail spend is expected to reach £75bn in the UK and €3.8bn in Ireland. But despite this expected growth, it’s important that retailers don’t rest on their laurels and still focus on continuously improving their offering. Those that ensure they focus on the customer experience and adhere to social and environmental duties seek to reap the benefits.”
According to a recent study, Gen Z consumers are 1.5 times more likely to refer to a brand on social media based on its values, 68% of Gen Zers expect brands to contribute to society, and 87% of consumers will buy from a brand with a social or environmental cause [1].
With this in mind, Ciaran outlines that sustainability is not restricted solely to packaging and waste and that the environmental impact of increased cargo planes, trains, and lorries must not be forgotten. He states that retailers should consider reducing packaging waste, reducing their carbon footprint and updating their brand ethos: “You should make arrangements to switch to eco-friendly packaging options as soon as possible. Source recycled boxes and inflatable packaging, which reduces the amount of packaging needed within the box itself.
“Recycling cardboard takes only 75% of the energy required to make new cardboard, so try looking into packaging providers such as Camvec.com or progresspackaging.co.uk. You should also bundle goods into one box instead of shipping in multiple boxes or bags and email receipts instead of using paper slips. These simple steps seriously add up to less waste and a better sustainability process over time.”
Reducing one’s carbon footprint starts with having very clear product information on a website with good context (measurements etc.). This way, customers know exactly what they are getting, and the chances of a return being made are reduced. Ciaran adds, “You should ensure you have a varied offering in shipping options, emphasise the rewards for longer wait times (ie. that they are cheaper) and it’s also beneficial to have your reasoning behind this displayed on the checkout as customers respect environmental responsibility.”
Finally, Ciaran believes that keeping audiences informed of one’s ethical responsibilities will increase relatability and humanity and will justify added costs to consumers in a positive manner. He says, “consumers prefer to spend their money on brands that display pro-social messages, apply sustainable manufacturing practices and exercise ethical business standards. You should therefore be sure to work your caretaking into your brand ethos; Inform your consumers of what can be recycled from their delivery and what parts of the delivery are made from recycled products. You can also utilise your eCommerce Store to move unwanted in-store merchandise and offer them as part of your sales promotions. Work sustainability into your mission statement too, and pepper it throughout your content – If you over-do it with self-praise, consumers may begin to feel isolated if you present yourself as a paragon of virtue.”
Ciaran concludes, “the conversation around sustainability is set to increase as years move on and ethical values will continue to become more of a priority for consumers. Gestures on your businesses’ behalf don’t have to be large and by no means should you run yourself into the ground trying to become more sustainable. However, it might make a positive impact on your business to educate your teams, educate your consumers, and take small steps to make sustainability a part of your business.”
Correspondent banking represents one of the most vexing dilemmas for financial institutions and those who regulate them. On the one hand, it has long been a key mechanism for integrating developing countries into the global financial system and giving them access to the capital they need. On the other hand, correspondent banking relationships are inherently risky for the global banks that grant access to the respondent bank’s customers without being able to directly conduct Know Your Customer/Customer Due Diligence (KYC/CDD) checks on them.
It’s not a small problem: make access too easy and you risk allowing billions of illicit funds through your door; cut off the relationships and you starve emerging markets of capital and drive their transactions into the shadows.
To its credit, the Financial Action Task Force (FATF) understands the dilemma and has provided continued guidance to clarify the issue. In its October 2016 Guidance on Correspondent Banking Relationships, it explicitly stated that its standards “do not require financial institutions to conduct customer due diligence on the customers of their customer (i.e., each individual customer)”. Rather, they require the correspondent bank to conduct sufficient due diligence on the respondent bank’s processes to understand the risk they present and whether the risk is acceptable within their risk management framework.
Still, many global institutions have decided over the past few years to “de-risk” by shutting down or curtailing their correspondent banking relationships in many countries. It’s easy to see why. It makes sense to exit a relationship when the risk associated with it exceeds your risk tolerance. But the solution doesn’t need to be this drastic. After all, correspondent relationships aren’t inherently bad, they just present a higher level of risk than the bank is willing to accept. Lower the risk and you’re back in business.
The solution is straightforward, at least in concept: lower the risk by increasing the effectiveness of respondent banks’ AML/CTF programs. This approach is exemplified by our partner Standard Charter’s “De-Risking Through Education” strategy, featuring regional Correspondent Banking Academies to help raise awareness of best practices and emerging technologies.
Heidi Toribio, Managing Director, Global Head Financial Institutions, Global Banking, at Standard Chartered Bank said that the initiative was key to preserving correspondent banking relationships, and removing ambiguity from compliance standards through partnership. “Correspondent banking goes to the heart of facilitating cross-border trade and financing growth, which is central to our DNA and our purpose as a bank,” she said.
A key element to preserving these relationships is improving the controls within the respondent bank by leveraging emerging technologies like Artificial Intelligence. Silent Eight understands this and has developed solutions to meet this need. With its AI-driven screening system, banks in developing countries could demonstrate a data-driven AI process that learns and improves its output as it addresses alerts. The process gives reliable results, resolving each alert and documenting the reason for the action. The whole AI process is systematic, reliable, consistent and auditable, and provides the analyst clear information on which to make a final determination.
Leveraging AI solutions into AML/CTF programs is a priority for banks in developing countries so they can demonstrate that their programs are up to global standard. It should also be a priority for global institutions that are or were acting as correspondents, since it allows them to diversify into a broader range of markets at an acceptable level of risk. Together with initiatives like De-Risking Through Education, the adoption of technology like Silent Eight can help developing economies once again gain access to global financial markets and help keep their financial transactions out of the dark.
One of the world’s largest independent financial advisory and tech wealth organizations is to launch a first-of–its-kind onboarding verification app amid “soaring global demand” for fintech solutions.
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deVere Group’s pioneering Ident Me app provides a secure identity verification system – as an alternative to traditional customer onboarding – and a notary services function when required, which is a first for the international financial services and fintech sector.
Of the launch of this new service, the founder and CEO of deVere Group, Nigel Green, comments: “We’re in an exciting new world. In recent months, the future has happened faster. There have been major shifts in the way we live, work, and manage our finances.
“Much of this is being driven by digital technologies, and our financial lives are no exception.
“There’s soaring global demand for fintech [financial technology] and it’s clear it is going to become an increasingly dominant part of our lives moving forward.
“Indeed, fintech is already the ‘new normal’ as we increasingly insist on immediate, on-the-go, 24/7 access to, use and management of our money. We demand personalised, on-demand services and lower costs.”
He continues: “Against this backdrop of growing demand, we decided that we needed to make the set-up process of onboarding to use our fintech apps as quick, easy and secure as possible.
“Ident Me is a hassle-free, simple and safe way for clients to provide identity verification for themselves via a KYC (Know Your Client) form.”
KYC is a financial services standard.
The Ident Me app consists of an easy three-step process.
First, proof of identity. This is done by taking pictures of the front and back of your ID card or passport.
Second, the capture of documents. This is undertaken by taking a picture of a document with your address on it, for example, a utility bill or rental agreement.
Third, the liveness test. A live selfie you take will get verified against your ID/Passport photo.
Once this has been approved, clients will soon be able to have access to and enjoy the benefits of deVere’s suite of fintech apps.
deVere is one of the very few financial advisory organisations that has been actively and consistently pushing into fintech and is now widely regarded as one of the leaders in the sector.
Currently, the organisation’s apps include deVere Vault, a global e-money currency app and multi-currency prepaid card; deVere Crypto, a cryptocurrency app to store, transfer and exchange major cryptocurrencies, including Bitcoin; deVere Core, an app that allows clients to monitor their investments in real-time, on-the-go, keeping them informed with news and events that impact investor returns; and deVere Catalyst, a low-cost investment and savings app that offers best-in-class globally diversified funds.
The deVere CEO concludes: “We believe that everyone should have access to and reap the benefits of cutting-edge fintech.
“Ident Me, the first-of–its-kind onboarding verification app, helps further democratise financial technology.
“Fintech is meeting growing demand for on-the-go service, it is speeding up the advance of global financial inclusion which helps social advancement around the world, plus costs are lowered and the client experience is enhanced.”
SLAMcore raises $5 million to meet growing demand for robotics…
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SLAMcore,a UK company developing spatial AI algorithms for robots and drones,has secured$5million in a funding round led by Octopus Ventures and MMC Ventures, with participation from Amadeus Capital Partners and Toyota AI Ventures.
This new funding will allow SLAMcore to meet the increasing demand of the robotics market, which has seen demand skyrocket due to COVID-19. This has occurred particularly in drone, robots and AR/VR usage, as effective robotics solutions that can support the ‘new normal’ of a post-COVID-19 crisis world are accelerating.
To reach their full potential, robots and drones require spatial intelligence, including the ability to accurately calculate their position, understand unfamiliar surroundings, and navigate with consistent reliability. SLAMcore offers Spatial AI solutions designed to easily integrate into existing platforms, allowing robotics companies to concentrate on delivering value to the end customer.
Owen Nicholson, CEO at SLAMcore, commented: “Even before the crisis, SLAMcore was engaged in many conversations with companies – big and small – who needed a better way to solve spatial intelligence issues in robotics. Especially across sectors such as drones, robots, and AR/VR, the coronavirus pandemic has lit the touch-paper and we are primed to meet exploding demand. In the past few weeks alone, we have seen a huge spike in enquiries as robotics companies want fast solutions to get their robots to market sooner.”
Mina Samaan, Principal at MMC Ventures, commented: “We are very excited by the advancements in next generation software platforms used to drive the future of robotics. The ability to locate and map in real-time is still unsolved in the vast majority of autonomous designs. Therefore, affordable SLAM delivered as-a-service at scale is fundamental to unlocking the adoption of self-driving robots across all indoor and outdoor applications including agriculture, warehousing and last-mile delivery.”
Zoe Chambers, Principal at Octopus Ventures, commented: “In a post pandemic world, where contactless and hygienic interactions are vital, demand for robotic solutions will only increase. Whether they’re moving around warehouses, delivering food, disinfecting hospitals or operating as security guards, robots will be interacting with multiple dynamic environments and even with humans. This means that their ability to move autonomously is absolutely fundamental. SLAMcore’s solution lies at the heart of this by giving robots spatial intelligence and we are excited to continue to back the business as the market accelerates.”
The funding will speed up the availability of SLAMcore’s solutions, including its recently announced SDK product, a toolkit that gives developers everything they need to build, test and deploy solutions using SLAMcore algorithms and low-cost, easily available off-the-shelf sensors.
About SLAMcore
SLAMcore originally span out from Imperial College London with world-leading academics amongst our founders and a 25 strong team including computer vision and robotics PhDs. Our mission is to turbo-charge the robotics industry by providing the tools developers need to give their robots state-of-the-art spatial intelligence at a fraction of the cost. Affordable robots should not be the preserve of the tech-giants so by democratising this technology we will accelerate the path to a world where robots have a profound and positive impact on the way we all live our lives.
Over half [55%] of SMEs believe that their competitors have a better digital presence than they do, according to new research by leading creative agency, Sparkloop.
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The research, which questioned 500 decision makers from SMEs across the UK on how much time, budget and resource they have invested into their digital brand presence, also revealed that despite believing their competitors had a better brand presence, 45% of respondents had not reviewed the performance of their website in over 18 months.
In addition, 25% of respondents advised that they rarely, or only annually, make changes to improve the performance of their website to engage potential customers.
When questioned on the level of investment SMEs made into their digital brand, 46.3% advised they invested under £2,000, 53.7% invested £2,500 plus and 10.9% invested £10,000 plus.
However, a quarter [25.8%] of SMEs haven’t invested in their website and wider digital brand presence in over 2 years.
Other key take outs from the research include:
Only 31% of SMEs believe that they have a stronger digital brand presence than their competitors.
44.3% of SMEs have developed their website using ‘off the shelf’ platforms like Wix, Square Space or WordPress, with 31.6% opting for creative and technical input from an external agency.
A staggering 62.3% of SMEs have not taken advantage of tech features, like chatbots, blogs and feedback to increase stakeholder engagement or improve the performance of their website.
This new research comes as the majority of UK SMEs are forced to review and pivot their existing growth strategy following the impact of the current situation.
Gayle Carpenter, Creative Director of Sparkloop, confirmed: “This latest research is incredibly telling and effectively demonstrates that SMEs UK wide do not place enough value into both creating and maintaining a strong brand and digital presence, which could be damaging to their business.
Currently, SMEs are facing the significant challenge of survival following recent events. Those with the strongest brands, an engaging website and integrated digital presence will instil confidence and drive growth, both during and following this time of uncertainty.
For business owners looking to use this time to disrupt and develop, it doesn’t necessarily mean investing tens of thousands into your website and wider digital presence, but it does mean evaluating your brand by ensuring it represents your business and attracts the right target audiences. This is consistently overlooked by the majority of SMEs, as demonstrated by the research, but could be fundamental to future growth and success as we return to some form of business as usual.”
Established in 2004, Sparkloop has successfully delivered bespoke design and communication strategies for brands and businesses across the UK and overseas, with long-standing clients including Red Bull and HomeServe.
Founded by design and branding specialist, Gayle Carpenter, the firm is headquartered in Camden, London, with a South West regional office based in Bath, Somerset.
Since the outbreak of COVID-19, the agency has launched its Virtual ‘Spark-Up Sessions’ initiative, designed to help businesses quickly solve problems and identify achievable outcomes when establishing a clear and effective digital brand presence.
To find out more about this latest research, download a copy of Sparkloop’s SME Digital Brand Presence Report 2020 at www.sparkloop.com.
Understanding what it isn’t is just as important as understanding what it is.
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I’ve been working in the financial services space for close to thirty years now. I’ve seen many trends and technologies emerge. Some take hold, several are just a flash in the pan. Regardless of how long a concept sticks around, one thing remains: Terminology plays a material role in shaping perceptions. In a world where messaging tends to overcomplicate things, too many acronyms, and too many buzzwords all work against what should be the primary objective: clearly illustrating value. I’ve found this to be equally true when it comes to artificial intelligence or ‘AI’.
Generally speaking, the word artificial doesn’t readily call to mind a positive image, does it? By definition, the word “artificial” has listed meanings of, “insincere or affected” and “made by humans as opposed to happening naturally.” It is the second part of this definition I’d like to explore a bit further.
Artificial Intelligence is, in fact, created by humans. And it isn’t a new fad or concept. Many don’t realize that the term was first coined by John McCarthy, Ph.D. and Stanford computer and cognitive scientist, back in 1955. AI has continued to evolve as a material concept, with practical applications across many industries, ever since.
For financial service professionals, particularly those of us involved with fighting financial crime and preventing money laundering, Artificial Intelligence can have a tremendous impact and practical application. Before we dive a bit deeper, I feel it’s important to first understand what AI isn’t.
AI is not intended to simply be a digital worker, certainly not within financial services and fighting financial crime. Yes, AI can automate various functions. We’re all familiar with the concept of ‘bots’ and virtual assistants. However, those are rudimentary examples of robotic process automation. True AI is human-led and a continuous, instantaneous learning process that drives tangible value. Artificial Intelligence is not merely a play to cut costs or replace human capital. Rather, AI enhances the bottom line by keeping compliance staff costs flat in the immediate term and enables our human experts to more appropriately manage their time, by focusing talent on investigations that matter the most.
One of the most valuable aspects of AI, in the context of anti-money laundering and compliance, is the speed by which it can be deployed. We’re talking about time to market and time to value in a matter of weeks. Not months, not multiple quarters – simply weeks. But I don’t mean a generic, black box concept. I’m specifically referring to a highly precise, tailored AI solution that has extensive proof points and, more importantly, far-reaching global regulatory approval.
AI shouldn’t simply be an extension of legacy rules-based routines, nor a way to further automate the process of scoring or risk-weighted alert suppression. That simply dilutes the true value of Artificial Intelligence and does not maximize the cost and efficiency benefits.
The cost of compliance continues to grow at a staggering pace, particularly for financial institutions and insurance companies. Equally of concern, the impact of fines for non-compliance has also skyrocketed in the last decade. Specifically to the tune of $8.4 billion last year across North America alone.
What if you could literally solve every single name screen, sanction, and transaction alert? What if you could achieve this without sacrificing any aspect of control and security? What if you could increase the throughput, efficiency and accuracy of your compliance operations without adding a single dollar of staff expense to your budget?
Let’s stop talking in terms of what if and have a meaningful conversation regarding how. I’m helping clients achieve all of these measures today and that is from a perspective proven in production. Here at Silent Eight, we’re a team founded by engineers and data scientists, solving real-world challenges in the anti-money laundering and financial compliance market.
Artificial Intelligence isn’t scary…it isn’t a black box…and it isn’t the futuristic world of tomorrow – it is the here and now, and it’s battle tried and tested
About Jim Logan
Jim has nearly three decades of experience in financial services and technology, having held leadership positions within JPMorgan Chase and Deutsche Bank, in transaction banking, as well as several Fintechs. He most recently served as America’s Region Head of SunTec Global Business Systems, prior to joining Silent Eight as SVP, Regional Sales, US & Latin America in March 2020. Jim’s specific expertise centers around ‘simplifying the complex’ through innovation in the retail and corporate banking sectors. He can be reached at jim.logan@silenteight.com or via Linkedin: https://www.linkedin.com/in/jimlogancommercialbanking/.
Chief Information Officer Philip Clayson is putting digital agility at the heart of the company’s strategic transformation plans for the future, following the recent acquisition of SSE Energy Services by OVO Energy.
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OVO Energy was founded in 2009 and redesigned the energy experience to be fair, effortless, green and simple for all customers. Following the acquisition of SSE Energy Services, today OVO Energy and its Retail partners serve nearly 5 million customers, all striving to deliver more affordable clean energy for everyone.
SSE Energy Services has been supplying power to millions of UK homes for decades. The technology infrastructure within the company had been built and maintained with dependability and assurance at its core.
Clayson is now empowering the 1,000 strong IT team to adopt a learn-fast, fail-fast culture and mindset, while at the same time maintaining the performance and quality of their outputs. Key to achieving this has been extending the company’s partnership with Expleo. Through the adoption of Expleo’ automated testing solutions, SSE Energy Services can now bring new products to market faster, without sacrificing quality.
With customers’ digital engagement increasing and the introduction of smart metering within homes, SSE Energy Services knew it had to focus on digital agility and innovative product offerings.
In order to accelerate this direction, SSE Energy Services appointed Philip Clayson as CIO in August 2019, bringing experience of driving fast-paced digital transformation for companies including News Corporation, BT and TalkTalk.
Clayson said: “With increasing numbers of new digital enabled products to deliver to market, at an accelerated pace, we needed to leverage technology and expertise to help us drive up our competitive advantage and increase our agility.”
SSE Energy Services formed a strategic partnership with Expleo, a leading technology and engineering consultancy. As the two companies previously worked closely together, SSE Energy Services had trust in Expleo’s expertise to help with a key part of the programme. This would help SSE Energy Services maintain performance and quality, but crucially boost agility, shortening product and system releases from several weeks to just a couple of days, by providing a pioneering approach to automation.
Automation first
Expleo was in an excellent position to advise the company on how to best move to a framework that automated the entire testing lifecycle for all of its complex and integrated retail systems.
Julie Heneghan, Client Director at Expleo, said: “Many companies use automation on low-risk, fringe applications and as a result deliver limited value to their organisation. However, our in-depth understanding of SSE Energy Services’ systems meant it was clear to us that an automation-first approach would deliver the biggest possible impact in terms of value.”
To help achieve the transformation, the relationship moved from a standard services delivery model, to a strategic and innovation-led partnership, with SSE Energy Services entrusting Expleo to deliver best-in-class testing and assurance that would reduce the cost and frequency of system defects.
Expleo helps SSE Energy Services to enable mass testing of the software deployed to customers for smart metering. This includes testing the smart meter itself before it’s installed into customers’ homes, to testing the app on the in-home display which helps customers see how much energy they are using.
“Now, instead of a traditional services supplier model, SSE Energy Services works in partnership with us to map out the future IT change roadmap safely in the knowledge that Expleo automatically delivers the quality assurance they need without any effort on their part.” says Heneghan.
Innovation to the fore
To best deliver the benefits of automation and other improvement initiatives in the future, SSE Energy Services and Expleo have created a joint innovation board with dedicated funds to formalise the creation of new ideas and concepts and ultimately put them into practice.
Combining the best of technology and engineering, Expleo is a digital partner for the future for energy and electric vehicle companies. As energy and mobility markets converge, Expleo provides clients with end-to-end expertise in the design, development and implementation of a seamless customer experience. Its track record of delivery in smart energy billing solutions, battery charging technology, electric vehicles and the wider smart grid puts it in a unique position to help its clients innovate for the future.
“Innovation is at the heart of what we do at Expleo,” says Stephen Magennis, Managing Director of Expleo’ s Technology business in the UK. “But for us, it’s about making incremental changes, on a continuous basis, to drive bigger overall gain. This also allows us to monitor and measure each innovation and work out what it’s actually achieved for our client’s business, so we can take a swift decision on whether to keep it or move onto something else that could potentially have even greater impact.”
SSE Energy Services has continuous insight into the progress of testing and innovation through Expleo’s Quality Intelligence Platform (QIP), part of its innovative AI and analytics offering. It monitors execution and results, demonstrating release on release productivity and efficiency gains by aggregating the data into a dashboard, giving a real-time and predictive view of progress, quality and velocity.
Tom Little, SSE Energy Services IT Delivery Manager, who played a leading role in the technical transformation, says: ‘’We want to get our solutions to market quickly, but we can’t sacrifice quality. There are critical journeys where customers rely on us to deliver every single day. Our automation-first approach and partnership with Expleo has helped us to deliver quality to our customers.”
Exceeding expectations
In applying the new automation tooling, SSE Energy Services is already seeing compounded benefits. These include smoke-testing new environments in near-real-time and a reduction in manual test effort of up to 65 per cent. “This enables the SSE Energy Services technology team previously involved in this area to have more time to focus on new initiatives for the company to accelerate the pace of change”, says Clayson.
The direct result for SSE Energy Services is that new customer offerings can be pushed through faster – helping it set the pace in the market. In fact, the speed of output is now 2-3 days, rather than 2-3 weeks or months with an overall cost saving of 60 per cent.
Technology + people + culture = pace
Having the right technological tools is a vital part of any digital transformation. But in order for the investment to be a success, there needed to be an internal shift within SSE Energy Services toward a highly engaged, learn-fast fail-fast culture and mindset.
To this end, SSE Energy Services invested in upskilling staff, including introducing formal accreditation in delivery management techniques such as Agile as well as technological disciplines to increase agility from the bottom up. Expleo aided this programme by providing Scrum Master training to key SSE Energy Services team members, including project managers and product owners.
Industry leading digital transformation for growth
With the acceleration of digital and agility at SSE Energy Services, it is now much more nimble when it comes to dealing with change. This proved crucial with the unexpected arrival of Covid-19. The fact that both internal and external partner teams were able to quickly pivot to operating virtually, with no impact on services, demonstrates that its transformational journey has brought additional benefit to SSE Energy Services and ultimately its customers.
“Our digital transformation means that IT is now an engine for growth and competitive advantage. It enables SSE Energy Services to swiftly respond to change. The team and our partners including Expleo should be proud of being part of what must be the biggest digital transformation the sector has seen due to Covid-19.” says Clayson.
The company’s successful digital transformation, underpinned by its pioneering adoption of automation in partnership with Expleo, means that it is continuing to set the pace of change in the industry.
Dan Jelfs Senior Vice President of Global Sales at Mobica, discusses how we are on the cusp of a connected digital revolution, making technology more pervasive and a key driver of strategic change to businesses and models
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Tell us about your career journey and your experience
I’ve worked in the global technology industry for about 25 years now. I landed in it so by accident, more than design, straight out of university. I’m not an engineer by trade. I went through Business School at university and my first role was at AT&T. I worked a lot in mobile communications and wireless networking in the 1990s. What I found very fascinating, and enjoyed was the way that technology changed people’s lives, usually in a positive way. I also liked the globallness of the industry and the opportunity to work with so many bright minds with different perspectives from around the world. I think fairly early on in my career, I realised I had a passion for innovation and that the large corporate culture that I was in wasn’t going to satisfy that.
I made quite a radical decision around the early noughties to leave a large corporate and move to a venture capital funded startup. It was really looking at the evolving mobile data services market, and what sort of content services could generate viable business models. I really spun through a number of other startup type businesses during the noughties and then joined a software services business in 2009.
I’ve really been doing software consultants and software services now for about 10 years. The reason I made that change is because the mobile devices world which I’ve been very focused on up until then, was to open source with the launch of operating systems like Google’s Android, most prominently in the battery. At a structural change within the mobile communications market that would drive demand for software services within that, I thought it’d be a very interesting journey to go on.
I’ve also got a huge passion for British technology companies. I think there’s not enough British technology success stories within the global technology market. So I joined Mobica about 18 months ago as a vehicle to try and do my bit to change that.
How does that make you the right person to bring about change?
What we move into now is a world of everything being connected and data science and artificial intelligence applications off the back of those things being connected. So I have that core experience around connected software, and then I’m able to help C-levels in companies in other industries that aren’t familiar with connectedness and digital, and bring all that experience to bear to help them on their transformation.
How has the technology conversation changed?
10-15 years ago, I thought the technology industry was far more discrete and defined. And in fact, some industries and many companies really didn’t need to dip any more than their toe into it. I think we’re on the cusp of a revolution now where everything’s connected, and through that the things that are connected we’ll be able to acquire artificial intelligence over time.
I just don’t think there’s any industry or there’s any company within an industry that has been great at embracing that now. I think that’s the fundamental difference for me. There were the technology industries that were more disruptive and defined. Now it’s totally pervasive and it’s a driver of strategic change to businesses and business models and industries. You just, you can’t avoid it, wherever you’re working.
How has the traditional customer changed?
There are more customers that are, as a legacy, not so technically proficient and need support to really understand the potential for strategic change the technology is bringing and how to implement that within their business.
Where does Mobica fit into this technology conversation?
We support customers in two areas, either modernization or transformation in relation to enabling technologies.
Modernization is probably not quite as strategic in context of the transformation piece. Now, a good example would be cloud applications which are quite a trend. In recent years, we’re really moving apps to the cloud. We help companies deal with the technical challenges that this new type of technology brings to the transformation. Part of the work we do is where there’s a combination of new technology that facilitates a fundamental redesign of the business model, and potentially of the structure of the company too. We help them think about the way to design that transformational change/
How do you define transformation?
In the transformation paradigm when you talk about strategic design, you look at what your brand might be in a digital environment or what the business model might be. Often the scenario is that companies are moving from tech non/digital to digital for revenue generation. That can fundamentally change the way they address the customers, the way the brand reaches out. So in many ways, the starting point for me is strategic design and non technical. The outcome of a strategic design process, though, becomes a very technical software engineering implementation.
What are the challenges?
Sometimes I can end up in a conversation and maybe the executives of the company aren’t quite sure, from a business case point of view, when to pull the trigger on a digital transformation… There’s an internal discussion that happens; maybe it’s in two quarters’. 12 months’ two years’ time. I think you could be kind of wrong. If you look at the end destination, you may as well just start into digital straightaway, don’t delay. But I think some internal wrestling around understanding the return on investment is sometimes apparent.
I also think about the cultural change within the technology environment, or the engineering environment of the company. I’m seeing the needs change from very established businesses whose technology hasn’t changed much over a couple of decades to suddenly needing speed, digital and agile. Culturally, from a software engineering point of view, like a Silicon Valley startup, that’s not easy in that it’s quite a barrier to affect change.
How do you go about changing mindsets and enabling a cultural change within a business?
We bring a lot of our learnings from the way we work with companies around the world, anonymized into the discussion to help realise that even though they don’t think they’re on the same page, they’re on a cliff edge. The future is digital, we were able to see some success stories of some really positive digital transformations as well, that you could point to that are often powerful in terms of changing the minds of executives as well.
How important is it to look outside your own industry?
It’s fundamental and there are enough of those kinds of stories in different industries to use already. It’s very helpful within that discussion to point to some very successful digital innovation stories.
It’s important to also look at where things haven’t worked to look at the failures and look at the mishaps as well, as much as you look at these case studies in the success stories.
Is tech replacing people?
Effecting that cultural change with the state in relation to the status quo is just too difficult, will take too long and costs too much. What we need to do is sort of start over and I’ve seen some companies create what are essentially new legal entities and new ventures, and build from the ground up. I’ve seen other companies create digital innovation and disruption units alongside their existing organisational structure and start to see that digital DNA move into the company, but from within what’s exists today.
I’ve also seen others who strategically partner with software services firms to bring that digital agile culture into the mix of their overall software, software engineering and technology capability to drive and effect change in the established culture and established engineering.
How has the supplier relationship changed?
We’re in a process ourselves of moving from a tactical partner to a strategic partner increasingly, and our strategic partners. The different dimension is the buyer is two or three levels higher in the organisation and therefore, either in or close to the C-suite, that they’re looking for long term collaboration and the souls of strategic challenge to their business.
What makes Mobica a partner of choice?
Within our engineering team, we create the space in terms of time invested into internal innovation projects that are really aligned around strategic technology bets that we make in regards to what’s going to be important in the future. If we do that correctly, that keeps us ahead of the curve.
Technology buzzwords?
I talked about strategic design earlier. It’s really that design and planning thing it’s really looking at, where are you and where are you trying to get to and what’s important on that journey. There’s always careful thought and planning before you scale out engineering projects.
Marketplaces change so much that it’s not going to be a straight line, so how do you account for things that aren’t going to go according to plan?
We propose an agile development process and you’re constantly iterating and constantly changing. Whilst you know the general direction of where you want to get to but you don’t necessarily take a stroll along together. So it allows for bends in the road and iterations to design as we go through.
Talk to me about the dynamic between incumbents and start-up companies?
I think enough large established companies have suffered and gone by the wayside. They’ve been cannibalised by a startup coming from nowhere. For everyone to be aware of these larger organisations, they need to create an innovation strategy of their own.
Ideally, you know, if anyone’s going to cannibalise their existing business models, they’d prefer that it was them. So I think there’s a lot more effort and thought put into that and less destruction caused by startups. It doesn’t stop the startups being acquired by some of these companies to complement their digital transformations.
What advice would you give in order to succeed?
Don’t underestimate the value of strategic design before you head out on the engineering journey that follows good design.
Welcome to another packed issue of Interface Magazine!
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This month’s cover exclusive features Dan Jelfs, Senior Vice President of global sales at Mobica, who discusses how we are on the cusp of a connected digital revolution, making technology more pervasive and a key driver of strategic change to businesses and models.
“In the transformation paradigm when you talk about strategic design, you look at what your brand might be in a digital environment or what the business model might,” he tells us. “Often the scenario is that companies are moving from tech non/digital to digital for revenue generation. That can fundamentally change the way they address the customers, the way the brand reaches out. So, in many ways, the starting point for me is strategic design and non-technical…”
“Sometimes I can end up in a conversation where maybe the executives of the company aren’t quite sure, from a business case point of view, when to pull the trigger on a digital transformation… But often, when you look at the end destination, you may as well just start into digital straightaway, don’t delay.”
Elsewhere, SSE Energy Services reveals how its pioneering adoption of automation is underpinning an industry-leading transformation that is setting the pace of change in the energy sector. Plus, we have exclusive insights from business leaders at Union Bank, Radius Networks, DeKalb County and Sij Group. And we outline 5 industries predicted for growth post-Covid…
One World Express has commissioned an independent survey among over 900 decision-makers within UK businesses to explore how they are responding to the coronavirus pandemic.
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UK businesses are pivoting and seeking growth opportunities in international markets as they seek ways of overcoming the COVID-19 crisis, new research has found.
Logistics firm One World Express commissioned an independent survey among over 900 decision-makers within UK businesses. It found that 43% have pivoted their product or service since the pandemic began – this being particularly true of large businesses (57% among firms with over 250 employees).
A quarter (24%) of companies have also begun selling to new demographics of customers since the lockdown began in March.
One World Express’ research showed that, at present, 42% of UK businesses export their products or services globally. However, in light of the difficult trading conditions resulting from coronavirus, 57% are considering expansion into new international markets in the months ahead, with a further 44% saying Brexit has prompted them to explore new export opportunities outside of the Single Market.
Almost half (45%) of private sector organisations say the pandemic has made them realise they are overly reliant on one particular marketplace – this figure rises to 58% among large businesses (250+ employees)
A slim majority (51%) of decision-makers believe a lack of knowledge about international markets prevents their organisation from expanding outside the UK. Further, 43% feel the cost of doing so would be prohibitively high for them to make a profit from the move.
Atul Bhakta, CEO of One World Express, said: “At a time when the world has been turned upside down, it is unwise for business leaders to believe they can simply “keep calm and carry on”. So, it is positive to see many companies taking bold action in the midst of the pandemic.”
“Exporting globally could be the difference between life and death for businesses in 2020. After all, countries around the world have been affected by the virus’ spread in different ways, so any business that sells to a broader range of markets is giving itself the best possible chance to succeed.”
“Importantly, while many UK business believe expanding into international markets would be too complicated or costly, this is not the case. Selling products or services cross-border is both simple and affordable, as long as the prepares thoroughly and finds the right partners.”
Strategic senior hires and innovative new solutions will support European customers on the pathway to 5G
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Cradlepoint, the global leader in cloud-delivered LTE and 5G wireless network edge solutions, today announces its rapid expansion into Europe with senior hires, investment in new teams and new product offerings.
With a strong heritage in the US to build upon, a clear addressable wireless WAN market in Europe and the emergence of 5G networks, the company is ready to truly ‘go global’ in 2020, winning more customers across Northern, Central and Southern Europe.
Evert Suur, previously Head of Channels for Northern Europe at Forescout, joins Cradlepoint as Area Director for Northern Europe. He brings to the role 25+ years of experience in the IT and networking industries and will be responsible for driving forward Cradlepoint’s ‘go-to-market’ strategy in the Netherlands, Belgium and the Nordics.
Lorenzo Ruggiero also joins the company, as Area Director for Southern Europe. Based in Milan, Lorenzo will lead customer satisfaction initiatives, partner relationships and revenue growth across Italy, Spain, France and Portugal. Lorenzo joins from Vodafone and previously worked at French software company, Infovista, where he was in charge of leading the enterprise market proposition.
There will be expansion and new hire announcements for Central Europe, in the coming months.
In each region, a sales and support team will be built throughout 2020, with team leaders, sales engineers and business development executives being hired.
Cradlepoint’s ‘go-to-market’ strategy in Europe will be driven through third parties and partner programmes in each geo, with the company actively recruiting partners across Europe as part of its expansion plan.
James Bristow, SVP EMEA, Cradlepoint comments, “We invented the wireless WAN/ Edge movement and lead the industry. This will grow to a $5bn Market in EMEA by 2025 – but now it’s time to establish our presence in Europe and tap into the growing demand for mobile, branch and IoT networks. We want to win more Fortune 500 companies in the year ahead and dominate the market as 5G infrastructure rolls out across the region.”
Amid the COVID-19 crisis, Cradlepoint has been rolling out new solutions to support the European market. The organisation has seen an increase in demand for products that can support pop-up healthcare environments, home working and retailers to onboard an influx of new staff quickly and securely. Some of its new product offerings include:
· The E300 Series Enterprise Router, which supports the increased performance and advanced LTE, Wi-Fi, security, and management requirements of high-traffic pop-up sites, including quarantine centres, small clinics, and treatment facilities
· Expansion of vehicle solutions for the UK emergency services network: A new Gigabit-Class MC400 Modular Modem, which upgrades the IBR900 Mobile Router to being an ESN ‘Connect Critical Approved Solution’ for UK emergency services
· A comprehensive portfolio of 5G solutions powered by the company’s NetCloud Service, built exclusively to meet the business imperatives of availability, interoperability, security, and manageability. The new portfolio of “5G for Business” solutions enables customers to deploy fast and reliable wireless business internet and wide-area networks (WANs)
Bristow conclud
es, “We have responded rapidly to the needs of our customers in Europe during the COVID-19 crisis with best in-class products and solutions in the wireless WAN market. We are confident, that when we come through this crisis, the rise of high speed wireless 4G Gigabit LTE and 5G networks will present huge opportunities for enterprises to cut the wire and build better, more agile and manageable networks. A huge number of ideas, innovations and new companies will be born out of the 5G movementglobally, and Cradlepoint is at the forefront of this change.”
Britain’s retailers are beginning their preparations for a return to trading, as stores across the country may slowly be able…
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Britain’s retailers are beginning their preparations for a return to trading, as stores across the country may slowly be able to open their doors from June 1st. Now, one of the key challenges facing these retailers in the coming weeks will be the task of rebuilding consumer confidence in bricks and mortar retail.
There will be a number of obstacles for retailers to overcome, chief among which will be the psychological barriers created by the fear of contracting the Coronavirus and spending time in enclosed public spaces, following weeks of the restrictive lockdown. However, supermarkets and convenience stores have remained open throughout the lockdown, and whilst they have enjoyed increased business partially out of necessity, many of these stores have also refined their approach to serving customers to maximise their success.
Will Broome, Founder of retail shopping app Ubamarket, says that the most successful stores are those which are focusing on maximising the efficiency, safety, and convenience of the shopping experience for their customers. In an environment where hygiene and speed are of the utmost concern, Broome believes that the most successful retailers in the coming months will be those who can get customers in and out of their stores as quickly and smoothly as possible.
“The coronavirus pandemic has completely changed the retail landscape as we knew it, and Britain’s retailers are set to return to a market which is very different to the one they left some two months ago, when the lockdown and closure of all non-essential businesses was implemented.
The biggest difficulty that retailers across the country will have to negotiate is the challenge of getting customers back in-store. However, there are some retailers, such as supermarkets, convenience stores and pharmacies, which have remained open throughout the lockdown and have been forced to negotiate the ever-changing conditions and adapt their offering to customers in accordance with the new environment. Observing the success of convenience stores and supermarkets will go great lengths to help retailers emerge from the lockdown, and the implementation of retail technology will help retailers to go a step further.
Focusing on setting out clear and well maintained queuing processes, keeping simple and clear store layouts, communicating in-store using signage, and ensuring that checkout and payment is contactless and as fast as possible are some of the steps that retailers can take to improve the consumer experience. The implementation of retail technology will allow retailers to go further by solving a number of the problems posed by Coronavirus. Providing tech solutions, such as a consumer app, can put shoppers in control and will unlock a range of features such as remote stock checking, till-less checkout and aisle sat-nav, all of which will greatly enhance the shopping experience and rebuild consumer confidence.”
In his latest opinion piece Justin Augat, VP Product Marketing from iland discusses how COVID-19 has accelerated the move from a ‘cloud first’ to a ‘cloud now’ approach for organisations.
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Recent market data from Synergy Research Group via CRN suggests 2019 was a milestone for IT and that for the first time ever, enterprises are spending more money annually on cloud infrastructure services than on data centre hardware and software. For example, total spend on cloud infrastructure services reached $97 billion, up 38 percent year over year, whereas total spend on data centre hardware and software hit $93 billion in 2019, an increase of only 1 percent compared to 2018.
This means that many companies that have historically owned, maintained, and managed their own IT operations in their own data centre are now evolving how they support their business operations by transforming their IT to cloud.
Moreover, the cloud continues to be the foundation upon which most organisations’ digital transformation efforts are built, with more than eight out of ten businesses considering the cloud to be either important or crucial to their digital strategies.
What are the key reasons underpinning this shift to cloud? Much of it is based on the modern organisation’s need for greater agility and flexibility. There has never been a better example of this demand than demonstrated during this COVID-19 pandemic, as companies have hastily decamped employees to home working.
Likewise, employees today want the ability to work from anywhere and to collaborate with colleagues as easily as they would in person. Even before COVID-19 led to a new remote workforce springing up almost overnight, a growing number of business leaders understood the importance of flexible working. Globally, 50 percent of employees work outside of their main office headquarters for at least 2.5 days a week, with 85 percent saying that productivity has increased in their business as a result of greater flexibility. In addition, more than 16 percent of companies worldwide now only hire remote teams. The cloud enables this freedom to work remotely.
However, until recently organisations have historically looked at only new application development and deployment for cloud, taking a ‘cloud first’ approach. But now, accelerated by the demands of the modern workforce combined with the ongoing effects of COVID-19, many are pivoting towards a ‘cloud now’ approach. In the months and years to come we will see more organisations embracing agile working and digital technologies, now they have seen a cloud-enabled workforce in action.
What do we mean when we talk about ‘cloud now’?
It means that companies are now looking at cloud for more than just new applications, they are considering cloud for all their applications, including existing ones.
The reason for this is straightforward: companies are focused on reducing costs and eliminating the dependency on the physical data centre is a logical next step in the continuation of this long-term trend. For as long as customers have been buying technology to support business, they have been using it to reduce costs and speed up time-to-market inside the data centre. Technology capabilities including server and storage virtualisation have improved IT’s ability to respond quickly to lines of business. But, over time, the ability of new technology to further reduce costs and time-to-market is diminishing.
This is a result of the growing customer demand for more application resources, better performance, and increasing frequency of administrative tasks such as patching various components, and planning for end of life or performance upgrades. Likewise, as mentioned earlier, with a global and increasingly remote workforce needing access to their applications from anywhere, this is also fuelling demand. As businesses have reached this inflexion point of diminishing returns, they have turned their strategy to the cloud as the next frontier of IT efficiency, leaving the data centre firmly behind in pursuit of their ‘cloud now’ strategy.
But today there are hundreds, if not thousands, of cloud services available to organisations. In many cases, the capabilities of the service, adjusted for cost, are what matter most to the decision makers versus the infrastructure itself. As an example, the underlying infrastructure that supports common business software such as Salesforce, Microsoft Office 365, is rarely scrutinised, as the products are trusted solely based on the brand’s reputation.
But in the case of organisations moving their existing applications to the cloud for production hosting (IaaS), backup (backup as a service) or Disaster Recovery (DRaaS) the underlying platform must be vetted to ensure the application needs will be met. To do this, organisations must examine the capabilities at the platform level. This is where the technology resources that have been purchased come together to deliver the application performance, security, compliance and connectivity, and more, of the selected service. Ultimately, it is these consumed resources that directly impact the cost of the service.
In general, the main cloud platform types that are most popular and available to customers at scale are public cloud, private cloud, and bare-metal cloud. They all have their merits and downsides and choosing the right cloud will very much depend on the customer’s requirements, as different aspects of these multitude of cloud products will best meet particular application and organisational needs.
Ultimately, as more customers embrace the cloud for more of their workloads, the varying requirements of these workloads can lead to trade-offs in cost versus performance, which defeats businesses’ main objectives when moving out of the data centre and into the cloud. As a result, customers need to understand a cloud provider’s overall capabilities early to avoid missed expectations in the future as it is clear that not all IaaS providers are the same.
So, as organisations embark on their ‘cloud now’ approach, they should undertake due diligence upfront to thoroughly consider their own requirements and what type of cloud IaaS provider will best meet their needs both now and in the years to come. Without a doubt we will see more organisations embracing agile working and digital technologies, now that they’ve witnessed a cloud-enabled workforce in action during COVID-19.
Volvo Buses continues to support the electromobility journey in Brussels with another 128 hybrid buses…
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Volvo Buses has received yet another major order for hybrid buses to operate in Brussels. The order for the 128 new buses was placed by STIB-MIVB, which provides public transport in the Belgian capital. In addition to the buses, the order encompasses options for servicing and maintenance for the traction chain and batteries.
The purchase of the 128 Volvo 7900 Hybrid buses takes place within the framework of an agreement that was awarded to Volvo Buses by STIB-MIVB in 2018. Since then, Volvo has delivered 110 hybrid buses for the Brussels public transport network. The first batch of vehicles is equipped with access to Volvo Buses’ fleet management system. The new batch of 128 buses will be delivered in 2021. The aim is to gradually convert the city’s entire vehicle fleet to electric propulsion.
“It’s very inspiring that Brussels and STIB-MIVB are continuing the development of a sustainable public transport system, even in these difficult times. Sustainability will continue to be high on the agenda for cities also going forward. We are of course immensely proud to be part of this development. Our hybrid buses is an important and versatile tool in the toolbox that is needed to create a sustainable and attractive urban transport system of the future. Thanks to our highly engaged and competent local service network, we ensure premium uptime and reliability and a strong customer support,” says Håkan Agnevall, President of Volvo Buses.
“The bus network in Brussels is developing rapidly along 2 complementary axes: energy transition at one hand and a major redesign of our routes as to further increase the public transport offer by almost 30% in a few months of time. The Volvo hybrid fleet is a major building block that enables STIB to leverage in this double challenge. Volvo developed in the 80’s and 90’s an excellent track record in Brussels with their B59 series, which enabled a major evolution in the service we offer to our passengers. We are happy to further develop our quality of service and reduce significantly our environmental footprint through the new Volvo 7900 Hybrid series,” says Renaud de Saint Moulin, Senior Vice President, Transport Systems at STIB-MIVB.
The Volvo 7900 Hybrid is propelled entirely by electricity, quietly and emission-free from standstill up to 20 km/h. At higher speeds a small diesel engine is automatically activated. The bus’s batteries are charged via the energy recovered during braking, so no charging infrastructure is required. Fuel consumption and CO2 emissions are 25–40 per cent lower than for a corresponding diesel bus. Particle and nitrogen oxide emissions are 50 per cent lower.
Research finds that just one in four UK workers want to go back to the office full-time…
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Okta, Inc. the leading independent provider of identity for the enterprise, today launched The New Workplace:Re-imagining Work After 2020 report, which highlights the technological and cultural challenges office workers are facing. The report also includes learnings for businesses to emerge from the COVID-19 pandemic stronger than before.
The research, which was conducted by YouGov, surveyed more than 2,000 office workers across the UK, also found stark differences between the impact this new way of working has had on London-based workers and workers throughout the rest of the country.
Productivity at home
Okta’s research found that despite a radical shift in the way we work, only 31% of respondents said their productivity levels had taken a hit. Of those that are thriving in the new work environment:
62% of respondents said the increase in flexibility had helped them to focus more on work
55% said their productivity levels were boosted due to the additional free time in their day
44% said that they had fewer distractions at home
There have been technology challenges associated with this shift in the way we work. While 60% of respondents said they have been able to access the software that they need to carry out their day-to-day duties, 24% of newly-remote workers said they couldn’t and were therefore unable to be productive from home at the beginning of the pandemic. 28% said their businesses had not equipped them with the necessary hardware, such as a laptop or a place to put it, in order to be able to work productively at home.
“The COVID-19 pandemic has forced us all to think and act differently”, said Jesper Frederiksen, VP and GM of EMEA, Okta. “Businesses have had to learn the hard way about the need to digitally transform to survive, and it is these learnings that will help us emerge from this crisis stronger.”
Security starts with trust
In the UK, only a third (32%) of respondents said they were completely confident that the working from home online security measures implemented by their employer would keep them safe from cyber-attacks.
This level of preparedness varies between sectors; while 57% respondents working in the IT industry trusted that their employer was “completely prepared” from a security point of view, just a quarter of those in the retail and education sectors had a similar level of confidence.
“Threat actors are actively using COVID-19 social engineering themes to try to take advantage of remote workers, health concerns, stimulus payments, trusted brands, and more. Initially Proofpoint’s threat intelligence team were seeing about one campaign a day worldwide, they’re now observing 3-4 each day,” said Richard Davis, International Cybersecurity Strategist, Proofpoint. “The idea of a shifted security perimeter is now everyone’s reality. Many organisations were forced to quickly spin up remote work environments and security tools to enable business continuity during this time. And while we’ve seen a lot of rapid success, for many this short-term firefighting approach isn’t sustainable” said Jesper. “As businesses look to securely enable a long-term remote workforce, they need a future-proof security framework, keeping their people, their data, and their infrastructure safe. That’s where zero trust comes in.”
The culture shock
To work productively at home, having the right technology is essential, but working conditions and company culture also impact employees’ remote experiences. UK workers miss many elements of the traditional office environment including:
More than half (57%) say they miss having in-person conversations with their co-workers
49% miss the relationships they have forged with those in the office
10% are missing the benefits provided by their company, such as free food and snacks and fitness classes
Interestingly, there were stark differences between London based workers and those in the rest of the UK. Some 54% said they missed having a separate work and living environment compared to just 34% of those living in the Midlands, along with 34% in Wales and 40% of those based in Scotland.
“We all work differently and the results of our study speak to that. Some people perform better if they avoid their twice daily commute and head to work in their distraction-free home office,” said Jesper Frederiksen, VP and GM of EMEA, Okta. “This is why businesses should look into introducing a dynamic hybrid of office and remote work, which means they can re-evaluate the traditional office space while providing employees with comparable benefits, flexibility, and experiential work environments in the location that best fits their needs.”
The survey reflects that this is what workers want, as just 24% of UK respondents said they want to return to the office full-time and 35% saying they’d prefer a flexible arrangement where they can work from home on a part-time basis. Other key stats:
Public vs Private Sector:
60% of employees in the public sector are typically required to work in an office five days a week, but only 29% of them would want to go back to this working routine. The good news is, it appears the public sector was well-prepared for a shift to remote working; 60% of employed staff had immediate access to the necessary hardware, with 67% having access to the required software.
By comparison, 54% of private sector employees surveyed said they were equipped with the right hardware, and 59% with the necessary software.
Regional Differences:
There were stark differences between London-based workers and those in the rest of the UK. In London, 54% said they missed having a separate work and living environment compared to just 34% of those living in the Midlands, along with 34% in Wales and 40% of those based in Scotland.
Working Hours:
Almost 40% of respondents said that despite their new freedom they were working the same hours as normal, with a further 20% working longer hours than they would in the office.
Trust:
64% of UK respondents said that they think that the perception of employees not doing enough work from home has improved.
Virtual Meetings:
The majority of UK respondents, many of whom are also adopting this technology to stay in touch with friends and family, said they were completely comfortable with virtual meetings, with just 5% saying they were not comfortable at all.
About Okta
Okta is the leading independent provider of identity for the enterprise. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With over 6,500 pre-built integrations to applications and infrastructure providers, Okta customers can easily and securely use the best technologies for their business. Over 7,950 organizations, including 20th Century Fox, JetBlue, Nordstrom, Slack, Teach for America and Twilio, trust Okta to help protect the identities of their workforces and customers.
Best practices to help with the mental challenges associated with leading or owning a business during COVID-19…
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Mental Health Awareness Week 2020. The week, organised by the Mental Health Foundation, focuses on a different subject each year, with this year focusing on kindness. This MHAW is unlike any other, with millions of people at home on furlough, thousands out of employment and many unable to visit family members. For businesses, this a particularly stressful period, with a quarter of small companies expected to fold during the COVID-19 period.
Because of this, Reece Tomlinson, CEO and founder of RWT Growth, the corporate advisory firm for the global SME arena, has given his advice to business owners and leaders this MHAW2020.
Reece said, “As someone who has led a company during a period of major turmoil and advised on numerous turnarounds, I know how this feels. I was the CEO and owner of a company that had its largest customer default on millions of dollars of payments, amounting to more than 50% of the company’s annual sales. Without question, it was the most stressful time in my life. During this time, I experienced the real lows of being an entrepreneur and the mental fatigue that comes with large scale uncertainty. What I learned from that experience and have since learned after working with clients in similar situations are best practices to follow to ensure that one can remain mentally healthy and strong during times of extreme business hardship.
Here are some best practices to help with the mental challenges associated with leading or owning a business during COVID-19:
1. Separate Failure and Disappointment from oneself
Too many entrepreneurs have their self-worth tied to their companies. Their company and its success (or lack thereof) seem to define them, which is neither healthy nor admirable. And so, it is important to remember that the challenges entrepreneurs and leaders face in business do not define who they are as human beings. It may be something of great passion; however, it does not define one’s value and worth. Too many leaders and entrepreneurs forget this.
2. Act with Integrity and Compassion
Act in a manner that you would be proud of, regardless of whether the business succeeds, gets by or fails during this time. Regardless of the outcome, you will be glad that you acted with integrity and compassion to those around you, those you lead and those you deal with. With this MHAWfocusing on kindness, this should be implemented more so than ever before.
3. Show Restraint
During periods of crisis, it is quintessentially important that leaders stay calm and controlled. A calm and controlled leader will bring calm energy to the team. They will be able to remain collected when the situation proves stressful, unknown and even frightening. When a leader can remain calm and collected, it will equate to better decision making and ultimately an increased control of the situation.
Staying calm and collected as a leader is easier said than done. It requires one to change their mindset from being reactive to proactive and from being apprehensive to that of control. Here are a few things I suggest that can assist with this:
4. Develop a Clear Path Forward
When times are good, it is common for a leader to be working on several different strategic priorities simultaneously. In times of a crisis, the strategy must be narrower. One or two priorities at max. The path forward should be clear, concise and simple to follow. Now more than ever it is imperative that one knows where they are going and how they are going to get there.
5. Workout
Working out and staying active is quite possibly the best way to reduce stress and stay mentally sharp. This is particularly true when times are challenging and stressful. Exercise helps the body boost its levels of endorphins, which helps improve one’s mood and reduces stress. From experience, exercising is critical for managing the stress of leading a business in times of crisis.
6. Meditate
Meditating can help reduce stress by slowing brainwaves, which assists in remaining calm, peaceful and present. Meditating can be done throughout the day and is highly effective.
7. View this as an Opportunity
COVID-19 is impacting the majority of SMEs in the same devastating manner. Whilst this is a sobering thought it is also a tremendous opportunity to outperform the general market and others in similar leadership positions.
What this means is that entrepreneurs and leaders can use this time to make strategic changes, focus on implementing lasting strategic initiatives and be the leader that they know they can be. COVID-19 will prove to be devastating for some and a time of substantial growth for others. If we compare COVID-19 to the great depression, it is important to remember that more millionaires were made during this time than any other time in history.”
Financial services organisations are trusted with far more than just money; they’re also responsible for keeping customers’ highly sensitive personal and financial data under lock and key. We’re hyper-aware that the growing value of this data means financial organisations are prime targets for cyberattacks – but this isn’t the only threat they face.
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In fact, not a day passes without these firms’ own employees putting data at risk from within, says Tony Pepper, CEO. Egress…
You might think that, when it comes to reducing overall breach risk, employees represent low-hanging fruit – surely it is easier to control the actions of a company’s own team members than it is to defend against external attackers? However, this not the reality experienced by financial firms worldwide. While external attackers are always motivated by malicious intent, the employee population is far more heterogenous and, in a sense, much more human. This makes understanding and mitigating insider risk a more nuanced exercise. Just because it is difficult, however, doesn’t mean it is impossible. It’s crucial that financial services companies shift the dial on insider risk and reduce breach frequency, because the penalties for failing to do so are becoming increasingly draconian and the repercussions from customers much more severe.
The recent Egress Insider Breach Survey aimed to understand the different attitudes towards data sharing and ownership among employees in financial services companies and the approaches that IT leaders in the sector are taking to managing insider breach risk.
We found a whole range of diverse profiles of people who put sensitive financial data at risk for very different, but very human, reasons. Some need monitoring to keep their less-than-honest traits from getting the better of them, while others need a helping hand to save them from making genuine, well-meaning mistakes. And across all respondents, we also found confusion over who really owns data, contributing to the more cavalier attitudes displayed by some.
Deliberate “data breachers” – from well-intentioned but reckless to disaffected and destructive
Our study found that the financial services sector has more than its fair share of deliberate “data breachers”. Of the thousand employees we questioned, almost a third (32%) said they or a colleague had intentionally broken company policy when sharing or removing information in the past year. This compares with just 15% of healthcare workers and 11% of government sector employees.
The reasons given for this deliberate flouting of security policy varied. One-third said they were simply trying to get their job done but didn’t have the appropriate tools to share data safely. On the face of it we might have some sympathy with those employees, but would consumers and businesses want to bank with those firms?
It’s more difficult to be sympathetic with those motivated by self-gain, including the 41% who took data with them because they were moving to a new job. And we have even less sympathy for the 15% who compromised data because they were angry with the company and wanted to deliberately cause harm.
Operator error – mobile, tired, under pressure
Even with their firm’s best interests at heart, employees still make mistakes. 30% of financial sector workers said they or a colleague had caused an accidental data breach in the past year – again more than twice as many as their public sector counterparts. A third had sent an email to the wrong person and a further third had clicked on a link in a phishing email.
Their reasons behind these breaches varied from the pressure of working in a stressful environment, to tiredness and rushing. A significant proportion, however, said they made an error due to using a mobile device – and given the current requirement for mobile remote working during this COVID-19 pandemic, this is a definite cause for concern.
Breach detection gaps and technology limitations
Next, we examined what IT leaders in the sector have in place to mitigate insider breach risk. Concerningly, 60% said the most likely way they would discover an insider data breach was via internal hand-raiser reporting by either the employee themselves or a colleague. Only one third felt that their breach detection systems would pick up the issue.
In a similar vein, traditional data protection technology use was surprisingly inconsistent across financial firms. Email encryption, anti-malware and secure collaboration software were in use by fewer than half of financial sector companies. Again, raising the question whether consumers and businesses would be willing to trust their data to financial firms if they knew they didn’t have systems in place to protect it.
So, why is this the case? From the data we uncovered, it seems as though organisations are resigned to a proportion of insider breach incidents occurring, accepting them as an inevitable result of doing business and employing people. But this doesn’t need to be the case. It is possible to apply human layer security solutions to mitigate these risk factors and make a positive impact on breach frequency figures.
Human layer security – a helping hand and a watchful eye
Take the issue of rushing or tiredness. This can lead to users adding the wrong recipients to emails or failing to spot the subtle changes in familiar email addresses that denote targeted phishing attempts. This risk can be overcome with tools that use contextual machine learning to analyse what the good security behaviour looks like for each user and support them with alerts that tell them they’ve added an unusual recipient to an email, or that they are about to answer a phishing email. A small prompt is all these users need to stop them from making an error and causing a data breach.
Similarly, when using mobile devices with smaller screens, it is very easy to choose the wrong attachment and send sensitive data outside the organisation to the wrong recipient or to the right person unprotected. If an employee is less than honest, our always-on, constantly connected culture also enables them to deliberately do so too. However, it is possible to stop these incidents with an intelligent solution that scans email and attachment content and identifies data such as personally identifiable information (PII) or bank account details to alert users that they are about to send information to an unauthorised recipient, or without the correct level of encryption applied. If the user persists, the risky email can be blocked from being sent and administrators alerted to a potentially intentional attempt to breach data, so they can respond accordingly.
Ultimately, the most effective way to address human-activated threats to security is by implementing tools that support and manage users when they are at their most humanly vulnerable; tired, rushing, under pressure, angry or self-interested. As our research and wider evidence shows, the financial services sector is more than averagely vulnerable to insider data breaches, meaning human layer security must be a priority for IT leaders in the field if they hope to reduce breach frequency and keep sensitive data firmly in the vault.
Lockdown has taken its toll on both individuals and businesses, and many of us are feeling eager to return to…
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Lockdown has taken its toll on both individuals and businesses, and many of us are feeling eager to return to normal, or at least a ‘new normal’. Since the Covid-19 lockdown, research shows that approximately 60 per cent of the UK’s adult population are now working from home, a transition that has been essential, yet difficult for many.
So, what happens when lockdown restrictions are lifted, and businesses have an opportunity to get back up and running? The government is set to release a series of papers which will outline its approach and advise businesses on how to return to work safely. Even with government regulations in place however, it will be up to you to go above and beyond for your employees and create an office environment that is safe, hygiene-focussed, and considerate of mental health needs.
In relation to a safe return of the workforce, Gary Peeling, Chief Executive Officer at Where The Trade Buys, said: “With shared spaces gradually reopening, businesses such as retail outlets, offices, factories, and schools will require numerous health and safety products to ensure the safeguarding of their staff, customers, and students. Before doors can reopen, careful planning will be needed in order to put the necessary protective equipment in place and enhance health and safety measures before employees return to the workplace.”
With this in mind, here are ten ways to ensure that your return to the workplace is smooth, safe, and positive:
Closely monitor government guidelines
As an employer, it is up to you to stay on top of all the recent information and act accordingly. Remember, even when government says it’s possible to return to work, that doesn’t mean you necessarily have to. Take in all the official guidance available to you and make a carefully-considered decision based upon your business and your employees’ needs.
Install social distancing floor stickers
When you do reopen the office, social distancing is going to be a challenge. According to the BBC, the “principles may not necessarily insist that workers strictly observe a two-metre social distancing rule”. However, where possible, you should try to adhere to social distancing in any way you can. Tools such as social distancing floor stickers make this a little easier — offering your employees guidance and reassurance that they are not getting too close to one another.
Implement a one-way system in the office
Another way to implement social distancing efforts in the office is to encourage a one-way system. If you have to ways in and out of your building, consider how these could be utilised so that your staff aren’t risking close physical contact.
Provide hand sanitisers and other cleanliness reminders
Cleanliness is key, and you need to up your hygiene procedures as much as possible. As you were most likely doing before the full lockdown came into place, encourage thorough handwashing, provide hand sanitisers wherever possible, and install health and safety posters as regular reminders around the office.
Make sure you’ve done a deep clean before you reopen
Before you open your doors once more and endeavour to return to ‘business as normal’, try to create as clean and hygienic a space as possible. Not only will starting on a fresh slate create a safer environment, but it will show your employers that you’re taking health and safety precautions with the utmost seriousness.
Provide your employees with PPE equipment is appropriate
If you want to go the extra mile, provide your employees with PPE equipment such as face masks and gloves. Depending on the environment you’re working in, fabric facemasks might also do the job.
Consider staff who use public transport or visit other premises
The previous point is especially applicable for staff members who use public transport to get into the office or those who have to visit various premises due to their role. Make sure you’re listening to the needs of each individual staff member so that you can provide extra support to those who might be more at risk.
Conduct one to one ‘back to work’ meetings
Managers should conduct one-to-one meetings with each staff member to make sure they feel supported and listened to. Chances are, each employee has had a completely different lockdown experience — some may have been working from home throughout with 100 per cent pay, whereas some may have been furloughed and faced financial stress or anxiety related to other issues. The only way you’ll be able to offer the support each staff member needs is to take the time to understand their needs individually.
Offer mental health support
In addition to these back-to-work meetings, you should make sure your workforce has access to ongoing mental health support. Each member of staff will likely have felt the impact of this crisis, and whether that has manifested itself in health anxiety, financial concern, or loneliness, you must show them that the company is there for them to provide ongoing emotional support. For more information and guidance, consult the resources available at Mind UK.
Wherever possible, make it optional
Finally, take into consideration that each staff member will be in a unique position, and for some, remote working might still be a safer and more productive option. Your employees will appreciate your flexibility and the fact that you are reviewing everyone’s circumstances individually. After all, if you’re a business that can work as productively online, it makes sense to allow people to continue doing so until they feel safe and confident to return to work.
Currently, it’s impossible to predict when you’ll be able to resume ‘business as usual’. Until then, carry on supporting your employees as best you can. When the moment to return to work finally does come however, take all the precautions you can in order to create a happy, healthy, and productive workplace dynamic.
Gary Peeling, CEO at Where The Trade Buys.This article was researched by UK print company Where The Trade Buys, currently producing PPE for UK workplaces, education spaces, shops, the NHS and more. The company has also been involved in manufacturing face visors for NHS essential workers in the fight against Covid-19.
Pat Lynes, Founder & CEO at S&S, explores how the concept of transformation has redefined the workforce economy
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Tell us about your background and your career journey prior to S&S…
It started off with telco recruitment, working with some of the big ISP brands in the UK when there was that Internet Service Provider explosion, so I worked with the EZ net board to help them build their capability to try and make a mark in the UK. Of course it did quite successfully, and then Sky bought them out and then that turned into a big integration point programme which I resourced. Fundamentally at the heart of it was always speaking to boards, finding opportunities and problems and then connecting groups of people to solve those problems but with a recruitment angle on it.
Where did S&S come intothe equation?
I was privileged to be headhunted to come over and work for a guy called Simon Fosse. There were four of us around the table. We wanted to do something fundamentally different in the market. We are a collection of senior knowledge workers and senior recruitment. So over a sort of six and a half year period, I grew that particular business, from scratch to an eight figure revenue business and we did really well. We work with boards and help people like Burberry become a digital first organisation, working alongside their CIO and putting in different project teams to deliver their digital programmes. And I love it. That’s exactly what I love doing and I think towards the back end of that
I started to fall out of love with traditional recruitment. I think that the actual model is getting disintermediated. What I was seeing in the market is what not a lot of people are talking about right now, which is this jobs revolution at the senior end of the market.
So a lot of people talk about the gig economy, and the sort of low end of the gig economy. But there’s absolutely this explosion around this expert revolution, this interim revolution of executives and senior knowledge workers leaving the permanent world to trade via their IP and value and building a service around that and becoming independent experts. So I kind of saw a few things intersecting at once, which was this interim revolution of senior knowledge workers becoming independent experts coming into the market. That’s how I’ve always been successful in my career serving that market.
The other thing was management consulting fatigue. So if you look at the traditional route to getting consulting advisory and then delivery of big programmes or big digital transformation probes, people traditionally went for the Big Four or the Big 10. And I think fundamentally now what we’re finding is a lot of people are starting to back off from using those channels for a number of reasons. So I kind of had this idea in my mind of what if I brought all of the experts I’ve used over the years into a community based approach to consulting and working with clients. Could it be a challenger service provider to some of the Big Four, the Big 10, larger consulting providers? So it really came from that spirit of uniting my network already into a services business to fundamentally help organisations transform. I’m pleased to say we’re just out of year three coming into year four. We’ve gone from strength to strength and we’ve really hit a tone in the market
What has changed over the course of your career?
Earlier in my career, transformation was synonymous with a multi-year Big Bang approach. I think the thing that we see around the way that transformation is being perceived is that there’s a lot of fatigue about that kind of word these days. When I go into these big businesses, if you say the word transformation, you can just see the fatigue on their face, or they’ve been through so many different transformations.
I think the word transformation is just overused. People might be putting the data centre into a cloud, they call it transformation. They might be doing a desktop refresh, they’re calling a transformation. I think the word transformation probably needs to be retired. But back in the decade of 2000 to 2010 transformations were big, multi-year things where benefits were not derived until three or four years down the line. I saw a lot of businesses that would spend and invest so much money in those big initiatives for it not to work or to not deliver the intended benefits to the board. I think when you look at the decade that came after the first decade of this century, you only need to see the gradual shift in pace. One is the aggressive shift in customer preferences, the unforgiving landscape in business now. If you look at the shift from the first decade, if you said that Toys R Us or Blockbuster would be obsolete in the last decade, you’d have probably laughed. You’d have probably laughed if we said Thomas Cook would be obsolete at the end of the last decade. The other high profile casualty Carillion from a b2b perspective and more recently with Mothercare. I think the trend was absolutely more long term programmes and long term transformation.
S&S was formed based on this shift, where businesses need to break that down into manageable chunks to keep the business invigorated and aligned and onpoint, where you can actually deliver the sum of a transformation every 90 days by incremental bits of value, that give business benefit to the board, the customers, the internal stakeholders, etc.
The other shift focuses on talent and the changing work in preferences. There was this big thing to build huge permanent workforces. I don’t get that anymore. I just don’t get why you want to own your talent. Is the word permanent? Should that be retired? What does permanent actually mean? I think the new generation coming through doesn’t want to be permanent. Millennials don’t want to be permanent. The generation after that are now starting to want to become executive gigs or you know, experts where they want to have a fractional relationship with their work, they want to do gigs and fluid gigs and go into organisations and not get caught up with the company political drag and just trade value and do the stuff that they love. So they’re starting to design work around what they love doing. Baby boomers are just realising that I don’t want to retire. I think this changing workforce, this changing opportunity, this changing landscape that’s going around from the industrial way of working to the future of work is really going to accelerate this decade.
When I started, no one really designed anything around the customer. Now the companies that are winning are designing everything around the customer. You hear of great examples like giffgaff using the power of the crowd to get iterations and feedback on their products and services. So using the network effect to enhance and build their products and services right in the sweet spot of what the customer wants.
When I designed S&S I resigned from my former company and resigned as a board director. I spent three months interviewing my executive network, just asking about the current state of affairs and looking to get a capability. What do you like? What don’t you like? What frustrates you? If you had a magic wand, what would be the ideal solution? When I launched the business, the first products programme in a box that we were bringing to market was programme management in a box where we come and deliver the outcome – and we tested it first. My network said they didn’t really see themselves on that path – a commodity. I got the feedback, tweaked it and then came back with ‘teams as a service’. Teams have interim experts designed around an outcome or a problem. So it’s a mission based team to be deployed into an organisation to help them have an innovation capability. Help them have an incumbent change capability, so they can constantly reinvent themselves, turn around a failing programme, align the board, etc.
How does anyone go about defining digital transformation?
Transformation again, is synonymous with trying to transform a legacy laden organisation. So it’s an organisation that probably on the whole was born in the last century. So they’re geared for the Industrial Revolution. They’ve got higher hierarchies. They’ve got an obscene amount of technical debt, they’ve got a vendor lock in with some of the big guys and the big software packages. They’ve got legacy people skills and people in roles that might have been there for a bit too long and legacy leadership and on the whole that causes a lot of ambiguity and confusion. They’re trying to transform soup to nuts in an organisation born in the last century and decentralise it to an organisation that’s fit for purpose or designed around products and services with business agility in the core. This is incredibly hard. Some of the traditional consultancies will go in and sell you a playbook that might work in one of your competitors. But when it’s actually shoved into organisation it will not work because you’ve got cultural nuances and other nuances that are just difficult to decipher unless you’re in there and you’re trying to really get to the bottom of what’s going on.
So invariably, what we see is the older ways of consulting have not solved this problem. Because if they had done, we wouldn’t be having all these companies that are starting to die, or starting to have consecutive years of declining revenues.
Problem number one in organisations is often that the boards are under so much pressure, they’ve got so much operational drag on their time. They might have city pressures. They’ve got issues going on in their business. They’ve got failures, they’ve got burning platforms and they’ve got people issues with miscommunications going on and people leaving people joining. I could go on and, and that’s actually really hard for that level of executive to actually get some time to think about where our business should go.
We start off with getting executive groups to stop and we bring them into our workshop environment. What does the future look like for your business? Do you have the right strategy? What does the customer of your future look like? Where would you like your company to be in three or five years? What does it look like? What does it feel like? How are your customers? How are your people feeling? How do you constantly iterate in accordance to market conditions? What kind of talent have you got? What is the baggage in the old company that you never want to have again?
It’s a concept of reverse engin eering the future rather than trying to fix the past? What I find with transformations these days is that a lot of them are trying to fix the past before they can even get to the future and by then they’ve lost two or three or four years and they’ve actually got no value into the business and they’ve wasted a lot of money. The organisation is completely fatigued with transformation and change. They don’t actually have a muscle in the business of how to change after they’ve done it, because they’ve been heavily reliant on the management consulting drug. We try to turn all of that stuff upside down and actually get them to think. So if there is a discovery process, we have our IP of how we do it. At the end, there is a point of view, a solution, a roadmap and a way.
It’s getting them to come together and go through that process. They’ve all got equity in that process and they all feel like it’s their idea, because eventually, invariably it is and we’re adding points of views. We’re adding expertise and we’re facilitating. We also find that’s what actually gets the board and the leadership teams aligned. If I think about some of the problems I see in transformation, digital transformation, business transformation, it might not be the right strategy, the board might not be aligned. We’ve seen it before we get sponsored to go in somewhere and then the sponsorship dies. So the business doesn’t follow through on it. But if you get the board aligned with the right strategy for the right transformation, get them ready for change, execute outcomes every 90 days – then everyone in the business starts to get confidence that it’s moving in the right direction and can visualise the work around the organisation.
Long gone are the days where you’ve got racks and racks of people where no one’s talking to each other. As a recruiter, you could imagine that I’ve been into thousands and thousands of businesses and most people are dead behind the eyes in the middle of the company. They’re just coming in doing their nine to five, tapping their keyboard, doing a bit of work, finding a bit of politics and falling out with someone. It’s not all doom and gloom on the whole in my experience but there’s a lot of bloated organisations where it is like that. There’s too many people doing too many things. They’re not talking to each other, and then they’re not collaborating. We find if you visualise the work at board and leadership level, and bring the work to the people, and carbonise everything so you’ve got a flow of work going through and there’s collaboration and cross functional teaming that’s delivering value to a customer. Then you have a cross functional team delivering value to an internal customer, cross functional teaming, where the execs and the leaders are working with the staff, and you really get the whole organisation aligned to get into their intended state.
I have business coaches, and I’ve had life coaches before, so I’m probably the product of coaching. I made a decision when I was 28 to just try and be someone of growth and be an individual who has a growth mindset and I don’t know all the answers and I need help. I need to be on the hook sometimes for improvement and to sustain some of the gains that I’ve made. So why don’t we have that in companies? We’re starting to see now where we’ll put a board coach alongside the board. We have enterprise coaches, we put across the leadership teams can bang coaches and agile coaches and flow coaches working with the organisation. So it’s that kind of coaching concept that we see in the individual market coming into the business world and I’m a massive advocate of it.
It starts to bring in the concept of continuous improvement and continuous reinvention. And knowing that your last 90 days isn’t gonna be as good as your next 90 days, in terms of you as an individual or you as the business and in terms of how close you are to the customer in terms of the health of the organisation.
Paul Bailo, PhD, MBA with a clinical degree in social work is a graduate professor at Columbia University and an executive working on combining digital transformation, digital strategy and data analytics into one powerful solution.
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How would you describe your work?
I like to say 90% of my job is saying no in a very nice way (ha ha) so organisations really get to the point very quickly and understand new models in this digital world. Because what has worked in the past, will not necessarily work in the future. It is a completely different paradigm with organisations in the financial world. And in the insurance world and in the government, and in fintech and banking. They all need to actually start thinking differently. My world is really like a Venn diagram, where I have my academic Columbia University educational world, where I’m pushing really hard trying to build a future data scientist. And my executive world, where I’m trying to educate executives and help them with their corporations and companies to be more effective.
How would you describe a digital transformation?
I think we first have to define digital for a company. And I think digital really is that heart of why a company exists, and what really matters. And it’s really not about the company, but it’s how you perceive the client you’re working for. And how do you make that customer experience greater in a very transformational stage. Looking at that customer journey, and how you make the person’s life easier, simpler and better. Because I think when you start talking about digital and digital transformation, I think everyone has a different definition of it. Neither are they right, neither are they wrong. I think it really comes down to the customer, and how you use digital. And when I say digital, I mean digital data, innovation, transformation, pushing forward in order to help organisations make unbelievable customer experiences, which then makes a happy customer, which then allows the organisation to build a loyalty bond with that customer and then drive revenue. My fundamental belief is, feelings drive actions, actions drive productivity, productivity will drive revenue. And if you don’t have a happy customer then the whole system falls apart. How do you look at data digital transformation to make your customers’ lives a hundred times better?
The customer journey has become a massive buzzword in recent years and certainly influences many digital transformations…
Oh yeah. Andrew, you make a really good point. It’s all about the competition, but it’s all about the new people, your new customers. I mean you have millennials, and young people and they are transforming every industry on earth. They’re not putting up with things that maybe you and I would put up with. The minute they don’t like something, they’re gone. One extra click, one extra step. And also, if the companies aren’t loyal in making their lives easier for them, they’re gone. When you look at the data, millennials hate banks and insurance companies. It’s terrible. They would rather bank at Google, Yahoo or Facebook to have a greater allegiance to the tech companies than the traditional banking corporations. When you look at the data, these large monolithic companies aren’t really engaging in the digital arena with these digital natives. Their customer base is dying off rapidly. And the only way you’re really going to get them back is to really understand that customer and how you make their lives easier.
So legacy institutions need to start being less risk averse?
Yeah, definitely. You’re better off making a wrong move than no move. Right? You’re going to have to start thinking about it. I think you really have to start thinking about this idea of a digital leader. And the first idea is that a digital leader is a human being. And how do you make someone’s life easier and better? But now I think you have to make sure these organisations have a culture that’s really supporting this idea of digital transformation throughout the enterprise. Sometimes you may have the will and you want to have the skill. So if you have the will you could always buy the skill or get the skill, to understand the version of a digital leader and what is it going to take to mastermind this cultural transformation. Or you have the skill, and don’t have the will. And that’s what I see a lot of, where people just don’t want to do this. Because the world is tough and most people don’t want to change. And we’re talking about a fundamental paradigm shift in the thinking of how most organisations behave. If you take banks, imagine you grew up in a bank, you spent 20 years at a bank and now you’re saying why are you even building a branch? This morning, I went to the bank four times today, I never even left my office. I don’t think this idea of a bank and branches exists today. You don’t need branches to do what you need to do. And these are fundamental paradigm shifts that have to occur in the world. And millennials, mobile technology, 5G… I mean the world is shifting drastically. And the underlying business models don’t hold true anymore. The things my parents told me to do, or not do, are exactly the opposite of what people do today. My mom would say, “Hey Paul, don’t go into a stranger’s car.” And what do we do now, we use Uber and Lyft and we go into strangers’ cars. “Don’t stay at a strangers house.” What do we do now, you have Air B&B. The models have shifted drastically.
How important is the customer journey and trust?
Make it easy for the customer, and then behave in a proper manner, and then actually build the trust and be transparent. Look, you don’t have to be all things to all customers. And if you can’t do what you want them to do, the fair answer is we don’t do that. It’s just simple, just don’t do it. If you’re looking for an electrician and you’re a plumber, don’t try to be an electrician. You’re just going to get yourself electrocuted. It doesn’t pay.
Talk to me a little about your ideal digital leader…
When you start thinking about digital transformation, it’s about having the right digital leader, and having a digital leader who’s actually human. You have to understand human behaviour and embrace that, and then make a bridge between human behaviour and the digital world, that’s the first thing. The digital leader has to be this visionary. You can’t just have these ideas of where you want an organisation to be, you want them to be able to share. And grab people in the organisation to share this vision, and this belief and get people excited about it. To actually feel and taste this vision of digital. And then you have to walk the talk. You can’t just be saying, “Here’s the vision, let’s go do this.” You have to show people, and you have to define it for the organisations. And what does it really mean for people in the organisation to be a digital organisation. American Express had this model and behaviours of what they wanted for an executive and this was transcended down to every person. This is what it looks like, this is the behaviour. This is what the digital leader has to do in order to transform and get a company ready for digital transformation. And when we talk about transformation, it’s really rooted in this idea of change.
And change is really one of the hardest things in the world do…
But the funny this about digital transformation/change, is we change every minute, every day. Change is a constant in our lives, but we sort of deflect it, and we’re afraid of it, as opposed to embracing it. Obviously within leadership you have to be a change agent and understand that this is not going to be easy, and don’t sugarcoat it. You have to be with the people, understand the people and hear them out. Make sure you have their heart, minds, and souls, and then build that plan, build that vision. Share in that. Talk the talk, walk the talk. And then really inspire people and make sure that you’re holding hands and walking forward together in the dark. The simple task of harnessing this brain power, and then winding people up and letting them go is so important. Why are you hiring really good people if you’re not going to really trust them and let them do their thing.
Leadership is so important isn’t it?
Yeah, you have to be bold and get a person who sees the company differently and who has the experience as a digital leader and understands human behaviour, innovation, technology and the customer experience. And that could lead and change the organization. You have to be a change agent. If you’ve been in the company 20 years, you’re going to think a certain way. And that’s the same way you always have. You have to radically change the way you’re thinking, and deal with the fact that this will not be easy. And be clear in terms of what you want. The DNA of digital has to be part of everyone’s mindset in order to make this work. Digital’s in the corner right there. And then you have technology in the corner over there. And then you have marketing over there. They all have to be digital. They all have to be under one roof and playing the same game. And having the right objectives is integral and identifying what those objectives are. Is it the enhancement of the customer experience? Is it digital transformation business processes? Is it the simplification of a service management system? Is it the optimisation of infrastructure? Is it the insights and the analytics that will drive competitive advantage? You really have to focus in on what you’re trying to do. You can’t just paint with a broad brush; you have to have these identifiable objectives attached to your long-term vision in order to transform these organisations. The elephant in the room here, is of course, the technology… You really want to make sure you have the right technology in order to enable this transformation. And what I’ve see a lot of times, is that people are selecting the wrong technology stack. I think a lot of it has to do with the fear of change and the fear of failing. Failure is critical piece that you have to embrace. Because you will fail, you’re going to have problems, this stuff’s not easy. The quicker you can embrace this, the quicker you can get over it, and move the organisation forward.
Interface Magazine talks to Vladimir Arshinov, IT Director at steel producer SIJ Group regarding the company’s massive digital transformation
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Going into 2017, SIJ Group (Slovenian Steel Group) – Slovenia’s biggest steel producer and one of the largest manufacturers of stainless and special steels in Europe had typical IT structure with semi-independent IT departments on each plant. And like many modern enterprises, SIJ was at work drafting a strategy to transform its operations, systems and processes into a more unified structure in a bid to improve productivity, safety and the all-important bottom line.
Vladimir Arshinov is SIJ’s IT
Director and his initial focus in 2017 was trained on the digital
transformation of SIJ’s IT department to a more transparent organization with a
clear workflow. Previously, IT was a department of innovation with each individual
plant having its own independent function, none of which connected with each
other, often across varying geographies. “This meant that lots of efforts were wasted
solving the same issues with different solutions,” Arshinov reveals.
At the end of 2017, SIJ
established a Project Management Office. PMBOK was selected as a master
methodology and the Head of PMO received PMP certification and developed
internal regulation documents, rules and methodology. After finalizing the
initial establishment phase, hiring project managers and the organization of
the operational work, SIJ came to the conclusion that to raise the scope and
complexity of the projects program, they needed a tool. The MS Project
Management Server was duly selected and implemented allowing SIJ to simplify
observation of the progress of projects and control, while ultimately reducing
duration. Project team meetings were almost eliminated, and the distribution,
control and execution of project tasks, were assigned to the project team
members who managed and controlled projects including budget consumption. Each
project member would then be measured for effectiveness.
Turning the IT department
into a leaner function was a massive first step for SIJ as it needed a firm
foundation upon which all future innovation could sit. And so, the next step in
SIJ’s internal IT transformation was aimed at the most sensitive and critical
area: software development. As with many metallurgical companies SIJ had a bulk
of different IT systems, which were supplied or developed in the past and had
to be either permanently supported, or, due to the business requirements,
changed. One concern with the legacy system was the reliance on locally based
productive software developer engineers developing new solutions and then,
after, supporting them, resulting in a massive drop in development speed, as
development and the subsequent support increased. This situation was causing
overloading, burnout and frustration, triggering a desire to change something;
sometimes resulting in employer change. However, SIJ IT considers people as its
major asset and were determined to break the vicious circle of “one system
– one person – forever”.
“What we did from an organizational point of view was to unify all geographically distributed developers from 4 different companies into the several virtual groups in each department,” Arshinov explains. “Each group has a Team Leader role, who assigns tasks to the group members and controls the execution of each individual task.”
Development
at SIJ is now organised according to an agile approach using scrum boards and
Microsoft Project Server to control all the time sheets of the people involved
in the projects, plus their schedules and budgets. SIJ uses
Microsoft Azure DevOps Server for unified storage of inter-company source code
and Change Request Scrum board monitoring and control. Process and technical
solutions now allow SIJ to involve external software development partners into
the development process while controlling their activities, deliverables and
costs. Developers can now use the Azure DevOps Server
with the scrum board and are now able to register change requests in their
system by themselves, where they see the progress of all individual change
requests coming through the process with the integration of the IT Director
informing the exchange and updating the status of the task development.
In October 2019 SIJ revamped
and migrated its Corporate Business Intelligence system to a new MicroStategy
platform. The project took six months and provided SIJ with an extensive
corporate Business Intelligence system with more than 180 different dashboards
covering production, finance, sales, procurement, HR, Legal and investment
functional areas. The overwhelming majority of the data now uploads
automatically and the business intelligence tool has
created a unified reporting system across the group utilizing the same source
of data in order to integrate it. “There was huge involvement of the business
customers with Oracle BI and this year, we moved to this new platform,”
Arshinov explains. “The front end of the system was changed (from Oracle BI) to
MicroStrategy for usability and a unified interface. Now, SIJ has a system that
looks the same no matter the device it’s accessed from. This project allows us
to organize and develop the team that tests the trial usage and develops the
processes of the PMO (Project Management Office) inside the IT function.”
The BI System contains the
entire spectrum of corporate data and allows SIJ to move quickly and
transparently when taking a management decision, while reducing the number of
mistakes, misunderstandings and time-consuming meetings.
The next system to be unified across the group was the Salesforce CRM system, which is now fully integrated. Then, an Oracle supplier portal followed, which opened the possibility of organizing tenders, thus massively simplifying the purchasing process. Oracle Innovation Management is another successful implementation, which, although a relatively small project, has had a big influence on the business transformation and innovation through increased flexibility. “It is also used to motivate people to suggest improvements and new innovative ideas,” he says.
So,
what have been the major successes, according to Arshinov, following the
ongoing digital transformation at SIJ? “The main difference between now and
then was that each individual company was living alone, and I see now that the
IT function in this case is unifying the people and allowing them to speak in a
single language. It doesn’t matter if it’s a steel center or a big plant,” he
explains. Costs have been dramatically reduced too, outsourcing being a prime
example. In 2016, SIJ was spending more than 70%
annual budget for operational external services.
For 2020, that part of budget reduced to 40%. Meanwhile, the capital investments part of the
budget has grown from 4% in 2016 to 56% in 2020.
The
implementation of a Supply Chain Planning system (from Quintiq) incorporating
the Oracle Business Suite, has improved the delivery, safety and performance of
SIJ’s plants. “We improved Delivery Performance OTIFF (on time and in full) of
a stainless steel plant by 12.8% in six months,” he enthuses. “And we shortened
the production cycle by 15,4% from ordering to shipping, which is a brilliant
result within six months of going live.”
In
SIJ Matal Ravne has replaced the melt shop technology system and entire plant
manufacturing execution system to replace the obsolete legacy system – which
had zero planning functionality – with PSI Metals. “First of all, we’re increasing the level of understanding
and the knowledge of the internal IT team, while dramatically decreasing
project cost by involving internal specialists into the supplier team. That
allows us to save several hundred thousand Euros of project budget and it’s a
win-win situation for the supplier as well. First of all, the supplier is
receiving our team, which knows the production and the limitations and has
extensive inside knowledge. At the end of the day, the commercial value, in
this case, is the cheaper price. Cheaper than anybody else is able to receive.”
Another
and no less important project for Sij Metal Ravne is the joint development work
with Comtrade Laboratory Information Management System (LIMS). Laboratories in
metallurgy companies are complicated and highly demanding environments with
unique processes required for quality control of all products and this solution
covers and improves core laboratory processes and will be highly integrated
with the PSI manufacturing execution system from one side and Oracle ERP on the
other.
Through this massive digital transformation, SIJ has also managed to increase quality control through sophisticated AI, which has massively impacted its operations. The acquisition of scrap metal, a major influence on SIJ’s bottom line, can now be influenced through advanced detection systems that can detect impurities, thus representing huge savings when it comes to procurement. “The conservative saving is €1.4m,” he says.
The
digital transformation at SIJ is touching every aspect of the company’s growth and
is certainly an ongoing journey rather than a destination. “We are not an IT
company, that’s understood,” Arshinov says. “But we are supporting services
inside the business, and of course our main concern will always be supporting
the production of steel. But we’re not there yet.”
Leveraging Radius Networks location technology for curbside pickup, in-store order delivery, and payments.
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Technology has and always will be used to solve problems. At the very basic level, technology is developed and used to make things simpler. Just look at our day to day lives and the way that technology has, for the most part, made our experiences simpler and this has changed the way we as consumers engage with retailers and restaurateurs. We now expect and outright demand that the businesses we enter and purchase food and items from offer the same level of seamlessness that we experience in our own homes. The interesting thing however, is that this isn’t necessarily a new challenge for restaurants and retail stores; these businesses have been looking to enable the most seamless and effective customer service since the very beginning. The only real thing that’s changed is the tools that they have at their disposal.
“At the end of the day, I think this goes for business philosophy in general, you really need to understand the problems that your customers have, and then solve them,” explains Marc Wallace, CEO and Cofounder of Radius Networks, a location technology service provider. “In our case, customers are businesses, such as restaurants, grocery stores, retailers or casinos; so we are targeting very specific problems. In most cases, those problems are taking wasted time out of the equation.”
Picture the traditional, and maybe even stereotypical, restaurant environment, where a food order is ready to go to the table and the service staff has to locate and identify the corresponding table to that order. In some instances, more than most, they may even walk throughout the entire restaurant before arriving at the right table with the right customer. Through wireless-enabled location technology, Radius Networks has transformed the customer experience by allowing businesses to track customers, improve profit margins and ultimately increase customer retention.
Customers have, and will always, vote with their feet, and in order to retain those customers, businesses need to be able to remove the pain points. As Wallace noted, wasted time is one of the single biggest pain points in customer service. Radius Networks offers location-based curbside pickup, in-store and table service solutions, as well as mobile payment technology to remove not only the one pain point, but multiple pain points. “We’re addressing other key problems, such as payments. When you dine-in at a restaurant and are in a hurry to leave, trying to get your server’s attention to pay for your bill can be frustrating for the customer. It leaves a bad taste in their mouth at the end of their dining experience,” says Wallace.
“We’ve developed solutions for making payments remotely without contacting the server. The server is notified when the bill is paid, and they can focus their attention on real problems that other customers have instead of shuttling credit cards back and forth.”
At the time of writing, the world has been gripped by the COVID-19 pandemic, a truly unprecedented event that has completely devastated lives and economies all over the world. It has also completely ripped up the rulebook when it comes to food and retail, with lockdown restrictions forcing businesses to either close down entirely, or pivot to delivery services. Radius Networks’ FlyBuy curbside pickup solution was actually launched over 12 months ago, but it has fast become a key technology offering that is solving an unforeseen problem. By automating the curbside delivery service for customers, FlyBuy provides a turnkey, end-to-end solution that uses the customer’s location for a faster, easier order pickup experience. “There was already a pre-existing return on investment (ROI) with FlyBuy because we were reducing the wait times for customers when ordering for pickup, which results in more frequent visits” says Wallace. “Throughout this pandemic, curbside delivery has become the only channel that people can do, so the importance of it has risen dramatically. It was once within a business’s top ten things it needed to consider, and has now risen to the very top of their to-do list.”
Radius Networks is currently offering a free version of both its FlyBuy curbside and buy-online-pick-up-in-store (BOPIS) software for restaurants, retailers, and non-profits during the COVID-19 crisis.
By its very definition, location tracking technology appears to be very intrusive. It is tracking locations and using that data to inform decision making, after all, and naturally that can cause a little fear and a hesitation. Wallace acknowledges these concerns and understands them wholeheartedly. “We had a decision to make early on in the company whether we were going to harvest data and use it for marketing purposes or whether we were going to be a privacy-centric company and focus on providing a solution,” he says. “We chose to be a privacy-centric company, mostly because all of us as individuals wanted that for ourselves.”
“When it comes to us as a location company, are very transparent with our customers and our businesses, so that they can be transparent with their consumer customers about what we’re doing with their location data, what we’re using it for, and how long we’re keeping it.”
This transparency is built into the very DNA of the company. FlyBuy will only ever use the location data to alert restaurant/retail staff that a customer is on the way and onsite to pick up their order, and only after the customer has opted-in to sharing that information. After a period of time has passed, they will then delete that data entirely. Its policy dictates that it does not, and will never, share that data with any third party, giving customers peace of mind that their data is safe and used only as agreed when they opt-in. Wallace believes that, while the reluctance and fear is understandable, consumers have access to services’ policies and can ‘do some homework’ in order to allay them. “I think, given the amount of options we are given today, customers can no longer just assume every location company is tracking or doing something devious with their information. They need to be aware when they approve location usage and when they don’t,” he says. “If they can be sure that sharing their location brings value to them, whether it be to have a car service come to their exact location, or their groceries meet them at their car immediately upon arriving in the pickup zone, they will happily share their location. Once they have established a level of trust in the people that are requesting location permissions, and see the benefits it brings to their lives, there is no problem.”
Radius Networks was founded in 2011, and for the best part of a decade, it has grown from strength to strength as a business, working with the likes of McDonald’s, Five Guys, and Coca-Cola, as well as being recognized in the INC 500, the Deloitte Fast 500, and the CIO Magazine’s Most Promising Digital Experience Solution Provider. But none of these successes would have been made possible, without a solid and sound foundation within the business. “I’ve been told by people ‘wow you guys got really lucky.’ Luck had absolutely nothing to do with it. Our mission is to solve problems for businesses, and right now businesses need our help more than ever. There were a lot of really difficult times over the years where we worked hard and earned the right to stay in the game, and we are once-again earning it right now,” says Wallace.
“Take FlyBuy as an example. I’ve been asked as to whether I thought this piece of technology that we developed over the last few years would ever be as important as it is right now. Yes. Yes I did, and so did everyone else on our team, and that’s key to our success as a company. Every single person at Radius Networks is engaged and believes in what we do.”
In these times of crisis, the spotlight has shifted significantly onto those business fundamentals and Wallace is extremely proud of the business he has built and the people within it. “The business principles that we’ve been practicing over the last few years have paid off. We are a strong company with sound fundamentals and sound financials. We haven’t over extended ourselves, either from an investment perspective or from an expenses perspective and that’s paying off for us now,” he says.
“It is tough in the current environment to point to positives, because you almost feel ashamed to do so. I think we’ve done a lot as a company to help others; we’ve given our product away for free to hundreds of small businesses, thousands of locations, with no obligation, and it’s a testament to the work we have done to get to this point. A lot of companies are doing a lot of good work to help each other right now and they can do so because they are built on solid foundations.”
Those foundations start from the very top. Wallace is a key advocate in communication. Much like Radius Networks communicates in an open and transparent way with its customers, the same rules apply from within. He admits that the pandemic has, ironically, made that communication better in some aspects, but it has always been a key part of what makes Radius Networks tick. “We’re talking to our customers all the time. My team is the best team in the world. They’re working in overdrive right now, communicating at such a high level, and listening to customer needs, because their needs have changed dramatically,” he says.
“As the CEO, I try to have frequent hands-on-deck tag-ups with everybody to give them an update and try to be as transparent as possible about the status of the business and what’s happening. I do this so they can feel comfortable that they have a job today, and they’ll have a job tomorrow. We work together to come up with our team goals, and stay aligned and upfront about everything that may come up along the way.”
Listening to the customer is key. That much is no secret. But when it comes to technology, listening to customers is absolutely essential when ensuring that what you’re offering is what the customers need and what they want. Wallace’s role as the CEO is not to sit at the top of the business and leave it to everyone else. He is very much active and engaged at every level to ensure that everything Radius Networks is doing is driven by the customer. Wallace is proud of the culture within his business and often finds himself sitting on a call with a major customer and beaming at how well his team listens and understands the customer’s needs and how Radius can successfully address them. “I’m so proud that we, as a team, have a culture that takes so much pride in their work,” he says. “Our people have always been solid employees, pre pandemic, but they have become absolute rockstars today.”
The world as we know it has changed forever and we cannot begin to predict what this new world will look like post pandemic. One thing is for certain, communication, and the way in which businesses engage with their customers, will never be the same again. Radius Networks has enjoyed success after success over the past ten years, and as we all experience great uncertainty, the goal for Wallace is to continue providing valuable location technology for many years to come. The key to succeeding, regardless of such uncertainty, remains the same for Wallace and his team. “Persistence,” he says. “It’s about persisting through the bad times, just like the good times, and trusting your business fundamentals and experience. Being transparent with employees and having a good team around you is key.”
We are proud to announce the latest issue of Interface Magazine – packed with exclusive interviews and insights with the biggest names in tech!
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These might be trying times, but we’re still here, bringing you the best B2B content around. And this month’s cover story features an exclusive interview with Derrick Brown, CIO of DeKalb County School District regarding its digital transformation programme.
DeKalb County School District (DCSD) is Georgia’s third largest school system, serving just under 100,000 students, 139 schools and centres, and employing 16,242 staff. In 2016, a decision was taken to undertake a digital transformation of its schools, in a bid to boost the educational experience for every stakeholder. The digital transformation was branded Digital Dreamers, an ambitious four-year strategy, the primary aim of which was to construct a digital ecosystem that would provide teachers and students with the necessary tools and resources to revolutionise the learning experience. “The instructional ecosystem has been designed to virtually meet the both needs of educators and learners,” Brown explains.
Elsewhere, we have further exclusives with Marc Wallace, CEO and Cofounder of Radius Networks, who discusses how location technology represents the future of customer service in restaurants and retail… And we also catch up with Vladimir Arshinov, IT Director at steel producer SIJ Group regarding the company’s massive digital transformation programme. Further highlights include revealing insights from Pat Lynes, Founder of Sullivan & Stanley and Chief Digital Data Officer Paul J. Bailo.
Mercedes aren’t just luxury vehicle engineers, they’re innovators. This should hardly be surprising given the fact that Karl Benz, back…
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Mercedes aren’t just
luxury vehicle engineers, they’re innovators. This should hardly be surprising
given the fact that Karl Benz, back in 1886, was patented with the rights to
the development of the first ever car, a three-wheel vehicle, titled
Motorwagen.
A leading car brand in
the automotive industry, the German manufacturer, Mercedes, have mastered the
art of luxury engineering. It’s unsurprising that this brand, originally from Stuttgart,
are the creators of some of the most premium models of vehicles we’ve been
graced with.
After Benz’s successes
over the years, they have certainly been on the frontline of technological
innovation which allowed them to perform better than their competitors. If
you’ve had your Mercedes A Class for example in for a service, you’re probably
aware of the main features these beasts have to offer. However, in this
article, we take a look at ways the German manufacturer has kept a distance
between themselves in and other automotive companies in the industry,
maintaining the title of tech leaders.
Popularly known as the
G-Class, the Gelandewagen is a SUV like never before. Initially built as a
military vehicle back in the late 70s, it has become synonymous with the
affluent members of society throughout the world. Sharp edges and a bold frame
sit outside the natural smooth ergonomic design of Mercedes-Benz. However,
there is no denying that this is a fan favourite —the six-wheel model even
became popular with the Pope. Meanwhile, the 300 SL model, recognisable from a
movie series featuring a certain Mr Bond, was the car that helped bring Benz
back after the Second World War.
Without a doubt the
most iconic vehicle in the Mercedes lock up, despite astounding capabilities on
the race track and an exterior design which makes it look like it belongs on
the winding roads of the French Riviera accompanying a Stella Artois advert, it
wasn’t that that made the car so memorable. Gullwing doors, opening up as
opposed to out, were a first — but, despite what one may think, this wasn’t a
style choice. In fact, the shape of the car’s chassis prevented conventional
doors being included.
When Imagination Becomes Real Life
The F200 model was
initially introduced as a concept prototype with a wide range of technological
augmentations. Helping form the basis of the design used in the S-Class and the
CL-Class, the F200 imagination, interestingly, didn’t include side mirrors or
your standard rear-view. Instead of these features that aid visibility, the
F200 included four cameras mounted in the corners of the roof, and one
additional camera fixed to the rear bumper.
Output from the
cameras was fed to a digital screen where the mirror would typically be
located. Despite the fact cars in 2019 are still using mirrors, quite
remarkably, the F200 started a revolution that would see parking cameras
included in the vast majority of vehicles. Meanwhile, ambience was high up on
the list of priorities of the F200, with an industry first lector-transparent
glass roof, which, with the touch of a button, would morph from see-through to
opaque.
Anti-lock Brakes
The concept of the
anti-lock brakes was originally created by Gabriel Voisin in 1929, which
prevents wheels from locking. However, it wasn’t until the 1970s when a joint
venture between Bosch and Mercedes saw the system introduced into production
vehicles. Now, ABS, which helps the driver maintain control of the vehicle, is
a standard feature on every vehicle following the introduction by Mercedes. The
safety in vehicles was rapidly enhanced as a result.
Creation of the Airbag
It’s hard to believe
that airbags weren’t always a necessary feature of cars. Back in 1981, after
more than a decade of development and testing, undoubtedly the world’s most
crucial safety feature was finally introduced. Becoming a common feature in all
Mercedes vehicles as of 1992, two years before the passenger side airbag was
introduced, there is no denying that the airbag has transformed automotive
health and safety.
Implementation of Touch-Sensitive
Controls
A concept which has
completely revolutionised motoring is ease of use,
Ease of use is an
increasingly important aspect of motoring, for example consider cruise control
and how this has drastically enhanced the everyday driving experience. Back in
2017, Mercedes unveiled the tech features available on their next generation
E-Class, one of which being an innovative system which lets the driver control
the infotainment system from the steering-wheel using finger swipes. Not only
is the system effortless and considerably safer than the alternatives, it was
also an industry first when Mercedes rolled it out.
It is undeniable that
Mercedes are an industry leader in the automotive industry. From innovation in
safety to amusement, Mercedes have truly thought of it all. One step ahead of
their competitors, we can’t wait to see what other advancements they have under
their sleeve.
Temenos, the banking software company, partners with Microsoft to offer AI-driven Financial Crime Mitigation solution to help banks combat surge cybercrime during Covid-19 outbreak.
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Temenos, the banking software company, announced today a joint effort with Microsoft to enable access to its AI-powered, Financial Crime Mitigation (FCM) SaaS solution to allow banks to protect both their customers and their organization from financial crime increase during the pandemic, particularly as banks have moved to remote working to protect their staff. Temenos AI-powered, Financial Crime Mitigation SaaS solution based on Microsoft’s fast, scalable and secure Azure cloud platform can be deployed within weeks.
Temenos and Microsoft are opening up access to banks for a 14-day trial, available until 30 of June. As part of the collaboration with Microsoft, Temenos is offering system access and online tutorials for users to familiarize themselves with navigation of the system and learn how it can support them in a revised operating landscape. Temenos unveiled the open access initiative of its FCM software at its virtual event Temenos Community Forum Online, 29-30 April.
Temenos FCM provides enterprise-wide financial crime protection for a highly regulated and fast-changing environment. It allows banks’ operators to respond to alerts and collaborate with team members while working remotely. Throughout the Covid-19 crisis, Temenos customers from Tier 1 banks to regional banks and neobanks have continued to benefit from Temenos FCM’s comprehensive coverage regardless of the fact that their teams are working remotely.
Financial regulators worldwide and organizations such as the European Central Bank are warning that the Covid-19 pandemic may result in an increase in financial crime and other misconduct due to market disruptions, reduced staff, and other factors, as has been the case during past global crises. Opportunistic fraudsters and criminals are adapting their methods of targeting people and countries in distress as new threat vectors open up.
The Financial Actions Task Force (FATF), the global standard setter for combating money laundering and terrorism financing, warns businesses to remain vigilant for emerging money laundering and terrorist financing risks as criminals may seek to exploit gaps and weaknesses in Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) systems under the assumption that resources are focused elsewhere. Fraudsters have already been very quick to adapt well-known fraud schemes to target individual citizens, businesses and public organizations. These include various types of adapted versions of telephone fraud schemes, supply scams and decontamination scams.
Jean-Michel Hilsenkopf, Chief Operating Officer, Temenos, said:“We are proud to be able to offer our cloud-native and AI technology to support banks in the fight against financial crime, which has increased as a result of the pandemic. As a strategic global banking software partner of Microsoft, we are pleased to join efforts to deliver Temenos Financial Crime Mitigation as SaaS on Microsoft Azure’s resilient, secure and proven cloud platform. We are committed to providing robust and up-to-date sanction screening, AML, KYC and fraud management protection combined with powerful AI-driven transaction monitoring and sanction screening to help banks worldwide.”
Marianne Janik, Country General Manager, Microsoft Switzerland, said: “We have been pioneering with Temenos in the cloud for a decade. We are proud to join forces to help banks use the power of Temenos’ market-leading Financial Crime Mitigation solution based on our secure, scalable and resilient global Azure cloud platform to combat financial crime surge due to Covid-19.”
More than 200 banks use Temenos FCM SaaS solution, which covers watch-list screening, anti-money laundering, fraud prevention – suspicious activity prevention – and KYC, delivering industry-leading levels of detection and false positives of under 2% vs industry average of 7% and above. Temenos FCM can be deployed as a standalone, or integrated into any banking or payments platform including cloud-native, cloud-agnostic Temenos Transact and Temenos Infinity. It provides unrivalled levels of detection and resilience against financial crime and Total Cost of Ownership (TCO) savings of more than 50%. Temenos FCM provides banks with the next generation of AI-driven FCM capabilities that can run on any public cloud, as a service or on premise.
As a result of the COVID-19 pandemic, we are witnessing an unprecedented increase in home working, which requires remote access for tools and communications to conduct our daily jobs. This disruption is putting IT infrastructures at risk, while validating much of the industry’s investment in business continuity, resilience, scalability, accessibility, data protection and security.
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With a global at-home workforce now entirely in place, what can IT professionals and CIOs do to ensure their private and public clouds can keep up and remain safe? And what steps and tests should they take to support a protracted change in the way we work? According to a recent Gartner survey, more than 74 percent of CFOs and business finance leaders expect at least five percent of their workforce will never return to their usual office workspace — becoming permanent work-from-home employees after the pandemic ends.
Even in the face of a global pandemic, we continue to promote a culture that requires easy and instant access to our tools, information and each other over cloud collaboration tools like Slack, Google Drive, Office 365, Microsoft Teams, as well as in-house applications.
This demand on IT requires private, public and hybrid clouds to have the agility, scalability and security to support entire workforces no matter where they are. IT leaders who have planned for this worst-case scenario are ready to scale at a moment’s notice. Likewise, they’ve already considered the impact on licensing, vulnerability and added traffic from employees working at home over personal devices and unsecured networks.
IT professionals who support an at-home workforce need to understand the difference between employees “running” applications and “accessing” applications. When technology is set up and configured correctly, it should be easy to access. That’s the whole idea of SaaS and cloud. The challenge is, how do you administer it? How do you run it?
Organisations that maintain private clouds onsite, which might not be accessible during stay-at-home orders, need a plan to make repairs physically — like swapping hard drives, replacing switches or cables — when their employees are home.
Likewise, whether at home or work, the end-user experience should be the same. If all apps and tools are optimal in an office environment, how do you make those adjustments ahead of time, so remote employees still have the same access and capabilities as if they’re working in the office? And how do you maintain your security and IT compliance obligations?
Where and how to start?
The easiest advice might be to avoid trying to boil the ocean all at once. If your applications and data aren’t on the cloud already, it’s possible to mobilise secure VPNs and encrypt applications for mobile devices. If you’re on the cloud already, you’re several steps ahead of others. But you still need to work with your cloud service provider to review your workloads, applications, and data requirements.
At the same time you’re focusing on accessibility, remember to address your vulnerabilities. Right now, cybercriminals are stepping up their attacks to take advantage of remote employees. Phishing attacks are at an all-time high on small and large businesses, as well as public resources like hospitals and healthcare providers.
Now’s the time to reinforce your organisation’s IT security and compliance guidelines, many of which include the relevance of when employees travel or occasionally work from home. This includes a refresher on password policies and how to identify and report phishing attempts. Help employees with securing their home networks, and all the other policies and guidelines they would typically follow at work to protect your company and customer data. This might also be an excellent time to train employees on document and data retention best practices.
COVID-19 will create additional security threats as attackers attempt to take advantage of employees spending more time online while at home and working in unfamiliar circumstances. Some of the biggest threats associated with the pandemic include phishing emails, spear phishing attachments, cybercriminals masquerading fake VPNs, remote meeting software and mobile apps.
Above all, you must have the same level of resilience and redundancy plans in place for home working as you do for onsite, even if you are 100 percent in the cloud. It is important to recognise that the same problems that happen on a day-to-day basis when you’re in the office can also occur when the office is vacant.
Prepare for the new normal
Going forward, all businesses should plan for an eventuality like COVID-19 happening again. This means understanding data security, business continuity, resilience, scalability, accessibility and so much more. For example, you may not need extra capacity and compute power now; but you need to know that within minutes you can get to that number. And, as I mentioned earlier, a lot of organisations have internal-only networks to manage power supply, fans, cooling and switches. What if you can’t get into the building?
Futureproof and understand the boundaries between personal and company devices and assets. Understand what you need to put into place to protect your business and your employees.
And finally, companies that are leveraging cloud services need to communicate frequently with their providers to address future needs and concerns. Make sure you know what they can do ahead of time to keep your remote workforce operating. Hopefully, these circumstances will be short-term, and life will return to some normality soon, but my advice is to always plan for every eventuality and what may now be the new normal.
Traditional banks will fall even further behind in market share and customer experience due to the global coronavirus pandemic, warns the CEO of one of the world’s largest independent financial advisory organizations.
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The comments from Nigel Green, founder and chief executive of deVere Group, follow research that the use of financial apps is up by 72 per cent since mid-March.
Mr Green observes: “The pandemic has accelerated those trends that were already shaping business. These include greater inclusion of tech into our every day lives.
“Coronavirus has ushered in a new world, with digitalization and new technologies fuelling the changes. This can be seen by demand soaring for video-calling platforms such as Google Hangouts, Skype, FaceTime and Zoom amongst others, as more people than ever work remotely.
“It’s also underscored by the increasing use of fintech apps which allow users immediate, on-the-go, 24/7 access to, use, and management of their money.”
He continues: “There’s a historical precedent for what’s happening now.
“Banks and other traditional financial services providers were, in most cases, spectacularly caught off guard by the 2008-2009 financial crash.
“As they found their way into a new world with a new regulatory landscape and new customer expectations, business and tech developments were way down their to-do list. They were in survival mode.
“This is when agile, tech-driven challenger banks and fintech firms swooped in to fill the void left between what traditional financial services companies, especially the traditional banks, were offering and what customers were expecting, especially in terms of customer experience.”
Mr Green goes on to add: “The fintech firms, which offer mobile banking, savings and investment apps, and peer-to-peer lending, amongst other services, now have a decade of development, experience and expertise over many traditional banks.
“As even more people are now embracing fintech due to Covid-19-triggered social distancing, isolation and lockdowns, and as the apps are growing in popularity due to their convenience, increased security, and as people become ever-more tech-savvy, it’s likely that ‘bricks and mortar’ banks will fall even further behind in market share and customer experience.”
The deVere CEO concludes: “Coronavirus is going to further disrupt the wider banking sector. It will act as another catalyst for people to seek fintech alternatives to access, manage, use, save and invest their money across the world.”
Ecommerce sales increased at their highest rate since late February, shooting up 25% during the week that ended April 20, according to Signifyd’s Ecommerce Pulse data on the rapidly changing retail trends during the global Coronavirus pandemic.
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The jump far surpassed the previous record of 17% recorded the week ending April 6. It also contributed to an 85% increase in ecommerce spending overall since late February. Signifyd is a global leader in ecommerce fraud prevention technology (company info below).
Below are key trends & data from this week’s Pulse report (14th-20th April):
Auto, Parts and tyres:
Up 56% for the week, building on a positive run that started more modestly at the end of March. The category is now up 90% for the entire Ecommerce Pulse period, which started Feb. 25.
Commodities & Collectibles:
Saw one of the largest weekly increases early on, was again a high-demand category with sales up 61%.
Fashion, Apparel & Luggage:
a category that had been more battered than benefited by the shift in consumer spending was up 38%.
Electronics:
experienced some much-needed relief, with revenue up 38% for the week, a far better showing than early weeks of double-digit losses, followed by gains in the low single digits.
Consumer Medical Supplies & Supplements:
Consumers returned after four weeks where the category’s change in sales ranged from a low of declining by 18% to a high of being up just 8 percent.
Consumer packaged goods:
Including toilet paper, paper towels and cleaning supplies — was up 13% after four straight down weeks, including a 21% drop in late March.
Leisure & Outdoor:
Which includes games, toys, puzzles and indoor exercise equipment, is up 141% for the period.
An easy to implement checklist to help employee mental health when remote working…
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The coronavirus pandemic has inadvertently sparked the largest ever workplace experiment; how effective and sustainable is working from home? Will this be something that changes the face of office work and will the effects be long lasting?
When people first think they will be working from home, it is usually met with an overall positive response. The perception is waking up at 8:55 for a 9am start, leisurely making cups of tea and coffee, watching Netflix on your lunchbreaks and not even needing to change out of your pyjamas.
As you can see from just a quick glance at pretty much all of the social media platforms, the novelty doesn’t take long to wear off. So, what can you do to help yourself, your team, and your business survive the pandemic? Working from home and the effects this can have on your own and other’s mental health can be far reaching. Life as we know it feels very unfamiliar, so we have a responsibility to help those around us.
VerriBerri, a PR and marketing agency from the UK have been working from home and want to share some tips that they have found helpful so far. Company MD Sarah Kauter has written an easy to implement checklist that VerriBerri have found to have made the world of difference.
Clarity. One of the key points that must be adhered to when remote working policies are in place is good practice when it comes to delegation. It can be very difficult when you cannot see someone’s body language and facial expressions. Text can be misinterpreted and if your instructions are woolly then the entire process will become frustrating for everyone involved. Make sure that any directions you give are clear and easy to understand. If you don’t, you’ll end up with incorrectly executed tasks which is a waste of company time and money, and not to mention it’s exasperating for all parties involved. A lot of the stress involved with working from home can be alleviated through this simple point. If you find it difficult to articulate yourself on paper, pick up the phone and explain exactly what you want verbally. I would suggest following everything up with a short email where possible so there is a paper trail if anything is wrong.
Prepare for change. We are in a fast-moving world at the moment and it can be unsettling, especially for people who aren’t naturally ‘Type A’ personalities. Don’t let yourself get stuck in any processes because the chances are they will have changed in a few days time. If you make a point of being more flexible than usual you will be more relaxed as time goes by. In the same vein, remember that with schools being closed, there are likely to be members of your team working from home with children. It’s highly unlikely the work they put out will be the same standard it normally is. Take the time to talk to them and discuss what changes can be put in place to help. This could be, for example, changing the 9-5 routine and allowing them to work evenings when the children are in bed. Only you know your business and the intricate running of that but there are always ways and means.
Routine. It’s amazing how much a solid routine can help your mental health. Of course, you can’t go out and about but encourage your team to get up and dressed for the day like they are going to work. A suit may be taking it a little too far but don’t work in your pyjamas. You will find that your productivity and your wellbeing will both fall. Along the same lines, discourage your team from watching TV or listening to podcasts whilst they work. It’s disruptive and will not help them. If you can, encourage people to go outside when they can. Although social distancing must be the priority, if your team have gardens they should (in an ideal world) take the opportunity to go outside, get some fresh air and a change of scenery. If they can, an area of the house solely for work would be fantastic so they can draw a definitive line between home and work. If they cannot, we would advise against setting up in the bedroom as this should, as much as possible, stay a place of relaxation to promote well-being and a healthy sleep pattern.
Remember you are still a team. I still encourage the team to join a group Zoom call every morning. This means they can all update each other on the previous day’s occurrences, keep up team morale, and remember they are something bigger than who lives in their house. This is especially important if your team live alone. If you do have anyone who doesn’t live with anyone, make the effort to ensure they have a support network that they can lean on. This is a time to come together and support others.
Be a good employer. Last but certainly not least; do what you can to help the people you work with. Be sensitive to the team’s needs, have a listening ear if they need it, and try to do things to keep spirits high. People will look to you for guidance so try and keep positive. Don’t lie, if you are finding things difficult be open about it, as this invites others to speak up, but equally express ways you are combatting that and open the floor to discussion. VerriBerri run a weekly lottery line, which two of the team who have in some way done well that week are put forward for. This inexpensive way of working offers the opportunity to reward good work whilst lightening people’s mood.
Five women in IT recognised as allies and champions for female professionals in STEM
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As diversity, inclusivity and opportunity continue to be key talking points across the board within the STEM workforce, we look at five women in IT who have been recognised as allies and champions for female professionals in STEM both today and in the future, by Information Age and DiversityQ.
Carly Britton, Head of Client Services, Vualto Advocate of the Year
With over 13 years in the IT sector, Britton is no stranger to being recognised as an inspiring figure in STEM. Alongside being the winner of Women in IT Awards Advocate of the Year 2020, Briton was also a winner at the TechWomen100 Awards 2019 and a finalist at the Venus Awards 2019 – Inspirational Women in STEM. In her own words, Britton is “ a strong advocate for encouraging girls and women to consider careers in technology. I am an active STEM Ambassador and founder of #GIRLCODE – Free coding for girls aged 8-14 in Plymouth & Bath.”
Jackie Shears, Associate Director Mental Wellbeing Transformation at NHS Digital Data Leader of the Year
Winner of the Data Leader of the Year award, NHS Digital notes that Shears has continuously displayed a “compassionate approach in reshaping the size and magnitude of the data and has enabled the NHS to make better informed decisions.” Working as part of the Department of Health, NHS Digital is the national provider of information, data and IT systems for commissioners, analysts and clinicians in health and social care. Shears’ work allows the continued support of the health and care system, helping patients to make informed choices about their care while ensuring that their data is kept safe.
Amanda Hamilton, City & County Healthcare Group, CIO of the Year
An internationally-experienced technology leader managing IT services and delivering strategic change in healthcare, restaurant, retail, professional services, commercial & global corporate sectors, Amanda Hamilton was recognised as the CIO of the Year for her work with City & County Healthcare Group. An unrivalled innovative drive and passion has seen her deliver efficiencies worth £1.7m per year and improved cash flow by £4m. Alongside her success, her tireless work for diversity and inclusion has seen an increase in female representation from 0% to 37%.
Mel Unsworth , Global Head of Technology, YOOX NET-A-PORTER Future CIO of the Year
As Global Head of Technology for YOOX NET-A-PORTER GROUP is the world’s leading online luxury fashion retailer, the responsibility to deliver sustained IT success rests firmly on the shoulders of Mel Unsworth. Successfully overseeing a major integration of two infrastructures between different businesses alongside the demands of a rapid team growth, Unsworth’s strong performance and values place her well and truly on the “ones to watch” list for future CIO’s.
Karen Hopley, HR TRansformation Director, G4S Transformation Leader of the Year
Leading the development and deployment of G4S’ global HCM system to create a global integrated HR, finance and business system, Hopley’s work across the business allowed G4S to truly transform the way it operates, connects with its customers, enable it’s people to collaborate, and will underpin the future competitiveness of the company. Her successful launch of the pilot programme has enabled greater business efficiencies, more control and access for employees to their data and has led to 3100 people being hired in the past 12 months.
Carlo D’Alanno, Executive Creative Director at Rufus Leonard explores how the integration of your brand and your people with your technology is the secret to delivering meaningful and game-changing disruption.
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What makes a truly transformational
and disruptive idea? The answer is two-fold. Firstly, these ideas understand
and respond to new behaviours while leveraging new or underutilised technology.
And secondly, they often come from ambitious organisations who understand how
to integrate the right people and skills to stretch a vision and deliver on a
single, motivating purpose or mission.
In short, game-changing ideas create
real-world impact for people and businesses. And this happens when creativity
and technology come together. After all, companies that harness technology to
deliver their promise grow 4X faster than their competitors.
Carlo D’Alanno, Executive Creative
Director at Rufus
Leonard explores how the integration of your
brand and your people with your technology is the secret to delivering
meaningful and game-changing disruption.
Your brand is your difference
Brands that
dominate have a credible offering delivered in a way that others can’t (or don’t
think of first). Think Nike+ turning a footwear brand into a premium fitness
provider. Zipcar proving the sharing economy can work with real stuff. Or
Kickstarter connecting bedroom entrepreneurs with investment. Find your
distinct position and build around a mission that your people can buy into and
your customer experience can deliver on.
It’s about
identifying and investing in hero moments along the journey – specifically
where your brand could credibly provide a unique experience – which will create
a memorable experience for your customers. Let’s take a look at a few examples.
Threads – customer journey mapping and digital ecosystem design at its best
The idea: Personal, luxury fashion shopping through Instagram and
WhatsApp/WeChat.
The stretch: For a sector that’s build around appearances, Threads have
understood that so many customers now engage with brands via social and avoid
retail spaces when in ‘research mode’. They have taken a seemingly vital
channel out of the mix.
The transformation: Pioneers in chat-commerce, they’ve built a platform where
someone sees an item on social, starts a chat with an adviser and completes the
purchase in the app. This means integration into social platforms, and
retailer/manufacturer inventories, as well as secure payment technologies.
The impact: With an average transaction value of $2.5k per-spend, and a
recent funding round of $20m, they have become a significant partner in the
fashion retail mix.
Squarespace – democratising a previously closed world
The idea: A website-building tool for anyone with a computer and an idea.
The stretch: They democratised the previously closed world of website
creation, giving the tools to the people with the business idea, but not the
design and code skills.
The transformation: Building code into templates transformed the way sites can be
built without the need for training or expertise. Complete with a user
interface that champions their own principles of simplicity, and accessibility.
It’s a rare thing – a beautiful piece of software.
The impact: 2m+ subscribers, valued at $1.7bn, hosting circa 350k websites
with 22% market share (self-editing and publishing plus hosting). These big
numbers speak to their success in growing a previously untapped niche: entrepreneurs
and small-scale start-ups looking for a cost-effective and beautiful route to
market.
R2 Data Labs – from manufacturing to a data analytics powerhouse
The idea: A data innovation catalyst inside Rolls Royce.
The stretch: Improving the way customers operate by delivering untapped value
and insight from aggregating a myriad of data sources.
The transformation: Utilising new technology in Machine Learning and AI, they’ve
moved the company from a product-based to a service-based model. Working in
partnership with other Rolls Royce business units using manufacturing and
design to build a virtual environment for experimentation that will give
customers unparalleled insight and the ability to understand their data in new
visual ways.
The impact: These data analytical capabilities improve efficiency,
productivity and risk management. New data insight is impacting the ways Roll
Royce design and manufacture their products and has opened up new revenue
stream in aftersales care. R2 Data Labs is building data innovation
communities through skill sharing, accelerator programmes and partnerships.
Creating a culture of shared creative leadership
To embed game-changing thinking into
your organisation, it’s important to nurture the integration of passion and
profession, encouraging your people to be the driving force behind shaping your
business. So ask yourself and your employees these questions:
Passion: how might we help people find the ‘one thing’
that motivates their work?
Purpose: how might we identify the common goal that
brings individual passions together?
Flow: how might we create a way of working and
environment that lets a team get immersed and motivated and, be supportive
and honest?
Risk Taking: how might we make it possible,
and acceptable, to stretch our clients outside of their comfort zone?
Your key takeout
How you
answer these questions will be unique to your business, culture and sector. The
common thread that all successfully, strategic and creative brands share is a
willingness to integrate and delegate. To bring together people with diverse
talents, passions, backgrounds and skillsets and to support them to solve the
company’s biggest problems for themselves.
A surge in search queries for remote communication tools reveals businesses lacked the software for remote working…
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Across the globe, business owners are making an unprecedented shift to remote working to prevent the spread of disease, without appropriate software in place.
Research conducted by iomart.com shows that search queries for key remote working solutions, including Skype, Office 365 and Microsoft Teams – have increased substantially over the past three months as business owners scramble to accommodate remote working.
*1st of Jan /28th of Mar 2020
Searches for Zoom have risen by 97% since January, Office 365 queries have increased by 46%, and searches for Skype have seen a18% uplift. The majority of these searches have taken place in the last two weeks alone, as the demand for remote collaboration reaches a fever pitch.
Not only are collaboration and communication tools vital for productivity – especially as 55% of UK workers have no experience in working from home and 35% experience a drop in motivation when doing so. They are also critical to maintaining employees’ mental health during the disruptive period.
A recent survey showed that 62% of remote workers want employees to provide better technology to help them stay connected with colleagues, in order to tackle a notable reduction in sense of community, social interaction and learning from others.
Investing in collaborative technology on a mass scale at short notice can prove costly to businesses that are already experiencing a drop in revenue as a result of virus-induced disruptions.
Although the government has announced their Coronavirus Business Interruption Loan Scheme, many small businesses won’t qualify for the 80% allowance based on their annual turnover – and those that will are still liable to pay 100% of the debt.
Providing cost-effective communication and collaboration solutions are vital to help business owners navigate unfamiliar remote working, and adapt to what looks to be a permanent shift to flexible working.
Thomas Lynch, Senior Marketing Manager of iomart.com comments: “Our analysis of the Google search trend data shows that the demand for office solution software is huge due to the monumental increase in remote working due to COVID-19, and our website data here at iomart.com also reflects this.
In the last month alone, we have seen a huge 663% increase in unique visitor traffic to our Virtual Desktop service page alone, and a further 205% increase in traffic to our Office 365 product page, both of which offer cloud-based solutions.”
CJ Das, CIO of SimpleTire, looks to answer a simple question, what is digital transformation?
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How has the technology conversation changed?
When we started out, we used to call it automation more than anything else. Simplification of the business process, we expedite the business process, let’s talk about operations for example. There are various processes and operations we need to automate. That was nothing but digitization if not transformation per se. The discussion changed later on primarily because the expectations from users changed.
Users have different expectations and we had to keep up with the pace. So when we called it digitization we changed the game plan slightly. What that means is that we started with the customer. Let’s go to the customer and see what they want. Changing something just because there are digital tools available there today it doesn’t make sense. So we would start with the customer and then trace back and see what we need to do as a business to provide value, to provide relevance.
Very often we could not do a digital transformation. It was not possible to transform the whole business, but we could do some digitization and that is basically small steps towards the transformation, a gradual iteration.
So the discussion changed over the years because of the expectations from our customers and because we had some tools available to change the business and take some “giant leaps” instead of making small tweaks as you are doing earlier when I was a developer.
What does digital transformation mean?
Every company has to define the journey for themselves and its very different for each company. Many of the companies, although they call what they are doing digital transformation, are doing some kind of digitization. Let’s take for example, yesterday I was at the car rental place. Rather than stand in line to take the rental car I could go to the kiosk and put in my number and get a rental car.
That kiosk is not a transformation, that is just another interface that is given to help the customer. I wouldn’t say the business has changed. They’re still in the car rental business. It just another way to serve the customer better. I would call a digitization.
Let’s take the banking industry, for example, they’re lagging behind slightly. I see various smaller companies that disrupt and they’re doing digital transformations, they’re finding new ways to serve their customers. That’s digital transformation, whereas the rental car had just provided another digital way of doing business.
It’s becoming clear that each company has to define their own journey, whether you transform or not, you have to serve the customers better. And in doing so, let’s use some modern digital tools.
How important is it to identify the ‘right’ technology?
We found that the customers do not really want to talk to us and that is probably true for many companies. They try to avoid talking to you and me, the regular people, we don’t like to pick up the phone and call, if there is a chat available on the website, we’d rather use the chat. That’s the norm.
Chat is very common, but chat has some limitations. It can only do so much. It doesn’t have the same level of intelligence. We decided on how we can make the chat so intelligent that customers will come to us who do not want to talk to us but feel very comfortable talking or chatting and have a more human-like interaction. Not only that, the chat will help them in their buying decisions, almost like a human being.
We used to see the people that come to our website put the goods or merchandise in the cart and then abandon it. So what is going on here? At the last moment, they’re hesitant. We can use the chat to help the customer as they probably need answers to some very small questions.
There was a business case and a need. We identified a need as to why we should make the chat intelligent. So we looked at different platforms and did our research. In this case, we decided to use Lex, which is basically the platform that Alexa uses. Lex is serverless. We use a serverless version, what they call the Lambda, meaning you don’t have to install anything, you just use the server as is, which is hosted by Amazon.
Through Lex we added some intelligence and then integrated that into a chat bot. We integrated it into the back end with ERP system, with CRM, with product management system. So now the chat knew the customer, what kind of buying history that customer had from the ERP system, all the POs and so on, chat knew all the product details and we had built in some data modeling to identify the customer at a granular level.
The chat will walk you through each step of the buying process. In this one example, we identified a tool, readily available and we went for it.
How do you stay in tune with the evolving digital trends?
That’s a very difficult question and since there are so many tools mushrooming everyday, it is becoming very difficult for me, especially as in CIO to keep up. So I try to read as much as possible, I try to attend conferences, but it’s not easy as there are a lot of shiny objects out there.
Take blockchain, I’ll not be able to talk about blockchain because I really do not know blockchain, but I have the basic idea and once I get the basic idea, at least I know how blockchain is relevant as far as my current industry is concerned. I’m not going to learn about blockchain because some financial institution is using it or something like that. So that judicious or business acumen is something one needs to have at C-level, I assume.
I think it is just keeping up with the trends, learning. But unless they are specific use cases, I don’t think one needs to really start using a tool just because it’s a new tool and somebody might be using it.
How has the role of the CIO changed?
The CIO’s responsibility has changed quite a bit. They were seen as a technology person who would be the guardian of the systems. Today with cloud and all, somebody else is the guardian. We cannot be the guardian, you cannot be the gatekeeper, that’s not the road anymore.
Your role has changed and you have to explain everything and if you truly are a good technologist, then you do not have to use any technical language at all. The more you explain in non-technical words, the more people will understand better and jump on the bandwagon that you’re trying to drive and ultimately the more successful you’ll be.
Who would you say then is responsible for delivering a digital transformation in a business?
If there is a digital transformation officer, he is responsible. When I look at digital officers today, they are mainly pseudo marketing people. So they can copy the ideas, the use cases and so on. But at the end of the day, the CIO has to execute. He or she is always there, whether in the forefront or in the background, the CIO and a chief digital officer have to work in tandem.
If there is no digital officer, then there’s a CIO working with the chief marketing officer. Chief marketing officers, as you know, are very technology savvy people. He is responsible because he’s the captain of the ship but otherwise he doesn’t get involved in day to day activities.
What are the initial steps in any digital transformation?
One step is, what is the market scenario? What is the demand out there? What do the customers want? Although we might be profitable, it doesn’t mean we are complacent, somebody could easily be trying to disrupt us and take our market share away. So that pulse of the customers has to be felt. That might tell us what we need to do and how we need to transform the business.
Another method involves an R&D team. I have always had a small R&D team and their job is obviously research. Their job is to invent new products, so to say, new offerings to the customers. So this is very important, I think for any company to have a smallR&D team.
It’s important to tell the R&D team that you don’t play by any rules. Because if I impose the same rules that you have today, they’ll not be able to freely think and invent new things.
Young people these days have very little respect for the bigger institutions. If you have too much respect, too much of the baggage, you cannot think freely. So I get some new blood who, so to speak, ‘just do not care’. Maybe initially you’ll be called a rogue, no problem. I’d rather have rogues than lose my business. In the roadblock and environment let the R&D folks, brilliant people think differently. They can come with new offerings. Once you have a new potential product marketing will get involved. Here we go back to the customer and find out what is going on out there. What do the customers really want? What are the customers wanting tomorrow?
The R&D group, tell me what we could be doing given the data we have, given what our products we have today, they tell me the next big thing we could be doing. Once I’ve identified some revenue-generating new product, that’s the business case. Now, let’s look at the tools. What is the best tool we could be using? Then we look to transform the business digitally.
What are some of the biggest barriers to digital transformation?
The baggage some of the companies carry I think are the main barriers. For example, the old companies like General Motors, a humongous automotive company. They have unions, they have things that make them slow. They have huge plants which are 50 years old. They just cannot compete with the likes of Tesla.
So they have to come up with new ways to do things. Spin up a new business altogether. A sister company or something like that, but being where they are, they are just entrenched in a situation where things that are difficult for them to move faster. The political or pseudo-political reasons are the barriers. Besides that, I think some of the top people just cannot think or had the ability to come up with the right strategy.
You have to always assume that however well we may be doing, there is somebody sitting in a garage somewhere at this point in time trying to disrupt the business. So how do I keep ahead in the game? Continuously reinventing oneself, continuously disrupting oneself, or maybe even cannibalizing one self. This is the kind of strategy one has to have.
If you could give one piece of advice to anyone who’s embarking on these journeys, who’s in the midst of a transformation, what will be key to following the right path and making the right informed decisions?
I think if they have had some success they need to continue down that path. You just cannot give up. You have to continue. Even if there are failures, you have to continue down that path. Informed decisions must come from the people, the people mainly who are in touch with the customers.
The top people have to have the ability, to some extent, to see the future. That’s why they are being paid so much. They are supposed to take the business to the next level. How did the Google folks know there is a huge market of search engines? They saw the future. Somehow they saw the future. That ability has to be there in the C-level people.
insurance: a space of great opportunity and even greater risk.
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What are some of the biggest changes in technology you have seen, both the technologies themselves and the perspectives to tech?
There’s an apprenticeship when it comes to underwriters. A lot of people think of insurance as being somewhat immune to change and to innovation, but really it’s been with us all along. We just didn’t necessarily see it. So I always tell people that rather than be afraid of technology, insurers are actually one of the first to adopt technology.
I met somebody in an underwriting conference. He said he was from Silicon Valley. I thought it was quite curious that he was at this underwriting conference of professional underwriters and that they were sleepy and boring, matching my somewhat risk averse personality. I asked him, “Why are you here?” And he said to learn everything there is to know about the insurance industry because “I want to go back and disrupt your industry and you’ll all be out of a job next year.” Okay, nice to meet you too.
I think that was the first sign that something was afoot. It’s really just blown up from there and really been front and center in just the past few years, in a way that it was rare, but it was more in the background.
How has the insurance professional changed?
It’s an ongoing evolution. Some have really embraced technology and they still recognise that there will always be a relationship element to insurance. Those are the folks that are doing well. Those that are slow to embrace the changes are the ones that are struggling or will be struggling in the next five years. I think in many cases, insurance is being dragged into the 21st century and a lot of that comes from rising customer expectations.
It’s a broken product. It has been around for centuries and it’s a very enduring product, but it’s far from perfect. I think as consumer expectations are changing in other industries, they have those types of expectations for responsive products, digital experiences in the insurance industry. We’ve been a little slow to deliver that. So you see folks that are really opportunistic, trying to fill the gaps as part of the Insurtech movement.
What are some of the barriers to embracing digital transformation?
Insurance has a very long and rich history and many of the top competitors have been around for decades. If you look at the top 10 insurers, the youngest company was founded in 1937. You get a lot of stagnation in your embracing of the status quo. I do think there’s some practical limitations. You are tied to this old technology.
We use the concept of technical debt. Just as you rack up debt on a credit card; it’s fine for a while, but at a certain point, you can’t continue just to pay the minimum balance. You’re going to go bankrupt that way. So you’ve got to make an investment and be very mindful, have a plan to pay it off. That’s just the pay it off to a zero balance. The reality is that’s not an investment in the future, right? That’s just getting your technology to where it should be for the current organization in 2019, and really you need to be planning ahead for 2025.
Your most critical strategic partner in 2022, may not exist as a company today at the end of 2019, through to 2020, and so you just don’t know who you’re going to partner with in the future. So you need to be much more open.
How has the insurance consumer changed?
I think that is a huge challenge. You hear a lot of conversations about channel of choice, omni-channel, right? Being where your customers are. I know companies that have tried to eliminate the fax machine, only to turn those things back on, or to even still be open to a paper application that comes in. A customer comes in and actually fills it out by hand because they prefer that versus a digital.
It is very difficult to attract a new type of customer, the digitally savvy customer, while at the same time not alienating your existing customer base, that maybe perfectly happy with the way that you’ve always done business. It’s exceedingly challenging and costly. It’s a particularly thorny challenge that I think insurers are struggling with.
Are companies investing in technology just to stay competitive?
Nobody wants to be a first mover in insurance. It is a very risk averse, very cautionary industry. At the same time, I think we see regulators like an investor, saying, “We’re really evaluating you now based on your innovative efforts,” and explicitly recognizing that need to change. I think a lot of people want to be seen as being innovative and then they roll out and digitalise things. But it’s very much just a fresh coat of paint on an old building and they really haven’t changed any of the plumbing or the infrastructure. So that fundamental change is seemingly challenging and difficult.
Companies that have recognized the need to change, you hear a lot about core systems replacements and things like that, because our world is moving so fast, and I argue that we live in a world of accelerating change, so it’s not just that it’s changing, but the pace of change is ever increasing. Decisions that you might’ve made in the mid 2010s, you might not make the same choice today. It’s very much a game of whack-a-mole. It’s very difficult to pin down and to decide on this long journey that you need to make to make this digital transformation.
You have to have one mindset of I’m just going to pay down that debt and plow through it. But then you also have to have another eye towards a changing landscape and position yourselves to be able to be agile and pivot, as necessary. It’s a very difficult balance to achieve.
When looking to improve insurance models, how do you define what improvement actually is?
I feel that most people are trying to do the same processes, embracing the same business models, but in a modern way. I actually don’t know if that’s the right way to think about it, because there’s a proliferation of all these emerging technologies that all lead to an inevitable conclusion, that we need to just fundamentally blow up the insurance model and change it differently. There are a number of things really. There’s a rise of cheap sensors everywhere, such as telematics in your car and in your homes for smart home devices and wearables for example. This proliferation of sensors that are just backing up tons and tons of data, and in the past that wouldn’t have been possible to even store any of that, much less process it. But now with the advent of cloud computing it can all go to the cloud and can be stored up there.
We’ve got new capabilities that we never ever had before in the insurance industry that should lead to a fundamental rethinking of the industry. I just don’t see a lot of that happening yet. I think everyone’s trying to refurbish the old way of doing things and not necessarily completely rethinking the insurance model that’s been around for decades, not centuries.
How has the increased use of data analysis and storage impacted the consumer?
I think consumers have a certain mental model of how an insurance company works. That you’re the thing that I need to buy to do the thing I really want to do. I’ve got the insurance to do the thing I really want to do, then I forget about it until I have a claim. Depending on how that claims experience goes, I may be a customer for life or I may be really irate in shopping my coverage at the next renewal.
There’s not a lot of passion for your insurance company, and you’re right. I think there’s a weariness. Telematics has been around for a really long time but it’s failed to get traction in certain countries. For insurance companies to now come up with new products and new services that help you manage your home, or get a risk score, people start asking: how are you going to use this? Do I trust you with this data? Especially when it’s a brand new company, a new Insurtech startup and you don’t have any pre preconceived notions of what this company is, how they operate, what they’re going to do with this information.
I actually think they get the benefit of the doubt, in a way that traditional insurers, agents, brokers maybe do not. Trust is paramount and I think insurance companies really need to double their efforts to gain the trust of their customers.
How has the transformation of insurance impacted governance and regulation?
I feel for regulators. I think we know insurance is a heavily regulated industry. I would argue that there are many regulations that we have. It’s regulated vastly differently in a lot of countries. Some principles are the same, but many are different. I don’t know that that actually leads to different outcomes for consumers. I would argue that on the whole, it’s probably overly regulated and those regulations need to be reexamined and modernized.
It’s tough. On one hand, we need to look at some of the regulations that exist under the old model, since our world is changing rapidly, but I also think there’s probably some regulations that need to be considered for our new world, and our new model, to keep the trust for consumers in the insurance industry as a whole. Because the insurance industry provides such a tremendous societal benefit and we see this in countries that don’t have a robust insurance market in a lot of developing areas.
Building a robust insurance market in these countries will help unleash a lot of economic activity to help them grow. They have a way to design it in a way that they don’t have to be burdened with legacy systems and legacy regulations. They can then start with a bit of a clean slate right now. There’s some exciting innovations that are happening that are mobile first and other value propositions in some of these countries, that I think eventually will make it to the more advanced economies.
If you were to give some guidance that, while being no guarantee of success, to steer people down the right path to success, what would it be?
Stay curious and have an open mind at all times. That’s for you personally and professionally, but it should translate to your organization. We shouldn’t be so set on past dependency. You should be open to changing course, at a moment’s notice.
Sarah Golley, VP of Digital Transformation at Virgin Media. explores a digital transformation that puts the customers at the heart of it all.
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We travelled down to Reading to speak with Sarah Golley, VP of Digital Transformation at Virgin Media. Sarah explores how a digital transformation is nothing without the people and the customers at the heart of it all.
Welcome to a packed issue of Interface Magazine, full of exclusive content!
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This month’s cover story is an illuminating interview with Sarah Golley, VP of Digital Transformation of Virgin Media who reveals how digital transformation has meant getting comfortable with the uncomfortable.
“How customers want to engage with us has
changed and is continuing to change at a fast pace, driven by the rapid
adoption of technology. Customers of today are less likely to be brand-loyal
and will leave if they don’t get what they want and need. We want our customers
to find us easy to do business with, and we want them to stay,” explains
Golley.
“Customers
these days typically want information to be simple to find and instantly
available. They want to have the option to have everything online, they want to
self-serve if they have issues, they want to shop or deal with issues at a time
that suits them. We are now speaking to multiple types of people, from silver
surfers and baby boomers all the way down to millennials and Gen Z. We need to
provide solutions for everyone.”
Elsewhere, we
travel to Denmark to speak to Group CPO of Danish Crown Lars Feldskou regarding
procurement transformation and catch up with Rob Galbraith dubbed ‘the most
interesting man in insurance’. Plus, we assess the impact of a massive digital
transformation at UnionBank and list 5 Influential Women in IT.
The global developer of artificial intelligence solutions is releasing a free search platform to help clinical and scientific researchers find answers and patterns in research papers
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Information on COVID-19 is evolving fast and this AI-powered platform leverages a semantic search model that will allow users to quickly connect disparate information. The platform can execute searches based on specific inquiries, along with critical paragraphs copied from a relevant paper. Unlike keyword searches, the queries do not need to be specifically structured, and actually perform better in longer form. This initial version is configured to work with the COVID-19 Open Research Dataset (CORD-19) corpus. Element AI is looking for users and organizations from various groups to test the platform and suggest other data sets and features that could best fit their needs.
The group’s Element AI is looking to work with include:
Clinical researchers who need to incorporate many phenomena to make a rich model of the pandemic and its impacts.
Government, Public Safety and Public Health authorities looking to find best practices across different countries.
Pharmaceutical companies working on new therapies or vaccine trials, as well as identifying existing therapies that could provide immediate help.
-Scientific researchers and data scientists who are working on novel ways to connect research across the body of knowledge already available for COVID-19.
“Research data and reports are being published at an unprecedented pace as organizations scale up their efforts to respond to COVID-19. We want to contribute, and this free platform is our way to help the community locate and gather knowledge to find answers and patterns,” said Jean-François (JF) Gagné, CEO and Co-founder of Element AI. “We encourage the scientific and healthcare community to use this free platform and engage with our team to quickly ramp up and collaboratively meet the needs of the people working to slow down and contain COVID-19. We hope that their feedback and collaboration will help us quickly add features and datasets on top of what we already have made available” added Gagné.
The COVID-19 platform leverages technology from the Element AI Knowledge Scout product, which uses natural language techniques to tap into structured and unstructured sources of information. The first version will be progressively updated in coming weeks as additional datasets emerge. The site can be accessed at: https://www.elementai.com/covid-research.
Exploring the shift in shopping trends and the role of retail technology in the future of shopping
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As the impact of the Coronavirus crisis grows every day, the way in which Britain’s shoppers are buying their produce has shifted dramatically. Visiting the shops less often, taking one’s own bags, using contactless instead of cash and avoiding the checkouts are just some of the behaviours exhibited by customers across the country in an attempt to make their shop as convenient and hygienic as possible.
When the Coronavirus crisis subsides, the world will not return to business as usual. The nation’s shopping habits will remain different, and convenience and hygiene will be amongst the chief concerns of customers and retailers alike. But how will the nation’s supermarkets, grocers and outlets adapt to help consumers shop in what will be a new age of retail?
According to many industry commentators, retail technology holds the key to building the future of retail where convenience and hygiene are key, and Ubamarket is one such example of retail technology which is poised to help a nation of consumers transition into a new age of retail and shopping norms. The mobile technology drastically improves the consumer experience in terms of convenience and personalisation; customers can build shopping lists, be guided around the store with an aisle sat-nav, and scan and pay for their products in-app, completely skipping the checkout queues. With one fully integrated mobile solution, consumers can enjoy a dramatically more streamlined, easy and above all, hygienic shopping experience.
Furthermore, mobile applications and machine learning can observe the shopping habits of each customer and begin to offer personalised discounts on products that customers shop for the most – supermarkets who are quick to adopt this technology will have their finger on the pulse of consumer demand, whilst also ensuring stock is replenished accordingly. Given that over half (52%) of the UK’s shoppers are happy to share their consumer data with retailers if they can save money, according to Ubamarket, the retailers who offer mobile technology to their customers stand to profit massively.
Will Broome, Founder and CEO of Ubamarket, comments on the role of retail tech in building the future of shopping, and discusses why supermarkets must observe and adapt to changing shopping trends brought about by COVID-19:
“Despite the havoc that is being caused by the outbreak of the Coronavirus, I believe that the crisis is bringing into focus a number of pre-existing problems with the way in which we shop. The constantly changing store layouts, the outdated queues and checkouts, and the lack of communication between supermarkets and their customers are just some of the issues that COVID-19 has made very clear.
The implementation of retail technology holds the key to building the future of retail that supports our new shopping habits whilst also helping retailers to safeguard themselves against future cases of irregular consumer behaviour. After coronavirus, the world won’t go back to how was – people will be more hygienic and convenience-conscious, and retailers will be looking for ways to adapt to the shift in consumer behaviour and protect themselves against future shortages.
Retail tech such as Ubamarket offers an all encompassing solution in the form of a simple app which puts consumers in control, doing away with the need for time-consuming queues, unhygienic checkouts, complicated store layouts and confusion about where products are and whether they are in stock. What’s more, on the retailer side, stores which implement retail tech solutions will be able to access far more in-depth and accurate consumer data, helping them to assess their behaviour, manage stock more efficiently and effectively, whilst being able to effectively communicate directly to the consumer base.
I for one am extremely interested to see how the retail landscape in the UK will emerge from the Coronavirus crisis, but if one thing is certain, it is the capability of retail technology to help us build the future of retail that we would like to see.”
Financial uncertainty remains rife as COVID-19 caused a widespread market crash on March 12th, sparking fears of a global recession.
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Financial uncertainty remains rife as COVID-19 caused a widespread market crash on March 12th, sparking fears of a global recession.
However, there are already signs of a recovery, with some firms already back at pre-crash values, notably those in the home delivery market.
The biggest name of those is Amazon: having suffered a 13% drop in share price on March 12th, Jeff Bezos’ ecommerce colossus is now just four percentage points down on its March 5th share price, having rebounded 10% in the past week.
This is further emphasised by those stay-at-home bets like Netflix trading up 5% this week, reinforcing the view that self-isolation and quarantine measures are having a positive effect on those companies that could see an uptick in usage times due to the working-from-home
Supermarkets are also taking less of a hit due to the inordinate amount of panic buying being witnessed in certain countries. Walmart dipped just 10% from $116 to $104, subsequently rebounding and now sitting at $114 at the time of writing.
Data gathered by InsideBitcoins.com, meanwhile, indicates that whilst Bitcoin has been impacted by the ongoing Coronavirus pandemic, it has remained more resolute than oil and S&P 500.
In the period of 22nd January and 22nd March, Bitcoin dropped by 48%. Having started March around the $9,000 mark, it dropped 46% to hit $4,850 on 12th March but has had one of the strongest rebounds since – a 28% rise sees it hit $6,200.
However, on withstanding the effects of COVID-19, Bitcoin (BTC) is the least affected compared to the S&P 500 (SPX) and Crude Oil (USOIL). On the YTY chart, Bitcoin decline is at -19.2% which is two times better than the S&P 500’s -34.3%, while Crude Oil is at -64.57%.
Bitcoin has showed fluctuations even attaining 2020’s all-time high of $10,334 on February 12 but a month later the asset hit its lowest mark of the year at $4,987 on March 16.
Despite the market continuing to fluctuate, there are reasons to remain optimistic for the months ahead.
The European digital payments market is expected to hit a record $802bn transaction value this year
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The increasing number of mobile phone users and the massive growth of eCommerce have led to the rapid adoption of digital payments all over the world. Cashless payments have become an appealing alternative to many European consumers, as well, causing a significant impact on the payments industry traditionally dominated by cash, credit cards, and debit cards.
According to data gathered by Finanso.se, the European digital payments market is expected to hit a record $802bn transaction value this year, with a 9.9% year-over-year growth rate. The strong upward trend is set to continue in the following years, with the market value reaching nearly $1trn by 2023.
European Digital Payments Jumped Over 30% in Three years
In 2017, the European digital payments industry was worth more than $614 million, revealed the Statista survey. Over the next twelve months, the transaction value of the unified market increased to over $666 million and continued growing to more than $730 million by the end of 2019. Statistics indicate that the entire European digital payments industry rose by more than 30% in the last three years.
Digital commerce represents the most significant segment of the market, expected to generate more than 90% of the transactions this year. The average transaction value per user in this part of the European digital payments industry also increased over the last three years, rising from $1,053 in 2017 to over $1,239 in 2020.
However, the mobile POS payments segment of the market is expected to witness even more significant growth in the following years. The transaction value of the European mobile payments jumped 2.5 times in the last three years, rising from $17.4 million in 2017 to over $48 million in 2020. By the end of 2023, this figure is forecast to hit more than $111.4 million.
The average transaction value per user in the mobile payments segment nearly doubled over the last three years, reaching $931 in 2020. Statistics indicate this amount will hit $1,767 by 2023, or three times more than the 2017 figures.
Nearly 705 Million Europeans Will Use Digital Payments by 2023
The global digital payments industry has seen many innovations over the past few years, including mobile wallets, P2P mobile payments, real-time payments, and cryptocurrencies. This new, simple-to-use, cashless payment methods have drawn many users.
In 2017, there were over 601 million people in Europe using digital payments. Over the last three years, this number increased to more than 660 million. Statistics show the number of Europeans using cashless payment is set to reach 705 million by 2023.
Analyzed by geography, the United Kingdom represent the leading European digital payments market, expected to reach $176 million transaction value this year. Germany and France follow with $127.4 million and $96.6 million, respectively.
The 2019 Statista consumer survey also revealed that European countries dominate when it comes to the use of online payment through companies like Paypal, Amazon Pay, Google Wallet, or Masterpass. With a 77% usage rate, Germany is the leading country in the world in this field of digital payments. The United Kingdom and Poland follow with 71.5% and 71%, respectively.
We just want you to know that we’re thinking of you.
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The safety and wellbeing of everyone connected to B2e Media is of utmost importance to us – not just the wellbeing of our employees, but those who have worked with us to produce our content and those who have featured in our magazines over the past year.
We have taken the appropriate steps and all at B2e Media will be working remotely for the foreseeable future.
However, working from home and self-isolation can present issues for employees in many ways. Therefore, we are asking you to get in touch with any tips for maintaining positive mental health for us to share with our audience – we’re all in this together.
Stay in touch with loved ones, check in on your neighbours, and look out for those most vulnerable in society.
On the publishing side, our magazines and The Digital Insight podcast will still be going live as usual. We hope that these can provide you with a welcome distraction and will result in some escapism for your daily routine, whatever situation you may be in. Our job is keeping you entertained by giving you the inside track on some of the biggest transformation stories going on right now.
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As always, we’ve got a back catalogue of content for you to enjoy – including ten brilliant issues of CPOstrategy, featuring insight from procurement professionals such as William Hill’s David Medori and KPMG’s Martin Lee.
Here’s a word from our good friends at Trett Films:
Matthew Trett, Creative Director, Trett Films
“We are doing our best to maintain some sort of routine. I think not working in pyjamas is wise. Get washed and dressed before you start your day. I am currently working in the kitchen and so being next to all that food is probably not a good idea and will find a better alternative as time goes on.
As for keeping the business up and running, we are working on a lot post-production and pre-production on new projects. We are also looking into ways to develop a ‘passive income’ such as producing stock footage and developing an online video production course” – Josh Trett, Director, Trett Films
Peter Barker, CTO at Rufus Leonard, on the importance of close CIO and CMO collaboration and how they can deliver truly differentiating experiences for their customers.
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In a world where connected, consistent and differentiated experiences are born from closely aligned technology teams and marketing functions, the spotlight is on the collaborative relationship between a CIO and a CMO.
The traditional role and responsibilities of the CIO has altered as a result. As ‘2019 State of the CIO’ research highlights, 55% of CIOs are spending more time learning about customer needs as a way to foster the creation of revenue-generating initiatives[1] – prime marketing territory. While, according to Forrester, a CMO’s collaboration with a CIO is one of the four essential steps in planning their marketing evolution[2]. It’s clear that to deliver extraordinary brand experiences through robust systems built on a foundation of strong architectural principles, these two roles must seamlessly align.
Defining your differentiating
experience
Today,
89% of companies compete primarily on the basis of customer experience[3]. In this
competitive environment, the biggest challenge CMOs have is making sure their
brand is delivering a truly differentiating experience. And while 80% of companies
believe they are delivering these ‘superior experiences’ to their customers,
only 8% of customers would agree[4]. While
brands may deliver on customer experience promises and meeting customer
expectations, few are creating those competitive advantages that give customers
that little bit extra.
Forrester
identifies this as ‘digital sameness’ – companies solving the same problems in
the same ways over and over, therefore creating the same experiences. “The
experiences of the world’s leading brands languish, lapse, lockstep, or lag
because their customers struggle to separate one experience from another.[5]”
So
how do you stand out in the landscape of digital sameness? Thirty years of
helping brands like BBC, The Gym Group and Pinsent Masons has taught us that if
customer experience matches customer expectations, then brand experience exists
to create meaningful difference.
That’s
why brand experience needs to sit above customer experience. This
involves identifying and investing in hero moments along the journey –
specifically where your brand could credibly provide a unique experience –
which will create a memorable and differentiated experience for your customers.
It’s
these unique experiences and offerings that will keep people coming back to you
(loyalty) and start encouraging them to talk about you to their friends
(advocacy). Brands with a strong brand experience command 79% higher purchase
intent and an average of 45 more Net Promoter Score points than those who offer
a lesser experience[6].
Driving
your differentiating experience
When
it comes to driving brand experience, there is no question of the importance of
technology. After all, companies who create technology-driven differentiation
see growth 4x faster than the competition[7].
Aligning the activities around brand experience bring focus and priority to the
CIO and CMO relationship as well as ensuring you meet your customer’s digital
expectations. At the heart of this business-critical relationship is your
platform.
It’s
the CIO’s job to provide the blueprint and platform to deliver experiences in a
way which manages costs, threats and risks to the business. It’s not just about
efficient IT provisioning; if the platform isn’t accessible, fast enough, or can
be easily compromised it will cost – both in business and reputation. The platform
is the key to growth and efficiency; allowing you to create new highly
personalised services more easily and expand seamlessly with new partners or
new channels using your services.
So
how do you build an intelligent business core that facilitates and orchestrates
internal and external ecosystems, all while delivering experiences driven by
data, content and insight from people, process and platforms? And that’s not
all; it also needs to connect your back-end and front-end distribution channels
to create actionable insight which will help you evolve and optimise your
product and service development.
Ultimately,
you’re looking for a platform that can inform high-quality propositions quicker
than your competitors, as well as creating operational efficiencies through
automation to drive more contextually relevant customer experiences. A big ask?
The good news is there are a number of routes you can take to develop a robust
platform:
Commitment to a full
enterprise stack
A vendor PaaS solution
A CMS that has some
experience and headless features
Distributed channel logic
A centralised Omnichannel
Experience API which you own
Choosing a
robust, omnichannel solution
There
are pros and cons to each option, but if you want something that lets you
control and own your business experiences, is highly portable, open source and
more easily maintained, for many modern businesses your best option is a
centralised Omnichannel Experience API (OX.api).
An
OX.api framework provides the capabilities to curate the experiences the CMO
craves across all of your channels through solid technical engineering,
adhering to architectural principles such as:
Availability: Multi-layered,
HA, zero downtime deployments, and caching strategies
Data quality: Single source
of truth, upholding compliance such as GDPR
Interoperability: Best
practice, standards, portability, and SOLID principles
Secure by design:
Multi-layered security designed with cyber security specialists
Resilience: Service bus for
integrity, and containerisation to ease DevOps
Performance: Maximise the use
of elastic computing and the Cloud, blend Cloud and Edge, and build for
performance
Investing
in a platform with these capabilities essentially aligns the CMO’s agenda with
the CIO’s agenda. It unites your brand purpose to your tech stack, allowing
technology to deliver the experiences customers want.
Your
key takeaway
When
you connect and power the experiences your CMO craves with the tools and
systems your CIO needs, you can unlock the unique and meaningful moments that
will truly set your brand apart from the competition. The opportunity available
can’t be denied. Not only is it about fulfilling what your customers demand,
but rather creating an infrastructure for innovation and optimisation. Taking
your customer experience beyond the status quo is the key to unlocking market
share and driving growth – which is ultimately what will separate the industry
leaders from the followers.
“Businesses must be able to unite and share expertise because it’s that level of help that will guide everyone through unprecedented waters”
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Panintelligence, a global supplier and leading channel-focused provider of a highly intuitive business intelligence dashboard, is offering its business intelligence solutions for free to support and empower local UK based organisations in the wake of the global disruption caused by Coronavirus.
Eager to help enterprises survive and navigate the global crisis – and provide a helping hand to the local economy during true times of need – the UK-based firm is committed to aiding any regional firms that are struggling to maintain ‘business as usual’ during such vast uncertainty.
Typically provided to software vendors, Panintelligence’s highly intuitive platform will be available to businesses to help them take advantage of their data and be better equipped to react to real-time monitoring to make decisions quickly.
The full software package will be available for free for at least 90 days – depending on the ever-evolving climate – and include access to online training videos and live training delivered by webinar to ensure that businesses have support and guidance in how best to utilise the platform’s capabilities.
Zandra Moore, CEO of Panintelligence, is a leading figurehead in the tech landscape and has been devastated by the effects of COVID-19 across the industry and her local community.
“We need to come together in this time of uncertainty and provide vital support and guidance to anyone who requires it right now,” she said.
“Businesses must be able to unite and share expertise because it’s that level of help that will guide everyone through unprecedented waters.
“We’re immensely proud to be part of the amazing community of Leeds. It’s a part of Yorkshire that has a lot of heart and we will do whatever we can to assist any regional business in need.”
Based in Yeadon, West Yorkshire, Panintelligence is a UK-built, trusted global supplier and leading channel-focused provider. Its highly intuitive business intelligence dashboard vastly improves reporting and delivers ROI for a range of sectors – including finance, insurance, education and healthcare.
To find out more about the free package and support, full terms are available at: www.panintelligence.com/continuity or please contact: 0113 818 7040. Alternatively, Panintelligence is now live on the AWS Marketplace – to take advantage of this offer, visit: https://tinyurl.com/tx2xzwd
NexBotix, the Robot-Process-Automation (RPA) service, has officially launched in the UK. With a managed dashboard solution applied to specific business objectives, it means that only the right processes are automated and ROI can be delivered in as little as 30 days.
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NexBotix delivers a low-cost solution for businesses across finance and accounting, HR, IT, governance and compliance departments, across banking, financial services, insurance, automotive, logistics, legal, retail and local government. Unlike anything else currently in the market, the platform can be deployed into existing IT infrastructure in just 14 days.
NexBotix
uses today’s leading technology from major vendors such as Microsoft,
Google, IBM Watson, Automation Anywhere, NICE, UiPath and Abbyy, alongside
its own NexBots. The platform provides businesses with the ability to
scale up and down their operations according to demand and
assist teams in focusing on more high-value tasks, all the while, driving down
cost. The key to the multi-vendor approach, is the NexAnalytics
capability that helps companies gain complete control of their digital workforce
and ensure that the Business Case ROI is delivered as specified.
Chris
Porter, CEO of NexBotix, says: “The ‘plug, play, and managed’
element of our technology means that there’s minimal disruption to existing
operations, and with no-code to manage it doesn’t require users to be
tech-savvy to operate it. With some of the more established players in the
market, there’s typically a three month consultation period before any
integration can begin, so is it any wonder that enterprises are becoming
disillusioned with the actual impact automation can have? We’re so confident in
our technology and team that we offer customers a guarantee of receiving ROI within
three-to-nine months; though in many cases we’ve seen this happen within as
little as a few weeks.”
“With
NexBotix, it’s less about removing the human element, but more about working
alongside process automation to arrive at the best possible outcome; both in
terms of efficiency and profitability. Where most businesses fail with AI
implementation is that they lack the foundations intrinsic to its success as a
model. Where NexBotix differs is that we put a specific business situation
first, and build around that.”
The
platform is managed by a team of experts within NexBotix, so it removes the
need for any company to have a dedicated technical resource and the service can
deliver quantifiable benefits 30 days from implementation. In one case,
NexBotix helped a customer service organisation with 3,000 employees achieve an
ROI of 802% and payback within four weeks, for its sales department.
Nexbotix
has been spun out from Camwood Ltd which has
over 20 years of experience and a proven portfolio of products and services
across intelligent automation. Most notably, it sold AppDNA to Citrix in 2011
for $91.3m.
One of the world’s largest independent financial advisory organisations is offering free financial advice to anyone in the world on a remote basis as social distancing is universally embraced as the best tool to fight coronavirus.
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deVere Group, which operates in more than 100
countries worldwide, is launching its Contactless Advice service with immediate
effect.
The chief executive and founder of the $12bn
organisation, Nigel Green, says: “We are launching Contactless Advice now –
which is an industry first – for four clear reasons.
“First, social distancing is currently the only
tool available to fight the spread of the coronavirus. As such, more and more
cities, regions and countries are going into lockdown and people into enforced
or self-imposed isolation to help fight Covid-19. This means that they might
not be able to see their financial adviser face-to-face as they do ordinarily.
“And second, the economic landscape is shifting.
The global economy is facing a short and deep recession. As always, new
industries will emerge and, of course, there will be winners and losers in
terms of sectors, jobs and wages – and this will, naturally, directly impact
people’s finances.
“Third, we’re moving towards an era of negative
interest rates, which will affect people’s investment decisions, amongst other
financial matters.
“And fourth because the ongoing volatility will
present challenges that will need attention, but also major – perhaps
once-in-a-generation – buying possibilities and ways to shore-up your
retirement income.
“Against this backdrop, in order to create,
build-up and safeguard their wealth as the world adapts to a new era, investors
should be revising their portfolios to ensure they mitigate risk and take
advantage of the opportunities.”
He adds: “Using a combination of existing
technology, and our industry-leading applications, we’re able to offer
unparalleled financial advice from the comfort of your home.
“In these trying times we must all play our part,
by removing physical interactions from our services, you can have peace of mind
that your health, and your wealth will remain secure.
“The free Contactless Advice service will include
a wealth scan in which you and your professional adviser will discuss your
financial objectives and answer any questions you may have; a fact find in
which your adviser will discuss your current financial situation with you; and
a customised report which your adviser will analyse and discuss with you and
outline your recommended next steps, if any are needed.
“Moving forward, using our pioneering app, you’ll
be able to track your entire portfolio and financial strategy in real time and
book an e-meeting with your adviser, should you have any queries.”
The deVere CEO adds: “The world is changing fast
and a short coronavirus-triggered global recession and the subsequent recovery
will have lasting and far-reaching consequences for people’s wealth.
“Experts agree that very seldom is it a good idea
to take a DIY-approach to something so fundamental to your life as your
finances. With the financial and economic landscape shifting and evolving so
rapidly, this, I suggest, is certainly not the time.
“With this free service that offers professional,
independent advice, there’s no need to do that.”
Mr Green concludes: “The ground-breaking
Contactless Advice is designed for today’s world and with client experience and
outcome expectations front and centre.”
Key executives from a wide range of industries share what they believe to be the key to success.
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How do we achieve success in times of great digital disruption? Over on The Digital Insight Podcast, we asked a number of key executives from a wide range of industries what they consider to be the key to success.
“I think there’s really two parts. The first is; be curious. Find out what you can learn, what you can experience, what you can do or you can question about how you operate and how others operate and how you can bring that into what you do. And the second, and I give this advice a lot, is to understand how do you continue to be a better version of yourself? Not someone else, but yourself. Challenge yourself to question how you can continually self-improve the person you are, and the one you want to be.” – Mike Dargan, Group Chief Information Officer UBS
“Everybody has to realise, with new technologies that it’s difficult at times to get people grounded into the mission that the new technologies are supposed to support. You’re solving a problem with these new technologies or you’re helping to solve a problem, but this problem is basically something that you want to enhance in your mission. You have to think of technology as an enabler for your particular mission. A lot of people forget that. They just think, “I want to have new technology because it’s cool.” – Frank Kozniecy, CIO, United States Air Force
“I would say the key ingredient is to keep an open mind. Lead with courage instead of fear. If you allow yourself to be training and learning and reading frequently, you’re actually always going to be a step closer to understanding what that disruption could look like and prepare yourself for it” – Carolyn Chin Parry, IT Woman of the Year at IT Asia Awards 2019
“We’ve got an exciting opportunity that we’re going to see transformational stuff in the next 10 years, I think, that none of us can imagine. And all of it being affordable, and getting more and more affordable. But with it comes a lot of threats we didn’t imagine. When social media first came, no one thought about some of the things we were going to see. Whether you believe or not that the elections are influenced, or swayed, or misrepresented, and who gets into power. None of that was discussed, because we weren’t thinking that far ahead. It’s only coming to fray now. Some of the implications of that, and drone technology, and other things. It’s an interesting time, and it presents opportunity, if you’re willing to change and grab the opportunity, and utilize what’s available to benefit your business and your career.” – Ian Moyse, Sales Director, Natterbox,
“It’s really about not the organization transforming around me, but it’s about, well, what am I personally willing to do differently? What am I willing to learn? How am I willing to take on new practices, spend my time differently, prioritize my business results and my schedule, and my hiring practices too? What are you willing to do differently?” John Rossman, former leader at Amazon and author of Think like Amazon
For more valuable C-Level perspective into the core issues surrounding business transformation and digital disruption and the most inspiring executive insights from those leading transformation strategies within the worlds biggest and best-known companiessubscribe to The Digital Insight
Banks are facing new pressures to achieve efficiency, while facing shifting customer preferences, competition, and technological innovation.
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Banking is set to change in the coming decade, and it is up to institutions to choose a path in transforming their operations. Challenged by fintech and lean business models, banks still have a runway to adopt more efficient processes, while not sacrificing the wealth of products or user experience. Posed before a transformation, the banking sector can envision a pathway to increase sustainability and operating efficiency.
Banking Faces the Challenge of Technological Overhaul
The banking sector reached a point where adopting new technologies is essential, while also needing to modernize legacy systems. Automation and self-service are now everyday occurrences, training customers to expect a smooth, efficient experience.
Legacy banks, however, are caught in a bind, still investing in offices and outside appearances, while failing to achieve the necessary speed in new product creation. The resulting service may not only end up hurting the bank’s bottom line, but also undermine customer engagement.
To remain competitive in the modern world, banks also need to reassess their processes, instead of over-investing in offices and interiors. Attracting more employees is also not the answer to better service in the age of automation. Providing working places looks positive on the surface, those jobs often involve monotonous processes, which could be automatized. At the same time, talent could be pointed to areas where human engagement is essential.
Data from the banking sector reveals that modernization has happened fast in the forward-facing service. Automatic offices and online payment systems replace tellers. But banks’ back offices still require lengthy processes to augment the work of legacy systems. Those processes can be handled by automation technology, reducing human input in the IT department, transaction handling, and general accounting processes.
An example of lightening the backend load would be to avoid paper trails in transactions. Resource allocation can also be automatized, as well as routine decision-making. Banks have shown examples of reorganizing as much as 900 end-to-end processes, achieving 50% automation.
Barriers to Modernizing Processes
Newly arriving fintech products can do a bare-bones operation using newly created processes and software. But banks face headwinds in design, general business tasks, as well as the mode of operation of their IT departments.
Banking processes have grown complex over time, based on both regulations and internal decisions. Thus, it may take years to rebuild software that could encompass those processes. The bank itself may start with procedures that are not optimized and lengthy internal processes created on an ad-hoc basis.
IT departments may also have differing agendas in terms of security and system building, not noticing a demand for efficiency and streamlining. Internal bank IT departments may also not be capable of creating new software to replace the old workflow.
Banks should have automation tools and automate their processes as much as possible. People should be doing only jobs that require human input. All the other processes in the bank (transactions, IT, etc. should be automated). In addition to reducing process costs, automation tools can help improve staff productivity, enabling banks to handle more transactions and greater volumes of activity with the same number of personnel.
How Banks can Boost Efficiency
Banks can move in two directions when seeking efficiency and sustainability. One is to shorten the customer engagement, and the other is to seek simplified processes. Following the path of fintech operations, with a simpler architecture, would unify front-end user engagement with back-end processes. Such an approach would speed up process completion and minimize the requirement for support.
An optimized backend process may mean better access to novel products, previously unavailable without a complex human-driven process. Access to loans, as well as other trading and investment products, can be automated in the backend, to streamline the bank’s sources of revenues. The addition of AI and algorithmic processes may also mean expanded possibilities for product offerings and decision-making.
Optimizing the backend process and IT department does not translate into simplification or direct layoffs. Banking is in a situation where processes can be tailor-made for each customer, yet remain automatic and require little human input. Examples of process engagement include any task from simple transfers to loan requests or information queries.
Philippe Carrel, Chief Commercial Officer at Finmechanics, envisions multiple processes that can be added to a bank’s backend, without an undue load on IT departments.
“As digital banking now reaches corporate and transaction banking, the challenge is not about replacing sales desks with aps., but again rethinking the back-end. It involves real-time pricing, treasury advisory services, derivatives, margins, collateral and more. The mere idea of an algorithm proposing services or investments across asset classes and client activities involves consuming information from a broad range of sources,” Carrel envisions the future of banking backend operations.
Process and workflow improvements can also optimize tasks in user onboarding, such as the first engagement with the bank and opening a new account. Speed is essential, as modern users expect to only wait for seconds, based on their experience with fintech or loan apps.
The monopoly of banks was only challenged in the past decade, and for most organizations, becoming streamlined and achieving sustainability is a big task. So far, banks have started off with layoffs, but there is more work to be done for institutions to shift to an up-to-date operations model. Sustainability and optimization also don’t mean banks will become smaller and simpler, nor that their profits would suffer. The potential goal of automation and added products can end up augmenting the bottom line of banks.
Sustainability also comes with simplification, meaning that banks should refrain from building up their technology systems with new layers, and instead re-engineer processes with the end-user in mind.
Digital transformation in banking is a process expected to unfurl in the coming decade. Forbis group is one of the proponents for building innovative and sustainable financial solutions, to bring about a deep transformation in the finance and banking sector. Forbis offers the tools to build an entire complex digital banking system, a task that will see increased demand as banks transfer from legacy systems to automation and streamlined solutions.
Forbis has already created working prototypes of products that aim to digitize banking operations. With a focus on innovating in e-finance, the company has been developingContomobile – a digital banking solution, which combines the delivery of secure and reliable financial services with a thoughtful user interface. As the number of companies wanting to go digital increases, this white label solution is in high demand, since it can be rebuilt based on individual needs of the business.
Evolution may be available on all levels, both for commercial and investment banks, bringing a new era of product growth and speedier solutions. Banking has always been an evolving sector, but the latest changes are expected to be the fastest and deepest on record.
The end of the Wild West of digital advertising is nigh: data is the new black gold, and advertising has been mining it recklessly. That can’t go on.
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While the glory days of data harvesting were great for ad-tech, they were less great for advertising. Data-breaches, Cambridge Analytica, and “stalker ads” that overuse targeting have all helped to undermine consumers’ trust. Back in April 2019, Kantar’s ‘Dimension’ study showed 54% of UK consumers objected to being targeted based on their past online activity (a figure I suspect their 2020 iteration of the report will demonstrate has gone up, given consumers’ growing awareness of the implications of online targeting), 70% of consumers said they see the same ads over and over again and only 11% said they actually enjoy advertising. Wow. Those findings, and many others like them since, underline the crisis of trust digital advertising is facing.
Private – Keep Out
There is a complacent view held by some in the ad-industry, that privacy concerns can be ignored as “this year’s storm in a teacup”. Pay lip-service to the law, and carry-on as before. But that’s of course missing the point – long-term trust erosion – and hiding the real cost to the industry.
I agree that most of the public don’t care deeply about privacy. Joe Public is unlikely to switch off Facebook or use the Tor browser. But that doesn’t mean they’re happy.
People don’t like feeling powerless or taken advantage of. Today, that’s exactly how they feel, and they’re becoming more vocal – with those voices starting to carry weight. In Ipsos-Mori’s survey last month (commissioned by the Centre for Data Ethics and Innovation and Sciencewise, and forming the basis of the UK Government’s official Review of Online Targeting), almost all participants felt that change was required to the way in which online targeting, in particular, currently operates, with many saying that they were sufficiently concerned about aspects of the process, or about the potential harms that could occur, that they remained unsure whether the benefits outweigh the harms.
But it’s not all bad…
That said, the same study revealed that the majority of people also felt that if steps could be taken to resolve these concerns, they would likely advocate that overall online targeting makes a positive contribution to society. So, there we have it – a window of opportunity, a second chance for adtech, for advertising as a whole, and for brands willing to make integrity a core part of how they advertise specifically, and operate more broadly.
Remember, that same Kantar study also demonstrated the power of targeting when it
is done right, with 44% of respondents saying they do enjoy ads that are directly relevant, 45% agreeing that the ads tailored to them are more interesting than other ads, and 61%
saying they prefer to see ads relevant to their interests. It is not relevant ads that people dislike — it’s the surreptitious targeting. So as an industry, we need to change the model from treating people as “targets”, to treating them as partners.
Time for a reset
First off, we have to begin with a commitment to genuine transparency about what customer data is held and how it is used. The bombardment of consent checkboxes may help to provide legal cover, but it is harmful to the deeper purpose of building trust and a brand-customer relationship. Asking “what is legal?” is the wrong approach. Instead, we should start with respect for the customer, and put them at the centre of engagement design. Other parts of the B2C world of course already understand that the customer is at the centre of everything – creative agencies being one obvious example. That understanding and acceptance now needs to extend to the infrastructure of advertising.
Policy change and tech advancement must go hand in hand
Positive change here requires both policy and technical development. We do need new tools. Tools for users to easily manage their profile data — to make it easy for them to both block and allow data-use, without fighting through a swarm of in-human checkboxes.
Part of that will be establishing standards for users (via their browsers and phones), publishers (via the SSPs), and brands (via the DSPs, and their own data) to work together.
The key piece will be making it easy for users to setup an enforceable data policy that reflects their attitudes. A data policy would say what you reveal, and how and to whom. A good tool would make it easy for people to manage that, and stay informed and in control without spending much time at all. That will in turn need a data ecosystem, where data can be used without losing privacy.
Enabling personalization, gaining trust
With a better data ecosystem, there is still untapped and valuable data — for example the CRM and other customer-history data that brands hold — which could be brought in.
For the public, a trustworthy data ecosystem would unlock many benefits. Consumers find personalization useful. Whilst they are somewhat concerned about their privacy, as Gartner’s study showed, 62% of consumers said personalized attention is important when it helps them get a better deal, and nearly half said they valued it for saving time and making the purchase process easier. Findings which pretty much match those from the Ipsos study last month.
The end of the Wild West could ultimately be good for the industry. If brands are fair and transparent when they connect with the public – through all touchpoints, online ads included – there is certainly an opportunity to build more valuable engagement.
After all, the Wild West of gunslingers was not nearly as productive as the modern California that today makes movies about gunslingers.
By Daniel Winterstein, CTO & co-founder at Good-Loop
It’s been an incredibly busy week for B2e Media as we have been working hard on some truly exciting projects…
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It’s been an incredibly busy week for B2e Media as we have been working hard on some truly exciting projects for Interface Magazine and CPOstrategy.
Let’s take a closer look.
Sarah Golley, VP of Digital transformation, Virgin Media, discusses being comfortable with the uncomfortable
On Monday, our Senior Editor of CPOstrategy Dale Benton travelled to Reading to meet with Sarah Golley, Vice President of Digital Transformation. Sarah discussed a digital transformation journey for Virgin Media, where she was tasked with making people in the business feel comfortable with the uncomfortable.
People are key to procurement for Jonathan Sims, CPO of ENGIE
Next up, Andrew Woods, Editor of Interface Magazine, travelled to London to meet with Jonathan Sims, Chief Procurement Officer at ENGIE. Jonathan was keen to share the secret to procurement excellence and maturity and how the people in an organisation are key to making that happen.
Lars Feldskou, Group CPO of Danish Crown, explains how silos are a thing of the past
Andrew then jumped on a plane and flew out to Denmark to meet with Lars Feldskou, Group CPO of Danish Crown to discuss a procurement transformation story in-keeping with a company-wide transformation, called the 4-Wheel Strategy, in which Danish Crown’s traditional siloed approach abandoned for cross departmental collaboration.
Be sure to look out for these incredible features appearing in upcoming issues of CPOstrategy and Interface magazines.
In part one of a two-part discussion, Pat Lynes, Founder and CEO of Sullivan & Stanley explores how digital transformation…
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In part one of a two-part discussion, Pat Lynes, Founder and CEO of Sullivan & Stanley explores how digital transformation has forced companies to rethink their operating models particularly when it comes to the skill sets and capabilities required.
As UK businesses look towards the cloud to enable digital innovation, more than half (58%) say the move has been…
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As UK
businesses look towards the cloud to enable digital innovation, more than half
(58%) say the move has been more costly than envisaged, according to new
research from Capita’s Technology Solutions division.
However, the
research reveals that cloud migration (72%) remains the top transformational
priority for most organisations, ahead of process automation (45%), big data
analytics (40%), and artificial intelligence/machine learning (31%). This is a
further indication that organisations see cloud as a core component to
effectively enabling these next-generation technologies.
The ‘From Cloud Migration
to Digital Innovation’ report, which surveyed 200 UK IT decision
makers, cites reduced cost (61%), improved speed of delivery (57%), and
increased IT security (52%) as the main reasons for organisations to move to
the cloud. However, 90% of respondents admitted that cloud migration had been
delayed in their organisation due to one or more unforeseen factors. Issues
such as cost (39%), workload and application re-architecting (38%), security
concerns (37%), and skills shortages (35%) all point to a process that is more
complicated than expected.
“Cloud adoption is a critical foundational step towards opening up real
transformative opportunities offered by cloud-native technologies and emerging
digital platforms and services. While some forward-thinking organisations are able to keep their eye on
the goal, the complexity of the migration and application modernisation process
tends to introduce delays and cost-implications that slow down progress,” said
Wasif Afghan, head of Cloud and Platform at Capita’s Technology Solutions
division.
A more
complex and costly migration than expected
On average,
those businesses asked had migrated 45% of their workloads and applications to
the cloud. However, this did correlate to organisation size as organisations
with more than 5,000 employees have further to go, with less than a third (31%)
of workloads and applications migrated. This could be the result of having
larger, more complicated systems.
Nearly half
(43%) of respondents found security to be one of the greatest challenges they
had faced during their migration. A lack of internal skills (34%), gaining
budget approval (32%), and progressing legacy migration solutions (32%) were
other significant challenges organisations had faced.
In fact, half
of respondents found their organisation had to ‘rearchitect’ more workloads and
optimise them for the cloud than they had expected. Further, only just over a
quarter (27%) found that labour/logistical costs have decreased – a key driver
for moving to the cloud in the first place.
“Every migration journey
is unique in both its destination and starting point. While some organisations
are either ‘born in the cloud’ or can gather the resources to transform in a
relatively short space of time, the majority will have a much slower, more
complex path. Many larger organisations that have been established for a long
time will have heritage IT systems and traditional processes that can’t simply
be lifted and shifted to the cloud straight away due to commercial or technical
reasons, meaning a hybrid IT approach is often required. Many organisations
haven’t yet fully explored how they can make hybrid work for them, combining
the benefits of newer cloud services whilst operating and optimising their
heritage IT estate,” said Afghan.
A platform
for innovation
Despite some of
the challenges outlined in the report, the majority (86%) of respondents agree
that the benefits of cloud are compelling enough to outweigh its downsides. For
more than three-quarters (76%) of organisations, moving to the cloud has driven
an improvement in IT service levels, while two-thirds (67%) report that cloud
has proven more secure than on-premise.
Overall,
three-quarters of organisations claimed to be satisfied with their cloud
migrations. However, only 16% were ‘extremely satisfied’ – indicating
that most organisations have not yet seen the full benefits or transformative
potential of their cloud investments. In addition, 42% of respondents currently
believe that cloud had ‘overpromised and underdelivered’.
“It’s no longer enough to think
of cloud as simply a way to benefit from initial cost savings or just another
place to store applications and data. Today, the move to cloud is driving a
spirit of innovation right across the enterprise, paving the way for advanced
digital services to be rolled out in a highly accessible, faster and more
cost-effective way – whether that’s AI, RPA, complex data analytics or machine
learning. Only through the alignment of IT and lines of business leadership –
in terms of goals, vision, direction and mindset – can organisations fully unleash the potential of cloud to
address their key business objectives, whether that is improving business
agility, delivering an enhanced customer experience or enhancing business
efficiencies.” said Afghan.
CEO & Founder of INSTANDA, Tim Hardcastle, discusses how businesses leveraging technology are speeding up processes, increasing flexibility, reducing costs,…
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CEO &
Founder of INSTANDA, Tim Hardcastle, discusses how businesses leveraging
technology are speeding up processes, increasing flexibility, reducing costs,
freeing up resources and driving profits.
February 2020 brings with it the first leap
day in four years, gifting us with a whole extra day of precious time. With
this theme in mind, I asked myself: what could be achieved within the insurance
industry if only we had more time?
The greatest challenge facing insurers and
their time is inflexible technology solutions and legacy platform constraints.
Whether it is by limiting the ability of insurers to improve existing
processes, or to develop new ones, the legacy systems still used by the
industry today waste time, create congestion and frustration, and
simultaneously, stall improvement and progress.
But technology offers a solution. As we’ll
explore, we see insurers increasingly challenging the constrains of time and,
through the use of technology, they are beginning to set the path of a more
streamlined, reliable and efficient way of doing business. In this article we
show the businesses doing just that and outline the impact it’s having:
speeding up processes, increasing flexibility, reducing costs, freeing up
resources and driving profits.
Bringing products to market in record speed:
Hiscox
The ability of digital platforms to
drastically reduce time to market is not a new concept. But what speeds are we
talking? Hiscox are leading the way when it comes to distribution and
responding to market need. Hiscox’s car product in Germany for example was
built in just 10 weeks and the second product, with more channels, was built in
just 6 weeks.
Through the use of INSTANDA’s no-code
technology, Hiscox has been able to create their own ‘agile product factory’.
This means Hiscox have a team of in-house and partner configurators who are
adding more books, building new products and making changes whenever the
business requires it.
Increasing flexibility and driving
innovation: Imperium
Imperium aims to empower its customers by
making specialist products easy to purchase. This requires them to get highly
tailored products out to brokers, proactively anticipate customers’ needs and
respond to market changes – quickly.
But thanks to traditional systems, it often
takes months to make adjustments to existing products, let alone build a new
one. Implementing a digital pathway by working with INSTANDA allowed Imperium’s
trained super-users to transform to product-build mode.
In the days following a new product launch,
Imperium can now react immediately to broker feedback and make changes to their
questions and rates within the hour. And for the management team, it has
dramatically reduced the time spent with systems providers. Imperium can now
spend time developing the business and fine-tuning their offerings.
Saving customers time: Aviva
It’s not only the product teams and insurers
that benefit either, but the end consumers too. Aviva’s recent deployment of
INSTANDA’s no-code platform to introduce innovative life and health cover
offers a useful case in point. Aviva found that medium sized enterprises (SMEs)
were citing product cost and lack of staff and resources as the two biggest
barriers to managing insurance.
Using INSTANDA Aviva can deliver a solution
that offers a flexible, highly tailored, yet simplified protection insurance
for small businesses.
Driving efficiency: Top 5 global insurer
When it comes to speciality lines, time is
complex. Combined with the limits imposed by legacy IT processes, they are
additionally challenging given their complexity and diversity. As a result,
many are manually run and slow as a result.
In this insurer’s case, despite a number of
efficiency efforts their operational model was only able to assess and quote on
12-15% of the 10,000+ submissions received without increasing headcount.
However, in just eleven weeks, the team
worked with INSTANDA and Deloitte to digitise the process, enabling the
business to significantly increase the size of their book without increasing
headcount.
Speeding up the process increased the
potential for efficiency and growth by reducing costs, improving customer
(broker) experience and thereby providing an opportunity to maximise profits.
Leaping ahead: A lesson in bettering
insurance industry
The ability to free up time and resource is
integral to insurers looking to revitalise and grow their business – and the
only way that the insurance industry as a whole will be able to leap forward.
As the above examples demonstrate, we’re
helping companies make the most of their time and create more of it as a
result. Through technology, insurers are enabled to quickly build the products
they know customers want whilst development teams are freed up, so profits can
be maximised. Moreover, customers are increasingly empowered through
easy-to-purchase, personalised insurance products delivered in never before
seen timescales.
With technology, the insurance industry can
leap forward on its own, without an extra calendar day.
Airport chaos, banking glitches, cancelled surgeries, data loss; the potential consequences of IT faults are well known, far-reaching and the…
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Airport chaos, banking glitches, cancelled surgeries, data loss; the potential consequences of IT faults are well known, far-reaching and the subject of frequent headlines. Still, fewer than half of the UK’s SMEs are prepared to cope adequately in the event of IT disruption. This is according to the latest research* commissioned by full-service IT consultancyILUX.
The survey, which canvassed the opinions of over 500 UK-based SMEs, revealed that just two fifths (42%) of those polled had an IT disaster recovery plan in place. This is despite the fact that a significant proportion (24%) had already experienced damage or loss due to an IT fault.
Of the proportion who have experienced damage and / or loss:
• 43% experienced the loss of important data
• 40% experienced a drop in staff productivity
• 29% suffered a loss of sales / transactions
• 24% experienced data breach / GDPR implications.
Data loss can potentially have very serious consequences for companies, especially if the loss involves personal data protected under the General Data Protection Regulation (GDPR)[1], as was the case for almost a quarter of respondents. Failure to comply with GDPR can lead to significant financial penalties, as the recent heavy fines issued to airline British Airways and hotel chain Marriot bear out.
James Tilbury, Founder of ILUX, comments: “Although a significant proportion of UK SMEs have experienced serious problems as a result of IT disruption, it seems that the majority are still failing to take adequate steps to prevent or mitigate faults.
“This suggests that preparing for the risk of IT disruption is still treated as more of an afterthought than an essential aspect of business planning by the majority of SMEs. I would urge caution to any firms thinking in this way. Businesses today tend to be critically reliant on technology to power their everyday processes and keep operations running smoothly, securely and efficiently. Not only that, the right technology-driven processes can also set them apart, delivering innovation, improved customer experiences, a competitive edge – and ultimately growth.”
These findings are explored in more detail in the ILUX Whitepaper “Business Worries Keeping You Up At Night?” which can be downloaded here https://www.ilux.co.uk/just-relax.
SaaS is a cloud-based IT infrastructure that offers software system access based on a subscription model. This allows accessing a…
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SaaS is a cloud-based IT infrastructure that offers software system access based on a subscription model. This allows accessing a variety of software programs through a browser without needing to have everything set up on company hardware. When it comes to banking and financial services, SaaS solutions have been particularly helpful in developing the sector’s IT infrastructure. These include advancements in open banking, digital payments and many more.
According to Anton Zujev, the Head of Business Development and Sales at Fininbox, a provider of banking SaaS for financial institutions, the detailed structure of SaaS is supposed to boost the performance of companies in finance and banking. “Due to cloud-based solutions, SaaS should optimize both workloads and assets. There is no need to work with a number of different IT systems and hardware which may be difficult to manage all at once in-house. SaaS helps clients to save time and money when it comes to setting up,” said Zujev.
The expert also marks that few SaaS companies provide full services exactly for banking and financial institutions. Therefore, relying on them may not be beneficial. As stated by Zujev, many SaaS companies are relying on the solutions offered by their partners rather than their own work. “Such an approach has its own pros and cons. A conglomerate of different IT vendors can offer the flexibility of choosing the solution or service that might better fit your business case at the beginning stage, yet relying on many integrations may not pay off for most customers, while also introducing a challenge of managing many SLAs and vendor relationships.”
While elaborating on this point, Zujev distinguishes the most efficient way to build banking SaaS. “First of all, the company must provide both extensive back-end and whitelabel front-end, thus offering the full-range service a new challenger bank may need. If a digital payment company wants to become a proper bank – SaaS providers should be ready to help by enabling extra functions and products without additional development. Scalability, flexibility and ease of integration via APIs with clients or 3rd party systems are also important. The client can design their business development across several regions or audiences with fewer obstacles and unnecessary costs.”
Finally, the expert believes that the current approach towards SaaS requires re-development. “There is a lot of potential, yet refurbishment of SaaS we have now is generally needed. A brand new system ensuring a wide range of services along with unlimited opportunities for business development is necessary in order to make this field more competitive and reliable amongst both providers and customers,” added Zujev.
Mauro Guillén Zandman, Professor of International Management, The Wharton School, University of Pennsylvania, USA Srikar Reddy, Managing Director and Chief…
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Mauro Guillén Zandman, Professor of International Management, The Wharton School, University of Pennsylvania, USA
Srikar Reddy, Managing Director and Chief Executive Officer, Sonata Software Limited and Sonata Information Technology Limited
Artificial intelligence (AI) relies on big data and machine learning for myriad applications, from autonomous vehicles to algorithmic trading, and from clinical decision support systems to data mining. The availability of large amounts of data is essential to the development of AI. But the scandal over the use of personal and social data by Facebook and Cambridge Analytica has brought ethical considerations to the fore. And it’s just the beginning. As AI applications require ever greater amounts of data to help machines learn and perform tasks hitherto reserved for humans, companies are facing increasing public scrutiny, at least in some parts of the world. Tesla and Uber have scaled down their efforts to develop autonomous vehicles in the wake of widely reported accidents. How do we ensure the ethical and responsible use of AI? How do we bring more awareness about such responsibility, in the absence of a global standard on AI?
The ethical standards for assessing AI and its associated technologies are still in their infancy. Companies need to initiate internal discussion as well as external debate with their key stakeholders about how to avoid being caught up in difficult situations.
Consider the difference between deontological and teleological ethical standards. The former focuses on the intention and the means, while the latter on the ends and outcomes. For instance, in the case of autonomous vehicles, the end of an error-free transportation system that is also efficient and friendly towards the environment might be enough to justify large-scale data collection about driving under different conditions and also, experimentation based on AI applications.
By contrast, clinical interventions and especially medical trials are hard to justify on teleological grounds. Given the horrific history of medical experimentation on unsuspecting human subjects, companies and AI researchers alike would be wise to employ a deontological approach that judges the ethics of their activities on the basis of the intention and the means rather than the ends.
Another useful yardstick is the so-called golden rule of ethics, which invites you to treat others in the way you would like to be treated. The difficulty in applying this principle to the burgeoning field of AI lies in the gulf separating the billions of people whose data are being accumulated and analyzed from the billions of potential beneficiaries. The data simply aggregates in ways that make the direct application of the golden rule largely irrelevant.
Consider one last set of ethical standards: cultural relativism versus universalism. The former invites us to evaluate practices through the lens of the values and norms of a given culture, while the latter urges everyone to live up to a mutually agreed standard. This comparison helps explain, for example, the current clash between the European conception of data privacy and the American one, which is shaping the global competitive landscape for companies such as Google and Facebook, among many others. Emerging markets such as China and India have for years proposed to let cultural relativism be the guiding principle, as they feel it gives them an edge, especially by avoiding unnecessary regulations that might slow their development as technological powerhouses.
Ethical standards are likely to become as important at shaping global competition as technological standards have been since the 1980s. Given the stakes and the thirst for data that AI involves, it will likely require companies to ask very tough questions as to every detail of what they do to get ahead. In the course of the work we are doing with our global clients, we are looking at the role of ethics in implementing AI. The way industry and society addresses these issues will be crucial to the adoption of AI in the digital world.
However, for AI to deliver on its promise, it will require predictability and trust. These two are interrelated. Predictable treatment of the complex issues that AI throws up, such as accountability and permitted uses of data, will encourage investment in and use of AI. Similarly, progress with AI requires consumers to trust the technology, its impact on them, and how it uses their data. Predictable and transparent treatment facilitates this trust.
Intelligent machines are enabling high-level cognitive processes such as thinking, perceiving, learning, problem-solving and decision-making. AI presents opportunities to complement and supplement human intelligence and enrich the way industry and governments operate.
However, the possibility of creating cognitive machines with AI raises multiple ethical issues that need careful consideration. What are the implications of a cognitive machine making independent decisions? Should it even be allowed? How do we hold them accountable for outcomes? Do we need to control, regulate and monitor their learning?
A robust legal framework will be needed to deal with those issues too complex or fast-changing to be addressed adequately by legislation. But the political and legal process alone will not be enough. For trust to flourish, an ethical code will be equally important.
The government should encourage discussion around the ethics of AI, and ensure all relevant parties are involved. Bringing together the private sector, consumer groups and academia would allow the development of an ethical code that keeps up with technological, social and political developments.
Government efforts should be collaborative with existing efforts to research and discuss ethics in AI. There are many such initiatives which could be encouraged, including at the Alan Turing Institute, the Leverhulme Centre for the Future of Intelligence, the World Economic Forum Centre for the Fourth Industrial Revolution, the Royal Society, and the Partnership on Artificial Intelligence to Benefit People and Society.
But these opportunities come with associated ethical challenges:
Decision-making and liability: As AI use increases, it will become more difficult to apportion responsibility for decisions. If mistakes are made which cause harm, who should bear the risk?
Transparency: When complex machine learning systems are used to make significant decisions, it may be difficult to unpick the causes behind a specific course of action. Clear explanations for machine reasoning are necessary to determine accountability.
Bias: Machine learning systems can entrench existing bias in decision-making systems. Care must be taken to ensure that AI evolves to be non-discriminatory.
Human values: Without programming, AI systems have no default values or “common sense”. The British Standards Institute BS 8611 standard on the “ethical design and application of robots and robotic systems” provides some useful guidance: “Robots should not be designed solely or primarily to kill or harm humans. Humans, not robots, are the responsible agents; it should be possible to find out who is responsible for any robot and its behaviour.”
Data protection and IP: The potential of AI is rooted in access to large data sets. What happens when an AI system is trained on one data set, then applies learnings to a new data set?
Responsible AI ensures attention to moral principles and values, to ensure that fundamental human ethics are not compromised. There have been several recent allegations of businesses exploiting AI unethically. However, Amazon, Google, Facebook, IBM and Microsoft have established a non-profit partnership to formulate best practices on artificial intelligence technologies, advance the public’s understanding, and to serve as a platform about artificial intelligence.
A new report from Specops Software into the rise of cybercrime has revealed the countries most at risk of falling…
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A new report from Specops Software into the rise of cybercrime has revealed the countries most at risk of falling victim.
It is revealed that the Netherlands were the most vulnerable European country, with the highest rate of cybercrime. This could be due to the large number of cloud provider incoming attacks (16.28%) to Microsoft Azure accounts in their country.
Next is Bulgaria, who have experienced 17.55% incoming cloud attacks/encounters. In third place is Belarus who had 10.83%, fourth is Ukraine with 10.35% and fifth is Bosnia with 7.06%.
The United Kingdom ranks 17th, due to their high number of cloud attack encounters in comparison to other European countries.
With the risk of cyber-crime high in many European countries, Aimée Ravacon from Specops Software has suggested three distinct tips to reduce your risk of attacks:
1. Stop re-using passwords. When you reuse your passwords, you are opening yourself up to cyber-crime since attackers use your login information from one site to target another site.
2. Use multi-factor authentication. Many online services now offer multi-factor authentication, but too few people are taking advantage of this extra security layer. This simple step just takes a minute but can protect you from falling victim.
3. Don’t click on strange links. Phishing emails are designed to look real and can even appear to come from people you know. But clicking on links in a phishing email can open a backdoor for an attacker.
As UK businesses look towards the cloud to enable digital innovation, more than half (58%) say the move has been…
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As UK
businesses look towards the cloud to enable digital innovation, more than half
(58%) say the move has been more costly than envisaged, according to new
research from Capita’s Technology Solutions division.
However, the
research reveals that cloud migration (72%) remains the top transformational
priority for most organisations, ahead of process automation (45%), big data
analytics (40%), and artificial intelligence/machine learning (31%). This is a
further indication that organisations see cloud as a core component to
effectively enabling these next-generation technologies.
The ‘From Cloud Migration
to Digital Innovation’ report, which surveyed 200 UK IT decision
makers, cites reduced cost (61%), improved speed of delivery (57%), and
increased IT security (52%) as the main reasons for organisations to move to
the cloud. However, 90% of respondents admitted that cloud migration had been
delayed in their organisation due to one or more unforeseen factors. Issues
such as cost (39%), workload and application re-architecting (38%), security
concerns (37%), and skills shortages (35%) all point to a process that is more
complicated than expected.
“Cloud adoption is a critical foundational step towards opening up real
transformative opportunities offered by cloud-native technologies and emerging
digital platforms and services. While some forward-thinking organisations are able to keep their eye on
the goal, the complexity of the migration and application modernisation process
tends to introduce delays and cost-implications that slow down progress,” said
Wasif Afghan, head of Cloud and Platform at Capita’s Technology Solutions
division.
A more
complex and costly migration than expected
On average,
those businesses asked had migrated 45% of their workloads and applications to
the cloud. However, this did correlate to organisation size as organisations
with more than 5,000 employees have further to go, with less than a third (31%)
of workloads and applications migrated. This could be the result of having
larger, more complicated systems.
Nearly half
(43%) of respondents found security to be one of the greatest challenges they
had faced during their migration. A lack of internal skills (34%), gaining
budget approval (32%), and progressing legacy migration solutions (32%) were
other significant challenges organisations had faced.
In fact, half
of respondents found their organisation had to ‘rearchitect’ more workloads and
optimise them for the cloud than they had expected. Further, only just over a
quarter (27%) found that labour/logistical costs have decreased – a key driver
for moving to the cloud in the first place.
“Every migration journey
is unique in both its destination and starting point. While some organisations
are either ‘born in the cloud’ or can gather the resources to transform in a
relatively short space of time, the majority will have a much slower, more
complex path. Many larger organisations that have been established for a long
time will have heritage IT systems and traditional processes that can’t simply
be lifted and shifted to the cloud straight away due to commercial or technical
reasons, meaning a hybrid IT approach is often required. Many organisations
haven’t yet fully explored how they can make hybrid work for them, combining
the benefits of newer cloud services whilst operating and optimising their
heritage IT estate,” said Afghan.
A platform
for innovation
Despite some of
the challenges outlined in the report, the majority (86%) of respondents agree
that the benefits of cloud are compelling enough to outweigh its downsides. For
more than three-quarters (76%) of organisations, moving to the cloud has driven
an improvement in IT service levels, while two-thirds (67%) report that cloud
has proven more secure than on-premise.
Overall,
three-quarters of organisations claimed to be satisfied with their cloud
migrations. However, only 16% were ‘extremely satisfied’ – indicating
that most organisations have not yet seen the full benefits or transformative
potential of their cloud investments. In addition, 42% of respondents currently
believe that cloud had ‘overpromised and underdelivered’.
“It’s no longer enough to think
of cloud as simply a way to benefit from initial cost savings or just another
place to store applications and data. Today, the move to cloud is driving a
spirit of innovation right across the enterprise, paving the way for advanced
digital services to be rolled out in a highly accessible, faster and more
cost-effective way – whether that’s AI, RPA, complex data analytics or machine
learning. Only through the alignment of IT and lines of business leadership –
in terms of goals, vision, direction and mindset – can organisations fully unleash the potential of cloud to
address their key business objectives, whether that is improving business
agility, delivering an enhanced customer experience or enhancing business
efficiencies.” said Afghan.
Mike Dargan, Group CIO of UBS, the world’s largest wealth manager discusses how UBS is shifting its digital strategy and…
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Mike Dargan, Group CIO of UBS, the world’s largest wealth manager discusses how UBS is shifting its digital strategy and transforming itself into a truly digital bank through agile transformation, engineering culture and how this is changing the way UBS is delivering technology for its clients.
Can you tell
me a little bit about what’s been going on within UBS’s technology division
when it comes to that shifting of team culture?
At UBS, the focus on the culture of our
technology team has been something that’s really been huge. We see culture as the
platform on which we ultimately do everything else. If we have the right
culture, we can deliver on strategy, we can innovate, we can execute. We can
therefore deliver great products and services for our stakeholders, and
therefore for our clients. Like any platform culture needs to be tweaked,
maintained.
What kind of
challenges come from cultural shifts? No two people will respond the same way
to any form of change, so how do you factor that into this transformation?
In some ways I wouldn’t call it a transformation. I think culture is something
that is precious. The culture at UBS is good and special, but I think we’d
always look to evolve a culture. So what we’ve done over the last couple of
years is we’ve stepped up the focus on our engineers. So we’ve designed
programs to raise that profile within firm. We’ve developed a technical career
track. We’ve given them much more responsibility.
g)
How does
that approach tie into a wider vision of UBS becoming something of an
engineering powerhouse?
We’ve launched a Distinguished Engineer Program.
It has three levels, distinguished engineers, distinguished fellows, and then
certified engineers, which really lets engineers progress along a technical
career path, if you like, rather than a managerial one.
It also recognizes technical achievements with
things like badges. In the first 24 hours of launch we were really overwhelmed
by the demands. We had 600 people register on the first day, and things like
that show us that there is massive demand by our engineering talent and that
they want to focus on building things and solving problems.
Technology at UBS is critically important. It’s
a very large part of UBS overall. Now the core of UBS is and will continue to
be banking, but I think banking will transform more and more to be digital
interaction, technology enabled, et cetera. So the importance and power of what
the engineers do directly and in the background will become more and more
important.
What does
agile mean to you, and what kind of things are you doing to take this agile
approach?
In some ways, I dislike the word, but in some
ways, I love the word. So we need to, as an organization move more and more to
being agile. But what does that mean? We want to have expedited delivery done
in combination with our partners and really having teams of engineers sit with
business product owners and really drive things together. So they need to sit
together under a shared vision for that product, understand the same challenges
and opportunities and then build the best possible solution for our clients.
Now, we’re doing that in different ways. In the
investment bank we’ve got hybrid pods, which is a model that puts
co-development with business and technology together. And really, I mean I
think the way this has been launched is pretty cool. So it does away with the
concept of us in tech and them in the business, but it’s really about shared
ownership to deliver products. It’s working. Teams are happier, outcomes are
better, new products are emerging faster and driven improvements are happening
effectively all the time.
In the digital factories, which we have across the globe, these are really well established across a lot of industries, but we’re seeing a lot of success with the adoption of this model in wealth management. And the proof point is, we’ve done almost a hundred thousand releases to prod through this year, which is over 10% more than last year. So we are getting more done, better, faster, cheaper.
Group CIO, UBS, Mike Dargan
I understand
that UBS took part in a hackathon event, can tell me what exactly a hackathon
is?
The hackathon here at UBS had a little over 600
global participants as people coming together over a very short time period,
focusing on the solution, bringing the solution together, spinning up a
solution overall. Now these are done in different industries, different
environments. They can be done for hiring, they can be done for just cracking
up a solution. But these are something that I think is a really cool way to get
people focused, involved, and bring that culture, if you like, almost back to
the day to day.
How are you
working to empower your workforce and prepare for the future workforce of UBS?
the most important piece around a culture is how
it evolves and how people learn and adapt. Now that I think it’s important
almost at any age. Empowerment I think is increasingly important.
We are due to see a lot of change powered by
technology within banking overall. I mean, we’re seeing it in all areas. The
banking landscape is evolving fast and we need to make sure that our digital
strategy enables us to stay competitive.
I think the onus for every individual, for every
leader, for every participant is evolving and learning. So I think there are
many aspects where the industry will change. There are many aspects we know
about, there are many aspects we don’t know about. There will be new
technologies and/or ways to use those technologies. So I think it’s also, you
know, not to get too buzzwordy, but being very nimble and flexible is the most
important.
On a
personal and professional level, how do you continuously challenge yourself and
challenge your way of thinking so that you stay ahead of the changes in the
market?
I’m lucky and privileged that I get to meet many
people. I get to listen to many people and learn from many people, both within
UBS and in the broader market. So I think recently we’ve been obviously hiring
a number of people who have brought in new perspectives and expertise. There’s
a whole bunch of people within UBS who I think day to day bring in that
expertise from what they do, and what they do day to day, as well as market
participants that we meet
What do you
think is the key to achieving success in a transformation?
I think there’s really two parts. The first is
be curious. Find out what you can learn, what you can experience, what you can
do or you can question about how you operate and how others operate and how you
can bring that into what you do. And the second, and I give this advice a lot,
is to understand how do you continue to be a better version of yourself? Not
someone else, but yourself. Challenge yourself to question how you can
continually self-improve the person you are, and the one you want to be.
Coeus Consulting, an award-winning independent IT advisory, today announced new research into the approaches organisations are using to drive value…
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Coeus Consulting, an award-winning independent IT advisory, today announced new research into the approaches organisations are using to drive value from their data. The report – Beyond Technology: How can Organisations drive Sustainable Value from Their Data Investments? – highlights that many organisations are potentially failing to realise the potential value of, or monetise their data, despite 74% acknowledging it as a key priority.
The research found that 80% of the large
organisations surveyed, believe accountability for data strategy rests with
technology leaders such as IT Directors, CIOs or CTOs. Additionally, only a
quarter of organisations currently elect to have a Chief Data Officer, with
even less placing accountability with others in the C-suite. Emphasis is being
placed on speed (32%), cost (28%), and competition (30%), but less so on more
fundamental underlying value, the insights it offers, or decision-makers’
ability to develop new products and services from those learnings.
According to one source, DATAVLT,
only one per cent of the data companies collect is currently analysed, and they
expect as many as 96% of businesses that exist today to fail in 10 years.
“Many investments in data and analytics have
been started from a technology perspective with little alignment to business
value or desired outcomes that can be measured against a business strategy.
Businesses need a change of mind-set and approach right across the
organisation, and the challenge is more than simply collecting data and making
it available”, commented Richard Graham, Associate Director, Coeus.
However, the survey did find that 66% of
respondents are actively trialling the use of machine learning (ML), artificial
intelligence (AI), natural language processing (NLP) and automation
capabilities. Yet, only 39% admit to widely using data lakes and warehousing,
suggesting that organisations have either not completed these activities or are
not placing enough importance on them.
“Being data-driven is an imperative for most
organisations and there is a growing trend to incubate and deploy advanced
analytics, but organisations need to ensure they have certain fundamental
capabilities in place before trying to achieve digital transformation.
There seems to be a motivation to be ‘AI first’,
perhaps driven by the perception that most organisations are already ahead in
using these capabilities, rather than getting to grips with untapped value in
existing data, and how best to make use of it” noted Graham.
The survey results highlight that there are many
obstacles to overcome before companies can begin to see meaningful benefits
from the data available through technology-led investments such as AI. Of the
top five enterprise data bugbears, the majority are business-related: the scale
and complexity of data sets (27%); governance and ownership (24%); the lack of
a data operating model (19%); regulatory compliance issues (19%); and
difficulty in integrating new technologies.
Organisations are facing tougher regulatory
environments and when asked to express their concerns about data regulations,
compliance with ethical and moral requirements was the biggest, cited by 49% of
respondents. This has obvious implications for data management, analysis, and
technology buying decisions, and the potential reputational and financial repercussions.
Sixteen per cent of respondents also stated that
a lack of expertise and skills is a major obstacle. Whilst companies are
investing in foundational skills, moving skills in-house and introducing new
roles, third parties and external contractors play a key role in enabling and
supplementing these organisations, and will continue to do so.
When asked where organisations are seeing the
biggest benefits from their data initiatives, 43% of respondents said they are
in ‘improved customer insights’, while 41% identified an improved ability to
take proactive, predictive decisions. Improved reporting’ also scored highly,
along with better management of risk and regulatory compliance (37%). However,
only 24% cited an increased ability to meet customer needs, with 20% citing a
greater ability to spot future business opportunities.
In contrast, just 12% identified attracting new
customers as a core motivation – the least favoured option on the list, this is
despite the realisation that improved customer insight could be the biggest
benefit.
“This is surprising given it’s so important in
markets that are becoming hyper-competitive. Nearly every type of business is
being disrupted by new players and a lack of customer loyalty, especially on
new digital channels. Investing in customer insights and new product
development ought to be a high strategic priority alongside consolidating
market position”, said Graham.
“Being able to seamlessly integrate data and
analytics into standard business and IT operations should be the goal of all
organisations, to unlock value in your data and information. Businesses need to
create an aligned data and business strategy that positions data as a strategic
asset, and prioritises resources to integrate data management and analytics
effectively”, Graham concluded.
You can view the full report – How can
Organisations drive Sustainable Value from Their Data Investments? here.
Our cover story this month features an exclusive interview with Jon Davis, CTO of Village Hotel Club, who reveals how a digital transformation future-proofs a technology infrastructure. Village Hotels is currently undergoing a major digital transformation journey in order to better serve the modern guest and offer a digital ready experience like no other. Village Hotel Club operates 30 hotels across the UK and by its own admission, its hotels are “much more than a bed for the night – they are a place to meet, socialise, work and get fit” – a clear sign that the business understands that the guest experience has changed massively.
We also have a revealing interview with Bill
Barry, Vice President of Procurement and Sourcing at Access, one of the fastest
growing paper and digital
document services and storage providers in the world. Barry, upon joining the
company in 2018, was tasked with a vision of building out a best-in-class
sourcing and procurement function, developing and implementing the policies and
procedures in order to achieve that vision.
Elsewhere, we catch up with UBS CIO Mike Dargan
and Carlo Aquilina, CIO of Maltese construction giant Vassallo Group. Plus, we
list all the top events and conferences from around the world and highlight five
top tech innovators to look out for in 2020.
Peltarion, leading AI innovator and creator of an operational deep learning platform, today announced the findings of a survey of…
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Peltarion, leading AI innovator and creator of an operational deep learning platform, today announced the findings of a survey of AI decision-makers examining what they see as the impact of the skills shortage, and suggestions on how to overcome it. The research, ‘AI Decision-Makers Report: The human factor behind deep learning’, presents the findings of a survey of 350 IT leaders in the UK and Nordics with direct responsibility for shepherding AI at companies with more than 1,000 employees.
The
report finds that many AI decision-makers are concerned about the business
impact of the deep learning skills shortage. 84% of respondents said their
company leaders worry about the business risks of not investing in deep
learning, with 83% saying that a lack of deep learning skills is already
impacting their ability to compete in the market. These companies are exclusively
focusing on recruiting data scientists (71% of AI decision-makers are actively
recruiting to plug the deep learning skills gap), and this is already impacting
their ability to progress with AI projects:
Almost half (49%) say the skills shortage is causing delays to projects
44% believe the need for specialist skills is a major barrier to further investment in deep learning
However, almost half (45%) say they are struggling to hire because they don’t have a mature AI program already in place
“This
report shows that companies can’t afford to wait for data science talent to
come to them to progress their AI projects. The fact is, many organisations are
already starting to lose their competitive edge by waiting for specialised data
scientists. The current approach, which relies on hiring an isolated team of
data scientists to work on deep learning projects, is delaying projects and
putting strain on the talent companies do have,” explains Luka Crnkovic-Friis,
Co-Founder and CEO at Peltarion. “In order to solve the deep learning skills
gap, we need to make use of transferrable talent that can be found right under
companies’ noses. Deep learning will only reach its true potential if we get
more people from different areas of the business using it, taking pressure off
data scientists and allowing projects to progress.”
Less
than half (48%) of respondents said they currently employ data scientists who
can create deep learning models, compared to 94% that have data scientists who
can create other machine learning models. This shortage is having a direct
impact on teams: 93% of AI decision-makers say their data scientists are
over-worked to some extent because they believe there is no one else who can
share the workload. However, with the right tools, others can make a serious
impact on AI projects.
“Organisations
need to move projects forward by bringing on existing domain experts and
investing in tools that will help them input into AI projects. This will reduce
the strain on data scientists and lower deep learning’s barrier to
entry,” concludes Crnkovic-Friis. “We need to make deep learning more
affordable and accessible to all by reducing its complexity. By
operationalising deep learning to make it more scalable, affordable and
understandable, organisations can put themselves on the fast track and use deep
learning to optimise processes, create new products and add direct value to the
business.”
The rise of innovative technologies in finance naturally sparked an interest in digital banking. No wonder it has become a…
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The rise of innovative technologies in finance naturally sparked an interest in digital banking. No wonder it has become a catch-all thing – while the competition in disruption is quite intense, many traditional banking institutions are currently attaching themselves to the idea of a digital bank in order to look more modern. Many new electronic money licence holders are going after potential customers who prefer the quick and convenient approach through digital applications also referring to their services as digital banks. But are they really digital banks?
The term digital bank is commonly used to describe many new payment apps or banking extensions. The definition is often used very broadly to describe the technological innovations within the banking sector or any banking solution that has a digital asset such as a mobile banking app. Andrej Zujev, the founder of banking software provider Forbis Group, claims that many currently available digital services should not be categorized this way. “Digital banking is not just about modern solution implementation. The term should be ascribed to new technology built to fully digitize banking services, in other words making banking services as automated as possible. I would even say that none of the digital payment solutions that call themselves a digital bank are not really digital banks.”
As stated by Zujev, the appropriate framework of digital banking has to rely on automated systems to a large extent. “The need for human resources should be very limited. Nearly everything can and should be done automatically.” On the other hand, Zujev agrees that some vital functions should be overseen by people. “For example, people should check on all issues related to escalated legal concerns, advanced anti-money laundering or geographically specific regulatory concerns. This provides better quality assurance and security of large assets. Marketing and communications can be considered as well, but the rest should be automated.”
Forbis Group have been working on developing a true digital bank where nearly all functions are automated: “We have developed a product, which is closest to a proper digital bank now. Contomobile uses our digital bank solution and needs only 4 employees to run the operations. This white label solution is currently in high demand for financial institutions who want to go digital but do not want to reinvent the wheel.”
According to Zujev, who has worked on digital financial solutions for nearly 30 years, even modern banking solutions, while steadily becoming rivals for traditional players, should not be seen as fully digital banking companies. “Even big market players like Revolut or N26 employ thousands of employees, raking up expenses that wouldn’t be necessary for a completely digital bank. Real digital banking should be investing more in technology rather than physical assets,” argues Zujev.
Zujev holds that modern technologies are still underused in the fintech sector. “Currently, the most technologically advanced frameworks are not being used to their full potential in digital banking.” One of the potential reasons for that is the still-ongoing use of more common IT solutions which are less developed than disruptive technologies. “Developers are using traditional algorithms instead of applying AI (Artificial Intelligence) or Big Data. These components are the future of automation and should be involved as much as possible.”
However, the expert agrees that the full digitalization of banking may take a while. “We are taking our first steps and many initiatives have large potential”, claims Zujev. “It is very difficult to predict how digital banks will look like in 5 or 10 years from now.” Although the future of this industry is ever evolving, some steps may ensure a more sustainable development. “A new structure and organisation of banking are necessary. There are many ideas and time will show which solutions can be the most suitable for banks and their clients.”
Companies undergoing digital transformation need to map out the path. Responsibility for driving digital transformation across the enterprise lies with the C-suite. The CEO, chief marketing officer (CMO), chief human resources officer (CHRO) and chief operations officer (COO), among others, must work together to make the transformation happen. However, this can be difficult to achieve as certain members of the C-Suite are more proficient with technology than others. This article will look at how to overcome resistance/challenges at a senior level to any digital transformation strategy.
I find the interesting aspect of the rapid development in technology is
that it has little to do with ‘digital’ but it is instead fundamentally driving
businesses away from linear based workflows to neural programs where all parts
are interconnected.
The challenge for any business embarking on a digital transformation
project is moving away from a business culture where siloed work streams could
deliver their parts of the project at specific points in a pre-ordained project
plan. This would be mapped out using
project management techniques such as the use of visual Gantt charts which gave
clarity over the breakdown of every item required for delivery within a
transformational project with the business owner and/or team members expected
to deliver this portion of the plan at specific times.
Digital transformation has taken this well-worn methodology and crumpled
it into a ball and created change where nothing can be done in isolation and
every action has consequences on all areas of business. The result of consumers becoming ever closer
to brands and brands striving for authenticity and purpose to deliver to their
consumers means production, sales, marketing, technology, finance, human
resources and any other function within a business all need to deliver with
‘joined up thinking’ or in real terms, the same focus and goals.
As such, companies have realised that their
processes, their products and even the reason for their entire existence needs
to change in order to survive this revolution. However, the C-suite are
struggling to adapt because this isn’t a clearly defined problem and there
isn’t a historical precedent to follow.
So, what does this mean for those C-Suite executives who had their
fiefdom, where they, with their teams controlled and implemented the strategy
in order to deliver the objectives of their sphere which would feed into the
wider business objectives?
In days of old, a business problem would have
been identified and a decision would be made to implement a technological
solution. With the recommendation
approved, the C suite, usually the Chief Technology Officer, would be tasked to
deliver the project. This suited all the
C suite members as it meant that the expertise of each member of the executive
were clear and there was a clear delineation between their roles and
responsibilities.
Now any change or decision has consequences that affects other areas of
the business and similar change in other areas of the business affects
them. The fourth revolution has bought
the historical business divisions closer together, technology has meant that
when discussing strategy or plans, the decision makers need to understand the
effect across all areas of the business.
Every business needs to operate as a single collective, it could be said
they need to operate with a start-up mentality, with entrepreneurial spirit
where the focus is the end goal not immersed in the process to achieve it.
The business needs to have that drive where everyone is focussed on the
overall strategy and interested in delivering it together for the benefit of
the business, not for the benefit of their specific expertise.
The C-Suite need to understand this doesn’t mean they need to know the
answers or become far reaching experts in areas they have limited to no
knowledge of. They have to have their
personal goals aligned with the right questions and be open minded to
understand their responsibility as leaders is to create the environment where
the people within the business can deliver for the success of the business not
for the betterment of the division they are part of.
This moves the discussion at a C Suite level
away from a technological based discussion, away from a place where there might
be reticence due to an individual’s relationship with technology to either be
part of the discussion or even worse, not commit to their viewpoints as they
defer to other who they view as experts.
It moves the transformation away from digital to strategic.
But digital transformation is nothing to do
with the build and delivery of the systems, it is nothing to do with the
evolution of the business processes to work with the new transformed business, but
it is everything to do with the strategic path that the company needs to
take in this new era.
The fourth industrial revolution, where change
is happening at an ever increasing pace, requires the C Suite to have a clear
understanding of critical milestones from a business perspective, with
diversity of business views based on expertise and experience, to ensure large
scale digital transformation programs stay on track to deliver the requirements
to deliver the survival, growth and success of their business.
Now in its eighth year, the Tech Trailblazers Awards, the first independent and dedicated awards program for enterprise information technology…
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Now in its eighth year, the
Tech Trailblazers Awards, the
first independent and dedicated awards program for enterprise information
technology startups, has revealed its shortlist of the most innovative entrants
and concepts in enterprise technology. The shortlists, selected by the Tech
Trailblazers’ panel of
leading IT industry experts, are now open to public vote to add to the
opinions of the judging panel and help determine the winners in all categories.
To view the shortlists, and
vote for your favourites, please visit http://www.techtrailblazers.com/shortlist
before 23.59 Pacific Time on Friday, 14th February 2020.
Tech Trailblazers Awards
comprises the best startups across a wide range of enterprise tech categories
including:
Artificial
Intelligence
Big Data
Blockchain
Cloud
Container
FinTech
IoT
Mobile
Security
Storage
Firestarter
Award
Female
Tech Trailblazer of the Year Award
Male
Tech Trailblazer of the Year Award
Rose Ross, founder of the Tech Trailblazers
Awards, said “Each year the judges are faced with the increasingly difficult
challenge of selecting shortlists in a wide range of tech categories from some
of the most innovative enterprise tech startups from around the world. Huge thanks
to our judges who, once again, have taken on this difficult task. The Tech
Tech Nation, the UK network for ambitious tech entrepreneurs, today reveals the 30 companies joining its prestigious Upscale programme for…
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Tech
Nation, the UK network for ambitious tech entrepreneurs, today reveals the 30
companies joining its prestigious Upscale programme for the UK’s most exciting
and fastest growing scaleup tech companies.
Now in
its fifth year, the Upscale 5.0 cohort reflects the maturity of the tech
landscape in the UK with considerable growth in key company statistics. Most of
the companies on the programme have already raised a Series A round, and the
average raise has increased from £4.2m in 2017, to £7.2m in 2020. Average
revenues have also increased by 64% from £1.1m to £1.8m over three years, while
the average number of employees when joining the cohort has grown by 48% from
31 to 46.
Some of
the biggest success stories of UK tech, such as Monzo, Bulb, Improbable and
Bloom & Wild, have been through the programme, and the 30 new companies
represent the next generation of digital household names.
This
cohort reflects just a small part of the UK tech scaleup ecosystem – in total,
there are almost 5,000 UK tech scaleups which add £17.2bn to the UK economy and
employs almost 200,000 people. UK scaleups outperformed their peers in 2019,
with companies raising £10.1bn, more than France (£3.8bn) and Germany (£5.4bn)
combined, and are spread right across the UK.
The
Upscale programme is designed to support the UK’s leading scaleups by tackling
the leadership challenge in UK tech. A recent report by Zenger/Folkman found that management and leadership skills are
lacking in just over half of all leadership teams, and organisations that
invest in developing leaders are 2.4 times more likely to hit their performance
targets and almost double their profits.
Upscale
sessions include addressing how to scale yourself as a leader, and how to scale
internationally. The programme aims to create a peer-to-peer network of
companies on their scaleup journey, and includes sessions led by tech
entrepreneurs from some of the UK’s most successful companies, including Nilan
Peiris, the VP of Growth at Transferwise and Will McInnes the CMO at
Brandwatch. Companies are selected through a judging process of tech
entrepreneurs and established VCs, including Anthony Fletcher, CEO of Graze and
Cherry Freeman, CEO, Lovecrafts as well as entrepreneurs who have gone through
the programme themselves, such as Aron Gelbard, CEO of London-based Bloom &
Wild.
30% of
companies joining the programme are from outside of London, and are based in:
Manchester, Cardiff, Cambridge, Leeds, Brighton, Belfast and Newcastle.
Companies hail from all different tech sub-sectors – showing the depth and
breadth of technology in the UK today. 17% of companies on the programme this
year are in the healthtech sector, 17% are in SaaS and 17% are in E-commerce.
Cloud computing, fintech, legaltech, AI, edtech, proptech, tech for good and
adtech are also represented on the programme. While E-commerce and SaaS are
evidently still pivotal to UK tech, the makeup of the programme also represents
the rise of companies applying technology to societal issues, including
healthtech, which has seen an increase in scaling companies of over 473% over
the last decade in the UK.
Nearly a quarter (24%) of UK IT companies believe their customers are less happy in January than any other month,…
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Nearly
a quarter (24%) of UK IT companies believe their customers are less happy in
January than any other month, according to new research.
The
survey, by quality assurance and improvement platform, EvaluAgent, also found that 24% of IT businesses
reported their lowest levels of customer service in January.
This
reflected the responses from tech sector customer service employees themselves,
with 43% confessing that their standard of service tends to drop around the New
Year and into January.
Worryingly,
the survey also revealed that 39% of customers have come to expect the customer
service they receive from companies to drop throughout December and January.
This annual slump in customer satisfaction can be directly linked to employee
engagement, which also falls in January.
According
to the report, 35% of IT businesses find their customer service employees are
unhappiest in January, while more than two fifths (43%) believe employees are
at their least engaged.
While
75% of customer service employees said they struggled to stay motivated
throughout the year, 40% admitted to January being their least productive
month, pointing to a huge opportunity for businesses to increase employee
motivation and customer service levels.
When
asked whether they thought their business could do more to increase staff
motivation during January, 91% of those surveyed agreed. This shows there’s
scope for employee engagement and motivation to be dramatically improved during
this crucial period, in turn driving higher-quality customer service.
Jaime
Scott, CEO and co-founder of EvaluAgent, commented: “It’s very clear from the
research that employee engagement takes a severe hit throughout January.
“This
can have a really damaging impact on employee performance and explains the low
levels of customer satisfaction reported by both businesses and their
customers.
“With
so many customers now having come to expect poor customer service levels in
January, there is a huge opportunity for businesses to break the mold and
properly motivate teams, improving customer service and gaining an advantage
over their competitors.”
New research suggests the UK is at risk of widespread ‘digital amnesia’, as it revealed 23 per cent of UK…
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New research suggests the UK
is at risk of widespread ‘digital amnesia’, as it revealed 23 per cent of UK
employees don’t know their own mobile phone number.
The research1 by
CRM specialist Capsule found more than two thirds (69 per cent) of workers
don’t know their partner’s number off by heart, whilst 63 per cent don’t know
their best friend’s birthday, and 73 per cent don’t know their booked holiday
dates without using tech to check.
Dependence on modern
technology to carry out everyday tasks in employees’ personal lives was further
highlighted in the survey, with two thirds (64 per cent) saying they rely on
tech for directions, 45 per cent for shopping, 39 per cent to access transport,
and 38 per cent for times and dates of events.
“In an increasingly digital
age, many people are using technology to store and access information instead
of memorising it,” said Duncan Stockdill, Capsule CEO.
“Those surveyed admitted that
they reach for their devices to carry out simple, basic tasks, such as maths
calculations and spelling.
“As technology has become
more connected, accessible and easy-to-use, we have become progressively more
reliant on it to help organise our lives and remember for us – giving rise to
‘digital amnesia’. Essentially, we are storing more information and
memories in the ‘cloud’, not our brains.
“With this in mind, it’s essential to trust the software you use and
ensure it keeps your data secure like enabling two step login and using strong,
unique passwords. We know passwords are easily forgotten though – around eight
per cent of our users reset their password each month. Tools like 1password are
useful as they’ll remember them all for you.”
According to the survey,
almost one in three (31 per cent) workers describe themselves as disorganised –
and 29 per cent said this has negatively impacted their performance at work,
such as missing deadlines and arriving late to meetings.
One in four (24 per cent)
have been late for appointments in the past 12 months, 23 per cent have missed
birthdays, 21 per cent have forgotten to pay bills, and 15 per cent double
booked or missed social events, respectively.
The link between technology
and being organised was clear from the research, with two-thirds (64 per cent)
of all respondents saying they use technology, such as online calendars,
digital to-do lists and reminders, to keep their lives in order.
Stockdill added: “There has
been a significant shift in how we function and operate, and the gulf between
the past and the future is set to become more pronounced as technology becomes
even more advanced.
“Reliance on tech is showing
no signs of slowing down and the business world needs to adapt to these changes
in order to stay ahead of the curve and help their employees reach their full
potential.
“Companies should consider
taking steps to ensure that their employees have the tools they need to support
well-organised and effective working practices.”
Capsule is a cloud-based Customer Relationship
Management (CRM) software platform. The system helps businesses stay
organised, in control of their sales process and build strong customer
relationships through its simple but powerful integrated solution.
1Research conducted among
2,000 permanently employed respondents
Unfortunately, the UK has the lowest percentage of female engineer professionals across Europe, with countries such as Cyprus showing close…
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Unfortunately, the UK
has the lowest percentage of female engineer professionals across Europe, with
countries such as Cyprus showing close to three times as many women in similar
roles. Throughout this article we will focus on women’s relationship with the
STEM and manufacturing industries.
There has long been a stereotype
surrounding the STEM (Science, Technology, Engineering and Maths) industries. Unfortunately,
despite the stereotype being very out dated, its presence still lingers, with
women in the industry still at a very low level.
The impression most
have on the sector is manual labour, long working hours and rows of assembly
lines. While this may not be the case, a survey carried out by Women in
Manufacturing (WiM) found that almost three quarters of women would not
consider a career in manufacturing as a viable option.
Selling the industry
to women may seem like a fairly complex task, but in order to want to fill a
job yourself, you must be able to envisage yourself in it first. For a woman,
looking at a male dominated industry, it is virtually impossible for them to do
so. Therefore, to encourage more women, companies need to have more women —
starting at the top.
In 2018, it was
reported by the FTSE 100 that there had been a rise in female held
directorships. Despite the number of female executive directorships remaining
the same between 2017 and 2018, directorships rose from 294 to 305, a rise of
1.3%. Out of these 100 companies, those in the construction and building sector
only featured twice.
An industry of untapped talent
Unfortunately, 51 per
cent of women who work in the sector state that they have been treated worse
because they are female. This moves away from stereotypes however and into a
dangerous position of discrimination. Women being in these roles has proved to
be beneficial not only in plugging the gender gap, but also for the company’s
profitability themselves. Research suggest that every 10 per cent increase in
gender diversity relates to a 3.5 percent increase in gross profit.
When looking at why
more women are moving into the industry, the first point worth considering is
how much of an untapped industry it is. A 2016 survey found how manufacturing
had the largest pool of untapped talent, simply because there were very few
women in the roles previously. Not only is there an abundance of female staff
available, they are also highly qualified, most possessing not only a
bachelor’s but a supplementary master’s degree.
Marci Bonham, Managing
Director of Hilti, proposes ‘that supporting women as they take their first
management steps within the industry will have a positive impact overall’.
The Shine Theory
Here is where shine theory
makes its appearance. This is because it carries significant relevance to women
trying to crack the heavily dominated male industries. The workplace can be a
hard place for anyone starting new, but for a woman starting off in a new role
surrounded by mainly men — well the aforementioned stats speak for themselves.
The shine theory concentrates
on how women can progress if they were befriending other females in the work
place instead of battling against them. Effectively, this American concept
emphasises how surrounding yourself with positive and successful women will
create a positive atmosphere within.
Early
development
In 2018, a study by
the Guardian discovered that women constitute only 14.4% of all people working within
STEM in the UK. This is despite the fact they make-up almost half of the work
force. The best way of encouraging this, is to establish more prominent idol
like figures within these subject areas.
Take for example Brian
Cox, it is easier for young boys interested in getting into physics to relate
to him. Alternatively, Donna Strickland, a physicist from Canada, became only
the third woman ever to win the Nobel Prize award for her science. Her name,
along with others who achieved spectacular heights needs to be promoted
throughout kids of a young age.
However, this should
not to detract from the unimaginable advancements which have been made. In 1918,
women over earned the right to vote, while women being accredited for such
contributions to science as Donna Strickland, is certainly a recent
development.
Apprenticeships
Apprenticeships are
becoming more popular as the traditional degree route is proving to not be for
everyone. The statistics for the sectors women are choosing to carry out
apprenticeships in doesn’t bode well in supporting this plug of the gender gap.
Subject areas
including learning support, travel services, and beauty therapy, all had 80% or
more female applicants. On the other hand, vehicle maintenance and repair, gas
industry, and construction skills all had below 10%.
Here, we look at two
companies who continue to push to enhance the number of females on their apprenticeship
schemes:
Lookers
Lookers, one of
Centrica’s Top 100 employers, sell a range of automobiles, including commercial Ford vehicles, launched its female apprentice
network last year with the scheme being based around setting up regular
meetings between female apprentices, providing them with the opportunity to
share their new-found knowledge and experiences.
British Gas
There was an emphasis
by the energy provider placed on getting women to apply for their
apprenticeship scheme. They did this by offering examples of applicants with
examples of some of their highest achieving female members of staff. They
similarly draw upon the fact, that by putting more women into male dominated
apprenticeships, the gender pay gap is likely to be bridged.
Davos delegates urgently need to make a big, bold commitment this year to fintech, affirms the CEO of one of…
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Davos delegates urgently need to make a big, bold commitment this year to fintech, affirms the CEO of one of the world’s largest independent financial services and advisory organizations.
The rallying call from Nigel Green, founder and chief executive of deVere Group, comes as world leaders, CEOs, academics, influencers and celebrities head to the Swiss mountain resort of Davos for the 50th annual World Economic Forum (WEF), starting Tuesday.
Mr Green comments: “As it celebrates its landmark 50th year, the World Economic Forum 2020 has the opportunity to champion and enhance the transformation of business, which has been dubbed the ‘Fourth Industrial Revolution.’
“We’re living through a pivotal moment in history in which increased and advancing technology is monumentally and profoundly changing the way we live, do business, and interact with one another.”
He continues: “We can clearly see seismic shifts happening in the financial services industry – a sector trade and commerce is deeply reliant upon.
“The vast majority of this change is being driven by financial technology, or ‘fintech.’ Mobile banking and investment apps, peer-to-peer lending, cryptocurrencies like Bitcoin, robo-advisers, and crowdfunding are all part of this fundamental shake-up of the space.”
Mr Green goes on to add: “The momentum and energy of this evolution now needs to be harnessed by delegates in Davos.
“They need to commit to fintech by using their time, energy and resources for its research and development for three principal, positive reasons.
“First, it benefits society. Fintech can speed up the pace of global financial inclusion. It can provide access to financial services for millions of people who live in remote areas and/or who might normally not be able to use financial services because of historical biases of traditional financial companies. Helping individuals, firms and organizations successfully manage, save and invest can only result in better, stronger and more stable communities for us all.
“Second, fintech offers companies the opportunity to be agile, to diversify, to cut costs, and to meet regulatory requirements all whilst improving the client experience. This will help them thrive in rapidly challenging times of change and disruption.
“And third, the revolution is happening with or without them. As consumers, we increasingly want all our financial services needs to be dealt with online and/or on their mobile devices. We demand personal service and instant access anywhere and at any time. This trend is only set to grow as we all become increasingly dependent on tech.”
The deVere CEO concludes: “Davos 2020 is the ideal forum in which to unite the best political and business leaders to galvanize the positive potential of the fintech revolution.
“With a slowing global economy, it is an opportunity that the world cannot afford to miss.”
By Luca Ravazzolo, Product Manager, InterSystems The last year has seen a gradual evolution of DevOps as the approach has…
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By Luca Ravazzolo,
Product Manager, InterSystems
The last year has seen a gradual evolution of DevOps as the
approach has matured and continued to be adopted more widely. Since its
introduction, DevOps has changed mindsets, encouraging organisations to be more
agile and making concepts like continuous integration and continuous delivery more commonplace. A major
reason for the popularity of DevOps is that it allows organisations to capture
all processes in an auditable and replicable way. Further to this, it adapts
quickly, resulting in a low cost of change, and allows businesses to add cross-functionality
collaborations and results in working at a much higher speed.
Thanks to a similar
evolution in the cloud world, more intelligent tools are becoming available,
allowing developers to follow up DevOps processes with more discipline and
efficiency. This has led to the next iteration of DevOps: DevSecOps.
What is DevSecOps?
The issue of security is
one aspect of DevOps that, until recently, has been largely overlooked, often
due to the underlying pressure for the rapid creation of solutions and for
these to be deployed quickly. Consequently, this has meant that security hasn’t
always been a priority as including this at development stage hinders speed. Instead,
security tended to be retrofitted after a build – an approach that makes the
process more difficult. As developers and organisations have begun to realise
that this isn’t the most security-conscious or optimal way of going about it,
we are now seeing some integrate security into DevOps from the outset. This
approach means developers can alleviate any security issues at the time of
development.
Implementing DevSecOps
Currently, DevOps breaks
down any barriers between developers and operations teams, but adding security
into the picture requires there to be greater collaboration and
knowledge-sharing across the organisation. For DevSecOps to be successful,
developers and organisations must embrace a collaborative culture and recognise
that they require input from other individuals within the business with
different expertise. This requires organisations to adopt the right mindset in
which they realise the transformative power of security in the development of
solutions and collaborate with other departments. Traditionally, developers have
been focused purely on logic and algorithms, for example, and security is an
afterthought. So, if they are to embrace a DevSecOps approach, it is crucial to
involve security experts from the beginning and for the different parties to
collaborate on the development of solutions. By doing so it will be possible
for enterprises to create secure, stable and resilient solutions which will be
hugely beneficial for both the organisation and end-users.
Further to this, DevSecOps requires
continual security reviews covering everything from compliance monitoring for
PCI and GDPR to determining what the process is if security senses a threat.
Therefore, organisations should establish a review process from the moment they
think about architecting a new solution. Then they should also determine
processes for the ongoing monitoring and management of security as the code
progresses through every stage, from the developer desk to the building of the
solution and the testing of it. It’s also critical that developers receive
adequate training to ensure they are aware of security throughout the
development journey.
What’s next for DevOps?
While what the future may
hold for DevOps isn’t clear at this time, there are two prominent schools of
thought:
Firstly, it is thought
there could one day be NoOps. This is the idea that solutions will feature everything
they are required to from the outset, such as code standards, security,
libraries and legislation protocols, and that things will be completely automated,
therefore requiring people to just monitor and raise questions as they verify
the software. Technically, as everything would be automated within the software
provisioning pipeline, there would be no need for manual, human-based operations.
This could potentially guarantee a higher level of security and resilience as
everything would meet a particular standard.
The second prediction is
that instead of DevOps disappearing altogether, different types of Ops may be
developed. This could lead to the emergence of MLOps to form a machine
learning-driven operation that would be able to certify the standards that
organisations want software to be written with and even flag issues with it.
As demonstrated by the
introduction of DevSecOps, the evolution of DevOps is underway. In time, this
is likely to mean that DevOps will begin to encompass new technologies and multiple
aspects of building a new solution. Eventually, this will lead to all of the
requirements of development being brought together and an increase in
collaboration across departments. Ultimately, the end result will be new
solutions that meet the required standards and security from the outset.
The rapid rise of the internet has made shopping much more convenient and easier for consumers. In turn, retail shops…
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The rapid rise of the internet has made shopping much more convenient and easier for consumers. In turn, retail shops have suffered from lower footfall and sales – leading to the closure of many small as well as big high street brands. To entice people to come into stores, retailers have had to take drastic actions. One of the biggest decisions has been to integrate technology within stores to make the buying experience more interactive and easier. An innovative measure taken by some brands has been to introduce facial recognition payments. Which is essentially a biometric system which captures the geometry of an individual’s face to verify and authenticate a payment from them.
OnBuy.com analysed the latest findings from Mindshare, who surveyed 5,000 Brits to discover how comfortable they would be using facial recognition technology in a range of situations. OnBuy.com found that Brits are most comfortable using facial recognition technology to unlock their phones (50%).
Thereafter, 47% are happy to utilise facial recognition software as a substitute for a boarding pass on flights. Interestingly, 42% like the idea of using facial recognition technology to log into websites/apps. Whilst 33% don’t mind going through a facial recognition process to enter their home/car. Currently, only 32% feel relaxed and willing to use facial recognition to pay for goods and services. On the other end, Brits are least comfortable about using facial recognition on others (17%) and likewise, other people using facial recognition on them (17%).
Which product categories are Brits most open to using facial recognition payment?
Household Products
69%
Groceries and Food
64%
Beauty and Toiletries
61%
Clothing and Shoes
55%
Electronics
48%
Health and Pharmacy
42%
Appliances
37%
Holiday/Travel
30%
Additionally, OnBuy.com surveyed 544 Brits to find out which products categories Brits would be most open to paying for via facial recognition. From this, OnBuy found that Brits are most open to purchasing household products (69%) through facial recognition. Subsequently, 64% would use facial technology to buy groceries and food. Whilst 61% will do the same for beauty and toiletry items.
Contrastingly, Brits are least open to using facial payments when making holiday/travel transactions (30%). Overall, from the those surveyed, 65% feel they better need to understand facial recognition technology to be more confident and willing to use it as a form of payment.
Withers tech, working with experienced VC legal teams in France, Germany and Switzerland, has carried out the first analysis of…
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Withers tech, working with experienced VC legal teams in France, Germany and Switzerland, has carried out the first analysis of how venture capital deals are structured across Europe. The survey has identified that with more similarities than differences in deal structures between the jurisdictions, investors should have confidence about embarking on cross-border transactions.
Withers tech worked with Schnittker Möllmann Partners (SMP) in Germany, Viguié Schmidt & Associés in France and Wenger & Vieli in Switzerland to analyse active Series A deal terms used in each jurisdiction. The research identified 53 separate terms, which can be condensed into 14 key deal terms covering the categories of economic, control, and reps, warranties and remedies.
These three categories centre around future financing; exits and IPO to control terms like founders’ vesting, founders’ non-compete/solicitation; veto-rights; and control over the group of shareholders across the four jurisdictions. Any differences in these areas can often be accounted for by the different systems of Civil (France, Germany and Switzerland) and Common law jurisdictions (UK), which still remain key considerations.
James Shaw, head of Withers tech, comments: “The most significant message this survey sends is that we all speak largely the same language when it comes to transactions and legal documentation, so investors should have confidence in deploying capital across borders, particularly in these tech-savvy jurisdictions.”
“Of course, care and expert advice is still required though, as the difference between Common and Civil law approaches to deals can cause issues. In particular, governance structures in the UK are likely to differ from other European practices, including the structure and authority of different functions on company’s boards.”
“We decided to undertake this review due to the growing volume of cross-border tech VC deals within Europe. In addition, given the large volume of overseas capital looking to invest in European tech start-ups, we also felt it would be useful to explain the nuances of these four key jurisdictions to help overseas investors better understand the risks in each jurisdiction. Our next aim is to expand this review into other tech-active European jurisdictions.”
A copy of the report, including discussion of the 14 key deal terms found across all four jurisdictions, can be found here and all 53 deal terms are set out here.
By Alistair Laycock, Custom Solutions Director at Haulmont ‘Digital transformation’ has an obvious appeal. Invest in a technological solution that…
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By Alistair Laycock, Custom Solutions Director at Haulmont
‘Digital transformation’ has an obvious appeal. Invest in a technological solution that has the potential to streamline your business’s operations, reduce costs, and ultimately widen profit margins. What’s more, when your competitors are undergoing such a transformation, the pressure to invest in a solution to avoid being left behind is significant.
However, more so than the technology, and even the choice of technology partner, the main priority for business leaders looking to undergo a successful digital transformation can be found internally. In a word, it’s culture.
Many continue to invest in one-off, off the shelf solutions without putting technology at the heart of their business; a company whose board is open to consider and push technological change will be the one that separates itself from the pack.
People, partners and pilots
While throwing caution to the wind is the right approach, you needn’t strip out your legacy systems overnight. Before the implementation of new technology comes selecting the technology partner to deliver on the vision, and the right choice is paramount to achieving a successful digital transformation.
When choosing a tech vendor to deliver a digital transformation project, ensure that your business’s cultures are aligned. Their ambition, communication style, attention to detail and proactivity are all key indicators, and it’s paramount that you ensure that your team can work smoothly with theirs. In the worst-case scenarios, miscommunication on deliverables and expectations leads to an increase in costs and a poor end product, undermining your original objectives.
Do also plan for the future. The right technology partner will offer more than one solution, with alternatives proactively proposed in the long term. Propose that you begin by investing in a small project first. A pilot project – that is still bespoke and easier to develop – allows your potential technology partner to prove they understand your objectives and can quickly develop an appropriate solution. Critically, it also allows you to test the profitability of the solution and whether its success can be replicated at a greater scale.
A successful pilot project provides the basis to scale operations, including the replacement of legacy systems, safer in the knowledge that the new solutions will pay dividends. The final step is to work with your partner to carefully and methodically plan the implementation of these new systems.
Becoming a technology-first company
Once you’re settled with your partner, it’s paramount that you maintain the same risk tolerance that led you to this position; technology is a continuous solution, not a one-off investment. With new technologies come potential new customers – each with their own needs – and various new data points from which you can derive greater insight. To fully take advantage of this, be sure to invest in your staff. Look to retrain existing staff or employ a network of universally tech-skilled staff who are able to work in tandem with your technology partner, assess your own internal technology, and make suggestions on what other technological improvements would best serve the business moving forward.
When it comes to recruitment, don’t be afraid to invest in youth. A recent report* suggests that 73% of B2B tech buying committee members are millennials, while under-35s make up 40% of those making the final decisions on technology purchases.
Analysing the data is key in ensuring continuous success; it’ll tell you what to automate, what to cull, and where there’s scope for growth. Getting this right will ensure reduced costs and increased growth and revenue.
Tangible impact
At Haulmont, we’ve worked with various partners to assist in a range of digital transformation projects. The Keyholding Company, providers of keyholding and alarm response services, is a prime example of embracing change and thriving as a result. Answer times have reduced drastically, their entire service has been streamlined, and in the last year alone costs of sales are down 10%, while business growth is up by 15%.
The company has evolved from its specialism in security and is now a technology company first, with 98% of its 500,000 jobs each year handled by automation; previously, a human used to touch every job. As a partner, we’ve become an extension of the business, but it’s something that wouldn’t have been possible without the forward-thinking and risk tolerant approach adopted at the outset.
The right technology is important. The right technology partner is important. But the success of a project is at risk if the teams delivering on objectives are not on the same page. A willingness to embrace change must trickle down from the top if a digital transformation is to be truly transformative.
In 2019, fintech – technologies and innovations in finance competing with traditional services – experienced a surge in both the…
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In 2019, fintech – technologies and innovations in finance competing with traditional services – experienced a surge in both the user numbers and the size of its market. According to predictions, the sector is set to reach over 4.5 billion users by 2023, while its market value is forecasted to grow to USD 310 billion through 2022.
These are three fintech trends that shaped 2019, as identified by a Fintech executive from Fininbox, a banking SaaS (Software as a Service) provider.
Expanding the use of Artificial Intelligence (AI)
Even though AI has been a technology trend for a while, this tool became quite relevant for fintechs this year. Currently, there are many ways how this technology is applied. From tracking various financial operations to dealing with everyday customer enquiries – fintechs used AI to improve their services in 2019. Bright future projected for this sector in the coming years as the value of AI in the fintech market is expected to increase by nearly 4 times until the end of 2024.
“The use of AI is not limited to a single area in fintech,” claims Anton Zujev, the Head of Development at Fininbox, a Banking Software as a Service (SaaS) provider for electronic money and other financial institutions. “Essentially, this technology automates various processes in digital banking. For example, AI-driven chatbots allow dealing with customer requests, digital services or more intuitively anywhere and anytime. It is also great to see how AI is being developed to increase fraud prevention. The remaining scepticism towards disruptive financial technologies will inevitably be reduced as people start seeing clear benefits in usability improvements and overall industry effectiveness.”
Big banks are adapting fintech
Traditional financial services and innovators have been in rivalry since fintechs came into the mainstream. However, this year marked many cases of established names in the financial sector shifting towards more fintech-driven activities. Such banks as JP Morgan, Bank of America and Goldman Sachs are successfully developing their digital services while employing the latest technologies and collaborating with fintechs.
Zujev regards this trend positively and believes there is still room for growth. “Competing in this growing sector is not enough. Both traditional financial entities and fintechs have a lot to learn from each other. While the former are more reputable and reliable because of experience, one should not forget the knowledge of digital and tech of the latter. Collaboration, not rivalry, should be the way forward.”
Revival and relevance of blockchain
Even though the rise and fall of initial coin offerings (ICOs) tainted the image of blockchain, this technology is slowly gaining positive recognition. As for 2019, it is worth noticing that both traditional banks and fintechs have embraced blockchain as a tool for cost reduction across multiple areas. In other words, blockchain can make operations, paperwork and various back-end tasks less complicated and time-consuming.
“Blockchain has been stigmatized for a while,” says Zujev. “It is understandable – both large banks and tech-savvy audiences were disappointed with many failures that followed the ICO boom. Regardless, the development of blockchain technology along with finding new ways to apply it seems to be picking up again. Blockchain is likely to grow further – although it is a popular trend already. The main reason is its wide application.”
Consumers are drawn to improvements provided by fintech advancements. It is inevitable that more and more disruptive technologies will be embraced and therefore it is only a matter of time until more organizations will adapt and integrate advancements in fintech. Seeing which parts of the vast fintech sector are adapted next might determine the future trends that are bound to be quickly replaced as the industry matures.
2019 has marked another period of skyrocketing development in fintech. Predicted to have the annual growth rate of 24.8% over the next few years, fintech is…
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2019 has marked another period of skyrocketing development in fintech. Predicted to have the annual growth rate of 24.8% over the next few years, fintech is becoming an increasingly competitive market space for both investors and companies in this field.
Below are four of the most relevant technology trends of fintech to follow in 2020.
The prominence of RegTech
RegTech (Regulatory Technology), as suggested by its name, is the way to utilize IT in order to make regulatory processes within financial services more convenient. As for 2020, it will be worth tracking the collaboration of innovative companies in finance and government entities on digital technology innovations. Such partnerships are beneficial for several aspects in fintech development, claims Anton Zujev, the Head of Business Development at Fininbox, a Banking Software as a Service (SaaS) provider for electronic money and other financial institutions.
“It is important to lead governments towards more digital and innovative approaches in finance. For now, there is a lot of skepticism, but improving the legal framework of fintech should help. Additionally, fintech businesses used to be skeptical and annoyed regarding any regulations – however, it is subject to change. Even though both AML (Anti-Money Laundering) and KYC (Know Your Customer) have always been compulsory during the boom of fintech, the complexity of regulation should not be a limiting factor for fintech growth. Therefore, innovative RegTech solutions and legal frameworks which simplify reporting and compliance requirements for fintech should be welcomed,” says Zujev.
Emerging technologies continue to expand
AI (artificial intelligence), machine learning and blockchain are common buzzwords in fintech circles for quite a while. Over the past few years, the development of these technologies contributed to many customer services and operational advancements in fintech businesses, such as more immersive customer service or user recognition. Zujev spots the continuity of this direction yet puts importance on potential innovations in this field.
“For sure, AI will be crucial for more convenient customer service and operation tracking,” claims the expert. “Blockchain is becoming relevant because of its wide appliance in various fintech areas, such as data protection, cybersecurity, trade finance and so on. These include such advancements as the private data model, strengthening confidentiality or the potentially upcoming integration of blockchain in resource distribution.”
Customer service and open banking
User experience remains one of the key factors in fintech development. Innovative solutions allow both businesses and individuals to use digital banking services across multiple online platforms and thus make all processes quicker, more convenient, and more user-oriented.
Zujev is quite keen on this idea, claiming that ‘traditional banks will also take advantage of open banking. Related services would ensure that the client relationship of these players could have even higher quality. And this is surely important while competing with startups which are still more advanced in emerging tech.’
Variety in payment options
The development of fintech has already allowed improving everyday payments. While contactless cards and mobile payments have become quite popular in Europe, the overall system is still advancing.
“Emerging technologies should expand towards instant digital payments. There is no doubt they will make the user experience much more immersive in the near future,” adds Zujev. “Some of the most prominent examples would include the increase of SEPA Instant Payments limit to 100,000 EUR in Europe along with 24/7 service for nearly all instant payments which could take up to a few seconds. Also, in 2020 we may see the intense competition regarding the adoption of PSD2 and Payment Initiation Service – it will be interesting to see which financial bodies will be leading there.”
2020 is set to be the year of both change and continuity for growing fintech companies. Many improvements in fintech are highly related to various upgrades in the IT sector. As a result, 2020 may bring some unexpected changes to disruptive businesses and their development.
Continuing unprecedented growth in the datacentre sector is centre may be at risk due to increasing concerns around scarce resource…
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Continuing unprecedented
growth in the datacentre sector is centre may be at risk due to increasing
concerns around scarce resource and rising labour costs according to the latest
industry survey from Business Critical Solutions (BCS), the specialist
professional services provider to the international digital infrastructure
industry.
The Winter Report 2020, now
in its 11th year, is undertaken by independent research house IX
Consulting, who capture the views of over 300 senior datacentre professionals
across Europe, including owners, operators, developers, consultants and end
users. It is commissioned by BCS, the specialist services provider to the
digital infrastructure industry.
Just over two-thirds of
respondents believe that the next year will see an increase in demand, up on
the 55% from our previous summer survey. This is supported by over 90% of
developers and investor respondents stating they expect to see a further
expansion in their data centre portfolio over the coming year.
However, concerns are being
raised by many Design Engineering and Construction (DEC) respondents around
general shortages amongst design, construction and operational professionals
with four-fifths expressing resourcing concerns. DEC respondents identified
build professionals as being subject to the most serious shortages – 82% stated
this view compared with 78% for design professionals and 77% for operational
functionality of data centres.
When asked to rank the
impact of this our respondents highlighted the increased workload placed on
their existing staff (96%), rising operating/labour costs (92%) and over
80% indicating that this has led to an increase in the use of outsourcing
options over the past 12 months. The increased workload for existing staff had
in turn led to problems in resourcing existing work, with just over 70% stating
that they had experienced difficulties in meeting deadlines or client
objectives.
James Hart, CEO at BCS
(Business Critical Solutions) said: “At BCS we are currently doing the round of
careers fairs looking for candidates for next year’s graduate and
apprenticeship scheme. When we are talking to these young people we often find
that they either haven’t even considered our sector and/or they have
misconceived ideas about what this career path involves. We can address this by
going into universities, colleges and schools telling STEM graduates about the
data centre industry and how great it is. Without action, this these issues
will become more acute, so the rallying cry for 2020 is that the sector
is an exciting place to be and we have to get out there and spread the word!”
Lisa Moyle, Director of Strategy at VC Innovations, discusses the disruptive market of financial services, and she explores what it…
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Lisa Moyle, Director of Strategy at VC Innovations, discusses the disruptive market of financial services, and she explores what it means to seek out and embrace innovation, whether you’re an incumbent or a startup.
Tell us about your role with VC Innovations
I’m director of strategy for a startup in the media space called VC Innovations. I’m also one of the co-founders. What we do at VC Innovations is take the model that’s out there and support collaboration and partnerships and the incorporation of new technologies across the sector from startup to large tech providers to incumbent financial institutions and our philosophy is that there’s a much better way of creating positive results and that’s the role that we see ourselves playing in the sector.
How has the financial space changed in the last 10 years surrounding technology?
The pace of change has increased dramatically. In terms of what I think some of the most significant changes are, I think it’s the extent to which the barriers to entry into the financial services sector have come down dramatically. Now there’s a combination of factors involved there, one of which is access to technology that enables you to kind of leverage that technology and create new businesses and so on. The cost of that has come down dramatically.
In the UK in particular, I would say that there has been a concerted policy effort, which is being mirrored and replicated in many places around the world to create more opportunities to enter the sector and ease that journey of innovators into what has been a largely closed sector dominated by a few large players.
How do you define what digital innovation means? Surely it means something different for every business?
Technology has always been a key driver in the financial services sector if you think about things like algorithmic trading and certain levels of automation within the industry, it has been happening for a very long time. I think the speed of adoption of technology has changed so rapidly, which has left some of the incumbent players behind because they are unable to adapt to that speed of change as rapidly as the small, nimble startup.
I don’t think innovation is just about technology. Technology is an enabler, but it’s what you do with it. So if you’re just going to do the same thing in the same way, but maybe use some new technologies, that’s not real innovation. When you’re offering consumers and businesses new products that are enabled by technology that didn’t exist previously, to me that’s real innovation and then delivering it in a different way. It’s really about the impact rather than how you do it.
How can you stay ahead of this changing landscape?
It’s crucial. You can see in industries where incumbent players, whether it’s in financial services or other industries, haven’t adapted and they find themselves out of business. I think there’s lots of examples throughout history of companies that, even if they’ve seen what’s coming down the line, haven’t been able to adapt or refocus their industry in a way that allows them to continue and succeed.
Technology is part of that, but it can be driven by so many macro factors, whether it’s demographic shifts, preference, the ways in which people organize themselves and go about their daily lives, the way they work, how they live. These are the kind of things that you’re tracking all the time and technology is an important driver. So you have to look at how you do that and this is where VC Innovations plays a role.
What role will VC Innovations look to continue to play in this sort of disruptive and transformative time?
We work with key stakeholders from across the industry, whether they’re startups, large technology providers, incumbent financial institutions and so on and we think about their role in the ecosystem, how that’s evolving, what their own strategy is. There isn’t one strategy that applies to everyone. Each entity is charged with and responsible for thinking about what their strategy and their place in the ecosystem will be and we work with them to support them in achieving their goals.
Obviously nobody knows their business better than the people who are running it. But when you’re a part of a larger community and ecosystem, there’s a lot of important learning that goes on. So what does that mean in practical terms? If I’m a startup, for example, I may start out my journey by thinking I’m going to change the world. I’m going to just intermediate what a large financial institution does and so on.
I may quickly realize that that’s a very difficult journey for a startup to go on, particularly in the financial services space where regulation and compliance play such an important role, and that my better route to market and to scale is to partner with an incumbent financial institution. That’s certainly something that you’ve seen over the last five plus years where the conversation has slightly shifted to ‘I’m going to take you on to I’m going to work with you.’ That partnership and collaboration piece is really important.
It’s not something for many incumbents that comes naturally. It’s not the way that they’re used to working and it’s not the way that their institutions are organized. So there’s some real challenges in there that need to be overcome, but it’s certainly become a key driver of change across the industry. I think that shift has been really important across the industry.
What about a cultural shift amongst the people within these organisations?
Technology only gets you so far. Understanding what is a very complicated and complex industry in many ways serving a wide variety of complicated needs for consumers and businesses takes years of experience and understanding. So it’s not just a case that technology washes away all the need for that understanding. People are very much enmeshed in their institutions and the way in which they work and adopting new technologies.
These are smart people we are talking about. They’re not dumb. They understand the workings of a complicated industry. Often they understand what technology means. But actually putting that into practice when your institution is devised in a particular way that your employees are rewarded or commended for performing in a different way within that institution requires a real shift. You have to enable people to work in a different way, which means they need support right from the top.
Is it common to see business following industry trends rather than their business needs?
That kind of change is always risky, but not changing is riskier. I mean ultimately, what we’re talking about here is the ability to deliver better products and services at a lower cost. So incumbent financial institutions come with a history of data and understanding their customers and being enmeshed in particular communities. They don’t always use that knowledge to best effect, but not moving is not an option.
Standing still really in this type of tech driven world it’s really not an option. In addition, the world is always changing. As I said earlier, the way people work, the way they organize themselves, the way they live, there are always these overarching trends that any business has to stay aware of, stay on top of, because inertia never really works out really well.
How does VC Innovations work with these ecosystems of organisations?
We tend to frame what we do around kind of three key levers. So one is around content. We feel that the message of what you do as a business and what you’re trying to achieve in this kind of online digital world is driven by content, right? Not just being hit with sales messages or billboards. That’s still part of everyone’s strategy. But that kind of informed thought leadership that’s underpinned by content.
We work with our partners first and foremost on a content strategy. Whether that involves thought leadership pieces, reports, what have you, and support them in reaching that group of people that they want to receive that message, right? So not just throwing it out there into the ether.
Everything we do is underpinned by content. Content is what helps drive the creation of communities. We would use content working with a variety of stakeholders and clients to drive interest and ignite the imagination of would-be innovators and people who are already in that space to think about this target market of the over 55 who are often kind of overlooked by innovators. And then we, with the kind of creation of those communities and they could be startups, regulators, what have you, policy, policy makers, financial institutions. So once you have this interest in community that could be brought together through various forms of content, we then look to create experiences for our clients. By experiences we mean an industry level event or a small breakfast briefing, bringing people together over the journey from content creation of community to the experience allows each stakeholder to understand what the other key drivers are. That understanding is really what forms the base of being able to work together or successfully reach your end buyers. That’s a really important way that we think that drives the ecosystem closer together.
Talk to me about the importance of knowledge sharing
It won’t surprise you to find out that I think it’s crucial. There is no single path to success. Understanding your industry is a constant and never ending project. These industry events , the content and all the other stuff is a really important way of doing that. Information, understanding, all of that is driven by human interactions and seeing what else is out there.
What advice would you give to a fintech, a start-up or an incumbent, with regards to embarking on a journey of transformation?
Take a good hard look at who’s been successful, but probably even more importantly who hasn’t, and understand where it fell over for them. I think the stories of failure are in many ways so much more educational than the stories of success and always, always, always have your end customer needs at heart.
Leading underrepresented talent specialist, MyKindaFuture, has announced its new strategy which will see the company widening its offering to support…
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Leading
underrepresented talent specialist, MyKindaFuture, has
announced its new strategy which will see the company widening its offering to
support all overlooked talent in the UK and help employers reach these diverse
talent pools using digital solutions.
The
company, which previously specialised in equipping young people with the
employment opportunities and experience required to succeed, will now work to
connect underrepresented talent from all walks of life with employers,
including individuals from diverse backgrounds and those returning to work
after parental leave or long term sickness.
The
new strategy, dubbed ‘Project Elevate’ has been devised to help businesses
achieve their diversity and inclusion goals, access these valuable pools of
overlooked talent and ultimately boost their bottom line. The proposition is
also designed to improve attrition rates which can offer businesses huge
savings – an average of £125,347 a year for SMEs[1].
The
manifesto, which is built on MyKindaFuture’s belief that ‘talent has no
limits’, was unveiled to a group of senior HR decision makers from some of the
UK’s largest organisations at a breakfast panel held at The Globe in London on
Wednesday 11th December. The event began with an announcement from
Will Akerman, Managing Director at MyKindaFuture, which detailed the company’s
plans for expansion into new markets, before guests were treated to a packed
agenda of expert insights and mini roundtable discussions run by some of the
company’s thought leaders.
Joining
the event for the keynote session was guest speaker CJ Bedford, Associate
Director, People Advisory at Grant Thornton. Building on MyKindaFuture’s own
insights into overlooked talent, CJ shared her experience in engaging diverse
pools of people and best practices for achieving this, in her talk ‘How D&I
is influencing the talent agenda’.
Commenting
on her involvement at the event, CJ said: “MyKindaFuture has lead innovation
around enabling diverse entry level talent to access and succeed in quality
roles. Diversity doesn’t stop there and Project Elevate will help organisations
to review talent pools at every level. It’s a real game-changer for the
market.”
MyKindaFuture
used the event as an opportunity to launch the latest version of its award-winning online platform,
connectr, which will drive the company’s new strategy by offering a digital
solution to the challenge of accessing and engaging people from diverse
backgrounds. Tobin Murphy-Coles, Head of Commercial at the company, took to the
stage to explore how technology can be used to bridge the gap between talent
pools and employers, before giving an interactive demo of how the updated
digital platform can be used by employers to attract, engage, upskill and
mentor diverse talent.
Will
Akerman commented on the new developments: “There are thousands of brilliant,
ambitious and diverse people being overlooked by employers every year. For
those who do break through this disadvantage, they’re undervalued and made to
feel like they don’t belong once they are in the job.
“We
know from experience that no amount of employee benefits will make someone feel
like they belong, and therefore be compelled to stay in a role. What employees
are looking for now is a relationship with their employer, a sense of
connection. They are looking for a company that offers them the opportunity to
be their best self and live their best life. That’s where MyKindaFuture comes
in. Our new ‘Project Elevate’ proposition, driven by our connectr tool, is designed to transform the
relationship between employers and underrepresented talent and can provide
tangible business benefits, as well as offering valuable opportunities to the
best and brightest overlooked talent. We are so proud to be pioneering in this
space and today’s launch is just the beginning.”
As existing technologies reach maturity and innovations make the leap from consumer applications to business (and vice versa), it’s imperative…
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As existing technologies reach maturity and innovations make the leap from consumer applications to business (and vice versa), it’s imperative that we constantly seek to find those that have the potential to add value to our own business and those of our customers. As we look ahead to 2020, Johan Paulsson, CTO, Axis Communications has identified five trends that will have an impact on the physical security industry.
The world on the edge We are seeing a growing momentum towards computing at the ‘edge’ of the network[1]. More of the devices that are connected to the network require or would benefit from the ability to analyse received data, make a decision and take appropriate action. Autonomous vehicles are an obvious example. Whether in relation to communications with the external environment or through sensors detecting risks, decisions must be processed in a split second. It is the same with video surveillance. If we are to move towards the proactive rather than reactive, more processing of data and analysis needs to take place within the camera itself.
Processing power in dedicated devices Dedicated and optimised hardware and software, designed for the specific application, is essential with the move towards greater levels of edge computing. Connected devices will need increased computing power, and be designed for purpose from the ground up with a security first mindset. The concept of embedded AI in the form of machine and deep learning computation will also be more prevalent moving forwards.
Towards the trusted edge Issues around personal privacy will continue to be debated around the world. While technologies such as dynamic anonymization and masking[2] can be used on the edge to protect privacy, attitudes and regulation are inconsistent across regions and countries. The need to navigate the international legal framework will be ongoing for companies in the surveillance sector. Many organizations are still failing to undertake even the most basic firmware upgrades, yet with more processing and analysis of data taking place in the device itself, cybersecurity will become ever more critical.
Regulation: use cases vs technology Attitudes towards appropriate use technology cases and the regulations around them differ around the world. Facial recognition might be seen as harmless and even desirable. However, when used for monitoring citizens and social credit systems it is regarded as much more sinister and unwanted. The technology is exactly the same but the case is vastly different. Regulations are struggling to keep pace with advances in technology. It’s a dynamic landscape that the industry will need to navigate, and where business ethics[3] will continue to come under intense scrutiny.
Network diversity As a direct result of some of the regulatory complexities, privacy and cybersecurity concerns, we’re seeing a move away from the open internet of the past two decades. While public cloud services will remain part of how we transfer, analyse and store data, hybrid and private clouds are growing in use. Openness and data sharing was regarded as being essential for AI and machine learning, yet pre-trained network models can now be tailored for specific applications with a relatively small amount of data. For instance, we’ve been involved in a recent project where a traffic monitoring model trained with only 1,000 photo examples reduced false alarms in accident detection by 95%.
Cyber security attacks happen almost daily, impacting SMEs to multinational corporate companies. The majority of the attacks and data breaches…
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Cyber security attacks happen almost daily, impacting SMEs to multinational corporate companies. The majority of the attacks and data breaches can be found coming from the same place – through the supply chain, where security can become weak and mismanaged. Or, directly through people that work as part of a supply chain, when using their home network it can act as an entry point to their world of work for attackers.
When an organisation enters your supply chain providing goods or services, they may need access to certain proprietary data or systems and your security could become compromised. It is highly likely that parts of your supply chain will have this access, for example providing support for equipment, which creates potential infrastructure entry points. Whilst your own company may have deployed a number of security defences to protect your network – can you say the same about your suppliers?
Supply chain attacks are not new, in fact they have been around for a number of years. One of the largest data breaches in retail history dates back to 2013. Approximately 40 million of US retailer Target’s customers had their credit and debit card information stolen after malware was found on the company’s point of sale systems. It is believed that the original infiltration of Target’s network actually came via their HVAC (heating, ventilation and air conditioning) supplier, whose network was compromised and, in turn, the attackers were then able to use the “trusted” connection to gain access to Target’s infrastructure.
It isn’t just retail organisations who are under attack. Healthcare, defence, aerospace, government, managed service providers and IT industries, amongst many other sectors, have all been targeted by threats acting on behalf of foreign governments. It’s likely that they are all looking to steal intellectual property.
The supply chain is a risk for your company, no matter what your organisation is. As soon as you start to outsource, you lose an element of control over your data. Some common weaknesses in supply chain management affecting businesses are:
Lack of resources in the supply chain
In an ideal world, companies in the supply chain would take sole responsibility for dedicating sufficient resources to manage their own security. In practice, however, many suppliers do not identify security as a core business need, either unaware or indifferent to the potential impact it will have downstream. In these instances, it becomes imperative to impose your minimum expected security standards upstream, where possible, requiring the suppliers commitment to these standards as part of the deal. This should be reviewed on a regular basis with each supplier to ensure that they maintain this capability. If not, a risk assessment should be carried out to determine if the value to your business exceeds the potential damage a supply chain attack could cause. In the worst case scenario it might be necessary to find a new supplier.
Inability to adapt to supply chain changes
When it comes to suppliers one size does not fit all, supply chains come in varying sizes and the longer your chain the more attention you need to give it. A flexible management approach should be adopted, dependant on the risk associated with each supplier. For example, the risk posed by your third party network management provider will likely be greater than the risks posed by the supplier of commodity software licences. As an upstream company you must ensure there is suitable flow down the chain that monitors security controls.
A lack of communication between business and supplier
Communication between suppliers concerning updated security measures or reporting of incidents is key across the chain. If the suppliers aren’t aware of expected changes to the security of the chain or don’t understand the steps to take in the event of a breach, cyber attacks are more likely to be successful and give criminals access to the core business. Building security requirements into the contracting process helps alleviate these issues as all parties involved will have written confirmation of security expectations. Constant reviews of the process here are essential and can help flag up any weaknesses or communication that has been missed.
A focus on British Airways
British Airways (BA) was attacked by cyber criminals in 2018. Its web server was compromised by Magecart, a known threat which was also behind the attacks on Cancer Research UK and Ticketmaster. It used custom JavaScript card skimmers, hosted on the compromised web server. Since this, experts are now advising against using third party scripts, as they leave supply chains open for attack. In British Airways’ case, a supplier was compromised and the attackers were able to change their code files to include card grabbing scripts.
This is a failure of the software development processes to establish supply chain management processes. The chain wasn’t informed of the critical software updates from the supplier and as a result these weren’t identified and applied in enough time to prevent the attack.
How to prevent an attack through the supply chain
Ensuring appropriate controls are in place
It is important that a business understands the risk a supplier may pose and ensure that the supply chain has appropriate security controls in place. These will vary and flex dependent upon the type of data or influence the chain has on the business. One starting point would be to ensure all suppliers attain ‘cyber essentials’, which is becoming the UK’s minimum standard of security. However, this might be insufficient for high risk suppliers.
Regular auditing of the chain
Audits of critical suppliers are important to ensure that they are safeguarding data in the ways they claim. The assessment will need to flex depending upon the risk, from a simple questionnaire to a full scale onsite 2nd or 3rd party audit – it’s all about assessing the level of threat and acting accordingly.
Making sure the chain understands the importance
Ensure that your supplier understands the procedures in place to contact you in the event of a breach. Complete a risk analysis of your suppliers to understand the knock-on effects to your company should their systems be compromised, and create a contingency plan around this. This should be set up ready to go at the push of a button if needed, mitigating the damage that can be done to your business.
Mitigate against any risks
As a company, you must decide which controls you can insist the supplier enhances in order to continue business. If they don’t comply, can you put mitigating procedures in place? If you can’t mitigate, you must then consider the impact of an attack on your business, and whether you can accept the risk and deal with it when it happens.
Cyber security is a big threat to many businesses and can impact every entity in the supply chain from the top to the bottom. It is essential that all elements of the supply chain work in tandem to maintain tight security for all involved. Collin Robbins, managing security consultant at cyber security specialist, Nexor.
WHY SUPPLY CHAINS ARE A HUGE CYBER SECURITY RISK
Cyber security attacks happen almost daily, impacting SMEs to multinational corporate companies. The majority of the attacks and data breaches can be found coming from the same place – through the supply chain, where security can become weak and mismanaged. Or, directly through people that work as part of a supply chain, when using their home network it can act as an entry point to their world of work for attackers.
When an organisation enters your supply chain providing goods or services, they may need access to certain proprietary data or systems and your security could become compromised. It is highly likely that parts of your supply chain will have this access, for example providing support for equipment, which creates potential infrastructure entry points. Whilst your own company may have deployed a number of security defences to protect your network – can you say the same about your suppliers?
Supply chain attacks are not new, in fact they have been around for a number of years. One of the largest data breaches in retail history dates back to 2013. Approximately 40 million of US retailer Target’s customers had their credit and debit card information stolen after malware was found on the company’s point of sale systems. It is believed that the original infiltration of Target’s network actually came via their HVAC (heating, ventilation and air conditioning) supplier, whose network was compromised and, in turn, the attackers were then able to use the “trusted” connection to gain access to Target’s infrastructure.
It isn’t just retail organisations who are under attack. Healthcare, defence, aerospace, government, managed service providers and IT industries, amongst many other sectors, have all been targeted by threats acting on behalf of foreign governments. It’s likely that they are all looking to steal intellectual property.
The supply chain is a risk for your company, no matter what your organisation is. As soon as you start to outsource, you lose an element of control over your data. Some common weaknesses in supply chain management affecting businesses are:
Lack of resources in the supply chain
In an ideal world, companies in the supply chain would take sole responsibility for dedicating sufficient resources to manage their own security. In practice, however, many suppliers do not identify security as a core business need, either unaware or indifferent to the potential impact it will have downstream. In these instances, it becomes imperative to impose your minimum expected security standards upstream, where possible, requiring the suppliers commitment to these standards as part of the deal. This should be reviewed on a regular basis with each supplier to ensure that they maintain this capability. If not, a risk assessment should be carried out to determine if the value to your business exceeds the potential damage a supply chain attack could cause. In the worst case scenario it might be necessary to find a new supplier.
Inability to adapt to supply chain changes
When it comes to suppliers one size does not fit all, supply chains come in varying sizes and the longer your chain the more attention you need to give it. A flexible management approach should be adopted, dependant on the risk associated with each supplier. For example, the risk posed by your third party network management provider will likely be greater than the risks posed by the supplier of commodity software licences. As an upstream company you must ensure there is suitable flow down the chain that monitors security controls.
A lack of communication between business and supplier
Communication between suppliers concerning updated security measures or reporting of incidents is key across the chain. If the suppliers aren’t aware of expected changes to the security of the chain or don’t understand the steps to take in the event of a breach, cyber attacks are more likely to be successful and give criminals access to the core business. Building security requirements into the contracting process helps alleviate these issues as all parties involved will have written confirmation of security expectations. Constant reviews of the process here are essential and can help flag up any weaknesses or communication that has been missed.
A focus on British Airways
British Airways (BA) was attacked by cybercriminals in 2018. Its web server was compromised by Magecart, a known threat which was also behind the attacks on Cancer Research UK and Ticketmaster. It used custom JavaScript card skimmers, hosted on the compromised web server. Since this, experts are now advising against using third party scripts, as they leave supply chains open for attack. In British Airways’ case, a supplier was compromised and the attackers were able to change their code files to include card grabbing scripts.
This is a failure of the software development processes to establish supply chain management processes. The chain wasn’t informed of the critical software updates from the supplier and as a result these weren’t identified and applied in enough time to prevent the attack.
How to prevent an attack through the supply chain
Ensuring appropriate controls are in place
It is important that a business understands the risk a supplier may pose and ensure that the supply chain has appropriate security controls in place. These will vary and flex dependent upon the type of data or influence the chain has on the business. One starting point would be to ensure all suppliers attain ‘cyber essentials’, which is becoming the UK’s minimum standard of security. However, this might be insufficient for high risk suppliers.
Regular auditing of the chain
Audits of critical suppliers are important to ensure that they are safeguarding data in the ways they claim. The assessment will need to flex depending upon the risk, from a simple questionnaire to a full scale onsite 2nd or 3rd party audit – it’s all about assessing the level of threat and acting accordingly.
Making sure the chain understands the importance
Ensure that your supplier understands the procedures in place to contact you in the event of a breach. Complete a risk analysis of your suppliers to understand the knock-on effects to your company should their systems be compromised, and create a contingency plan around this. This should be set up ready to go at the push of a button if needed, mitigating the damage that can be done to your business.
Mitigate against any risks
As a company, you must decide which controls you can insist the supplier enhances in order to continue business. If they don’t comply, can you put mitigating procedures in place? If you can’t mitigate, you must then consider the impact of an attack on your business, and whether you can accept the risk and deal with it when it happens.
Cyber security is a big threat to many businesses and can impact every entity in the supply chain from the top to the bottom. It is essential that all elements of the supply chain work in tandem to maintain tight security for all involved. Collin Robbins, managing security consultant at cyber security specialist, Nexor.
Jim Marous, internationally recognised financial industry strategist, and the publisher of the Digital Banking Report and Sonia Wedrychowicz, an experienced…
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Jim Marous, internationally recognised financial industry strategist, and the publisher of the Digital Banking Report and Sonia Wedrychowicz, an experienced technology transformation professional of over 25 years discuss how digital transformation is more than merely technology while exploring the leadership and cultural issues surrounding digital transformation in banking.
How
do you feel the conversation around technology has changed? Are businesses now
driven more by technology and IT than ever before?
Sonia:
First, we need to understand that,
in the last couple of years, the way people consume, communicate and commute
has changed dramatically, and is increasingly being delivered using digital
channels. In today’s world, the vast majority of our daily lives are supported
by technology. So, by definition, all companies, including banking, are
becoming technology companies. That realisation, however, is not universal yet,
and in many organisations, I can still see the business and technology running
separately. The transformation efforts focus on modernisation of the platforms
on the technology side, and the digitisation of the customer experience on the
business side, while the two functions, in my opinion, should work as one team
with the common goal, driven by customer obsession.
Jim:
Financial organisations do know what
they need to do. They do understand the technologies that have to be embraced,
but the challenge is they’re not very far down the digital transformation
process. This is a concern, given that the industry is moving so fast in the
digital space. A lot of organisations have seen digital transformation as the
purchase of technology and the implementation across different initiatives.
This is opposed to an overarching perspective of digital transformation that
really starts from the inside out, and looks at processes and programs, culture
and leadership and then builds technology against that. We’re seeing a big
challenge with regards to leadership and culture, and without that, the
implementation of technology will probably never see its full optimal
implementation.
How
common is it that across different businesses in different industries, in
different capacities, digital transformation means something different to each
and every person and organisation? And how do you go about unifying it in a way
that makes sense to everyone?
Jim:
When you’re talking about digital
transformation, and you’re combining that with the financial services industry,
it’s more difficult. You look at organisations that are going to need to
embrace change, take modified risks, and actually disrupt themselves, and
that’s not in the comfort zone of financial institutions. It’s the opposite of
the legacy culture that’s been in play before.
Sonia:
There is a lot of misunderstanding
regarding the difference between digitisation, digitalisation and
transformation, and it comes to the old rule that people have the tendency to
always see these things as the same, although they are actually different.
There is a very common misconception of digital transformation, which is
disruptive, and challenging the status quo, with change management, or
restructuring, which is basically more of the same, but more lean and
efficient.
A good example of this is centres
around the difference between the process of digitisation versus digitalisation
itself. Digitisation is all about making the current process, or product,
digital without truly reimagining it. The same process can, however, be
digitalised, rather than digitised. The digital transformation is being
trivialised by being understood as bringing new technologies into place without
truly reimagining the customer journeys, the customer experience, and actually
making it much simpler and more transparent for the customers.
What
are some of the biggest challenges and barriers to embracing digital
transformation and embracing these new technologies?
Sonia:
The emergence of efficient fintech
companies offering different banking services, not only cheaper, but mostly
through an amazing, simple and friendly customer experience. The existence of
banks is under a serious threat. Interestingly enough, the threat level varies
in different parts of the world and so banks need to accelerate on the path of
reimagining themselves, in order to keep pace with the emerging competitors who
are, these days, coming from industries that were never associated with banking
before.
Jim:
I think the biggest challenge we’re
going to see, and the reason why banks right now are starting to rethink their
complacency, is not because of the revenue, but because of the threat, while
we’ve been thinking about what’s going to happen in the future, and what’s
going to happen in the fintech banks and the challenger banks. To the large
tech companies that is the biggest challenge.
The threat is real. The consumer’s
going to start demanding more and more of their financial institutions. A
consumer can now change a financial provider, invisibly. They don’t have to
come into the branch anymore. They can do it with a click of a button on a
phone and they can change their financial relationship. What we have to do is
realise that there’s a major threat out there to financial institutions that
sit back and hope that it’s going to be business as usual.
How
important is it, during a transformation and during change, that you are
keeping the customer at the very heart of everything you do?
Sonia:
Never focus on your competition.
Always focus on your customer. For years we’ve been completely ignoring the
customers and looking at what the competition was doing in order to keep pace.
By focusing on your competition, you’re always going to be one step behind
them. Technology-enabled tools are allowing us to be much closer with the
customers without seeing them and even talking to them, but just focusing on
how they behave, what they do, how they react to the different propositions we
are giving to them, and whether it results in increased business generation.
Jim:
I think part of the difficulty with
transformation is transparency. We get updates on our mobile apps from many
organisations, updating you that changes are being made. It doesn’t happen that
frequently in the financial services space because the communication isn’t
there. There are a lot of organisations that believe: if you build it, they
will come. The reality is, that’s not the case. We need to provide more
information upfront and do a lot more research to find out what the consumer
wants. What they’re looking for is simplicity and a lack of friction, and really
what they’re hoping for is that the financial institution is going to know
them, look out for them, and reward them.
Jim,
you mention that non-financial institutions are now dominating the payment
space, how is that impacting the decision-making and the approach to
technology?
Jim:
Financial institutions are looking
at the fintech companies because those companies looked at the digital
companies and asked, “How can we take customer insight, AI, and digital
technologies to make better experiences?” In every case twe’ve seen, what
the competitors and non-traditional competitors have done is built solutions.
They take data, insight, and technology to provide a seamless experience built
on a digital platform, and that’s a very important component, because being built
on a digital platform means that they’re not building on legacy infrastructure.
The tech companies have streamlined the application process for loans or for a
credit card because it builds on a tech platform.
The case studies that we see going forward are
coming from the fintechs, and I think traditional financial institutions are
going to build more and more partnerships, because bankers can’t get out of
their own way, and they really can’t build something that they’ve never done
before.
Sonia:
When I look at the big fintech
companies and companies like Amazon, I think they’re being watched closely by
the banks for their customer obsession, delivered by technology. When it comes
to small fintech companies; it’s very interesting. They are providing solutions
on untested but interesting technologies like blockchain or AI. Once those
technologies became more established, expertise will rise. So, they are not
using the fintech start-up companies to integrate those solutions any more, but
they want to have this expertise in-house.
Talk
to me about the importance of bringing people along on these journeys, and in
these transformations, and not necessarily equipping, re-equipping them with
these new skills and new capabilities in order to drive the business forward.
Jim:
This is probably the biggest
challenge that the banking industry is going to face. We do not have a large
knowledge space of digital mind-sets in the marketplace and that includes
everything from digital applications of AI, to just how the technology and
coding works. There’s a major weakness. But just as big is how do we reach for
the people internally, because when you talk about automation, robotics and AI,
there’s going to be, if not an elimination of jobs, a transformation of jobs
into new sets. So, we’re going to have to take it upon ourselves as an industry
to retrain people across the organisation, so they’re prepared for the future.
The challenge is, not many organisations right now are doing it.
Sonia:
I also think that a big challenge of
the traditional organisations today is to attract young people. The attraction
of the old conservative companies is fading away in favour of the Apples and
Googles of this world. People are joining the new technology companies not for
free food and gym on the premises, but for the ability to constantly learn new
things. The financial institutions need to develop the leaders of the future.
They need to reimagine, not only their equipment policies, but more
importantly, change their hierarchical structures within the organisation to
ones that are powered by people who are more willing to listen, with employee
empowerment that is bringing the customer experiences of change much closer to
where the customers are.
If
you could give one piece of advice on how to be successful in these disruptive
times as a professional in the financial space what would it be?
Sonia:
Keep reinventing yourself and have
the courage to unlearn what you learnt in the past. Constantly learn new
things. Brains change, so surround yourself with young people, as they will
become your bridge between the past and the future.
Jim:
We have an industry filled with
legacy bankers that have been in this industry for a very long time and have
done very well in most cases. What we need to do is to look and say, “How
can we, as people in organisations, build a culture that will make it so that
organisations can truly be part of the future?” The future will happen
very quickly, as will the impact of not making changes. We have to do better.
The benefits of virtual cards are numerous and varied, yet their adoption into the corporate world has been slow. Pat…
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The benefits of virtual cards are numerous and varied,
yet their adoption into the corporate world has been slow. Pat Bermingham, CEO
of Adflex, asks whether fear of the unknown is holding firms back.
From workforce expenses to high value transactions between buyers and suppliers, the market that supports the initiating and acceptance of card-based business payments is big and growing. According to Mastercard, Visa and American Express, commercial card payments hit a five year high of US $2 trillion in 2018. Companies that cater to these types of transaction rightly see opportunity and are investing in new solutions, like virtual cards, which simplify the management of a company’s payments, increase usability through mobile apps and online portals, and reduce operating costs, all through a range of powerful new digital features.
Yet some businesses remain hesitant to adopt virtual card
technology. Why? It’s a problem of perception. Businesses – finance departments
in particular – associate change with risk and, fearing technical complexity,
often shy away from adopting new tech. This is a mistake; there are big value
gains to be had with comparably little cost and disruption.
What are virtual cards
and why are they cool?
Essentially, a virtual card functions in the same way as a
normal credit or debit card, minus the plastic. Making this leap gives
companies far more than a bit of extra space in their staff’s wallets. By going
digital, the cards themselves can be endlessly reissued, and the rules that
govern them quickly reprogrammed, giving a company almost limitless flexibility
to shape its spending power to suit its goals.
This means that, unlike plastic cards, virtual cards can be single
use. A new card, with a new card number, can be created for every transaction
– and still each maintain a direct link back to a single, central bank account
for easy and transparent accounting.
One key business advantage of using virtual cards lies in
their ability to significantly reduce the risk of fraud. The creation of a new
virtual card for each transaction means that, even if sensitive card data is
intercepted, it cannot be used to make further payments. What’s more, when a
virtual card is ‘spun up’, it is created for a specific payment – referencing
the exact amount, merchant, and date range. Payments outside of these
parameters simply won’t be authorised, seamlessly protecting buyers from
fraudulent transactions without impacting the user experience.
Furthermore, the authorisation framework of the unique
virtual card number (VCN) makes payments easily trackable and provides all of
the data needed to help merchants reconcile payments with account receivables –
increasing operational efficiency on the supplier side.
Virtual cards are uniquely valuable in B2B contexts. Although consumer products were brought to market, the inability to use them for in-store payments and ATM cash withdrawals limited their adoption, and most issuers eventually stopped offering them. As B2B payments are rarely made via a physical terminal (i.e. face to face), this adoption barrier doesn’t exist in the corporate world, prompting many industry experts to predict that virtual card volumes would snowball. Yet, years later, we’re still awaiting the watershed.
So what’s holding the industry back?
The adoption of new financial processes is often a long-term
goal. Not unreasonably, many companies, particularly enterprise-scale firms,
perceive integration challenges and downtime as both likely and high-risk.
It’s certainly true that any downtime of internal payments
systems would be damaging, but the use of dedicated, cloud-based APIs from specialist
digital payment firms dramatically reduces these risks – such firms are solely
dedicated to ensuring their digital payment systems seamlessly integrate with a
business’s existing systems, and remain continuously available.
There is also a common misconception that while virtual
cards benefit buyers, their impact on the suppliers is broadly negative. An
often-cited issue is that of increased interchange fees borne by the company
accepting payment, which can be up to 2.5% of each transaction. This perception
deserves to be challenged, principally because it discounts the business opportunities
that virtual cards bring to suppliers including dramatic process efficiencies
and, perhaps most importantly, improved cash flow from instant settlement.
Virtual cards from issuers like Barclays enable buyers to pay suppliers upfront via a line of credit, without affecting their own cash flow – similar to the process of paying off a consumer credit card payment.
These strategic benefits to both buyers and suppliers, while
nuanced, stack up to a compelling value proposition for even the most
change-resistant of firms.
Are we
nearly there yet?
The stars
appear to be aligning for corporate virtual card adoption. The only real
barrier remaining is that of supplier education. To ensure successful take up,
issuers, digital payment integrators and buyers alike must share responsibility
for communicating their value to merchants within B2B supply chains. Accomplish
this and we will finally start to see the levels of adoption this terrific payment
technology deserves.
Peltarion, leading AI innovator and creator of an operational deep learning platform, today released a new report discussing AI decision…
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Peltarion, leading AI innovator and creator of an operational deep learning platform, today released a new report discussing AI decision makers’ understanding of deep learning versus other types of machine learning practices, and examines the barriers preventing them from taking deep learning from ideal to reality. The report, ‘The Peltarion AI Decision Makers Survey: Are enterprises ready to go deep with AI?’ presents the findings of a survey of 350 AI decision makers from the UK and Nordics with direct responsibility for shepherding AI at companies with more than 1,000 employees.
Despite each respondent having direct responsibility for AI
and deep learning within their organisation, only 60% of them were confident
about what deep learning is and how it works – compared to 90% for other types
of machine learning. Other key findings of the survey include:
AI decision makers see
the potential of deep learning: 99% of AI decision makers thought that deep learning
would transform their industry, with almost a third (32%) saying it will
‘totally’ transform it, compared to 26% who feel other types of machine
learning will totally transform the industry.
Commitment to deep
learning is set to increase rapidly. Although this year only 80% of respondents had budget
allocated to deep learning projects, up to 98% of respondents are planning
to start investing part of their R&D budgets on deep learning
initiatives over the next three years.
Data science expertise
and data itself remain key barriers to investment: 70% of AI decision
makers consider deep learning tools to be too complex to tackle and 41%
felt unable to collect and segment all the different types of data needed
for their deep learning projects to succeed.
“It’s clear that deep learning is a truly transformative
technology that has the potential to change the world,” explains Luka Crnkovic-Friis,
Co-Founder and CEO of Peltarion. “But the path to reaching that potential is
inhibited by lack of familiarity with deep learning. With investment growing,
we can expect to see more industries benefiting from this under-explored, yet
incredibly powerful subset of AI. However, the barriers to adoption must be
overcome before businesses can reap the benefits.”
The need to operationalise AI has never been clearer
When asked about the most common perceived issues standing
in the way of investment in deep learning, complexity was by far the most
common problem cited, with 70% of AI decision makers in accord. This was
followed by the need for specialist skills (44%), lack of scalability (43%),
with a lack of understanding around deep learning models (41%) and a lack of
data availability tied for fourth at 41%. Making things tougher are all the
existing IT solutions/services organisations are working with, with 36% citing
integration as a setback to deep learning investment. This issue shows no signs
of slowing though as the overall adoption of new digital technologies
increases. On average, respondents said they have approximately 191 different
IT applications, systems and services in use across their organisation, a
figure they say is likely to rise in the next five years.
“In order to increase adoption of deep learning, companies
need access to the right tools and skills,” Crnkovic-Friis concludes.
“Operationalising AI, and deep learning specifically, will be key in doing
this. Not only should experts offer guidance, spreading the knowledge of how it
can be used within their companies, but deep learning should be operationalised
to increase the speed of model development and experimentation, ease
integration and deployments and make deep learning more ‘AI Ready’. Once a few
of these projects are up and running, the costs, on-site skills and
infrastructure required to keep deep learning operational and launch new
projects gets lower each time.”
In a 2018 report, Forbes identified a trend that was sweeping the world. This trend is the rise of the…
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In a 2018 report, Forbes identified a trend that was sweeping the world. This trend is the rise of the multi-sector innovation hub. All over the world these hubs bring together business sectors and models, infrastructures and physical resources to enable and drive true innovation. Here, we look at 5 leading industries driving the innovation hub conversation.
Biotechnology
The biotechnology space is unique in that it is
a technology designed for the betterment of human life through DNA. As
technology has advanced dramatically over the last three decades, the
biotechnology space is one that has grown exponentially as a result of it.
Naturally, cities looking to create innovation hubs have identified
biotechnology as a cornerstone of the future of innovation and the betterment
of human life. Boston, San Diego and Copenhagen house just three of the leading
biotech innovation hubs in the world. In a 2018 report, biotechnology jobs have
grown 28% over the last decade, and Boston alone has seen more BioPharma
industry jobs become available over the same time period. Known as the Cambridge-Boston. USA biotech
cluster, the hub is home to firms that have attracted more than $14bn in
investments from venture capitalists.
ICT
The Information Communication Technologies (ICT)
industry seems almost like a cheat, for it is the very backbone of modern
technology today. Innovation in ICT defines our very existence, with tablets,
television, smartphones and even the internet.
As far as innovation hubs go, San Francisco, Tokyo and Beijing are
recognised as true world leaders. Beijing in particular, has seen more than
$70bn in venture capital funding since 2015 alone. At the heart of Beijing is
the Zhongguancun Science Park, China’s very own Silicon Valley. Zhongguancun
was founded nearly 30 years ago and has since become the key driver in turning China
into a technological powerhouse. It houses around 9,000 technology companies
from all over the world, including Google, Intel, Oracle and IBM to name a few.
Medical
Science
Not too dissimilar to Biotechnology, the Medical
Science industry is one that seeks to improve the prevention and treatment of
disease and health issues. Walking hand in hand with technology and innovation,
it is an industry that an increasing number of cities around the world are
focusing their efforts as they look to build their innovation hubs. Tel Aviv,
Eindhoven and Los Angeles are three of the major innovation hubs for medical
science. Tel Aviv in particular, is home to a burgeoning digital health sector.
At its internationally recognised Tel Aviv University (TAU) sits the BioMed
@TAU. This collective of biomedical Research Hubs at Tel Aviv University
performs a vast array of research, encompassing basic to translational research
spread across several faculties and hospitals. The Hubs gather together
scientists from across the university and TAU-affiliated hospitals that share
overlapping research interests. These collaborative groups host conferences and
events related to their subject area in order to highlight advances in the
field as well as in their own research. The Hubs also provide the opportunity
to strengthen collaborative research between scientists at TAU and leverage
opportunities for collaborative research, joint grant applications and external
funding.
Nanotech
Once upon a time, nanotech was known more for
science fiction than reality but over the course of recent history, nanotech
has entered the innovation conversation and transforming the way we use
technology. Singapore, Daejeon and Lyon are but three key cities in which
research into nanotechnology has established them as key innovation hubs. Lyon,
once dubbed the “Land of Innovation” has been ranked as 8th in the world for
nanotech developments. Home to the Institute of Nanotechnology of Lyon (INL) is
a joint research unit designed to develop multidisciplinary technological
research in the field of micro and nanotechnologies and their applications.
Founded in 2006, INL sits on the campus of Ecole Centrale Lyon and supports the
overall mission statement of ensuring that the education its students receive
aligns with the needs of industrial enterprises, so that the engineering
students of today can best respond to the scientific and societal challenges of
tomorrow.
Pharma
Frankfurt is a city that lives and breathes
pharmaceutical innovation. It is home to the FiZ Frankfurt Biotechnology
Innovation Centre, a market-oriented technology centre offering small and
medium-sized businesses in the life sciences field a unique basis for
innovation and growth. In recent years, FIZ has enhanced its reputation as a
true platform for innovation networks, having entered into a partnership with
CEDEM AG Germany, a pioneering company in the healthcare sector, as it expanded
its reach into the MENA region. FIZ is working to achieve a data-based
optimization of cancer therapies through genetic profiling as it looks to adopt
this innovative approach to more than 365.000 expected cancer cases in 2020.
Welcome to the Winter edition of INTERFACE Magazine, our biggest yet! Our cover story this month centres around Lutz Beck,…
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Welcome to the Winter edition
of INTERFACE Magazine, our biggest yet!
Our cover story this month centres around Lutz Beck, CIO of Daimler Trucks North America, who reveals its massive digital transformation into a totally connected company… Read the latest issue here!
Beck transformed Daimler Trucks Asia
– with its brands Mitsubishi Fuso and BharatBenz – into a truly connected
company, moving the IT function front and center of its operations. This work
paved the way for Beck’s move to head up transformational change in the US.
“I was given an open field to do a lot of
these innovations here within the Daimler Trucks North America Group because
they had started certain elements but there were still a few things lacking.
That’s the reason why there is a clear task: to push innovation and transform
IT into a business value adding and future oriented organization.”
Elsewhere in the mag we also speak
exclusively to c-level executives at BT, AXA Partners, SSE, ACC and KPN
in a bumper issue of B2B insight! We also feature interviews with Lisa Moyle
from VC Innovations and Digital Banking Report’s Jim Marous and Sonia
Wedrychowitz. Plus, we list all the top events and conferences from around
the globe.
With digital transformation now mainstream in enterprises worldwide, business leaders are no longer asking “why?”, but “how?”. At the core…
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With digital transformation now mainstream in enterprises worldwide, business leaders are no longer asking “why?”, but “how?”. At the core of digital transformation is enterprises’ ability to build organisational and technological agility, which together enable business process agility. The rapid evolution in digital technologies such as cloud, IoT, AI, data, positioning systems, AR/VR, APIs, etc. can help to create new business outcomes if the enterprise is adaptive and composable at its core. As organisational structures and cultures across industries are at the tipping point of change, enterprises are challenged to build and retain a technically savvy, culturally diverse and agile workforce.
Becoming digitally-adaptive
With change being the only constant, enterprises that thrive in the digital economy do so by creating lean, agile teams of people who implement technology as an extension of themselves and are ready for life-long, continuous learning. For employers, the onus then becomes creating a culture that encourages learning and providing their workforce with the resources and tools to help them along this journey of continuous improvement.
By providing constant learning opportunities, enterprises benefit from a workforce that is ready for disruptive, daily changes in technology. A digitally-adaptive workforce produces greater innovation, enterprise agility, and the capacity to predict rather than react to market changes. Creating a culture of learning also helps enterprises hire and retain top talent, as studies have shown that for new-age employees – particularly millennials – the ability to learn while working is a top factor attracting them to a company.
With that in mind, here are five steps business leaders and change drivers can take to support a culture of continuous learning:
Evolve your “interview and onboarding” processes
In the digital age, expertise is far more important than years of experience, and the ability to collaborate exceeds individual brilliance. Many years ago, Tim Brown (founder of IDEO) established the term “T-shaped employees”, which represented depth, expertise and the ability to collaborate as the key attributes for future employees. Enterprise hiring practices need to change to reflect this transition. It’s time to move beyond scripted interview questions and GPAs, and test potential hires by putting them into real-life situations they could expect to face at work. An effective technique is hack-to-hire initiatives, which test candidates on not just subject knowledge, but their ability to innovate, collaborate with people they don’t know well, fail fast, and bounce back – all attributes that signal resilience, collaboration and adaptability.
Interlink learning and performance
While the current generation of employees is typically more learning-focused than its predecessors, it is important for organisations to do their part by incentivising continuous learning. This might involve initiatives that link individual performance with a drive to learn. Well-exemplified by companies that support temporary cross-functional roles for their employees, these initiatives allow them to build expertise beyond their function and gain a more holistic view of enterprise operations. Enterprises should also ensure that employees get the opportunity to practice what they learn in real life, weaving continuous learning into the fabric of the organisation long-term.
Create learning paths
Rather than leaving it up to employees to define their learning and find resources to enable it, enterprises should create learning tracks tied to career progression, both within and outside the organisation. This can be done in-house, or with the help of external vendors to create activities customised to a specific industry. Some organisations are also partnering with universities to launch credit-based programmes that allow employees to upskill, upgrade their resumes, and gain practical on-the-job experience by applying these skills.
Ensure resources are accessible
Merely creating learning programmes is not enough, however. Organisations should ensure that the HR and IT departments work together to make the content easily accessible, ideally on consumer-grade technology platforms. It’s also important to ensure that work and learning do not interfere with each other. For instance, instead of mandatory group sessions that could cause scheduling issues, enterprises could record webinars to be replayed on-demand.
Ideally, employees should also be able to gain experience by interacting with the teams working on projects that demand these skills. This promotes internal mobility while fostering cross-functional teams.
Revitalise the learning and development function
Since it has the responsibility of maintaining continuous learning within the enterprise, the learning and development function must play a role beyond building course catalogues for employees. It creates innovative, employee-centric experiences and promotes interdisciplinary thinking, so the learning and development function should shift its focus. Rather than solely content creation, learning and development should have a more complex role, leveraging technology that leads the enterprise’s cultural transformation toward continuous learning.
Investment in continuous learning matters
Enterprises need to rethink, restructure, and reinvent their approach to upskilling and educating their workforce. It may not yield instant returns, but creating a culture of learning is no longer a matter of choice, but a necessity. Businesses that get it right will find themselves attracting and retaining the best talent, and in possession of a workforce that can keep up with the challenges presented by a dynamic digital economy.
Would you talk to a parent in the same way that you would a friend? Would you use the same…
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Would you talk to a parent in the same way
that you would a friend? Would you use the same language or go into the same
detail? It is highly unlikely as ordinarily we adapt and tailor our language
and tone depending on who we are speaking to.
This example is an exact parallel demonstrating
the differences a business faces when creating and implementing their B2B and
B2C messages and campaigns.
While there
is some overlap of strategies to engage B2C and B2B audiences, there are also notable differences. You
are talking to other brands and businesses through B2B marketing as opposed to talking
to the everyday consumer through your B2C activity.
Is
one
more important than the other?
Marketing departments and Creative agencies
tend to think of customers (and B2C) first and rightly so, they are at the heart
of everything they do. However, very often as a result, B2B marketing gets overlooked,
despite it being just as important to a business’s bottom line.
The B2B Audience
Your B2B audience are professionals looking
for your expertise, so they are more of a niche market and often rationally,
rather than emotionally driven. They are looking for a direct response to a
specific problem. As a result, your messages need to be more insightful in
order to make an impact and promote your credibility.
Afterall, you are aiming to develop lasting
relationships and create lead generation as opposed to quick sales at the end
of the process, so your message needs to make an impact (and imprint). You are
not just trying to grab the attention of this audience; you are trying to
retain their attention too.
Have some fun
Compared to marketing to consumers, B2B is
often seen as being a bit dry and agencies tend to spend more time doing the
‘fun’ stuff that is usually associated with B2C. Ultimately, customers are
customers and you are still marketing to people. It’s good to remember that businesses
don’t make buying decisions, individuals do.
Just because B2B marketing has a reputation
for being less exciting, don’t let this put you off. See it as a challenge and
show the human side to your business; show that you have personality and soul
and do what you do best – you can still be creative!
Great design and content for B2B marketing
is vital as you need to educate your audience whilst also trying to set
yourself apart from the competition, but content doesn’t have to be purely words.
Platforms such as LinkedIn have become synonymous with business but there are
others out there. Instagram, for example, could really show the personality of
your business and gives you a visual opportunity to show more insight into your
culture. And what about sharing customer feedback? Using a platform such as
Trustpilot enables businesses to share genuine feedback and is therefore as
valid a part of your B2B strategy as it is for ecommerce.
Trust improves your bottom line
Businesses are more likely to work with
someone they trust so they are likely to research your brand. It is therefore
essential that all stages of your experience are reputable. This includes your
brand visibility, strong and creative content, your customer and customer
service experience and advocacy.
A trusted and reputable experience will
boost your bottom line, proving that B2B marketing should be enhanced, not
overlooked, and given as much weight and thought as B2C.
Written by Gayle
Carpenter – Creative Director at Sparkloop design and communications agency
creating brand, print, digital and video projects for business and brands. Est.
2008.
Critical guide published today calls for effective cyber security lifecycle management of IoT devices to improve the security of retail…
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Critical guide published today calls for effective cyber security lifecycle management of IoT devices to improve the security of retail systems and the protection of customer data in a stringent GDPR era.
Axis Communications, the market leader in network video technology, has published its latest whitepaper, Cyber security: the biggest threat to retail which highlights the increasing threat posed by cyber-attacks to today’s retail industry. The paper documents the measures that should be understood by data controllers, loss prevention & security personnel through to heads of operations to ensure the highest levels of security and provide the appropriate education and training for all key stakeholders to effectively mitigate the mounting cyber security threat.
The growth in and use of IoT devices and cloud technologies have opened up boundless possibilities for modern retail organisation across physical and digital platforms. However, customer data is at the heart of a frictionless shopping experience and presents an attractive commodity to cybercriminals, with attacks growing in number on those retailers whose systems are inadequately secured. It has been reported that in the last 12 months there have been 19 significant data breaches[1], which present a major risk for both retailers and customers.
In addition to the
immediate disruption and downtime a breach can cause, the damage to the
reputation of a business or brand can be lifelong. Furthermore, GDPR related
fines from the ICO can now be as much as €20m or 4% of global annual turnover,
whichever is higher, and demands that necessary steps be taken to guard against
attack and protect existing infrastructure. Axis’ whitepaper creates awareness
of the challenges being faced and looks at how effective cybersecurity
lifecycle management of IoT devices will help to better manage security and
ultimately maintain customer trust.
“Any organisation that
generates or manages personally identifiable information (PII), effectively any
data that could potentially identify a specific individual, must comply with
GDPR. Establishing a truly secure retail solution can only be accomplished if
security has been analysed at every stage. The key is to ensure that everyone involved
understands the security implications of a breach and how to prevent one.
Collaboration with system vendors, integrators and installers is also hugely
important, and conversations across the supply chain will ensure requirements
are met and security risks are adequately addressed,” Steven Kenny, Industry
Liaison Architecture and Engineering, Axis Communications.
Alongside greater awareness
of the need to comply with the GDPR, the Axis whitepaper stresses the
importance of looking to guard against system vulnerabilities by working with
trusted vendors who can install only those security technologies that are
deemed to be Secure
by Default. These technologies have been built from the ground up with
cybersecurity considerations at the forefront. Technologies that are cyber
secure offer peace of mind when connected to a network, and come with
assurances that stringent guidelines are followed during the design and
manufacturing process. Surveillance camera technology designed and manufactured
in this way assures retailers that these security solutions will not be used as
a backdoor into the network; such is the risk of introducing non-secured
hardware.
Key points covered
in the retail whitepaper include:
Review of cybersecurity challenges – Supply chain attacks, IoT vulnerabilities, the impact of operational downtime
GDPR, data protection and privacy – Examining the necessary actions to ensure full compliance with the GDPR and DPA 2018
Video surveillance insights – Understanding how data analysis can inform security and business decisions, and supply chain evaluation
Managing security effectively – Processes and tools to help the design, development and testing of systems in accordance with cybersecurity principles
Converged security – A collaborative approach to addressing cybersecurity risks
“The retail industry is
deemed the most at risk to cyber threats. It is crucial to find the balance
between enhancing the customer experience and maintaining GDPR compliance;
providing adequate security whilst not violating customer privacy,” says Graham
Swallow, Retail segment lead, Northern Europe, Axis Communications. “While
video surveillance systems are a necessity within the retail environment, many
organisations have re-evaluated their entire strategy in order to ensure full
GDPR compliance. Retailers must be able to rely on technologies that support
their operational requirements and address associated risks, while at the same
time, supporting IT security policies.”
This whitepaper provides
retailers with expert guidance, highlighting the appropriate policies and
procedures around the cybersecurity of IoT devices, and reinforces the
importance of selecting trusted vendors and partners. Axis is passionate about
using technology to help create a smarter and safer world. This is demonstrated
by a commitment to helping retailers understand the benefits of connected
physical security systems that deliver on the promise of better protection of
the business and customer.
Professionals will need to learn data science skills to do their jobs and help their companies thrive in the next…
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Professionals will need to learn data
science skills to do their jobs and help their companies thrive in the next
decade, say business leaders.
Most managers believe data analytics,
automation and AI will be essential for business survival in the coming years
yet lack the necessary knowledge that underpins it, according to MHR Analytics
research.
“We wanted to explore the levels to
which organisations across all sectors are developing their data strategies, as
businesses get ready to enter a new decade that promises unprecedented digital
acceleration,” said Laura Timms, MHR Analytics Product Strategy Manager.
“Without the crucial component of a good
data foundation, it is impossible to implement advanced analytics, automation
or AI,” she said. “Despite a widespread appetite for adopting these
technologies, the study showed that a better understanding of data strategy
basics will be vital for companies to launch the data-driven projects they know
they need to compete.”
The Data Decade survey, which polled 500
senior technology and finance managers in large UK organisations, found that:
More
than half (55%), believe data analytics will be essential for business survival
in the next ten years, 53% say automation will be essential, and 42% believe AI
will be essential
A
fifth (21%) of UK companies plan to implement AI yet they do not have a data
strategy to support it, suggesting a better understanding will be necessary
Skills
gaps are delaying AI adoption, with 40% reporting this as a barrier to advanced
analytics
Data
science skills will increase in importance, with 43% of senior professionals
saying they will need to learn data science or analytics skills to progress
their role in the next five years
43%
say their role will become more strategic as traditional tasks become automated,
with 91% saying their department will become more efficient due to automation.
In the MHR
Analytics report, Advancing with Analytics:
Spreadsheets to AI, AI expert Bernard
Marr reveals how different organisations are
establishing data strategies to underpin their AI aspirations.
For
example, Marr explains how Royal Shell is using AI to solve the problem facing
the company’s drive to roll out electric vehicle-charging terminals.
Motorists
weren’t keen to make the switch to electric vehicles while the number of
terminals were so limited and while forecourt operators weren’t offering
charging terminals because demand was so low.
A
focused data strategy underpinning AI techniques offered a solution to this
chicken and egg issue. Royal Shell’s RechargePlus programme uses AI to monitor
and predict demand for charging terminals throughout the day. By better
understanding customer charging needs, power can be supplied more efficiently –
which, in turn, saves motorists money and will potentially encourage more
motorists to make the switch to electric cars.
More information about progressing along
the data journey is available via the MHR Analytics data maturity quiz.
Ends.
*The survey of 500 UK finance and technology professionals employed by
large UK companies was conducted by Censuswide on behalf of MHR Analytics in August
2019.
About
MHR Analytics
MHR Analytics
is a specialist provider of business intelligence, analytics and financial
performance management.
The MHR
Analytics team enables businesses to capitalise on the data available to them,
to identify opportunities and prepare for the future – whatever stage of the
data journey they are on.
With an end-to
end-suite of quality solutions from IBM, SAP, Tagetik and Microsoft, MHR
Analytics supports customers to go beyond intuition and act based on real
evidence.
The growing
business has been established for 10 years and has a presence in eight
countries and more than 20 different private and public sectors, with a proven track
record of over 750 successful implementations. Customers include Admiral Group,
Rotherham Metropolitan Borough Council, Edinburgh Napier University and
Loughborough University.
Bernard
Marr is
an internationally best-selling author, popular keynote speaker, futurist, and
a strategic business & technology advisor to governments and companies. He
helps organisations improve their business performance, use data more
intelligently, and understand the implications of new technologies such as artificial
intelligence and big data.
LinkedIn has ranked Bernard as
one of the world’s top five business influencers. He is a frequent contributor
to the World Economic Forum and writes a regular column for Forbes.
Bernard
Marr and MHR Analytics have been in partnership since June 2018, with Bernard
holding a keynote presentation at the MHR
Analytics Summit.
The UK Jurisdiction Taskforce of the Lawtech Delivery Panel, chaired by Sir Geoffrey Vos, Chancellor of the High Court, has…
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The UK
Jurisdiction Taskforce of the Lawtech Delivery Panel, chaired by Sir Geoffrey
Vos, Chancellor of the High Court, has today published its legal statement on
the status of cryptoassets and smart contracts under English and Welsh law.
The landmark statement seeks to address legal uncertainty by recognising cryptoassets as tradable property and smart contracts as enforceable agreements under English law.
Smart contracts can be used to create more secure and more efficient ways of implementing (and automating performance of) contracts between parties. This could revolutionise agreements, from mortgages and medical research to property ownership, as smart contracts automatically execute transactions and remove the need for a middle man.
For example:
smart contracts remove the need for expensive services in property
ownership and could even enable sellers to handle transactions independently.
smart contracts can be applied to mortgage transactions – allowing both
parties to digitally agree to the sale before processing the payment, making
the process more secure and reducing the likelihood of fraud.
Not only will this legal
statement be beneficial for consumers but also for investors. Cryptoassets are already
demonstrating considerable traction, with the top 100 cryptoassets worth a
collective quarter of a trillion dollars.[3]This statement
will provide more certainty to investors in the UK market providing them
with a greater understanding of their legal rights when they trade in
cryptoassets.
The statement will also
provide a dependable foundation for the mainstream adoption of cryptoassets and
smart contracts, in particular offering a strategic boost to startups and
scaleups operating in this space. The UK already has an established Blockchain
ecosystem and community. London is home to more blockchain and crypto meetup
members than San Francisco, Berlin and Seoul[4].
The common law system of England
and Wales makes the UK well-suited to adapting to and dealing with
fast-changing technologies, as well as expertly positioned to provide a sound
legal foundation for their development – with 40% of all arbitration cases
globally applying English and Welsh Law.
The legal statement has been
drafted by Lawrence Akka QC, David Quest QC, Matthew Lavy and Sam Goodman and
supported by members of the UKJT, Linklaters LLP and the respondents to a
public consultation which included businesses, academics and the wider legal
sector.
Chancellor
to the High Court, the Rt Hon Sir Geoffrey Vos, chair of the UKJT, comments: ‘‘I am delighted to welcome the publication by the UK Jurisdiction
Taskforce of a Legal Statement on the Status of Cryptoassets and Smart Contracts.”
‘‘In legal terms, cryptoassets
and smart contracts undoubtedly represent the future. I hope that the Legal
Statement will go a long way towards providing much needed market confidence,
legal certainty and predictability in areas that are of great importance to the
technological and legal communities and to the global financial services
industry.’’
Christina
Blacklaws, Chair of the Lawtech Delivery Panel, comments: “It is excellent to see that English and Welsh law has no issue
embracing new technology – recognising cryptoassets as tradable property and
smart contracts as enforceable. That this work was initiated and powered by the
UKJT is a great example of how the LawTech Delivery Panel can support the
growth of new technology.”
Jenifer
Swallow, Director – Lawtech Delivery Panel, comments: “The worldwide smart contract market is expected to reach $300m by
2023 and the World Economic Forum predicts 10% of global GDP will be stored on
the blockchain by 2027. It is great to see the adaptability of our common law
system to fast-changing technology, demonstrated in this landmark legal
statement from the UKJT. Tech Nation is excited to work with the Lawtech
Delivery Panel on leading initiatives such as this, to support business growth,
clarity in law and the evolution of new tech.”
Pete Kinder, CTO at Wax Digital explains why customers need to be at the heart of eProcurement development There are…
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Pete Kinder, CTO at Wax Digital explains why customers need to be at the heart of eProcurement development
There are typically two ways to approach designing software for business users. You can either build what you think the market wants or create a platform designed to work specifically for the people expected to use it.
I’m a firm believer in the latter. As more businesses look to automate manual data management tasks in procurement, the key to successfully digitally transforming these slow, laborious processes such as eInvoicing or sourcing new suppliers, is to introduce software that is easily accessible and user-friendly.
The main barrier to the adoption of any new software which encourages a new way of doing things is typically because users find it difficult to navigate or they haven’t received effective training. Ease of use should never be underestimated.
Businesses use eProcurement software to digitise a wide variety of processes. Some will be focused on automating the whole procure to pay process or streamlining and optimising supplier sourcing or contract management, while others may choose to use it for all those activities. No matter what the plans for the software are, it’s often, not until the planning stage, that the need for functionality tweaks or customisation becomes apparent. But just how open to new innovations or enhancements is the software provider? Is the answer likely to be a resounding no, or are they open and willing to embrace any feedback? And, does their consultative advice come at an extra cost?
If you’re looking to work with a software provider to digitally transform procurement, it’s essential that the platform is designed to fit the exact needs of your organisation and most importantly, is created with the end-user in mind. Here are some key points to consider before choosing a supplier:
Get involved
Is the provider open to new ideas for future enhancements to the system? If it is, what then happens with this information? Does it offer customer user forums or online feedback channels? Will you get to work collaboratively with a dedicated account manager? Product roadmaps should be directly influenced by customer ideas and innovations, so if you want a say in the development of the platform you work with every day, find out if this is possible.
Usability
Rolling out new software to enable a change of process is pointless if users are reluctant to embrace it. It can be frustrating to try and introduce new systems to employees who are so used to performing tasks in a certain way, that new software is seen as an unwelcome obstacle.
Moving from manual to digital processes is a huge culture change for any business. This is why ease of use is so vital for the end user experience and ultimately the success of the software deployment.
Before you buy, take time to really understand the ways in which the software can benefit your business and employees. Find out if the development team can recommend ways to make the software as accessible as possible for reluctant users. Also, ask about their approach to user training and think about what’s likely to work best for your team.
Do your homework
Don’t just accept the software providers’ claims that customer feedback matters to them. Ask to speak to their customers to verify just how involved they are in development of the system and how it has been configured for their use. Also, don’t forget to check out how the provider is rated by the analysts.
Stakeholder engagement
Is the software provider open to key stakeholder engagement from the outset? Apart from the procurement team, consider who else in the business needs to be involved. Think about the types of information the new system can provide such as visibility on spend or cost savings data, and how the management team can use it.
Involving key people from around the business at each crucial planning stage helps ensure their requirements will be met. It will also help them appreciate and support the benefits of the new system and could help encourage end-user buy-in.
An investment in eProcurement software is a big decision and aside from automating manual processes, it can also help control business-wide spend, ensure and offer complete visibility into how the business spends its money. However, these benefits can only be reaped if the system is designed to meet needs of the end-users. Choose your provider wisely.
The Monetary Authority of Singapore (MAS) announced on Monday that it has set up a US$2 billion green investments programme…
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The Monetary Authority of Singapore (MAS) announced on Monday that it has set up a US$2 billion green investments programme (GIP) to invest in public market investment strategies that have a strong green focus.
This will help to support the Singapore financial centre in promoting environmentally sustainable projects and mitigating climate change risks in Singapore and the region.
The GIP is a major prong of the
green finance action plan announced by Mr Ong Ye Kung, Minister of Education,
and Board Member, MAS at the 2019 Singapore FinTech Festival (SFF) x Singapore
Week of Innovation and TeCHnology (SWITCH). The GIP aims to foster the growth
of a strong and diverse ecosystem of green financing capabilities in Singapore.
MAS will place funds with asset managers who are committed to drive regional green efforts out of Singapore and contribute to MAS’ other green finance initiatives including developing green markets and managing environmental risks.
Selected managers will be those who have demonstrated a firm commitment to deepening their green investment capabilities across functions such as research, stewardship, policy and portfolio management, accelerate local capability transfers, and increase the management of green-focused funds in Singapore.
The green capabilities and experience of the team managing the strategies will be a key part of the evaluation. The deep engagement with these asset managers will help to further the development of Singapore’s green financing ecosystem, as well as strengthen MAS’ understanding of climate change risks and to better position MAS’ own investment portfolio for long-term sustainable returns.
MAS’ first
investment under the GIP will be a US$100m placement in the Bank for
International Settlements (BIS)’ Green Bond Investment Pool (GBIP). Together
with other participating central banks, MAS hopes that this initiative will
help catalyse further deepening of the green bond market.
The Monetary Authority of Singapore (MAS) has led the successful development of a blockchain-based prototype that enables payments to be…
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The Monetary Authority of
Singapore (MAS) has led the successful development of a blockchain-based
prototype that enables payments to be carried out in different currencies on
the same network.
This prototype network,
developed by MAS in collaboration with J.P. Morgan and Temasek, has the
potential to improve cost efficiencies for businesses.
It is currently undergoing industry testing to determine its ability to integrate with commercial blockchain applications. The applications that were tested successfully will be showcased at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019, which kicked off on November 11.
This development marks the latest milestone for Project Ubin which is into its fifth phase. Building on the work of Phase 4 of Project Ubin, the payments network will provide interfaces for other blockchain networks to connect and integrate seamlessly.
It will also offer additional
features to support use cases such as Delivery-versus-Payment (DvP) settlement
with private exchanges, conditional payments and escrow for trade, as well as
payment commitments for trade finance.
Beyond technical
experimentation, the fifth phase of Project Ubin sought to determine the
commercial viability and value of the blockchain-based payments network. To
date, MAS and its partners have engaged more than 40 financial and
non-financial firms to explore the potential benefits of the network.
John Hunter, Global Head of Clearing and Interbank Information Network (IIN), J.P. Morgan, said: “J.P. Morgan is excited to be an infrastructure partner of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our key learnings from building the Interbank Information Network® (IIN) and the JPM Coin, J.P. Morgan is well-positioned to support the development of a blockchain-based payments network and operate at scale.”
Chia Song Hwee, President & Chief Operating Officer, Temasek, said: “Blockchain technology has great potential in transforming businesses and opening up new business opportunities.
“To better understand the
impact and value of blockchain technology, we are pleased to have partnered
with MAS and J.P. Morgan for the Ubin platform. The inclusion of non-financial
services companies has demonstrated applicability of blockchain technology beyond
capital markets and trade finance.
“We look forward to deeper
collaboration and support for Singapore’s pioneering efforts in the blockchain
space.”
Accenture has been commissioned
to publish the project report in early 2020. The report will describe the
blockchain use cases that would benefit from a blockchain-based payments
network, and set out additional features that the network could provide.
In addition, the technical
specifications for the connectivity interfaces that were developed will also be
released for public access under Apache License Version 2.0.
Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “There is growing evidence now that blockchain-based payments networks are able to enhance cost efficiencies and create new opportunities for businesses.
“We hope
this development will encourage other central banks to conduct similar trials,
and we will make the technical specifications publicly accessible to accelerate
these efforts. We look forward to linking up with more blockchain networks to
improve cross-border connectivity.
“This will
be a big step forward in making cross-border transactions faster, cheaper, and
safer.”
The Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and Technology (SWITCH) will come together for the first…
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The Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and Technology (SWITCH) will come together for the first time as SFF x SWITCH.
Running from 11 to 15 November,
this event will gather the global innovation and business community in
Singapore. There will be over 400 speakers, more than 900 exhibitors, 41
international pavilions, and about 60,000 participants from 130 countries.
Sustainability and climate change are the overarching themes of the combined conference this year, given the growing calls for the technology and financial sectors to be enablers and change agents for sustainability.
This theme is reflected in the
content of the conference, the design of the event space at the Singapore Expo
and through the provision of food from sustainable sources, with a sustainable
dining menu featuring the Impossible Beef rendang pizza.
The inaugural SFF x SWITCH will
feature innovative technologies across five key sectors – FinTech, Urban
Solutions and Sustainability, Health and Biomedical Sciences, Advanced
Manufacturing and Engineering, and Services and Digital Services – to catalyse
cross-industry exchange and learning in technology adoption, application of
R&D, and commercialisation of new solutions.
Debuting this year is the Sustainability,
Finance and Tech Summit (11-13 November), featuring over 50 speakers
who will take the stage to discuss how they are paving the way for a more
sustainable future in the world of finance and beyond.
The annual Global
Investor Summit (11 November) will bring together 17 venture capital,
corporate venture capital and family office investors from San Francisco to
Tokyo, to share their strategies for unlocking growth, impacting inclusion, and
delivering long-term value creation in the FinTech and Deep Tech ecosystems.
Leading the Deep Tech
conference, the Global Access to Innovation track (11 November)
will feature perspectives from a myriad of movers and shakers in Asia’s
innovation ecosystem. From founders of tech unicorns to senior leaders from
both the private and public sectors, conference participants can look forward
to finding out more about the opportunities in market access, innovation and
investment, in Asia and beyond.
A new summit created this year
to spotlight key issues faced by small and medium enterprises (SMEs) is SME
Digitalisation and Platforms – Business sans Borders (BSB) (13
November). The sessions in this track will cover pertinent issues such as ‘SME
Financing Reimagined’, the ‘Impact of Trade Wars on SMEs and Platforms’ as well
as the ‘Roadmap for BSB Beyond 2020’. The discussions will take place at a new
Coral Triangle stage, which is designed for more intimate and interactive
conversations.
Half of UK CIOs and CTOs are investing in in-store digital capabilities to replicate the convenience of online services A…
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Half of UK CIOs and CTOs are investing in in-store digital capabilities to replicate the convenience of online services
A new report has revealed that over half (51%) of UK retail CIOs and CTOs are investing in up-to-date pricing and quicker payment options in-store as they look to improve their physical infrastructures in order to match the online shopping experience.
The report from world-leading consultancy and technology specialists, REPL Group aimed at retailers at c-suite level, revealed that retailers are also prioritising a frictionless high street shopping experience by providing real-time stock availability (49%) and offering delivery from store (46%) as they look to maximise the benefits offered by bricks-and-mortar stores.
Mike Callender, executive chairman, REPL Group, commented: “It’s no secret that retailers are struggling with a number of challenges, however, the ones that are performing more successfully are those that are matching the differentiator of having a physical infrastructure with the capabilities of a digital environment. This is allowing them to maximise the benefit of having a physical store and provide the immediacy customers are demanding. However, this innovative approach to technology is currently only trialled by a handful of retailers, often in their flagship stores, and is yet to be widely adopted.”
Many retailers are struggling to keep up with the change in how people shop, but REPL’s research found that 40% of CIOs and CTOs think retailers should be investing in artificial intelligence, followed by IoT networks (26%) and robotic process automation (17%). These technologies will allow retailers to use data to guarantee they have the right stock available at the right time. In the face of falling footfall, ensuring adequate stock will not only ensure consumers are able to buy the items they require, but could also inspire impulse purchases once in store.
The research also found that consumer purchasing trends having the most influence on retailers’ technology purchasing decisions are mobile apps (59%). Conversely, few retailers are prioritising investment in the smaller touches, with only 14% investing in digital signage and point of sale. However, rather than investing in one technological solution, retailers could see greater impact from using these in combination. For instance, while digital signage on its own may not offer direct results, using this in conjunction with moveable pay stations or in-store mobile apps would support effective sales and allow retailers to provide the immediacy that consumers desire. Customers could see something on offer there and then and pay for it in an instant – much like online purchases.
“With so much competition within the retail landscape, businesses mustn’t overlook the smaller details that can make a huge difference to the customer experience. For instance, traditionally at this time of year consumers put off making purchases until Black Friday, so sales in the month running up to it can be severely impacted. However, that needn’t be the case, as if retailers provide a good in-store experience and the right products at the right price, the convenience of that combination is likely to result in individuals making a purchase immediately, rather than waiting for products to be discounted,” added Callender.
Retailers know how important the customer experience is – and this can’t be forgotten around the busiest shopping period of…
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Retailers know how important the customer experience is – and
this can’t be forgotten around the busiest shopping period of the year. In
fact, in 2018 UK shoppers spent £4.75billion in Boxing Day sales and £1.4
billion on the last Saturday before Christmas, known as ‘Super Saturday.’ With research showing
that improving the customer experience and investing in new ways to engage
customers is critical to the ongoing success of retailers, the retailers who
are able to create a seamless, convenient experience for customers will have
the upper hand. To do this effectively, they’ll need to bring together physical
and digital while offering an amazing product selection that’s readily
available and can be delivered fast.
Philip
Hall, Managing Director Europe at CommerceHub, shares his top three tips to give
retailers an advantage during this year’s peak shopping season.
1.
Embrace the Physical and Digital for More Consumer Convenience
With the
adoption of cloud-based software and smart mobile devices, retailers’ ability
to connect their physical and digital presence has become significantly easier,
as shown by the rise of click and collect and more return options. Every
consumer has a different purchasing pattern – which is largely driven by
convenience – meaning that retailers need to focus on having the right products
in the right places.
Because
convenience plays a large role in customer satisfaction, retailers need to take
action. According to a recent survey, 68% of consumers said they preferred
click and collect when making purchases. When consumers elect to pick up their
purchases in-store, retailers are not only able to reduce their shipping costs,
but also to sell even more product, as 85% of these consumers tend to make
additional purchases once they come in-store to retrieve their orders –
something that could easily feed into holiday sale buzz.
2. Put
an End to Cancelled and Out of Stock Messages
“Right time,
right place” in today’s consumer speak actually means “right here, right now,”
– something that is only becoming more ingrained in retailers’ strategies. It’s
not uncommon for consumers to have experienced the frustration of hopping
online to purchase the perfect gift and getting hit with the “out of stock”
message – a challenge that typically ends in an abandoned cart and searching
for the product elsewhere.
Retailers stand
to miss out on nearly $1 trillion in sales because they
don’t have what customers want to buy. And while this problem stirs agitation
and causes stress for consumers, it is something that retailers can easily
avoid with the right approach. By tapping into virtual inventory enabled
through drop shipping and executing on proper resource planning and logistics
execution, retailers could potentially have no sell outs at all, enabling them
to keep customers happy and maintain their brand promise. And some retailers
are already recognising the potential, with research from CommerceHub showing that
46% of retailers value the fast shipping and delivery of drop shipping and over
a third acknowledging the better customer experience drop shipping will bring.
3. Meet
and Exceed Delivery Expectations
A final key to
success as we enter the UK’s busiest shopping period will be perfecting
shipping and delivery. Gone are the days when getting packages a week or longer
after an order is placed is acceptable. New and improving technology is giving
retailers the ability to strategically expand product ranges, fulfil
orders faster than ever before and track deliveries to better meet customer
needs and expectations. By implementing these advanced back-end processes,
communications between retailers and fulfilment/shipping centres have never
been more seamless.
Technology is
also giving retailers more visibility into fulfilment processes, which is
enabling them to create routine efficiencies and capture data to drive their
businesses forward year after year. What’s more, these insights can help drive
real-time decision making, allowing retailers to keep consumers aware of the
status of their orders and stay ahead of delays in ways that couldn’t be
managed before, which supports retailers’ growing need to stay ahead of customer
expectations.
Conclusion
Retailers need
to ensure that the customer, and their satisfaction, is at the core of every
strategy – especially in the coming months when the sales potential is so high.
Whether it is a newly implemented or enhanced approach, a retailer’s ability to
carry out a seamless crossover between physical and digital retail, minimise
out-of-stock cancels and meet and exceed delivery expectations is essential to
their success. And with this success comes happy customers, who in turn, will
only be coming back for more.
MoonX today announced the launch of its new trading technology in the UK, offering a full suite of financial software…
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MoonX today announced the launch of
its new trading technology in the UK, offering a full suite of financial
software and hardware systems for exchanges, brokerages, hedge funds, financial
institutions and traders.
MoonX’s offering includes the world’s
fastest exchange software, matching 25 million Transactions Per Second (TPS).
This makes MoonX 150 times faster than its closest competitor; meaning traders
can place 150 times more orders in the same time frame. MoonX processes one
order in 6 nano seconds, by that time light would have only travelled 1.8
metres, making MoonX the fastest exchange in the world.
MoonX’s processing speed is delivered
by its patent pending Matching Engine technology. Superior to any systems on
the market, the Matching Engine produces computational and processing speed
advantages which had never been achieved in the past. The exchange is built
with enterprise-grade security, is hosted on physical servers, and uses AI,
facial and mood recognition technology to go beyond 2-factor authentication.
MoonX is engineered by an expert team
with a combined 200+ years’ experience and has an institutional client base on
the likes of TPICAP and CME
In addition to its Exchange Software,
MoonX also offers its clients:
Custodian
services: In place of using
traditional clearing houses and custodian services, MoonX uses blockchain
technology to store data on securities transactions and for taking custody
of securities, enabling greater transparency, military grade protection of
assets, speed and cost efficiency. Blockchain also enables unparalleled
scalability; the processing speed doesn’t slow down even at huge numbers
of transactions.
Risk management
system: MoonX is building a powerful AI-based
financial risk automation toolkit for futures, options and leverage
trading that minimises financial risk and keep businesses protected and
pro-active against financial risks.
Security
consulting services: A unique
service unlike any other provider, ensuring clients have the correct
controls in place to prevent exchange wallet or co-location transaction
hacks. MoonX offers security consulting services to Exchanges,
Wallets, Integrators and Co-location participants.
NOC and SOC services: Monitoring
and handling cyber security incidents with manual systems and advanced AI
algorithms.
Dr Nithin Palavalli, Founder and Chief Executive, MoonX comments:
“We observed that the flow of trading is often hindered by obsolete
technology and redundant dataflow structures, used by many parts of the
financial services industry. Although, the use of blockchain technology
in the financial sector is maturing. However, the underlying foundation, exchange technology has been stuck with
little to no improvements, despite heavy investments.
Running an exchange on
cloud only infrastructure hinders security and exponentially lowers the
operational speed. There is a great need for running the exchange on bare metal
servers with proprietary Gateways and Binary APIs. With our MoonX
exchange and suite of solutions we are delivering speed, scalability, security
and smart surveillance solutions. The speed we provide to businesses means we
enhance their efficiency by bringing more opportunities for savings that too
consistently for a longer period of time. We welcome institutions to explore
our platform and witness transactions throughput at the lightning speed.
We are using trusted traditional financial technologies and the
blockchain architecture to meet the needs of the modern financial market and
enhance trading capabilities in the UK.”
SecuX will demonstrate the Cryptocurrency POS Payment EcoSystem as the revolutionary mutual beneficial solutions at the startups stand of BlockShow…
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SecuX will demonstrate the Cryptocurrency POS Payment EcoSystem as the revolutionary mutual beneficial solutions at the startups stand of BlockShow Asia, Marina Bay Sands, Singapore during Nov. 14-15, 2019.
Hsinchu, Taiwan, October 29— SecuX Technology Inc., a blockchain security company, is going to participate in BlockShow Asia 2019 and exhibit at the startups stand of Marina Bay Sands in Singapore on Nov. 14-15. SecuX will launch its new cryptocurrency point-of-sale payment ecosystem and demonstrate how a consumer uses SecuX Merchant Payment App to pay at the physical (brick-and-mortar) stores or on the vending machines via QR Code Scan/NFC/Bluetooth from the mobile phone that using the crypto-coins/tokens for an immediate transaction through SecuX Merchant Database Payment Hub (Cloud Server) at the fingertips. At the same time, the clerk can see the transaction is done correctly on SecuX P20 the POS payment terminal. Moreover, the SecuX Merchant Payment Hub is functioning as a CRM and Merchandise Information management system to serve the massive consumers for the potential procurements from the customers.
SecuX invites worldwide partners including Crypto-coin/token issuers, Payment mobile application providers, Payment online system companies and Travel & Tourism groups to the SecuX stand to foresee together the most economic, efficient and cutting-edge payment ecosystem to reduce the operational cost and on the other hand, increase the revenue via this very revolutionary business model.
“We can’t wait to introduce the SecuX crypto POS payment ecosystem at BlockShow Asia in Singapore on Nov 14 and Nov. 15. As we are aware that online payment will definitely prevail the whole world and what we cannot ignore is the cryptocurrency online payment system is the ideal system eventually and SecuX is the bridge to provide all possible modulized business models inside this ecosystem to meet our partners’ requirements and these miscellaneous business services shall be customized by SecuX Team’s dynamic services to build up a regional profitable solution.” said David Hsu, Chief Strategy Officer, SecuX Technology Inc.
Meanwhile SecuX will have a live demo on its hardware wallets V20, W20 and W10 at its stand that visitors may see how to transact Bitcoins or Altcoins on SecuX Crypto Hardware Wallets and use SecuXcess the Chrome OS base web wallet and SecuX Mobile iOS app to have a physical experience about the ease, convenience and the intuitive new UI from SecuX firmware 2.0. The features and advantages of SecuX Wallets are:
1. Big Screen – 2.8”Color Touchscreen LCD 2. Dual Connectivity – Bluetooth 5.0 Low Energy + USB 3. Cross-platform – Major Operating Systems Compatibility 4. SecuXcess – Web-based Transaction Platform 5. Account Expandability – Addable up to 500 Accounts 6. ERC-20 Token Support – All ERC-20 970+ Tokens Support 7. Long Battery Life –600mAh Rechargeable Li-Polymer Battery 8. Security Chip – Infineon SLE97 CC EAL5+ SE Embedded 9. Support BTC, BCH, ETH, LTC, XRP, BNB, GRS, DGB and ERC-20 Tokens 10. A Hidden Wallet is available for most secure User’s privacy
Today’s business landscape has become increasingly complex, with geopolitical events like Brexit and the knock-on effect this will have on…
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Today’s business landscape has become increasingly complex, with geopolitical events like Brexit and the knock-on effect this will have on tariffs and freedom of movement impacting day-to-day operations. At the forefront of navigating this constantly changing marketplace is the procurement department, which has become a more strategic part of every business – perfectly poised to help manage and predict supply chain risk, unlock innovation, create sustainable cost savings, and help grow revenue. Alan Sugar once said that procurement is the third most important element to any business, right behind the product and sales. He went further, advising organisations to build supplier relationships so that in good times and bad times, all parties have the support they need.
With procurement professionals now playing a more high-profile role within the business, expected to manage risk, drive innovation and achieve sustainable cost savings, digital transformation has become much more important. However, very few procurement teams are digitally mature enough to access vital insights on spend and suppliers, nor are they able to automate low-value tasks that prevent them from spending more time on strategic activity.
Manual processes costing organisations dear
While organisations have been increasingly investing in digitally transforming business departments such as marketing and finance, at most organisations, procurement has remained a digital laggard – with 71% of procurement professionals saying the rate of digitisation is low.
Despite investment in other departments, procurement has seemingly been left behind. Research from Ivalua revealed that two-thirds of UK businesses are still reliant on paper-based or manual processes as part of the procurement or supplier management function. As a result, procurement professionals are spending almost a third (31%) of their time dealing with these inefficient processes, spread across a sprawling mess of emails, spreadsheets and paper forms/documents. On average, this is costing UK businesses £1.94m annually.
Over three-quarters (77%) of procurement professionals also say that the lack of digitisation is limiting the amount of time they could spend on performing strategic tasks. Organisations haven’t empowered teams to provide strategic input around innovation, revenue opportunities or risk. This must be addressed, or businesses will lose out on strategic insights that can create a competitive advantage over rivals.
Tech investment isn’t taking away the strain
Given the impact that the lack of digitation is having on procurement, the majority of organisations are investing in technology to help digitise processes. Cloud-based platforms and data analytics are leading the way to help centralise spend and supplier data, and to help teams examine trends, risk factors and supplier performance. A significant number of organisations are also adopting AI and digital assistants to help automate tasks and answer queries.
But despite this investment, the rate of digitisation among UK businesses is still low. On average, organisations have only managed to digitise 45% of procurement processes, such as purchasing and invoicing. The least digitised process is supplier onboarding, which is one of the major obstacles for digital transformation. A recent study from Forrester found that an inability to onboard suppliers is the number one reason why many digital transformation initiatives fail.
If the process for onboarding isn’t simple, requires fees to be paid or suppliers to accept vendor terms and conditions – suppliers simply won’t sign up. If suppliers don’t buy into digital transformation efforts, then employees can’t find what they need to purchase and procurement teams won’t be able to access basic insights on capabilities, costs and other data.
The digitisation era is now
While digitising low-value tasks like purchasing and invoicing is a good starting point and opens up the possibility of automation, it’s still at a relatively low level, meaning procurement professionals aren’t able to spend time on strategic tasks. But if procurement is to become more strategic, then more needs to be done to ensure that teams can quickly access strategic insights to aid decision making. Organisations must also ensure digital transformation efforts consider suppliers, and how best to get them involved and onboarded.
Procurement leaders cannot sit back and allow a lack of digitisation in procurement to hinder their progress. It’s vital that organisations capitalise on the opportunity to transform themselves from a digital laggard into an advanced procurement department. Businesses must ensure they adopt the right technology to allow them to digitise processes and automate low-value tasks. Cloud-based smart procurement platforms are key to enabling effective digital transformation, helping organisations move away from managing processes over email, phone or paper, and instead capture everything digitally.
It’s clear that procurement isn’t as digitally mature as many organisations need it to be. For those businesses serious about creating a competitive advantage and unlocking the strategic benefits procurement holds, much more needs to be done to make procurement smarter, something that’s vital for surviving today’s rapidly changing landscape.
Alex Saric is a smart procurement expert for Ivalua
The drive towards the always-on, digital enterprise has been underpinned by the rise of cloud computing. As new technologies have…
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The drive towards the always-on, digital enterprise has been underpinned by the rise of cloud computing. As new technologies have been developed, cloud environments have matured in tandem and, in many cases, with growing complexity. As such, statistics on cloud usage make for interesting reading and highlight the different strategies businesses are taking, as well as where some of the complexity lies. For instance, 43 percent of organisations are using hybrid cloud, 12 percent are using multicloud, and 30 percent are using both.
Beyond digital transformation, if we think about why businesses are adopting cloud, one of the main reasons is cost savings – 45 percent of respondents to a survey by Accenture said cost savings are one of the main benefits they expected from cloud. However, saving money by using cloud isn’t a given – many organisations end up spending more than planned and missing out on potential savings. With this in mind, we have put together some tips on how improved Governance, Risk and Compliance (GRC) alongside more accurate estimation of consumption can help organisations realise cost savings from the cloud.
It’s just a cloud, right?
The complexity of cloud compounds the challenge that businesses face. From public to private alongside hybrid and multicloud, many solutions exist to deal with specific use-cases, and most businesses will need to juggle most of them at the same time. This makes it harder for them to manage cloud resources across the organisation. Part of the issue is that there is a prevailing myth that many cloud services are pay as you go – especially public cloud – giving businesses the impression that they will only be charged for what they use.
However, rather than being consumption based, businesses actually pay for what they ask for based on their own estimations of usage. There are high fees for using more than expected – it’s the same dilemma many mobile users face. Consumers choose contracts where they get a certain number of minutes, texts and data. If they don’t use all of it every month, those allowances just get reset and they lose anything unused, if they go over them, they are stung with high charges. In fact, overspend on cloud services has been estimated to be up to $14.1 billion in 2019, meaning huge amounts of money is being spent needlessly.
Learning to estimate
The first step towards savings should be ensuring businesses not only use the right cloud for the right workload, but also learn to estimate usage more accurately. In many enterprises, there is a focus on yearly budgets, with IT often looking to use as much of their budget as possible in order to ensure it isn’t cut in future years. This actually leads to overprovisioning of cloud services, as well as the under-provisioning referenced above.
To counteract this, IT needs to be able to access all data about which clouds are being used for what – as well as ongoing and historical usage data – in a single centralised platform. This will allow them to better manage the entire cloud infrastructure that the organisation is using. It will also help IT to manage and provision cloud more effectively leaving them to invest excess budget into other areas if necessary. Not only do businesses need to work out how much they are using, but they should also be focusing on how they are procuring cloud in the first place – this is where GRC comes in.
Leaning on compliance
GRC is often seen as a stumbling block to agility, the associated processes are often considered a tick-box exercise that adds little value, but it can be an enabler of cost savings by guiding employees to make the right choices. For one, GRC can help in terms of defining roles, workflows and tools etc., for instance applications can be made available through central service catalogue or application library.
These ensure that employees are directed by company policy to choosing the right cloud for the job, as the system won’t allow them to make a wrong choice. If GRC is implemented carefully, it can also stop employees from going ‘rogue’ and causing overspend by buying too much capacity or procuring a blacklisted app. This is achieved by building in realistic and accurate estimated usage for each service, and stopping users from selecting too much capacity for a given use case.
For many organisations, part of the lure of cloud is that it could be a great way of saving money, but many businesses are failing to manage their clouds, which leads to increased costs. As such, businesses should look to embrace Governance, Risk and Compliance alongside a better understanding of how to estimate usage more effectively to realise the cost savings that cloud can make possible.
John Rossman, managing partner at Rosman Partners, explores the concept of digital transformation and his book Think Like Amazon. With…
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John Rossman, managing partner at Rosman Partners, explores the concept of digital transformation and his book Think Like Amazon. With companies constantly referring to the Amazon effect, John calls upon his time working with Amazon to lay out 50 and a half ideas that businesses and organizations should consider as they look to transform their operations, embrace innovation, and enter the next era of business. By Dale Benton
Talk us through your career and your work with Amazon
In the 2000s, I had the opportunity to be a leader at Amazon. I got to launch the Marketplace business at Amazon so that’s third-party selling at Amazon.com. Today that’s 58% of all units shipped and sold are through that platform. And then I also ran the enterprise business where we ran other large retailers’ e-commerce infrastructure for them. That included target.com, ToysRUs, Marks & Spencer in the UK, and a number of other great brands. I left Amazon in late 2005 and got into consulting, where I started to see the impact of all the strategies and tools and approaches we took at Amazon to get the types of results we did. I started to use those with my clients. Several years after I left, one of my clients at the Bill and Melinda Gates Foundation came to me and said, “John, I’ve seen how you put the little anecdotes and manoeuvres from Amazon into our business. It’s very impactful. I think you ought to write a book about it.” That’s what really started me down the path of writing the books. So, today I do a number of keynote speaking and advisory work where I work with leadership teams over a long period of time as an advisor to their team, and help others figure out their digital strategy. That’s been my career arc.
We hear about the Amazon effect, but you’ve been on the inside of that, can you give us your perspective?
I mean I was there from early 2002 through to late 2005. It was a fascinating period at Amazon because that’s really when we started to develop the strategy of Amazon really being two types of businesses. One is a retailer, and the other is a platform company, and a platform company builds core capabilities that both Amazon and the retailer could use as well as third parties. So, we started to get super clear and work through our leadership principles, our approaches for how to operate as a platform company. It completely changed the way that I think about problem solving and about situations, and opportunities. I didn’t develop all of these techniques. I just paid attention in class, and it was really then through my repeated practice of inserting them into my client’s business at the appropriate point with the appropriate approach that really inspired me to write, Think Like Amazon, 50 and A Half Ideas To Become A Digital Leader. That was really my inspiration for the book; to pass on to others what all the little moves are that you can take from Amazon and put them into your business to help make change happen.
What does it mean to digitally transform? You’ve described it in your book as an introduction to mission impossible
I think part of the essence of being digital or digital transformation, is there are lots of good definitions. There’s no one right one. I believe that being digital is really the combination of two, what sounded like athletic attributes, but they’re really organisational attributes, which are speed and agility. So, if you think of what speed is, speed is about being able to do a repetitive motion extremely efficiently and extremely predictably. That’s really operational excellence, right? So on the one hand, being digital is about operational excellence in the relentless pursuit for driving out inefficiencies in the business, and for perfecting the customer experience. The other attribute of a digital organisation is agility, and agility is really the ability to both sense and make change happen, right? And that’s both small change and big change. So really, that’s the ability for an organisation to innovate within itself, right? So, it’s really that combination of speed and agility, operational excellence and systematic innovation that really makes a digital company. A lot of what I work with teams on, and speak to audiences about relates to being deliberate, right? In both your operational excellence and your innovation. Every leader would say that being innovative is critical to the success of their company going forward, but 95% actually don’t have a systematic approach for how that happens. It happens on an accidental or one-by-one basis. So much of the framing of this book and the ideas from Amazon are how to be planful and systematic in both your operational excellence and your innovation.
Is there a challenge of balancing the need to perform while transforming?
This isn’t about pausing what you’re doing now, but it really does set the basis. In fact, the first idea in the book is reset your clocks. Your journeys will not be a short or straight line. If I think about what’s the understated secret of Amazon’s success? Right? It’s a 25-year-old company now. There were the first 15 years of; it was struggling to survive and to make a name and a brand. It’s really just the past 10 years that this vortex of an organisation has come into being. So patience is, I think, an underlying and underappreciated skill set of leadership and management and boards. Amazon has forestalled and pushed out profitability in order to build the infrastructure, and to do these experiments, and to build their business, they’ve pushed out profitability. I think it is that addiction to quarterly profit results that creates the challenges in both being able to reinvent your business and deliver those quarterly results. Sometimes part of the journey is about reshaping how you’re taking profits and investing it into the business. You do have to invest in the business if you truly want to transform, and it’s not a predictable path, and it is certainly a long path. So, it’s almost irreconcilable to say, “I want to have fast transformation results,” right? Those things are almost irreconcilable. It’s oxymoronic in nature.
Is there still inherent risk averseness towards technology?
I think it’s actually because the technology is becoming simpler and easier to operate. Because the obvious need to innovate is becoming higher and everything, what’s being pushed to the forefront is a company’s capability of managing change. This gets to a big essence of the book, and in particular idea nine is called making the elephant dance: portfolio strategy and governance for innovation. It gets back to that observation which is most companies don’t have a deliberate systematic approach for innovation. This idea is just about one aspect of that systematic approach for innovation, which is about a portfolio strategy. A portfolio strategy just helps to understand and outline where are your investments going, and what type of risk versus return are you expecting across those. What most companies are good at is low risk, low reward types of projects and investments, right? Basically, if we execute well, we should have a return, but these are things that are not game changing types of endeavours. What most companies are not good at is the high risk, high reward types of investments, and this is really where you need to think big but bet small. You need to make these types of high risk, high reward investments as nimble and small and hypothesis-driven as possible. But just simply having a portfolio understanding of your investments is one key element for really understanding how am I making deliberate change in the organisation. And as your question tees up, technology is rarely the key challenge. The key challenge is in how we envision the future, how we run change initiatives in our organization, not just the technology component but the business model component, and the organizational change components to it, and the ecosystem and stakeholder management component to that. And those tend to be the things that get in the way of innovation.
With transformation comes a rebuilding of existing cultures and mindsets, what challenges does this present?
Idea number three is called move forward to get back to day one: change the culture of status quo. It really is about the essential awakening that leaders need, which is: are we playing offense? Are we about creating the future or are we about defence, and maintaining the status quo? Bezos frames this up by his quick little saying around we are a day one company. In one of his recent shareholder letters, he talks about what’s it mean to be a day one company versus a day two company? If you are a day two company, meaning you’re probably healthy, you’ve been around for a while, but you’re struggling with innovation and reinventing yourself, and you see some competitive threats coming from non-traditional competitors. He gives some advice relative to creating a day one culture, and some of that advice is about don’t manage through proxy. Proxy is those abstraction mechanisms that we put in place to help manage the business. Things like surveys and abstracted metrics. The key way to get away from that is understand the exact customer experience, have transactional metrics, and set a high bar relative to the perfect order, the perfect customer experience versus looking at it in an aggregate, and really about making sure that you’re dedicating time to work in the future. As a leadership team, we probably need to be more deliberate about working in the future. It’s amazing because people are not systematic about it. People and leaders hesitate to put time into actually working in the future. So, many of the ideas are about, ‘Whoa, what are the things I do to actually work in the future?’
What advice would you give to a company embarking on a digital transformation?
At the end of the day, it’s really about not the organisation transforming around me, but it’s about, well, what am I personally willing to do differently? What am I willing to learn? How am I willing to take on new practices, spend my time differently, prioritise my business results and my schedule, and my hiring practices too? What are you willing to do differently? What changes are you willing to take out of this and make happen as part of your personal habits?
Becki Hyde, Practice Lead, Agile Practice Leadership Enablement and Sean Olszewski, Practice Lead for Agile Practice Leadership Enablement, Pivotal Software…
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Becki Hyde, Practice Lead, Agile Practice Leadership Enablement and Sean Olszewski, Practice Lead for Agile Practice Leadership Enablement, Pivotal Software
The benefits of a successful digital transformation project will manifest across entire organisational structures: teams make and act upon decisions faster than they have in the past, products and services are being delivered to users faster, employee morale is on the rise, operational costs are decreasing, and legacy systems are being upgraded or retired far quicker than many in the business can keep pace with. However, once change gets into full swing, it’s typical to see some employees begin to question their roles in the company, or whether they want to remain at the company at all. Things are changing fast—technologies, processes, expectations—and that can make for a difficult adjustment. Understanding why employees feel the way they do is crucial–not just to keep great people, but as a gauge to understand if the business is transforming in the right way.
There are different types of people within an organisation that are at risk of becoming alienated or otherwise unhappy during transformation periods. Here are some traits to look out for and some advice for keeping those people not just around, but also happy.
Frustrated converts
The frustrated convert gets exposure to a new way of working and is then forced to go back to the old way – to what is often perceived as cumbersome process, wasted time, dead ends, and a lack of autonomy. These blockers often occur due to senior leadership being bought into an effort but failing to cascade the intent and importance of this to middle management. Because of this breakdown in communication, middle management doesn’t allow individual contributors the flexibility they need to deliver effectively, creating frustration and ultimately causing them to leave.
To prevent turnover of otherwise engaged and excited employees, work toward support for the change at all levels of your organisation and provide air cover until that is achieved. Having one or two key allies at the manager, director, and vice president levels goes a long way toward preventing converts from ever becoming frustrated. By knowing they have direct leadership support, employees will be able to weather the challenges of introducing change for much longer than if they feel they are doing it alone.
High achievers
High achievers are employees who thrive in an agile environment, becoming so effective at what they do that they begin to be courted by other companies, or seek promotion opportunities elsewhere. Time and time again, we see this issue come up as companies undergo change, and the strongest way to combat it is to have a strong, protected culture of learning, with a fair and competitive compensation structure.
But supporting high achievers isn’t just about salary and benefits. The most engaged and motivated participants in change can become disengaged if they aren’t given opportunities that align to their interests and professional development – and have a measurable impact on the business. After seeing success on their teams, some employees naturally want to spread the principles and practices they’ve become so passionate about. This gives them an opportunity to grow professionally, and to have a larger positive influence on company culture.
Opt-outs
When people are asked to change the way they work, some will self-select out. This is especially likely in companies where employees stay in roles long-term and develop well-understood processes over years of experience. Opt-outs don’t like or aren’t convinced of how effective this new way of working will be. It’s not uncommon for people to have seen many attempts at changing their enterprise and are therefore sceptical of further change.
As you introduce change, think ahead to how you can support these potential opt-outs. Opt-outs are normally better suited for work which isn’t related to the company’s digital transformation efforts, therefore change may in fact represent an opportunity to become involved in other areas of the business. They can however prove to be effective advisors in their area of expertise, or perhaps there are other teams in the company that could benefit from their experience and knowledge. Regardless, if you don’t consider these employees’ concerns and manage their transitions, they can poison others who are interested – but nervous about the change.
Graduates
Some of your best team members will get promoted, perhaps onto a different team or into a new business unit. On the surface this is good news, however, if people leave early, or several leave in quick succession, the team leading the change may struggle to maintain maturity and momentum in their absence.
Because it is important to keep teams intact until there are people ready to backfill leadership roles, start succession-planning early — even down to the individual team level. While you can encourage people to stay in place for a period of time by providing them with interesting work and fair compensation, preparing for the future early ensures your efforts won’t stall out. When you are ready for people to move on, consider planning for graduates to seed new teams in pairs or small groups, so that they can support one another and have greater influence on others.
Final thoughts
While high turnover feels alarming, it can be a good sign. It’s evidence that you’re effecting change. Instead of feeling powerless, proactively preparing for and guiding changes in staffing can keep your transformation on track. While you may not prevent people from leaving, you can learn valuable lessons from the reasons they leave, which you can then leverage into actionable insights that help you on your journey.
AI is no longer science-fiction writers dream, it’s being implemented in industries all over the world. We look at 5…
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AI is no longer science-fiction writers dream, it’s being implemented in industries all over the world. We look at 5 examples of how AI is revolutionising the retail experience Written by: Dale Benton
Marks and
Spencer
In early 2019, M&S announced a new
Technology Transformation Program, one that will allow M&S to become a
digital-first business and deliver key improvements in customer experience. As
part of this transformation, M&S has partnered with Microsoft to investigate
and test the capabilities of technology and artificial intelligence in a retail
environment. M&S will look to integrate machine learning, computer vision
and AI across every endpoint – both in its stores and behind the scenes. Every
surface, screen and scanner in its stores will create data – and enable
employees to act upon it. Every M&S store worldwide will be able to track,
manage and replenish stock levels in real time – and deal with unexpected
events.
The John Lewis Partnership is currently
partaking in a three-year trial, deploying robots to one of its farms, which
grows produce for its Waitrose & Partners brand. The robots, named Tom, Dick and Harry, are delivered
in partnership with the Small Robot Company. Each will be equipped with a
camera and AI technology to gather topographical data, while autonomously
obtaining accurate, plant-by-plant data in order to enable higher farming
efficiency. The data will also be used
to develop further machine learning capabilities. The trial will also provide
the John Lewis Partnership’s Room Y innovation team with valuable insight to
support innovation and inform how robotics and Artificial Intelligence (AI)
could be used further in other areas of the business.
One of the biggest retail companies in the world has been piloting and implementing artificial intelligence solutions across its stores for a number of years. As part of a technology program, called Missed Scan Detection, Walmart has deployed AI-equipped cameras in more than 1,000 of its stores. These cameras, developed in part with Everseen, tracks and analyses activities at both self-checkout registers and those manned by Walmart employees. If an item isn’t scanned at checkout, the cameras will detect the and notify a checkout attendant of the problem. The AI technology allows Walmart to monitor its inventory product quantities, but also significantly reduce theft across its stores.
Amazon Go represents a whole n era of shipping.
The concept is simple, walk into an Amazon Go store, pick up whatever you want
and walk back out. The idea is to create
a “Just Walk Out” experience. Described as the “most advanced shopping
technology”, customers simply download the Amazon Go app. Powerful machine
learning and AI technology automatically detects when products are taken from
or returned to the shelves, keeping track of them all in a virtual cart. Once
customers leave, Amazon will collate all of the data and produce a receipt and
charge the customer’s Amazon account.
One of the UK’s largest food retailers with more
than 120,000 colleagues in 494 stores serving over 11 million customers every
week, Morrisons turned its attention to AI with JDA Software. Looking to vastly
improve the customer experience, Morrisons looked at reducing queues at
checkouts, and improving on-shelf availability. Morrisons
invested in Blue Yonder – a Demand Forecast & Replenishment solution from JDA,
which uses Artificial Intelligence (AI) technology to improve demand planning
and reinvigorate replenishment based on customer behaviour in every store. Over
a 12-month period, Morrisons was able to generate up to 30% reduction in shelf
gaps and a 2-3 day reduction in stockholding in-store. AI technology has also
enabled Morrisons to close the execution gap, optimizing availability while
reducing wastage, enhancing shelf presentation and meeting stockholding
targets.
Jay Weintraub, founder and CEO of InsureTech Connect explores the digital transformation of insurance, and what makes InsureTech Connect the…
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Jay Weintraub, founder and CEO of InsureTech Connect explores the digital transformation of insurance, and what makes InsureTech Connect the largest, most focused and relevant gathering of insurance industry executives, entrepreneurs and investors in the world. By Dale Benton
Walk us through your career journey and how you
find yourself as Founder and CEO of InsureTech Connect?
In 2008, I launched an event
series for a subset of the Internet advertising space, and it was there that I first
got exposed to the world of insurance. Towards the end of 2015, I met Caribou
Honig, who was a fintech VC in search of an InsureTech conference, and that
meeting could have gone really poorly or really well, and I’m happy to say that
it went really, really well.
What is InsureTech Connect?
We are the world’s largest
event that discusses the digital transformation happening in the world of
insurance. Insurance is one of these remarkable worlds. It’s worth trillions of
dollars in annual premiums, it connects our lives, it enables us to do everything
that we do at this moment and yet it’s something that is sort of invisible and
behind the scenes. In the last four years, the world of insurance has seen,
this groundswell of activity by entrepreneurs who are looking at this big world
and saying, ‘Wait a second, why does it work the way that it does? There has to
be a better way.” It is these entrepreneurs, the investors that fund them
and the global incumbent insurance companies that all gather at InsureTech
Connect in Las Vegas.
As technology has become more advanced, how are
the conversations surrounding tech, different today than they were say, 10
years ago?
It’s amazing how much the
conversation has remained the same, it’s the channels that are different. When
we think about customer acquisition, there are certainly going to be broad
shifts in how companies acquire customers as the access to channels. We must
remember, the core of having a great product that appeals to people may change,
but it’s the core of having something worth telling that really hasn’t changed.
Is there a challenge in understanding, and
defining, what digital and digital transformation means to business?
It’s both a challenge and
opportunity and it is what makes being in InsureTech such a fun place to be
because is it talking about product lines. How do we use insurance in a new
way? How do we take a classic product, break it into a way that is better and
necessary but also helps consumers? Digital transformation is going to depend
on what product line you’re in, what part of the value chain you’re in and what
technologies you think can actually help you serve your customers better.
There’s an immense amount of parallel transformation taking place.
What do you feel are some of the key barriers
faced by insurance, in embracing innovation?
I would love for the answer
to be technology. If we think about in the early 2000s when e-commerce was
becoming a thing and people knew that they wanted to buy online, it still took
15 years before it became mainstream, and that was a technology issue. It was
because mobile phones weren’t computers, there wasn’t connectivity, the cloud
computing didn’t exist, so the ubiquity of what could be done wasn’t actually
there. Today, we have consumers that want things and we have technology that
gets it to them. It’s a fundamental culture change in a lot of cases, and
insurance has been more incremental in nature. It’s an industry that is
hundreds of years old and thinks in terms of hundreds of years versus any
short-term trend.
How do companies stay on top of the new consumer
demands so as not to fall behind competitors?
We have a couple of
assumptions. We are assuming that over time, if it can be sold online, it will
be. We assume over time that everything will be sold and written directly. The
challenge for any business is, what is that time horizon? Personal lines are vastly
consumed both directly and digitally, but commercial lines will one day be far
more direct than they are. It’s why small commercial concerns are such a hotbed
of innovation.
You think about the next
generation of small business owner, it’s going to be somebody that has grown up
with a phone, and so when they look to purchase their insurance, they’re going
to want to start digitally versus maybe how the previous generation turned to
an individual. When we’re looking at insurance, it’s about locating the pain
point? Is the product going to be sold digitally no matter what? Or is it
something that is still going to be sold through an individual, most likely
with an advisor. How do you enable that advisor to do their job better?
How difficult is it to balance, move forward and
embrace this next generation without turning your back on the existing previous
generations?
I don’t think it’s a pure
split. I think everybody wants to speak on the phone at a certain time, and I
would say that there’s an ever-growing comfort with people who are happy to
speak on the phone or not speak on the phone. We look at Facebook, right? It
went from being students only, to almost getting a backlash for it becoming the
playground of the parents and grandparents, and it shows the comfort of people
engaging with a mobile phone as a device for consuming and inputting
information.
I think about chatbots and
other forms of conversational AI, and it’s a case of understanding how it helps
you to make the experience better versus looking at it as just a, ‘Oh the young
kids, they want to engage with their phone.’ We have to say, what does it help
us do better, faster, and at scale? We have to look at these things for very
specific performance enhancers and then always have an escalation process
knowing that if there’s a certain level of complexity, if there’s a certain
level of frustration, if there’s nuance, then there’s a trigger for people to
always speak to a human. People can be guilty of looking at tech as the box
that everything fits into. It’s like a hammer in search of a nail. Well let’s
make it a box for everything, and we see it ultimately leads to poor outcomes.
How do you work to ensure that InsureTech
Connect is relevant to the discussions of today in a time of never-ending disruption?
What is our role? Our role is
to convene. When we think about the goal of insurance, both to enable people to
live and take risks and to get people back to a pre-loss state faster, our hope
is to always keep an eye on what’s happening and look at how we reduce the
coverage gaps and say, what is actually making a difference? Who is actually
making a difference? How do we make sure they get enough time on stage? And
more importantly, how do we enable the attendees, via technology, to connect
with each other so that start-ups meet an investor they might not have?
What can organisations, and the industry as a
whole, be doing now to open the door to the next generation of skilled workers
that’ll be able to continue to innovate and continue to operate in these new
and exciting times?
It’s one of those great
questions that has horrible answers because the businesses operate at scale.
It’s about repeatable process and it’s about having the data and then acting.
What we’re talking about now is, no one knows the data. We wouldn’t have
guessed 5 years ago that having somebody who was really good with a mobile
phone and understood Instagram could be a person that is immensely valuable to
the largest organisations, and yet today, you think about some of these
competencies… People are saying, ‘Oh, we want you to know how to use social
because having our 10,000 employees engaged in social is actually one of the
best ways for us to get seen and get noticed.’ But a lot of these skill sets we
have are not obvious until they’re obvious.
The best thing is to look at
the younger generation and at how they engage. Study them as consumers first,
as this is how they consume and then look to understand what that means, every five
or 10 years. The hardest part is we can oftentimes see where the future’s
heading, but we don’t know how long it’s going to take. There’s a real
discipline that says, how do we separate out some of these new skill sets, new
future activities, how do we stay on top of it, without trying to either shift
the entire organisation or treat it as something that is not that important
today.
What would you say is key to remaining successful
in this time of opportunity and challenge?
Never underestimate the power
of relationships, because it’s the people who are ultimately the ones that are
creating the next thing and the closer you are to the creators, the closer you
are to the ecosystem itself. I think it is also being calm; you have to be calm
and stop listening to the noise as much. We think about the companies that have
dramatically changed our lives. I think about some of the big tech companies: Google,
Amazon, Facebook, Apple. There are thousands upon thousands of start-ups that
are doing interesting things, but the number of them that are going to
ultimately change the way we do business are slow in their growth, in a way,
before they fully change us.
Be a little patient and learn
about ecosystems and make sure that you have at least someone or a team that is
comfortable with these new platforms, so that when one of them becomes dominant
like Facebook or Apple there’s at least some embedded knowledge about how these
things work. Listen, but don’t overreact. Be patient. There’s usually always
time, even though it doesn’t feel like it in the get-go.
In early 2019, the Voluntary Health Insurance Scheme (VHIS) was introduced in Hong Kong by the Food and Health Bureau…
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In
early 2019, the Voluntary Health Insurance Scheme (VHIS) was introduced in Hong
Kong by the Food and Health Bureau to regulate indemnity hospital insurance
plans offered to individuals, with voluntary participation by insurance
companies and consumers. The VHIS was designed as a means of encouraging and
supporting customers to purchase private healthcare services and for Koh Yi
Mien, Managing Director Health and Employee Benefits at AXA Hong Kong, this
scheme represents a broader transformation of healthcare and insurance
services. “Currently, the demand on healthcare in Hong Kong in the public
sector is incredibly high with very long waiting times and waiting lists,” she
explains. “As a result, people just aren’t getting timely access to treatment.
The private sector in Hong Kong, which is world-class, has capacity. So, if we
can rebalance and shift some of the elective work from public to private, it
will free up more people to use the public service in a timely fashion.”
Yi
Mien also points to a global drive for greater transparency, accountability,
use of data and technology as well as promoting customer choice as key drivers
of change in the insurance space. “It’s no longer a case of simply providing
reimbursement to people when they need treatment,” she says. “It’s about being
the patient’s partner throughout their whole life so that when they need
healthcare, whenever and wherever they are, we are there to help and support
them in their times of need.”
The
modern-day insurance customer is very different from the customer of the past.
We live in times of greater access to information through the advent of social
media and the increasing influence of the Internet and this has resulted in
insurance customers being more knowledgeable about their conditions and asking
more questions of their doctors than ever before. As a result, the balance
between the customer and the healthcare provider is becoming more equitable.
“Customers and patients, as a result, are becoming more demanding,” says Yi
Mien. “Gone are the traditional ideas that doctor knows best. It’s not uncommon
for patients to see their doctor with a list of demands, while expecting to be
serviced.”
Running
parallel to becoming more knowledgeable and demanding is the use of smartphones
and how it has created a culture of service in an instant. When customers
purchase etiquettes or use banking services, they expect the ability to be able
to access and complete these transactions and services via their smartphone
devices. Fewer and fewer people are accessing physical bank branches and the
healthcare insurance sector, despite being still very traditional, is feeling
the effects of this instant demand. “Healthcare is a very traditional sector
sure, but asking patients or customers to book weeks in advance and telling
them they don’t really have any choice is becoming increasingly unacceptable
and so healthcare becomes a commodity,” says Mie Koh. “They, like any other
customer, vote with their feet and want 24/7 access to quality healthcare
without waiting directly from us as the insurer.”
The
informed customer and patient have also transformed the relationship between
customer and doctor. It is no longer a bilateral relationship and the entire
healthcare ecosystem works to provide services from prevention right through to
treatment. The result? Insurers like AXA work with customers before they are
sick and encourage them to maintain their health, but they also work with
clients during their illness and even afterwards AXA will continue to treat them
in their rehabilitation. “During their healthcare journey, customers want some
handholding in order to navigate the very complex healthcare system, to make
sure they get the right healthcare provider, doctor and hospitals that are best
for them in their time of need,” says Yi Mien. “This can only happen if we are
using digital so that it becomes more real time.”
AXA
has been embracing technology for a number of years to be able to serve and
effectively work with its customers. It achieves this by starting with the
definition of a product, because the product sets the rules. Yi Mien highlights
that the rules would often be how AXA would spell out the terms and conditions,
the provisions, but these rules also set the customer expectations. Throughout
late 2018 and 2019, AXA has invested in digital to enable its customers to buy
online, service online, claim online and check-up online. The company also
launched a servicing app called Emma, a ‘digital companion’ that enables even
faster service. Yi Mien describes this app as a true “health companion”. She is
also keen to highlight that the technology is only part of the story. AXA has
built a vast medical network with some of the leading hospitals and doctors and
customers simply having to log into their companion app to be able to access
this network at the touch of a button. “All they need to show is their digital
card, their e-card, and with the QR code, the provider just scans it. All of
the data is downloaded and all they need to do is sign, get their treatment,
and then when they discharge, just sign that they have received the treatment
and off they go,” she says. “The hospital will bill AXA directly so there’s no
out of pocket. The data is also transmitted to AXA which means that we have
more comprehensive and more reliable data.”
Comprehensive
and reliable data is crucial to the technology journey of AXA, but it is also
integral to the customer journey. With a customer’s entire electronic medical
records stored effectively and securely, as Yi Mien notes, why would they go
anywhere else? The data that an insurer handles is often complex in nature, but
this data is processed through artificial intelligence, with AI being used to
process claims more effectively and interpret the information to allow AXA to create
rules and algorithms to better serve its customers. AXA also utilises AI
through its companion app Emma. “Emma is our chatbot,” explains Yi Mien. “Emma
has been built up based on a multitude of Q&As that our customer services
team have recorded and collected over many months and years. As we continue to
build, and more people use Emma, then the quality of the responses she has in
her arsenal will improve.” In the first two months of operations, Emma recorded
an accuracy level of 50%. Yi Mien firmly believes that as more people engage
with Emma and as a result, the chatbot will evolve and become more of a
real-time navigator that can direct customers across the whole ecosystem.
In
the global discussion around AI, the topic of transparency is often a key point
of debate. With governments around the world shining a spotlight on exactly
what data is collected and how it is used, AXA ensures that it maintains an
open and transparent dialogue with its customers. As customers engage with Emma
and the companion app, they can at any time request their transcripts. Should
they choose to speak with a human adviser, all calls are recorded and again
they can access those recordings should they wish. Not only is this an example
of AXA complying with global governing laws, it also highlights that the
customer is at the very heart of every decision it makes and it maintains this
as it continues to implement new technologies. “If you look at banking as an
example, we all are so used to accessing our bank accounts at any time, be it
through our phones or online,” says Yi Mien. “If we want to speak to someone,
we can. If we want to go into a branch, we can. I believe this is the way to go
with insurance as well. We make it easy for our customers to contact us. We are
doing everything we can to allow that.”
“Healthcare
is quite personal, so we are doing what we can to allow customers to speak to
people, should they not wish to use our chatbot. These are very personal
journeys and digital is still in its early days, so we really have to provide
different avenues and channels for our customers to contact us.”
As
Yi Mien notes, AXA designs its customer journey by starting at the product and
going through all the way to treatment. The company makes every decision with
the customer’s perspective in mind. As a doctor by trade, Yi Mien sees that all
new products are designed by doctors because they understand how the patients
move throughout the whole healthcare ecosystem. When AXA designs new products,
it does not operate within a vacuum. It has a customer insight group, where
around 1,000 customers operate as a real-time focus group in which AXA can test
its products with. “When I think about future products, we will test with this
group of people and get feedback to see whether we are aligned with the current
customer need. So, it’s not just technology per se, but actually meets a
customer’s needs,” she says. “One other area to make sure that we are doing the
right thing, because technology also costs money, is to make sure that we are
very robust in what we do. AXA is unique in that we sell life insurance, health
insurance, employee benefits, and we also have P&C. So, being a multi-line
insurer, we have the opportunity of having one approach and cross-selling
across the business lines, which is a fantastic opportunity. We can only do
that through technology.”
Over
the course of her career, Yi Mien has been a champion of the transformative
effect of technology in becoming a greater enabler for healthcare and
healthcare insurance providers around the world. One area in particular that is
close to her heart is the mental health space. In Hong Kong, the waiting time
to see a psychologist is close to two years and if patients were to seek
private care, it is an expensive solution. “Look at a country like Hong Kong,
or Australia, they are so vast that there just aren’t enough practitioners to
cover the breadth of the geography. Digital is the solution,” she says.
“Digital enables people to seek, support and care at the time that is most convenient
for them.”
“In
the past two to three years, there has been a proliferation of digital tools.
Recent studies have shown that digital tools are as good as, if not better,
than in-person therapy because customers prefer to talk to a robot rather than
face-to-face because they feel that the robot is not judging them.”
Another
example that Yi Mien highlights is in the UK, where a VR program has been
developed by programmers that is therapy through gameification. The treatment
is consistent every time and because of its mobile platform, it is accessible.
“We can provide it where you work,” she says. “That’s just one example as to
how we can destigmatise mental health through technology.”
AXA
operates within a broad healthcare ecosystem, an ecosystem made up of partners,
providers and doctors and Yi Mien stresses that in the future of insurance, it
will be impossible for insurers to control the ecosystem. “I don’t foresee a
future where that happens,” she says. “Partnerships are incredibly important.
Things are moving so fast there’s no way we can catch up alone. We need to have
partners, collaborators, who are working together to ensure we are at the top
of our game and at the forefront of innovation.”
“Over the course of our lives, so many different
things can happen and so people will need better care and support. By having a
collection of data that represents our customer’s needs we are able to push or
suggest services that better meet those needs. In order for us to do that, we
need to have players collaborate in the ecosystem. It’s imperative.”
As
AXA continues this digital growth journey, the next few years will be defined
by improving the agility of the digital companion in order to improve the
interaction with customers. AXA will also be looking at developing a digital
marketplace in which customers can go shopping within an AXA owned digital
platform. For Yi Mien, though, the future is clear for AXA and in order to be
successful, she feels it’s down to one thing. “AXA has a clear digital strategy
for sure, where it will transform its digital system and build new IT
infrastructure to transform the customer experience,” she says. “But the
technology is only one part of the story.”
“Unless
we can transform the customer experience to deliver a service they truly value,
then technology doesn’t do anything. It’s important to recognise that
technology is enabling us to transform healthcare, to make it easier, faster,
and cheaper for people to receive care. That means in the long-term, sustainable
healthcare and health services, which fits into sustainable insurance.”
This month’s exclusive cover
story features an interview with Koh
Yi Mien, Managing Director Health and Employee Benefits at AXA Hong Kong. Koh
Yi Mien reveals how technology is only one part of the healthcare insurance
giant’s digital transformation journey.
Yi
Mien points to a global drive for greater transparency, accountability, use of
data and technology as well as promoting customer choice as key drivers of
change in the insurance space. “It’s no longer a case of simply providing
reimbursement to people when they need treatment,” she says. “It’s about being
the patient’s partner throughout their whole life… so we are there to help and
support them in their times of need.”
Elsewhere, we
have an absorbing interview with former Amazon exec John Rossman, Managing
Partner at Rossman Partners, who explores the concept of digital transformation
in his book Think Like Amazon. We also feature Jay Weintraub, founder and CEO of event InsureTech
Connect, who explains why it’s the largest, most focused and relevant gathering
of insurance industry executives, entrepreneurs and investors in the world.
Plus, we list the greatest events and conferences of the year ahead.
By Craig Summers, Managing Director, Manhattan Associates Customer experience can be make or break for retailers. In fact, recent research…
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By Craig Summers, Managing Director, Manhattan Associates
Customer experience can be make or break for retailers. In fact, recent research shows that flawed customer experiences could be costing British retailers up to £102 billion in lost sales each year. This shouldn’t be news to retailers; the modern consumer demands a connected, consistent experience that is personalised to them, whether it’s online or instore. The same research found that running out of stock in-store was the biggest contributor to lost revenue, with 79 per cent of consumers saying they would not return to make a purchase if they found their desired item was out of stock. This frustration is only amplified if an out of stock product is marketed to the consumer.
Personalisation isn’t anything new but if the basics aren’t right, retailers risk not delivering on customer experience. Many retailers still aren’t getting it right – and, explains Craig Summers, Managing Director, Manhattan Associates, inept personalisation is affecting the bottom line.
Misplaced Personalisation
The way in which retailers can engage with customers has changed radically over the past decade, from social media onwards. Add in the compelling appealing of Artificial Intelligence (AI) and the promise of incredibly accurate and timely promotional offers, and personalisation has become a foundation of any retail strategy. Yet while the marketing activity is becoming ever more sophisticated, personalisation cannot be delivered by marketing alone.
Without integrating marketing activity to the core operation, retailers risk repelling rather than engaging customers. Product offers that are out of stock in the customer’s size. Promotions not on offer at the local store. Incentives to buy an item the customer has already purchased – not a problem for a standard food or household item, incredibly annoying if it’s an expensive mountain bike or cashmere jumper. Customers are becoming increasingly familiar with ostensibly personalised offers that fail to deliver a great experience.
What is the thinking behind a promotion that cannot be purchased by the customer? Why set such high expectations when they cannot be met? Enticing a customer to click through an emailed offer may be the measure of marketing success – but when that customer is unable to make a purchase because the desired item is not available in his or her size, that is at least one lost sale and a bottom line retail failure.
Complete Experience
Are retailers listening to what their customers want from personalisation? Great personalised offers will not deliver any value if they are not linked to the rest of the business. Smart technologies, such as AI, without any doubt have a role to play in delivering personalisation – but they are not the foundation. The foundation is getting the basics right. It is ensuring that when a customer wants to buy a product – online or instore – it is available. It is about providing Store Associates with the ability to track stock anywhere in the supply chain, reserve it for a customer to try on instore or have it sent direct to their destination of choice. It is about combining stock availability information with customer insight to make intelligent suggestions, both instore and via marketing promotions.
Bottom line success is, essentially, about the quality of the interaction. And that means considering not just the accuracy of the promotional offer but the complete customer experience. What is achievable today? What can be done well? If a product is being promoted to an individual, is it available in the right size? Is it available locally, or only in flagship outlets? It is these disconnected experiences that are fundamentally undermining customer experience and brand value.
Conclusion
The future of customer personalisation is incredibly exciting. AI promises the ability to predict a customer’s desires before the customer. Fabulous. But only fabulous if that product is available to buy, at a time and place to suit that individual. Right now personalisation is about the retailer; it is about being clever with promotions. It needs to be about the customer; it needs to be about delivering the quality of experience that drives sales.
Retailers need to go back to basics: use technology to recreate the ‘corner shop model’ of the past, at scale. By creating a truly immersive experience for their customers, retailers can find a way to make personalisation profitable again.
A cultural shift in attitudes to analytics will be essential for businesses to compete in the age of digital transformation,…
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A cultural shift in attitudes to analytics will be essential for businesses to compete in the age of digital transformation, *research has revealed.
A quarter of the 500 professionals surveyed by MHR Analytics said resistance from senior management was preventing their company from adopting analytics, suggesting that many could be left behind as their forward-thinking competitors advance.
A further 23 percent said their company’s traditional reliance on manual spreadsheets was holding them back from taking advantage of widely available technology.
The survey of finance and technology professionals working in large UK organisations was conducted by MHR Analytics and Censuswide to understand the barriers some companies face in progressing their analytics capabilities, and their technological aspirations for the coming decade.
Internationally acclaimed AI expert Bernard Marr and MHR Analytics have released a guide entitled “Advancing with Analytics: Spreadsheets to AI,” to help break down these barriers.
It includes practical tips and examples from a range of organisations that have managed to move away from error-prone spreadsheets and adopt more sophisticated analytics, and even artificial intelligence (AI).
“For me, the examples in the guide demonstrate how the data maturity journey is about taking manageable steps, rather than huge leaps,” said Marr.
“From better planning and decision making, to smoother operations and automated processes, data analytics fuels business improvements. Yet, for the average business, adopting advanced analytics techniques like AI is never going to be an overnight shift,” he said.
“Adopting more advanced analytics can seem like a mammoth, unachievable task. That’s why I prefer to think of analytics as a journey, with analytics techniques gradually becoming more advanced as you progress further along the road.”
“A business advances on this journey one stage at a time, gradually meeting more and more business needs through data analytics.”
“Progressing to planning analytics – stage three of the data maturity journey – tends to be a key milestone for most businesses, since this is the stage that bridges the gap between basic reporting and more exciting, forward-looking technologies. Therefore, I have placed more emphasis on planning analytics in the guide than the other four phases,” he added.
Other barriers to advancing analytics revealed in the MHR Analytics survey included a perceived lack of skills within organisations, siloed working practices and concerns about data quality, data protection and security.
In addition to Marr’s Spreadsheets to AI guide, MHR Analytics has also provided a data maturity quiz to help organisations find out where they are on the data journey and receive free tailored advice about how to progress with analytics to remain competitive.
Ranked by LinkedIn as one of the world’s top five business influencers, Bernard Marr regularly contributes to the World Economic Forum and is a strategic business and technology advisor to businesses and companies around the globe.
Ends.
*The survey of 500 UK finance and technology professionals employed by large UK companies was conducted by Censuswide on behalf of MHR Analytics in August 2019.
About MHR Analytics
MHR Analytics is a specialist provider of business intelligence, analytics and financial performance management.
The MHR Analytics team enables businesses to capitalise on the data available to them, to identify opportunities and prepare for the future – whatever stage of the data journey they are on.
With an end-to end-suite of quality solutions from IBM, SAP, Tagetik and Microsoft, MHR Analytics supports customers to go beyond intuition and act based on real evidence.
The growing business has been established for 10 years and has a presence in eight countries and more than 20 different private and public sectors, with a proven track record of over 750 successful implementations. Customers include Admiral Group, Rotherham Metropolitan Borough Council, Edinburgh Napier University and Loughborough University.
Listen here! The latest episode of the Digital Insight welcomes Jim Marous, internationally recognised financial industry strategist, and the publisher…
The latest episode of the Digital Insight welcomes Jim Marous, internationally recognised financial industry strategist, and the publisher of the Digital Banking Report and Sonia Wedrychowicz, an experienced technology transformation professional, having worked in the business management and corporate consumer banking across Europe, North America, and Asia for over 25 years.
Jim and Sonia discuss how digital transformation is more than technology and explore the leadership and cultural issues surrounding digital transformation in banking
The uptake of artificial intelligence by industry will drastically change the UK job market in the coming years – with…
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The uptake of artificial intelligence by industry will drastically change the UK job market in the coming years – with 133 million new jobs expected to be created globally.
In the UK alone, up to a third of jobs will be automated or likely to change as a result of the emergence of AI – impacting 10.5 million workers.
Ollie Sexton, Principal at Robert Walters comments:
“As businesses become ever more reliant on AI, there is an increasing amount of pressure on the processes of data capture and integration. As a result, we have seen an unprecedented number of roles being created with data skill-set at their core.
“Our job force cannot afford to not get to grips with data and digitalisation. Since 2015 the volume of data created worldwide has more than doubled – increasing (on average) by 28% year-on-year.
“Now is the perfect time to start honing UK talent for the next generation of AI-influenced jobs. If you look at the statistics in this report we can see that demand is already rife, what we are at risk of is a shortage of talent and skills.”
Demand for Data Professionals
IT professionals dedicated to data management appear to be the fastest growing area within large or global entities, with volumes increasing ten-fold in three years – an increase in vacancies of 160% since 2015.
More generally speaking, data roles across the board have increased by 80% since 2015 – with key areas of growth including data scientists and engineers.
What has been the most interesting to see is the emergence of data scientist as a mainstream profession – with job vacancies increasing by a staggering 110% year-on-year. The same trend can be seen with data engineers, averaging 86% year-on-year job growth.
Professional Services Hiring Rapidly
The rise of cybercrime has resulted in professional services – particularly within banking and financial services – hiring aggressively for information security professionals since 2016, however since then volumes have held steady.
Within professional services, vacancies for data analysts (+19.5%), data manager (+64.2%), data scientist (+28.8), and data engineer (+62%) have all increased year-on-year.
Top Industries Investing in AI
Agriculture
Business Support
Customer Experience
Energy
Healthcare
Intellectual Property
IT Service Management
Manufacturing
Technical Support
Retail
Software Development
Tom Chambers, Manager – Advanced Analytics and Engineering at Robert Walters comments:
“The uptake of AI across multiple industries is bringing about rapid change, but with that opportunity.
“Particularly, we are seeing retail, professional services and technology industries’ strive to develop digital products and services that are digitally engaging, secure and instantaneous for the customer – leading to huge waves of recruitment of professionals who are skilled in implementing, monitoring and gaining the desired output from facial recognition, check-out free retail and computer vision, among other automation technologies.
“Similarly, experimental AI is making huge breakthroughs in the healthcare industry, with the power to replace the need for human, expert diagnoses.
“What we are seeing is from those businesses that are prepared to invest heavily in AI and data analytics, is they are already outperforming their competitors – and so demand for talent in this area shows no signs of wavering.”
We’re in the midst of an industrial revolution. Industry 4.0 is an umbrella term that covers a multitude of technological advances that are transforming the world’s manufacturing and production industries. This means that every individual machine, system and set of processes across the factory and throughout the enterprise will be integrated and connected to the internet. It’s as much an evolution of existing automated systems (like assembly line robots or packaging equipment), as it is a revolution. This unprecedented level of connectivity allows information to be captured at every point on the production process and throughout the supply chain. The resulting Overall Equipment Effectiveness (OEE) data can then be analysed and managed to make every manufacturing sequence as fast and accurate as possible.
Simply put, the Holy Grail of maximum efficiency could be realised with Coding Automation. Adem Kulauzovic, Director of Coding Automation, at Domino Printing Sciences plc, highlights the five ways in which you can achieve this through coding and marking.
Defeating downtime through proactive monitoring
Manufacturers want peace of mind that their printers will remain operational at all times, and utilising Industry 4.0 concepts, such as Integration and Cloud Computing, makes this feasible. By using an array of integrated sensors to automate system monitoring and send data to the Cloud, engineers can use this information to monitor their printers and detect any reliability issues.
With this type of technology, this can be done remotely – there is no need for engineers to go to a customer site to diagnose a fault. If a fix is required, engineers can turn up on site prepared with the knowledge and any spare parts they need. Additionally, the use of the Cloud will ensure engineers are automatically alerted of any faults and potential issues with the printers which enable issues to be managed faster and resolutions sought before they impact the production line. The data collected by the Cloud can also be used to discover trends and provide root cause analysis that can be used to determine proper preventative maintenance in the future. A proactive approach and remote management is a powerful weapon in defeating downtime.
Empowering customers through Automation and IIoT
It’s not just support teams and engineers that can monitor printers; customers also have valuable insights into their printer operations at their fingertips.
With the use of a connected online system, a customer can check the status of their printers from any location, remotely diagnose faults, plan for refills and reorders by watching ink levels and usage. They can set alerts if, for example, ink levels reach a dangerously low level – and can take action before downtime occurs – all without physically needing to be at the printer’s location. By monitoring cleaning and equipment maintenance schedules, the longevity of the printers and their components is increased. It’s also key to remember that users don’t have access to this information for just one printer, production line, or plant. The IIoT (Industrial Internet of Things) allows users to compare the performance across all lines, plants, and sites, enabling them to take a global approach to optimise production efficiency.
Eliminating recalls caused by operator error
When errors are introduced, the impact can be detrimental and significant. Consider that the average human makes one mistake for every 300 characters entered. Incorrect information entered on printers by operators results in costly recalls and reworks. It’s a significant cause of unplanned production downtime. Integrating printers with factory automation systems, such as MES (Manufacturing Execution System) and ERP (Enterprise Resource Planning) systems enables labelling data to be coordinated automatically without the need for human input.
Switching from manually operating each printer to the centralised management and automated coordination of jobs, labels, and data removes the risk of human error and can prevent coding and marking errors and can provide essential production data on your factory floor.
Seamless interoperability through standardisation
Communication standards enable the seamless transfer of data between equipment and factory systems to reduce setup, support, and development costs. They provide a universal method to collect and share production information across production areas; measuring and adjusting production throughput while reducing the risk of data inconsistency across different pieces of production equipment.
If you imagine a production line in its entirety, data and instructions flow through a variety of equipment that is often supplied by different companies – devices like printers, check weighers, vision systems and PLCs, and whole packaging systems from OEMs. By adopting a common data language, setup times are reduced, and there’s no need to develop software to interface between equipment – reducing development time.
Protecting consumers through serialisation
There are several solutions for unique identification, aggregation, tracing, and verification of products to meet the challenges of serialisation. These serialisation products can generate encrypted, unique numbers, and enable multiple levels of aggregation and integration with Government databases, enterprise systems, and contract manufacturing organisations.
Online portals enable live tracking and authentication of products through the supply chain. If items are removed or changed during production, or damaged during transit, the associated serial numbers are decommissioned, and the data in the central repository is updated. Scanning products at the point of purchase gives assurance to consumers and retailers. For example, pharmacies can validate medicines before dispensing, and customers (via smartphone apps) can check food products are safe before they purchase them.
Don’t just survive – thrive!
Industry 4.0 is not just a revolution but an evolution of technology, attitudes, and techniques across every section of the world’s manufacturing and production environments. The benefits of the fourth Industrial Revolution are clear to see. From increased performance and profitability, to customer empowerment, to servitisation and serialisation, each advantage is working towards the ultimate goal for any production environment: maximum efficiency.
However, Industry 4.0 cannot be achieved overnight. Due to the breadth of changes, from both a cultural and technical standpoint, this transformation will require time to take effect. Yet this transformation is happening, and it is a truly unique opportunity for us not just to survive – but thrive as innovators and early adopters while the world’s latest Industrial Revolution steadily marches on.
Over these last three years we have seen how the essence of ‘insurtech’ has evolved. The 300 insurtechs that we…
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Over these last three years we have seen how the essence of ‘insurtech’ has evolved. The 300 insurtechs that we had on stage so far, and the 2,500 that we have in our insurtech database, give us a pretty good picture of what has changed. But also of how things will develop in the coming years. Looking back and ahead, we distinguish four waves of insurtech. With each wave driving the future of insurance in a new direction. By Roger Peverelli and Reggy de Feniks
THE FIRST WAVE OF INSURTECH: CHALLENGERS
Three years ago, in 2016, ‘insurtech’ mostly meant ‘challengers’. New
entrants were out there to attack the established order. Everyone spoke about ‘Disruption’.
The main driver for this first wave? Eroding entry barriers – due to new
technologies. New entrants took the lead in intelligent and innovative use of
technology and data, designing new ways of working. New ways of working that solved
the frictions that customers experienced when working with incumbents.
Oscar, the famous US challenger, put it
this way “We didn’t start this company because we love health insurance. Quite
the opposite in fact.”
We actually took a closer look at the value
proposition of many of these new players. Almost all of them promise that they
solve the main reasons for dissatisfaction.
We listed those issues below. Across the
globe, customers have the same kind of complaints about insurance firms. We
concluded that virtually all pain points that customers experience are related
to ‘simplicity’ and ‘being personal’.
Of course, there is still sufficient room to improve here. But all these issues are in scope of operational excellence. So, it would be fair to say that all these issues should be solved shortly, and in fact, quite a few are solved already. We already see that Net Promoter Scores are improving. Perhaps not everywhere, but we’re getting there.
Maybe this is the reason why so far only a
few of these new players succeeded in acquiring a significant market share. Apparently,
focus on solving operational issues only, simply is not enough to create a
sustainable competitive advantage.
The few winning new entrants are the ones that not only solve pain points but which have a truly distinctive new business model on top of that.
A great example of a new entrant with such
a winning distinctive business model is of course Lemonade. We were honoured
that Daniel Schreiber, the co-founder and CEO of Lemonade, shared his vision at
our recent DIA Amsterdam edition. Lemonade combines AI with behavioural
economics into new business models, and moreover, new value for customers.
The impact of Challengers in terms of
market share may still be limited. But that does not mean that the Challengers
are not important. The impact they have on market dynamics is significant, but
on a different level.
Their focus on less frictions and new
service levels has changed the expectations of customers. New entrants set
new standards. Customers expect the traditional players to offer comparable
innovative services as well. This makes incumbents realise, that they really
need to step up to the plate, if they want to keep up.
Described as a leap forward from traditional automation to fully connected and flexible systems, the idea of a smart factory…
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Described as a leap forward from traditional automation to fully connected and flexible systems, the idea of a smart factory is one defined by data and connected systems that can learn and adapt to new demands. Here, we look at five of the most powerful smart factories, as identified by the World Economic Forum.
Schneider Electric (le Vaudreuil, France)
Recognised as one of the most advanced manufacturing sites in the world, applying Fourth Industrial Revolution technologies at scale, Schneider Electric’s le Vaudreuil factory is a shining example of a smart factory.
The factory has implemented the latest digital tools such as EcoStruxureTM Augmented Operator Advisor, which enables operators to use augmented reality to speed up operation and maintenance, delivering between 2% and 7% gain in productivity. Its first implementation of EcoStruxureTM Resource Advisor delivers up to 30% energy savings and contributes to continuous improvement over the years.
Johnson
& Johnson DePuy Synthes (Cork, Ireland)
First established back in 1997, the DePuy Synthes medical device manufacturing facility has seen a multi-million dollar expansion in recent years to better embrace digitalisation and Industry 4.0.
One of the biggest investments Johnson & Johnson made was in the Internet of Things space. By connecting machines, the factory used IoT technology to create digital representations of physical assets (known as digital twins) that lead to advanced machine insights. These insights allowed the company to lower its operating costs while simultaneously reducing machine downtime.
Opened in 2013, the Wuxi plant has
been embracing data analytics over the last few years. The goal? To remove pain
points including delayed data availability and even poor quality of the data.
With a clear roadmap ahead, an industrial 4.0 framework, Bosch began
implementing machine-condition sensors to capture data and improve the quality
of said data. Key examples include the implementation of Bosch Nexeed PPM
(Production Performance Manager) which allows for predictive maintenances or real-time
process and machine condition monitoring. By using advanced data analytics,
Bosch is able to deeply understand and eliminate output losses, simulate and
optimise process settings and predict machine interruptions.
The SmartFactoryKL was built as a means of paving the way for ‘the intelligent factory of tomorrow’. It is the world’s first manufacturer-independent Industry 4.0 production plant, acting as an exhibition of the power of high quality and flexible manufacturing and how it can be efficiently implemented.
Over the last four years, SmartFactoryKL has been driven by clear strategic goals that drive innovation and in 2019; the goal is to see the implementation of artificial intelligence in manufacturing. Artificial Intelligence led transformations include an ‘order-to-make’ mass customisation platform and a remote AI supported, intelligent service cloud platform to predict maintenance needs before they happen.
The second oldest plant in Procter & Gamble’s portfolio, the plant is one of the most advanced factories in the world. With its implementation of an end-to-end synchronisation analytical model, the plant allows for simulation, agility and responsiveness across the entire supply chain.
Such innovation has seen an increase in speed to market, inventory efficiency and an uplift in customer satisfaction of 116%.
The Digital Insight talks exclusively to Jay Weintraub, CEO & Founder of InsureTech Connect, all about digital transformation in the…
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The Digital Insight talks exclusively to Jay Weintraub, CEO & Founder of InsureTech Connect, all about digital transformation in the insurance industry.
Weintraub, currently at InsureTech Connect 2019 in Las Vegas, explains the challenges and opportunities currently in the insuretech sphere, whilst also noting the “groundswell of activity by entrepreneurs” who are looking at the world and wanting to make a change.
In the podcast, Weintraub also discusses buzzwords, the power of relationships and what lies on the horizon for businesses.
Ian Moyse, EMEA Sales Director at Natterbox Limited outlines one of the most important skill sets in the modern age:…
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Ian Moyse, EMEA Sales Director at Natterbox Limited outlines one of the most important skill sets in the modern age: the need for acceptance and receptiveness of innovation and digitisation. The ability to be agile as a technology professional… By Dale Benton
How important is it to stay on top of, and to understand, both the speed of change and the increasing demands on modern technology?
One of the skill sets, and not just in sales or working in the tech sector, but across a lot of roles today, is the capability to be agile. Humans have this propensity to change and adapt. Otherwise, we wouldn’t be here today, right? But you’ve got to be willing to do that. A valuable skill today is acceptance and receptiveness and the ability to change, and change again, and again. We’re seeing less and less of doing the same thing day in, day out, for 30 years or so.
So, what exactly is Natterbox?
Natterbox has built, from the ground up, a cloud telephony system, which was called VoIP. The real unique thing is we’ve built the system fully inside Salesforce. We’re the most integrated telephony platform for the Salesforce platforms, whether it is service cloud, sales cloud, force.com etc., on the planet. You could say it’s a niche market, but it’s a very big niche market, enabling customers who have invested in Salesforce to also put their telephony in the cloud, and put the two together. It’s using data that you have about customers, whether it’s opportunities, cases, support, tickets, to improve and transform both your customer and your agent’s experience with telephony. To do things that you couldn’t do with old technology, and old telephony systems. Simple example, if you phone in and you had a ticket with a customer yesterday and they didn’t call you back, how transformational would it be if when you phoned them, if the phone system dynamically recognised your number, had looked you up in their system and went, “Hi Ian, thanks for calling this morning. We detect, we didn’t call you back on that ticket yesterday, if that’s what you’re calling about, press one, and we will escalate you to the right person quickly. Two, for our normal menu.”
We’re using live relevant data about the customer to personalize and transform their experience over the phone. Exactly like you’ve seen on websites for years, where you go to a website, it remembers who you are from a cookie, and starts to personalize your experience and treat you differently. We believe you should be doing that on the phone, and that’s the capability we give to customers.
Can you explore the technology that sits at the very heart of that?
We’ve seen some players try and do this by buying components, underlying components in, but we wanted to own the stack because if you’re going to do this stuff, it’s obviously important to you.You can’t do this stuff and do half a job, it’s got to be extremely resilient, because you’re setting the customer expectation, you’re setting the bar high and you’d better deliver. We architected this ourselves, and we chose Salesforce purely because we wanted to be the master of one and do it well. We decided we are going to do this to the extreme we believe the market needs.
Everything behind this has to use efficient, speedy cloud systems, because it’s real time. You have a conversation, you have an electronic voice, you want it to sound as human as possible, and it needs to be instantaneous. The customer isn’t going to wait two or three seconds as you would on websites. Our expectations are set high. It is extremely complex under the covers, but one of our goals we achieved was to make it easier for customers, to hide all the complexity in the back end, and give them an interface where they can configure this, and manage it very quickly themselves. So if they want to make a change, it’s real time. Make the change and it’s live across your whole phone system.
Data is key to what you do, but how do you ensure that data is governed?
If you look at the press today, in the past number of weeks, at the point we’re speaking now, we have seen some of the impact of data breaches like we’ve never seen before. The consequence used to be, A, we wouldn’t always necessarily hear about the story and B, the impact and cost of that business was reduced; it didn’t get much news. It was, “there’s been a breach”. If you heard about it, great, but it has diminished quite quickly. Today we live in a different world. The rules have changed.
We’ve seen these large businesses now, they’re getting fines in the hundreds of millions. So the penalty should have been there before. I don’t think the threats are getting worse. They’re getting different, but the threats have been there for years. If you’ve got data, it is an incredibly valuable asset. When I speak at schools, it’s always interesting. A question that’s come up a few times is, “Facebook and these, how do they make money?” Because they see these platforms, that they recognize cost money to build and run. “How do they make money?” The money isn’t in the membership fees, it isn’t in the logins. It’s in the data they get, what they know about us, how they can market to us and sell us… We’re their commodity, we’re their product.
With technology continuously evolving, how can companies like Natterbox be ready for the next wave of digital transformation?
What I say to people is, what is your business? What is the product or service you sell? What’s the dynamic of your customer? Now if you’re a hairdresser cutting hair, you physically have to cut hair. So unless some incredible robot comes along in the future, that’s going to continue. It’s understanding what your business is, and what the persona of your customers are and how are they wanting to interact with you? It depends on generation as well. Millennials have been born into a world where social media has always been there, and all this tech we’re seeing, and Amazon, and apps on your phone for ordering is taken for granted. I would argue, however, all of us that haven’t come from that generation have probably been dragged into it anyway, and we take it for granted as well.
Our expectation bars have been set to a peaked level. The problem for any business that isn’t in that born in the cloud model, is that the customer expects the same of you, because someone else has raised the bar. And that’s why we’ve seen the likes of Blockbuster Video fall foul of Netflix and Amazon’s LoveFilm as was. There’s nothing wrong with Blockbuster, we’re hiring a video. But someone came along and presented a faster, quicker, slicker, more flexible model. It changed the dynamic of how the customer engaged or bought that product or service.
If you’re in a market that can be transformed, or you’ve got someone coming into it, you need to start now. You need to be the ones doing it, not waiting for someone else to transform you, and then you’re on the defensive. It’s harder for you as a legacy business to transform than it is for a newcomer. A new business will buy everything in the cloud. They’ll buy all the new technology, and apply processes that fit the new world that we’re now in, and the new buyer dynamic, and the new customer persona, and the new tech world we live in. Because they can.
If you’re in a business, forget what you do today. Go in a room with the people who understand the history of your business, or the dynamic of your market. Whiteboard, spend a couple of hours with some coffee and donuts, and just chat through. If we were starting this company again today, what would we do? Imagine that your company does not exist. You have all left and gone to a start-up. You’re going to start a competitor. What would you do? You would not build what you built historically.
The reason you did that is because it was the world you were in at the time you built it. So there’s nothing wrong with what you did. It’s the nature of the beast. But today, you would do it differently. And that’s how your mindset needs to start. Then you work backwards to, “Okay, so how do we get there? What, what’s the easy win? Is there anything of these 20 ideas we’ve come up with, where we can start to … This year we could do three of them?” That’ll be hard in itself. Right? But we can start to move along the journey of trying to move towards that. Because we’ve all agreed if we started the business today, that’s what we’d do to beat our own company. If you can think of it, someone else can as well, and someone else can do it, and they can potentially do it quite quickly.
By Alistair Sergeant, CEO, Purple Consultancy Businesses are increasingly having to create and modify their organisational capabilities to adapt and keep…
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ByAlistair Sergeant,CEO, Purple Consultancy
Businesses are increasingly having to create and modify their organisational capabilities to adapt and keep up with the ever changing and evolving digital technology which surrounds them.
For many, their digital projects are failing; the speed of digital transformation is alienating the essential human interaction and cultural change required to make the projects a success.
Bring back the humans
According to the latest statistics, 88% of digital transformation projects fail and there is a reason for that.
The speed of digital change is something that no business can ignore but most try relentlessly and largely unsuccessfully to keep up with. We are surrounded with disruptive business models coming to market with new technology rapidly changing and it is easy to get so wrapped up by technology that we forget to consider that without the human element, the transformation process will fail.
This rapid change has resulted in a serious skills gap from a business and technology prospective for most UK organisations. As a result, both large corporations and SMEs UK wide are not as agile as they should be, not only affecting growth, but also impacting customer experience and employee engagement.
We know that (most) cars, no matter how technologically advanced they are, need a human to drive them and this is just the same when implementing digital change in your business.
Meaningful change starts with people, not technology. Your team needs to adapt to keep up with the pace by making changes to the way they have worked in the past but none of this can work successfully unless we encourage a chance in culture.
The role of the leader
To implement an effective digital transformation strategy, leadership is not only vital but critical for success. In so many cases, those implementing the strategy haven’t taken the time to understand what needs to be changed, what the strategy should aim to deliver and when, and more importantly how to correctly communicate change with staff or other company stakeholders.
It’s time to remove the digital-first approach as this method requires your entire team to buy in to it and almost forces them into a corner. To work on a new team culture in the business, which encourages your staff to embrace the changes and understand the reason for the changes, takes time. As a digital leader you need to guide and support your employees, encourage them and give them time to grow with the transformation process.
Understanding how they work, how they think and playing to their strengths is time consuming but will ultimately help to grow your successful ‘human-first’ approach.
Get to know your customers
Customers are human too. They are not just numbers on a sheet. It is vital you get to know them, get to the bottom of what they like, what they want and also what they don’t want. You are aiming to promote a human-centric approach so that you give them the solutions they actually want and not what you assume they want.
You can maximise the success of your product or brand by taking the time to get to know who your target market is and allowing them to see that there are humans behind the brand who actually care about what they want and are prepared to talk to them and listen to them.
No matter how advanced technology is becoming, in certain situations there is simply no replacement for the human touch. Empathy plays a large part in positive company and team growth as well as social skills, the power of persuasion and negotiation, and these are all done better by humans and is what your customers will relate to.
Be patient
Building a system within your business, where humans and technology can work together with more of a balance, is where successful digital transformation will be most successful. One can’t work without the other but in your quest to beat off the competition, don’t overlook the heart of your business, which is the human element and ensure you invest as much in them as the technology you use. Take time to let a new company culture evolve and ensure that your employees understand the new structure and most importantly your vision as you are the ‘human’ who is implanting the change.
Welcome to the September issue of Interface
Magazine!
This month’s exclusive cover story explores
a massive transformation of a beloved retail giant. We travelled
to Sainsbury’s HQ to meet Group CIO
Phil Jordan, the driving force behind
Sainsbury’s Tech, a
brand-new technology division delivering integrated tech
solutions across all of Sainsbury’s brands and channels.
The
challenge for Sainsbury’s was how to escape
the confines of a traditional structure, formed
from its well-defined, successful brands, and nimbly provide a unified customer
experience that allows it to meet its competitors head on. “I genuinely
think, if you’re a technologist, retail is
an unbelievable place to practise your trade,” explains
Jordan.
We also have
an exclusive interview with Bruno Schenk, Head of Digital Transformation at UPC
Business Switzerland, who details how the telco and ICT provider is successfully
navigating a digital transformation.
Elsewhere,
we speak to Edward Rybicki, SVP
and Global CIO of Vyaire Medical, as he details how
a four pillar IT strategy enables
digital prowess in the
medical device market and Keon Van Loo, CIO of Renson Ventilation reveals how
its investment in IT is enabling innovation.
Plus, we
feature the five smartest factories, and list all the top tech events and
conferences from around the world.
Frank Konieczny, Chief Technology Officer at the US Air Force (USAF), discusses the importance of remaining mission-focused in an ever-evolving…
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Frank Konieczny, Chief Technology Officer at the US Air Force (USAF), discusses the importance of remaining mission-focused in an ever-evolving technological world.
Frank Konieczny, Chief Technology Officer, US Air Force
How did you find yourself working as CTO for the USAF?
It’s unusual because moving from industry into government is kind of the opposite way that most people do things. I was the Chief Technology Officer, CIO, and Operations Director at a large government telecommunications contractor. One of my friends was at the Air Force and he was trying to get his technology established. I told him I’d go to the Air Force if he could give me a CTO position – a true CTO position.
They wanted an injection of commercial capabilities and
commercial experience into the government. It was kind of a new thing. You see
it now more than ever, more people from the industry come into government
because they want that injection of talent and capability and difference of
opinion.
What was meant by a
“true CTO” role?
I think I was the first in a position described as CTO in
any of the departments, the Army, the Navy, the Coast Guard etc. I was already
a CTO and kind of knew what we were going to do, but it was a question of the
scope of the responsibilities across the Air Force, which is rather large.
Now we talk about me being a Chief Information Technology Officer because there is another CTO for R&D who covers airplane platform development, such as materials and wingspans. I only get involved in the IT part of it.
The question was: what should a CTO do and what expanse should they have? That’s what is unique about it, they had never thought about doing this before. They had technical advisors come in, but they had never had a true CTO across the Air Force.
What did you bring to
the role?
I had both operational experience and CIO experience as well
as technology experience, which was unusual. I could look at it from various
viewpoints that would normally be more pigeonholed into their viewpoints.
My role was to bring new technology into the organisational structure as it was, which was difficult at first because this was brand new to them and we had to convince everybody this was a good idea. That was a big difference.
Most of the stuff we do in the Air Force involves written requirements. You generate a proposal and then a vendor comes in and wins the bid and everybody’s very happy. But they never think about how you inject technology or what technology you want to really go for because a lot of the stuff was requirements based upon your prior history and your knowledge. I was bringing in new types of capabilities that they hadn’t seen before.
Have you had to work
to obtain an “operational buy-in” from multiple stakeholders?
I had to set up what we call the target baseline architecture because that’s the only way they could see something. The difficulty comes from them wanting to see some capability. They want to see something on paper. You have to show them that you have the intelligence and capability to do this.
You also have to present something that says, “Here’s a problem I know you have and here are some technologies that you should start investigating.”
We put this into a target baseline. The target baseline for us is identifying what’s going to happen for a particular problem area within two years; what you should be going for and what technologies are available for two years out.
It was a different way of looking at it because most of the planning cycles for the government are 10 years out. We’re in an age where 10 years out isn’t possible or you can’t even determine as we barely what’s going to happen in the next year.
As an example, early on they were doing some testing on a test platform. When they brought it into the real network, it never worked right. They would say: “I don’t understand. We tested it.” I would tell them that in the industry, you don’t do that.
You test it on a test network and you bring it to the real network and then you test it in the real network and you control it. You just have to make sure because the network is so complex. They never did it like that. They wanted to make sure it was perfect before moving.
I convinced them that they should be testing on the real production network and they should control it in a different way than they were doing it before. A lot of it is a trust issue. They have to be able to trust that you do understand the technology and you do understand some of the problem spaces.
I was a duty contractor before, I had worked with all the components and different problem spaces that they have and I was a project manager for a very large system for the Army. I knew what the problem spaces for the components were.
Do you think you’ve
been successful on this front?
It’s taken multiple years to get there, but we are doing different experiments in the way the organisation does things. Everybody believes we have to risk, everybody believes we have to do continuous monitoring, everybody believes that anything we feel is going to have a problem is fixed and has to be more agile.
It’s just a question of introducing people to the capabilities that are really out there and getting them away from the 10-year plan issue.
Have you experienced
a situation where organisations look to technology without understanding its
true value? And just implement for the sake of implementing?
There are plenty of shiny objects that people want without understanding the ramifications of using that shiny object. Since the Air Forceis distributed across the globe, we get a lot of that coming in the form of “Hey, we want to try this.”
A lot of times they do try and they find out that it’s not extendable to the entire Air Force. I have a rapport with the rest of the organisations, so they come back and say, “Hey, we tried this. This may be interesting. Why don’t you consider it for the entire organisation?”
It’s not a question of stopping innovation in the field.
It’s a question of how do you look at innovation in the field and determine if
it’s applicable to the entire enterprise and how you would move it to the
entire enterprise and support it.
How is the role of
the CTO changing?
What you will find in the field, especially in the Air Force, is that we have a lot of officers moving around every two years or so because that’s the normal pattern. They are now depending more upon looking at the CTO as the person that understands the mission and what they need to continue with. That’s the way we established it.
We have CTOs and all the major commands out in the field and a few of the functional commands as well. We have established a foothold, if you will, throughout the organisation, because that’s a dependency. A lot of the officers depend upon the CTO to tell them, “Is this a good idea or not?”
Are you being faced by a new generation of Air Force officer – one that is digitally-led and tech-enabled?
The new officers want everything now. That’s normal. We all do that. Anything new is cool. Then again, it’s just a question of bringing them back into the mission focus, what is really going to support the mission as opposed to anything else.
I think we’ve succeeded in that because we do push them back to the missions, and we’re actually encouraging this now, which is kind of interesting because we have competitions from airmen coming in and saying, “Hey, this is a new technology that we want to produce out there.”
We’re actually giving them money to do things to support their endeavours and everything else. A lot of times that falls back to me or one of the other CTOs to actually watch them to make sure they’re doing it correctly.
We also have more competition now from small businesses. We
actually support research and development of small businesses to put new
technology out into the field and we actually work with people. So, we have
turned ourselves into a technology engine looking at various technologies rather
than just writing RFPs and sending them out.
What’s changed about
your role since joining the organisation?
Most CTOs don’t have airplane manufacturing associated with them. In industry, most CTOs are CTOs basically for IT. The only difference is we change the duty title a little bit because we wanted to emphasise that we’re focusing on IT as opposed to anything else, but as opposed to actually doing material testing for new wings and evaluating the capabilities and the vibrations of wings, giving new designs and everything else and the engines associated with it, things like that.
We have this way of looking at the R&D effort before it gets into a technology point where you can actually feel it. That’s the R&D piece of it. The IT piece is everything after that, basically.
When you talk to the CTO of most organisations they will tell you they’re all IT because there may be some pieces of manufacturing, but most of them are not in the manufacturing area except for watching, making sure the equipment actually works. That’s not what they’re doing.
They’re not designing manufacturing equipment per se, unless again, there’s an IT component of automation, artificial intelligence and everything else. It’s not that I don’t work with things on airplanes. I just don’t design airplanes.
How do you ensure
that, as a technology professional, you are continuing to learn and remain
ahead of the game?
I read a lot. That’s nothing new, but I try to stay abreast of what’s going on. Our tech vendors keep me abreast of what’s really going on with their push. I look at what technology is actually happening and where we should be going. It’s just one of those things.
I read a lot in the field and see what’s happening so I can see where we’re progressing, and the question then becomes, “How can we best move in that direction?”
What are some of your
current initiatives as CTO?
We’ve been trying to bring mobility to the airman for a
while now. The aircraft are mobile but for the airmen, mobility is a big key
because what we’re trying to add connectivity to an iPad or whatsoever and send
information on it to them because there’s no connectivity out in the field, on
the airfield. One of the big pushes right now is pulling LTE and 5G out into
the bases to start doing some of this capability.
Does it form a broader question as to what are we ultimately looking to do? We’re trying to make sure that aircraft get maintained quickly, effectively, in a certain way. We want to make sure that the parts that we want can be ordered directly right there when the repairman is there trying to fix the aircraft.
It’d be nice if we were sitting at a depot and the part could automatically be automated, being moved out to where the repairman is in some automated vehicle. That’s one of the ways we look at going forward with the mission because that mission is important.
Where do you think
the next industry shift will come from?
The next shift is AI. It’s such a buzzword right now, but
we’re starting to see more and more of augmented support via computers, via
neural nets and machine learning capabilities. We’re seeing it more and more
and we’re seeing some places where we can actually start using it now. I think
that the push is how to effectively use AI technologies to enable a mission.
Because a lot of people look at it and say they need it, without even knowing
what it is.
With new technologies and faster processing speeds, we can achieve more results with AI. As the processing has increased capability, we see that there’s some applicability for AI to run in real-time. We’ve been doing AI for around 20 years. I was coding expert systems way back when they were just coming out. Right now, we have processing capabilities that support some of this.
At the USAF, we’re trying to analyse data and be more of a data-driven organization, so long as it supports the mission. Everybody says, “Hey, I have to have it,” and you’re like, “Great. Give me a problem and I can tell you what applicable AI techniques there are for that problem space”. As we progress, you’re seeing more and more of that occurring, even though it’s still hype.
How important will
people remain?
People believe that their job is going to go away because of AI. AI is just an enabler to do your job better. You still have to be there. We talk about autonomous operations such as autonomous cars. Autonomous cars have a lot of problems with them right now because they have to make decisions really fast and they have to do it correctly.
Then there’s the ethical behaviour of automated entities. We’re going through this right now with AI. AI is just code somebody coded in a particular way. There may be some bias in that code as to conclusions, but you don’t know that. So, you have to understand all this. You just can’t say, “Hey, it’s really great. We’re going to go forward with it and proceed,” because that’s not how it works.
Everybody has to realise, with new technologies that it’s
difficult at times to get people grounded into the mission that the new
technologies are supposed to support. You’re solving a problem with these new
technologies or you’re helping to solve a problem, but this problem is
basically something that you want to enhance in your mission. You have to think
of technology as an enabler for your particular mission. A lot of people forget
that. They just think, “I want to have new technology because it’s
cool.”
Borislav Tadic, Vice President BMS & Transformation DRC, explores how a major digital transformation of Deutsche Telekom has enabled greater…
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Borislav Tadic, Vice President BMS & Transformation DRC, explores how a major digital transformation of Deutsche Telekom has enabled greater customer experience and significant technological advancements.
Tell us what
your role is and how it fits into the wider Deutsche Telekom strategy?
I’m Vice President at Deutsche Telekom, responsible for board member support and transformation of the board area, data privacy, compliance and legal, working here in the Bonn headquarters of Deutsche Telekom Group. We as Deutsche Telekom Group are present in 50 countries and I would say are definitely a leading European telecommunications brand. We hope, after our mergers and acquisitions in the United States that we’ll become an even bigger player on a global level.
How
important is it in your position to continue to learn?
That’s a fantastic point. One thing
I try to do is constantly improve on an individual level. That includes formal
education. I have at least 10 internationally recognised certifications and I’m
currently working on my PhD in parallel to my work and I use numerous
non-formal opportunities to expand my knowledge, both in the formats offered in
the company and outside as well as through reading and keeping up to date with
the latest developments every day, every morning.
That attitude is something I try to include in our transformation programs. For example, during the past two years, we’ve up-skilled more than 1000 employees off this board area, both in Germany and internationally, in several ways. First, offering them online learning content on our intranet platform, creating awareness about the different digital courses we have in the context of Deutsche Telekom, which are focused on their profession. We also continue to learn about global technological developments, so they can understand the new trends and developments in the industry so that they can better advise and/or support their customers.
From there we went a step forward and decided not only to offer them in a digital format, which is easy to implement and easy to offer and cost-efficient but also to enable a knowledge transfer. This is through our Digital Future Campuses in Athens and here in Germany. Several hundred people and experts from different functions of our board area were brought together and we educated them in areas such as broadband development, 5G, agile working, international collaboration, diversity and many other topics which directly or indirectly contribute to their performance and to their daily jobs. Satisfaction rate on the company level was one of the best in the recent history of Deutsche Telekom, with 96 to 99% participant satisfaction with the program.
Deutsche Telekom AG
A
transformation of any kind breeds challenge, what are some of the challenges
you have faced?
It is a challenge indeed. The first aspect of the challenge is that you have to give or convey as much knowledge as possible in a relatively short time and of course to make the knowledge current because if you prepare a course around blockchain and you prepared it two years ago, today you would need a completely different base. The pace of change with regards to the content, which you create to educate someone, is very high. It’s important that you stay up to date in the preparation and delivery of these courses.
Even that aside, you have a limited budget and this limited budget has to be approved and/or aligned with our human resources area. We are working with them closely because of course they have way more transparency about the needs of every individual employee and we have of course our professional view and vision where we want to be as a group. We basically worked with our colleagues from HR and with our expert groups in identifying which areas we need to focus on because you have hundreds of areas, especially in our fast-changing, fast-paced business around digitisation and technology.
After we finalised that, we created a program and then the next challenge was how to get the best possible lecturers and best possible experts to share the knowledge, because of course, their time is limited. There are of course budget limitations and numerous other restrictions including language barriers. We tackle that by trying to find the best in-house experts in some areas and external partners for others. They have more experience in some domains that are relevant to us. Then there is the delivery.
Even if you organise a format that consists of online courses as well as the physical presence of a course for several hundred people, that’s not an easy task. It sounds like an easy task; it’s just an event with a couple of hundred people but no, this is multi-partner, multi-party interactive session with numerous choice options because not everyone gets the same program. The people choose the modules and you have to fit all of that together. These are some of the challenges we’ve hopefully successfully tackled.
How
do you ensure that your transformation is done so with the customer experience
in mind?
That was the essence of our program and it’s a great question. First, we understood that we cannot only assume what the customer wants, we need to know what the customer wants and the only way to do that is to talk to the customer. As a governance function, we went and talked to the customers. We went out and spoke with actual private customers and business customers of Deutsche Telekom and asked them: what can we, from security, from privacy, from legal, from compliance, do differently in order to make your life better and easier?
We got our feedback. It was extremely good feedback, in the sense of many concrete, actionable points we can implement. For example, one of them was to simplify terms and conditions. When you sign a contract anywhere, for any mobile service, TV service or anything else we offer, you need to read through the pages of the contract documentation. This document is written mostly with the small letters, small font, explaining what will happen in case of some emergency escalation or conflict etc. It’s written in a language that no one understands but it was always the intention of Deutsche Telekom to make it fully understandable to our customers. We were doing our own efforts but when you speak directly to the customers, he can explain to you, which paragraphs are not easily understood or interpreted.
We used that feedback to simplify the terms and conditions for our major products. We did that within a couple of months and now we have one of the best, if not the best terms and conditions document, which is now standard. This raised the trust with our customers because they know that Telekom is fully transparent and wants them to understand what they are signing and what they are changing with their contract situation. This is only one example of numerous changes we did to the direct discussions with external customers.
How
important is transparency to a company like DT?
When you look at how you can make it more transparent and when you simplify the processes and the policies, the documents, when you’re directly communicating your goals and why you are doing certain things, this raises the trust of the customers. But of course, many digital tools can also help you to raise that transparency. For example, you can do it for ethical reasons. We have been very successful in advancing customer demands through a chatbot. It became so good that some of the customers didn’t even know that they were being served by the chatbot. Because it answered all their questions in the manner that they would expect from a live person, but we still, from an ethical perspective, decided to include the sign notification saying: “You’re speaking with our digital assistant, not with a real person.”
We’ve also introduced specialised
tools both internally and externally. As an example, we have a data privacy
cockpit that enables you to log in as a customer of Deutsche Telekom and
basically see which data you have approved or are sharing with both Deutsche
Telekom and you can also click and approve or disapprove with us sharing that
data with other parties. We are very strict with that. This is one of the parts
of our unique selling proposition; we’re extremely careful with the data of our
customers. What we want to achieve is for customers to no longer need to call or
send an email to understand which data of theirs is in the system and which can
be shared, but they also can log in with their mobile or fixed device and look
and choose and change the categories at any time, through a very useful and
user friendly interface.
Around 10 years ago, through internal experiences, we realised that this could become something we are known and recognised for, and so we decided to really invest internally into data privacy, security, compliance to strengthen our legal functions, to strengthen our audit functions. We did this in order to create a system that not only gives assurance to our shareholders but also to all of our customers. We don’t do it because we must; we believe that there is clear value in data being handled in an ethical and responsible manner for our customers.
How
difficult is this with regards to DT’s presence across 50 countries?
First is that we look at all of our footprints holistically where, if we have a high standard which is not producing a significant change in the product pricing or service pricing, we look to apply it throughout the whole footprint. In the area of compliance, security, privacy and risk management, we are applying the highest standards worldwide.
The challenge here is that you have certain local changes which happen and which of course demand us to stay on the ball in that we are always in contact with our local counterparts which are responsible for these areas where the board area is active and not only upscale them, not only to make them aware of the customer demands both locally and internationally, but also to always make sure that they’re applying the latest, leanest standard and the process to keep the high levels of these services.
How
will you continue to grow and transform? Can a transformational journey ever
really end?
There is no endpoint. You’re absolutely right; the transformation will never stop and should never stop. It’s a process of continuous improvement of the organisations and individuals and customers’ demands, markets. Everything is changing, so we need to keep changing constantly. I think it’s very important to say in the sense of the role you mentioned is that you also lead by example, not only me but also my colleagues and other senior executives. They need to be aware that if we are promoting a tool to be used or a process to be simplified, we have to start with ourselves.
They’re extremely important, these change processes, because it’s not sufficient only to upscale, to implement the customer demands and to digitise and introduce digital tools. If you want the whole organisation to have a sane and a good mix of agile projects and waterfall projects, I need to show that some of my projects in the digitization context are being run agile.
What do the next 12 months look like for DT?
We’re going to focus on new skills. Let’s say that we are going to further explore what the blockchain is bringing. We are going to further explore what the changes are, not only technologically, but also the social changes related to 5G. In addition to that, we want to further explore AI and also further explore digital ethics. We are going to be active in the corporate digital responsibility domain where we, as Deutsche Telekom, are very much pioneering some of the elements here in Europe, so this is definitely going to happen.
What
makes a successful CTO?
I would say surround yourself with extremely diverse people because diversity is not only diversity in the context of having different people with different backgrounds around yourself or different religions, different genders, different ages, etc., but also diversity in the opinion context, and the context of thoughts. And when you’re surrounded by such people, try to be like a sponge.
Try to take as much input as you can to process this and put it into the context and to continue changing because if I would apply what I learned at let’s say in the university or what I’m learning now for my PhD, that might be okay for a certain period of time, but the world, technology and the market is changing with extreme pace. So, you have to be fully aware that this will continue changing so your adaptability is the key. Your curiosity is the key and if you keep that, I’m sure that you’re basically ensuring that you’ll be successful today and tomorrow.
As the world continues to become increasingly digital, it was only a matter of time before it spread to the…
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As the world continues to become increasingly
digital, it was only a matter of time before it spread to the very currency in
our wallets. Just over a decade since the advent of Bitcoin, blockchain (the
very foundation of cryptocurrency) has very much cemented itself as an industry
in itself.
Here, we take a look at 5 of the biggest players in the cryptocurrency market, and the blockchain system they use as ranked by Forbes.
Three new Samsung Galaxy S10, S10e and S10 plus mobile phones.
Arguably one of the biggest companies in the world, driven by a vision to “create a better world full of richer digital experiences, through innovative technology and products”.
Naturally, Samsung has turned its attention to blockchain and works with the Nexledger platform. Available for enterprises all over the world, Nexledger enables enterprise companies to track their transactions with greater speed and efficiency at scale.
One use case for Nexledger is a Digital Payment System, utilising blockchain to support various types of payments in an increasingly cashless world.
Visa
Closeup of VISA credit card with smart chip. VISA is one of the three biggest brands.
In early 2019, the payments giant Visa announced the global launch of its Visa B2B Connect network, a platform designed to transform B2B payments for the digital age.
Developed in response to the growing complexity of payments between financial institutions and their corporate clients, Visa B2B Connect uses blockchain technology architecture that allows payments to be made in a simple, flexible and safe way. Visa B2B Connect will look to cover more than 90 markets by the end of 2019.
The platform will facilitate transactions from the bank of origin directly to the beneficiary bank, creating a unique digital identity formed of banking details and account numbers that can be used to facilitate transactions on the network.
Visa B2B Connect’s digital identity feature has been said that it will “transform the way information is exchanged in business-to-business cross-border transactions”.
Oracle
The Oracle World Headquarters located in Redwood City.
Known for its database and cloud software, Oracle also has its own blockchain software in the Oracle Blockchain Platform.
Described as a “comprehensive distributed ledger cloud platform”, Oracle allows its customers to reliably share data and conduct trusted transactions with suppliers, banks and other trade partners.
The Oracle Blockchain Platform is the only enterprise-grade managed blockchain service with 99.95% SLA with enhanced security and through built-in identity management, it allows rapid provisioning and simplified management of blockchain networks to reduce costs and setup time from weeks to minutes.
Maersk
Pile of Shipping Containers of Maersk at Ballyhoo road at night, Unalaska, Alaska.
In the global logistics industry, tracking shipment and cargo is its bread and butter and so blockchain solutions naturally lend themselves to this space.
Through a partnership between Maersk and IBM, TradeLens was born. TradeLens is an open and neutral industry platform, powered by blockchain, to track shipments in real time, improve and encrypt data sharing for over 10 million shipping events every week.
The TradeLens ecosystem is a treasure trove of some of the biggest organisations the world over, with more than 100 companies including carriers, ports, terminal operators, 3PLs and freight forwarders. These contribute to one of the most powerful supply chain blockchain ecosystems in the world.
HTC
HTC One smartphone
In a world of cashless transactions and data sharing, the mobile phone is the obvious vessel for blockchain deployment. Dubbed as the phone that could “change the internet as we know it”, the HTC Exodus was announced in early 2019.
With a secluded area kept separate from the Android operating system, the blockchain-powered phone is the first mobile phone that can only be bought with cryptocurrency.
Users will have access to Zion, HTC’s very own cryptocurrency wallet. Running decentralized applications and programs that operate on the blockchain technology; HTC Exodus will represent a “new era” of secure data storage and transactions.
Welcome to a packed August issue of Interface Magazine! This month’s exclusive cover story is with a telecommunications giant. We…
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Welcome to a packed August issue of Interface Magazine!
This month’s exclusive cover story is with a telecommunications giant. We caught up with Verizon Consumer Group’s Executive Director of Sales Experience John Walker to discuss the telco’s transformation of its customer journey…
The largest wireless provider in the US, Verizon, with its 4G LTE network, covers approximately 98% of the States. The company has transformed its customer journey, while boosting revenue in the process, in an omni-channel offering that has reshaped its sales strategy.
Verizon Consumer Group’s Executive Director of Sales Experience across those channels is John Walker and it’s his job to examine the shopping path and the process of shopping in a bid to provide a greater experience for both the customer and the sales team. “We’re moving on,” Walker explains, “from having a channel-focused distribution strategy to a customer-journey focused one. It’s a big change…”
We also speak to Neil Williams, Director of IT and Digital Transformation
at the University of Derby, who has overseen massive changes at this
progressive tech powerhouse. Plus, we have an exclusive interview with Frank Konieczny, CTO at the US
Air Force and Borislav
Tadic, Vice President BMS & Transformation DRC at Deutsche Telekom.
All the best tech events and conferences are also listed, as are
the Top 5 companies deploying blockchain.
Part four of a six-part supply chain masterclass with Frank Vorrath, Executive Partner, Supply Chain, Gartner. In this episode, Frank…
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Part four of a six-part supply chain masterclass with Frank Vorrath, Executive Partner, Supply Chain, Gartner.
In this episode, Frank explores the concept of transforming organisational structures and talent development in order to prepare for the next era of business growth.
“Companies that really understand and develop the talent they have, while also looking from the outside to consistently bring new talent into the business, are winners in tomorrow’s marketplaces.” – Frank Vorrath, Executive Partner, Supply Chain, Gartner.
An uncertain business climate doesn’t have to mean uncertainty in your business, says data analytics expert Laura Timms. Despite complex…
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An uncertain business climate doesn’t have to mean uncertainty in your business, says data analytics expert Laura Timms.
Despite complex challenges on the horizon, the wide availability and
adaptability of data analytics means managers can take proactive steps to
futureproof their organisations.
As product strategy manager at MHR
Analytics, the business intelligence and financial performance management
provider, Timms sets out five ways companies can harness data analytics to
thrive in tough times and plan confidently for 2020 and beyond:
1.Reduce unnecessary expenses
A key part of preparing for the future is watching what we spend now.
Deciding where to cut funding can easily be left down to intuition
rather than truly understanding key and ‘not so key’ revenue drivers.
In Deloitte’s Analytics Advantage report, revenue
generation or cost reduction was reported to be the most valued outcome of
using analytics.
How? By aligning budgets and resources, funds can be redeployed to meet
critical objectives and lower costs. Taking this approach, we recently helped
one of our customers deliver savings which equated to a return on investment of
250%.
Analytics acts as a strategic tool which can be used to give insight
into areas such as investment opportunities, financial performance and key
financial drivers; to give managers peace of mind that resources are always
allocated in the right place at the right time.
2.From hindsight to foresight – see and
respond to changes in real-time
Organisations that are able to respond to changes quickly are better
equipped for success.
As Mckinsey laid out in
its five trademarks of agile organisations: “Technology
is seamlessly integrated and core to every aspect of the organisation as a
means to unlock value and enable quick reactions to business needs.”
To future proof a business, it is necessary to evolve from a “hindsight
mentality” that tries to accompany change once it’s already happened; to an
approach that identifies and responds to changes as they happen in the moment.
This is where analytics comes in. Business intelligence and analytics
technology can provide a real-time view of an organisation so that employees
can easily adapt systems to changing business strategies and realities.
With analytics, businesses can provide products and services that meet
changing customer requirements, match outputs to available resources, and
ultimately make smarter decisions.
3.Scenario modelling to plan for
different possible outcomes
There are two types of organisations: those that are reactive and those
that are proactive.
While reactive businesses simply try and diffuse an already burning
fire, proactive organisations identify the risk factors involved and question
not only what they need to do to prevent the fire, but also whether there are
any hidden risks or opportunities accompanying the disaster.
The good news is that even for those who currently fall under the first
category, data analytics can easily change this.
Certain analytics technologies provide scenario planning capabilities,
which enable managers to model different potential scenarios and outcomes. This
can supercharge the effectiveness of decision-making, as it provides front-row
seats to see how different decisions will impact the organisation – all without
having to commit to one particular course of action.
When this scenario modelling is “multi-dimensional”, you can see how
change in one area of the business will impact on other areas, to ensure the
whole business is optimised for success.
Whether it’s a change in legislation, cuts in funding or changes to
company structure – managers can plan and prepare in advance and reduce the
risk of any nasty surprises.
4.Free up more time to spend on what
matters
Chances are, businesses that are not using analytics to carry out their
planning are probably relying solely on spreadsheets.
Think of the number of different spreadsheets in your department alone
and think of how many hours are spent in a typical week updating these… the
answer is probably “too many.”
While spreadsheets are widely seen as the building blocks of planning,
relying on spreadsheets alone is neither a reliable or efficient way of
preparing for the future.
Repetitive administration tasks can hold companies back and are not
always necessary.
A better approach may be to utilise a ‘planning analytics’ solution to
reduce these time-consuming jobs and simplify planning, budgeting and
forecasting processes.
This eradicates the need for data input-led roles and allows the costs
associated with these positions to be better utilised in higher-value tasks.
Not only does this provide financial benefits in terms of ROI, but it also
works to the advantage of employees by allowing them to focus on ‘what they’re
trained to do’ over routine tasks.
Ultimately, analytics frees up more time to spend on the initiatives
that really matter, positioning organisations in the best place to meet
objectives.
5.Full organisational view of planning
Without a holistic picture of the organisation, it’s impossible to
safeguard it against future changes.
While localised planning limited to individual departments and teams may
be convenient, it doesn’t offer the scale of impact needed for success. To
truly prepare for the future, the whole organisation has to be on board.
Another downside of relying on spreadsheets alone to plan is that
they’re simply not designed to tell the whole story. With different teams using
different spreadsheets, input methods and analysis techniques, and little
collaboration between this data, the task of collating and making sense of it
isn’t an easy one.
On top of this, manually inputting
data into Excel documents leaves room for human error, with various studies
even suggesting that almost 9
out of 10 spreadsheets contain errors.
Planning analytics software puts all
this sporadic data into one centralised place to give a 360-degree view of an
organisation.
Through this, you’ll be able to see
and understand your business at a granular level so that you can gain early
insight into the health of your organisation and plan with confidence.
To learn more about using analytics to plan for the future, take the
data maturity quiz which assesses the stage your organisation is on and
outlines the steps to take to create a futureproof organisation.
Experts have been predicting for some time that the automation technologies that are applied in factories worldwide would be applied…
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Experts
have been predicting for some time that the automation
technologies that are applied in factories worldwide would be applied to
datacentres in the future. Not only to improve their efficiency but to help
gather business insights from ever-increasing pools of data. The truth is that
we’re rapidly advancing this possibility with the application of Robotic
Process Automation (RPA) and machine learning in the datacentre environment.
But why is this so important?
At
the centre of digital transformation is data and thus, the datacentre. As we
enter this new revolution in how businesses operate, it’s essential that every
piece of data is handled and used appropriately to optimise its value. This is
where the datacentre becomes crucial as the central repository for data. Not
only are they required to manage increasing amounts of data, more complex machines
and infrastructures, we also want them to be able to generate improved
information about our data more quickly.
In
this article, Matthew Beale, Modern Datacentre Architect at automation and
infrastructure service provider, Ultima explains how RPA and machine learning
are today paving the way for the autonomous datacentre.
The legacy datacentre
Currently,
businesses spend too much time and energy on dealing with upgrades, patches,
fixes and monitoring of their datacentres. While some may run adequately, most
suffer from three critical issues;
• Lack of consistent support, for
example, humans make errors when updating patches or maintaining networks
leading to compliance issues.
• Lack of visibility for the business,
for example, multiple IT staff look after multiple apps or different parts of
the network with little coordination of what the business needs.
• Lack of speed when it comes to
increasing capacity or migrating data or updating apps.
Human
error is by far the most significant cause of network downtime. This is
followed by hardware failures and breakdowns. With little to no oversight of
how equipment is working, action can only be taken once the downtime has
already occurred. The cost impact is much higher as the focus is taken away
from other things to manage the cause of the issue, combined with the impact of
the actual network downtime. Stability, cost and time management must be
tightened to provide a more efficient datacentre. Automation can help achieve
this.
‘Cobots’ make humans six times
more productive
Automation
provides ‘cobots’ to work alongside humans with unlimited benefits. The
precisely structured environment of the datacentre is the perfect setting to
deploy these software robots. There are many medial, repetitive and time
intensive tasks that can be taken away from users and given to a software robot
with the effect of boosting both consistency and speed.
Ultima
calculates that the productivity ratio of ‘cobot’ to human is 6:1. By reviewing
processes that are worth automating, software robots can be programmed, and
once verified, they can repeat them every time. Whatever the process is,
robotics ensure that it is consistent and accurate, meaning that every task
will be much more efficient. This empowers teams to intervene only to make
decisions in exceptional circumstances.
The self-healing datacentre
Automation
minimises the amount of time that human maintenance of the datacentre is
required. Robotics and machine learning restructures and optimises traditional
processes, meaning that humans are no longer needed to perform patches to
servers at 3 am. Issues can be identified and flagged by machines before they
occur, eliminating downtime.
Re-distribution of resources
and capacity management
As
the lifecycle of an app across the business changes, resources need to be
redeployed accordingly. With limited visibility, it’s extremely difficult, if
not impossible, for humans to distribute resources effectively without the use
of machines and robotics. For example, automation can increase or decrease
resources accordingly towards the end of an app’s life to maximise resources
elsewhere. Ongoing capacity management also evaluates resources across multiple
cloud platforms for optimised utilisation. When the workload is effectively
balanced, not only does this offer productivity cost savings, it also allows
for predictive analytics.
The art of automation
These
new, consumable automation functions are the result of what Ultima has already
been doing for the last year when it found itself solving similar problems for
three of its customers. It was moving three customers from their end of life
5.5 version of VMWare and recognised that it would be helpful to be able to
automatically migrate them to the updated version, so it developed a solution
to do this. Where once it would have taken 40 days to migrate workloads, the
business cut that in half, resulting in a 33 per cent cost saving for those
companies. It then moved on to looking at other processes to automate with the
ambition of taking its customers on a journey to full datacentre automation.
Using
discovery tools and automated scripts to capture all data required to design
and migrate infrastructure to the automated datacentre, Ultima’s infrastructure
is used as a code to create repeatable deployments, customised for customer
environments. These datacentre deployments are then able to scale where needed
without manual intervention.
The journey to a fully
automated datacentre
The first level of automation provides information for administrators to take action in a user-friendly and consumable way, moving to a system that provides recommendations for administrators to accept actions based on usage trends. From there automation leads to a system that will automatically take remediation actions and raise tickets based on smart alerts. Then you move to a fully autonomous datacentre utilising AI & ML, which determines the appropriate steps and can self-learn and adjust thresholds.
AI-driven operations start
with automation
Businesses
are adopting modern ways of consuming applications as well as modern ways of
working. Over 80 per cent of organisations are either using or adopting DevOps
methodologies, and it is critical to the success of these initiatives that the
platforms in place can support these ways of working while still keeping
efficiency and utilisation high.
In
the not too distant future is a central platform to support traditional and
next-generation workloads which can be automated in a self-healing, optimum way
at all times. This means that when it comes to migration, maintenance,
upgrades, capacity changes, auditing, back-up and monitoring, the datacentre
takes the majority of actions itself with no or little assistance or human
intervention required. Similar to autonomous vehicles, the possibilities for
automation are never-ending; it’s always possible to continually improve
the way work is carried out.
Matthew Beale is Modern Datacentre
Architect, Ultima, an automation and transformation partner. You can contact
him at matthew.beale@ultima.com and visit Ultima at www.ultima.com
This month’s cover centres around Staffordshire University, one of the UK’s emerging tech powerhouses. We talk to Andrew Proctor, Director of Digital Services, at the university who talks about the massive digital transformation he has overseen there.
For a sector steeped in tradition, it’s perhaps not
surprising that higher education has taken longer than most industries to wake
up to the digitisation of operations and offerings that have disrupted
virtually every other market. However, with rising customer expectation linked
to increased fees, and a battle to establish points of differentiation in a
highly competitive marketplace, higher education has had to respond to the
changing needs of the client, and nowhere is that more evident than at
Staffordshire University.
Andrew Proctor, is the man who has spearheaded a
massive digital revolution in an attempt to truly harness digital. “If you
compare higher education to a lot of the modern digital era organisations or
companies, universities can be obsessed with physical assets such as buildings;
a new building being a sign of a healthy university,” he explains. “Now, I’m
not saying that buildings aren’t a part of that future, they absolutely are,
but we are developing what we call a ‘clicks and mortar’ strategy that delivers
the best of the physical and the digital. It’s that harmony between your
physical infrastructure and your online presence.”
Elsewhere,
there is a highly revealing interview with EnterSolar’s Edgar
Lim, Vice President of Technology and Procurement, who explores how a sound
procurement philosophy achieves growth in a “solar-coaster” market.
We
also hear from Craig Stewart, Vice President of Product Management at
SnapLogic, who addresses how tech can provide some of the solutions to the
global skills gap. We also look at the advent of automated data centres and
reveal the most influential blogs and resources for CIOs.
Plus,
lots, lots more, including our guide to the world’s best events and conferences.
By Robert Douglas, Europe Planning Director at Adaptive Insights, a Workday company Now, more than ever, agility is the currency…
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By Robert Douglas, Europe Planning Director at Adaptive Insights, a Workday company
Now,
more than ever, agility is the currency of success. And while agility may be
about responding intelligently to the changing nature of the marketplace, those
responses must be rooted in a plan. Today, many organizations leverage newer
technologies in the cloud for planning, having moved away from manual
spreadsheets. And while the cloud offers greater collaboration and the ability
to easily combine both historical and real-time data, it’s just the beginning. Digital
transformation is changing and will continue to change the definition of best
practice planning in organisations. As such, the next step for business planning
revolves around two key areas—advancements in AI and machine learning, and
increased automation.
The power of ‘what if’
What-if scenarios are already incredibly
powerful for strategic decision-makers. Organisations can model different
versions of the future based on historical information and predictive analytics
before choosing the best path forward. Consolidating executional data within
organisations is the first step in capitalising on future AI opportunities. However,
there is a lot more to come. In fact, compared with what AI is going to make
possible, scenario planning is still in its infancy.
Today’s scenario planning is a good proof of
concept, but as long as humans are driving the creative process—it relies on
people to ask the right questions of the right data—what-if planning is going
to be constrained by available resources. The most advanced decision-making
today is typically supported by a few best-estimate scenarios—maybe four or
five at most. However, in truth, there are many more possible futures to
potentially prepare for, and what looks like best practice now is going to seem
vastly limited in scope before too long.
As the volume and variety of available data
grows, and access to that data gets easier, AI and machine learning algorithms
will make it possible to drill down, consolidate, and leverage incredibly
granular information at the highest levels.
AI and machine
learning use cases
To consider how these AI and machine learning
algorithms will work, let’s look at a use case of a CEO aiming to achieve a 40
percent growth target over a two-year period and wants to model what that looks
like to present at the annual executive offsite. AI and machine
learning-enabled planning could help to quickly and automatically find the
optimal growth path, while accommodating any conditions and assumptions on the fly.
Essentially, the planning system could measure
historical performance and recommend a market segment mix strategy, along with
the associated budget increases in the specific marketing and sales activities
needed to support it. If they then decide they need to cap growth in sales to
smaller businesses in order to also expand into enterprises and international
markets—while also maintaining expenses at a certain increase—an alternative,
optimised model could be quickly created without any manual lifting.
A future with machine
learning
The future of business planning is not just
about thinking bigger—it is about making better decisions and operationalising
them faster. That’s where machine learning comes in. Increased automation,
driven by algorithms, is going to blur the boundaries between planning,
execution, and analysis until planning cycle times have all but evaporated.
Planners will be able to ask deep, complex strategy questions and see the results modelled in real time. As the data becomes more trusted, they will be able to make significant, informed, “just-in-time” decisions, confident in the patterns surfaced in the data. And as the line between planning and transactions systems begins to blur and disappear, plans will automatically cascade down to operational departments—even down to individual workflows—in real time.
‘Strategy’ will become the province of human-driven
innovation while planning becomes an organic, ongoing exercise of continuous
improvement inextricably linked to the transactional systems that execute
plans.
Leading the change
Today finance acts as the central junction within business planning and is, therefore, a natural steward for change, helping normalise new habits and behaviours for the rest of the organisation. As such, there is a strong case to be made for finance teams to double down on their new position as stewards of change by acting as transformation leaders—both for existing processes, and for future, unknown developments.
Finance’s role will change significantly in
order to leverage technology developments in the data-driven, AI future.
Driving collaboration with business partners, breaking down data silos, and
embracing new technologies and processes to keep pace with today’s rapidly
changing business environment will be key. The result will be an augmented,
intelligent planning process that delivers true business agility.
Everyone wants to implement Artificial Intelligence (AI) and Business Intelligence (BI) solutions. AI alone is anticipated to generate $15.7 trillion…
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Everyone wants to implement Artificial Intelligence (AI) and
Business Intelligence (BI) solutions. AI alone is anticipated to generate $15.7
trillion in GDP by globally 2030, and as this market grows, AI and BI will
shift from industry buzzwords, to key market differentiators, before eventually
becoming the new normal in the corporate landscape.
Yet
bringing AI and BI on board is a big leap if it’s your first major data
project. Stibo Systems’ Claus Jensen, Head of Emerging Technology, comments
on the role of MDM as a vital foundation to implement emerging data technology.
Most CEOs
don’t trust their own data.*
Let that
sink in for a moment.
Almost
every business is looking to data solutions to fuel the next phase of growth
and innovation. AI and BI are firmly on the agenda, yet a report by Forbes
Insights and KPMG found 84% of CEOs are concerned with the quality of the data
they’re basing their decisions on.
That’s a
significant disconnect. Businesses at board level want to implement ‘next
generation’ data projects, but don’t trust
the data that will be fed into them. For CDOs and other data leads, this
presents a difficult situation. They need to meet demand for cutting-edge data
projects, knowing that there is a certain level of mistrust in the data at
their disposal.
For many
CDOs, that mistrust isn’t limited to the CEO. Think about the data you are
currently processing: how confident are you that it’s being accurately sourced,
entered, saved, stored, copied and presented? How well do you know that data
journey once it leaves your sphere of control? Are you certain that a
single source of truth is being maintained?
The
data gold rush
It may only
be major data breaches that make the headlines, but in the global gold rush for
data, too many businesses fail to accurately extract, store and interpret data.
Mistakes
are made at every stage in the process – in fact, so bad are we at processing
data, a report by Royal Mail Data Services claims that around 6% of annual
revenue is lost through poor quality data.
It’s
equally bleak in the US, where Gartner’s Data Quality Market Survey puts the
average cost to US business at $15 million per year.
Despite
this, we’re rapidly moving the conversation from data capture to artificial
intelligence (AI), business intelligence (BI) and connected devices (IoT) – and
for good reason.
Putting
aside the issue of bad data (we’ll come back to that), businesses now have
access to more data than they can handle – according to SAS’ Business
Intelligence and Analytics Capabilities Report, 60% of business leaders
struggle to convert data into actionable insights, and 91% of companies feel
that they are incapable to doing it quickly enough to make useful
changes.
Business
Intelligence and Analytics Capabilities Report
In large
businesses, where data streams are blended from many sources, machine learning
can help data scientists monitor figures to flag outliers, irregularities and
noteworthy patterns.
Once
flagged, business leaders can use BI to bring those patterns to life, helping
pave the way for the most appropriate, and profitable, action.
Stibo Systems’ Head of
Emerging Technology, Claus Jensen, believes it’s only a matter of time before
we see AI regularly used within business product features – with machine
learning automating tasks thanks to effective data interpretation.
Jensen and
his team are working at the forefront of data: building master data management
solutions in conjunction with AI and BI. “We’re entering into a new era of data
analytics,” says Jensen. “Data scientists aren’t going away, but they can do
more and more high-level work as certain use cases are solved by AI.”
One of
these use cases is machine learning-based auto classification. “For retailers
onboarding thousands and thousands of new products every month, it’s really
time consuming for them to have the vendor categorise the product into the
vendor taxonomy.
“Machine
learning can automate this based on product description and image.”
Running
before we can walk
As exciting
as this sounds, businesses eager to install new uses for data often face
significant challenges: their data isn’t watertight, or it’s siloed, often
both.
In a piece
penned for the Financial Times, Professor of Economics at Stanford Graduate School
of Business, Paul Oyer, wrote: “Smart managers now know that algorithms are as
good as the data you train them on.” In other words, AI (and analytics for that
matter) can only ever be as good as the date you feed it.
Which
brings us back to the question of trust. What needs to happen for CEOs to trust
their own data?
While
there’s no single answer to this question, a master data management (MDM)
solution is a good place to start.
“You can
think of MDM as the foundation, a layer, that provides a single source of the
truth for data,” explains Jensen. “Analytics and machine learning is only
useful if the data you’re working on is accurate. That’s where MDM comes in; it
ensures information presented, and actions taken, are based on fact and
reality.
“Otherwise,
business analytics is just a nice and colourful way to look at bad data, and
what’s the point in that?”
In today’s market expectations are growing and the stakes are high, with one mistake potentially costing a retailer their reputation….
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In today’s market expectations are growing and the stakes are
high, with one mistake potentially costing a retailer their reputation. Due to
this level of risk, brands find reducing their hands on approach to processes
difficult, but what they don’t realise is that technology such as Artificial
Intelligence and Machine Learning could prove to be their hero, not their
villain. Entrusting their data and brand values to such technologies may seem
like a scary step, but as David Griffiths, Senior Product Marketing &
Strategy Manager, Adjuno, discusses, it’s one that will free up
retail teams to add value and cut costs.
In AI
should we trust?
There is a great deal of obstacles to overcome when it comes to the stigma attached to AI. A key challenge facing the progression of this technology is that individuals simply do not trust it. The fear of the unknown is one concern that pops up most commonly, with people battling a perceived perception that those who use this technology will lack control.
But a new age
of retail is approaching and there is now an even greater need for brands to
define their processes in order to keep up. Consumers want to receive products
that are of a high-quality and they want to receive them now. These
expectations are taking us beyond the traditional methods of retailing and
leading us into a world immersed in technology, a world that benefits from the
helping hand of AI.
Informing
key decisions
With AI,
retailers will be able to gain valuable insights in warehouse management,
logistics and supply chain management, and make more informed and proactive
decisions. This technology makes it easier to analyse huge volumes of data in
an efficient fashion, helping to detect patterns and providing an endless loop
of forecasting. Using this knowledge to identify factors and issues impacting
the performance of the supply chain, such as weather events, retailers will be
able to take a forward-thinking approach to decision-making. An approach that
will lead to reduced costs and delays.
By extending
human efficiency in terms of reach, quality and speed, this technology can also
help to eliminate the more mundane and routine work that’s faced by employees
across the retail spectrum. From tackling flow management by assessing key
products to ensuring there is enough stock available to improving production
planning, a more informed use of time will help equip brands to face every
consumer request and demand.
This is
particularly important for those brands whose product line extends further than
apparel wear, and steps into the realm of hardware. With diversity comes a need
for more proof points and in turn, an extended volume of data. Retailers will
be battling to work across an even greater number of suppliers and distribution
centres, and accommodating the expectations of a larger customer base.
Considering this, it is fundamental that every last bit of data is refined and
utilised to streamline processes. AI is providing retailers with a platform to
do this, offering the potential for significant changes across the entire
product journey.
A data
conundrum
The benefits of
using AI to consolidate data are endless. Traditionally, teams have relied on
spreadsheets to collate information, hindering their ability to forward plan.
With AI this is no longer the case, a much more accurate picture of the hero
products, sizes and colours likely to sell, can be achieved by looking at
multiple scenarios in real time and pulling them together.
This doesn’t
mean that AI will replace creative buying teams. AI doesn’t forecast trends, it
can’t predict what consumers will be buying in 2020, it can only report on the
product lines. It can however help buying teams assess partners, analyse stock
patterns, track costs, enable capacity planning and help optimise shipments.
This data is invaluable to teams, especially for any new buyers who may need
extra guidance.
Conclusion
AI is set to
transform the retail scene as we know it. But in order to make implementation a
success, there shouldn’t just be a focus on the evolution of data management,
there must be an evolution of mindsets too. After all, if a retailer fails to
jump on board with AI and embrace a new era of change, then their customers
will be the ones who suffer.
Frank Konieczny, Chief Technology Officer of the U.S. Air Force, talks about how the role of the CTO is changing…
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Frank Konieczny, Chief Technology Officer of the U.S. Air Force, talks about how the role of the CTO is changing in a bid to add stability and assurance throughout organizations.
“What you will find in the field, especially in the Air Force is that we have a lot of officers moving around every two years or so because that’s the normal pattern,” said Konieczny in the podcast.
“They are now depending more upon looking at the CTO as the person that understands the mission and what they need to continue with. That’s the way we established it.
“We have CTOs and all the major commands out in the field and a few of the functional commands as well. We have established a foothold, if you will, throughout the organization, because that’s a dependency. A lot of the officers depend upon the CTO to tell them, ‘Is this a good idea or not?'”
Latest whitepaper provides detailed study of benefits and challenges for smart buildings and city management and highlights methodology to effectively…
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Latest whitepaper provides detailed
study of benefits and challenges for smart buildings and city management and
highlights methodology to effectively address associated security risks
Axis Communications, the market leader in network video technology, has today
announced the release of its latest whitepaper, Smart Buildings
& Smart Cities Security. Authored in association with
Virtually Informed and Unified Security, the whitepaper is the third in a
series looking at specific aspects of security and provides an in depth review
of the topic, addresses key questions and, importantly, provides
recommendations that must be considered if the smart promise is to become a
reality.
Against the global backdrop of population growth,
the strain on limited resources and climate change, there is a growing demand
for businesses and governments around the world to deliver significant
improvements in the way our cities and the buildings within them are managed.
The promise of future cities and buildings built around a smart vision to
reduce waste, drive efficiencies and optimise resources is a prodigious one
with many inherent challenges, not least, security.
Smart technology enables the collection and
analysis of data to create actionable and automated events that will streamline
operations. To deliver this at far greater scale means bringing together a
large number of very different systems and empowering them to communicate
freely with access to important and often sensitive data. Device
interoperability will be a crucial component of its success but to have full
confidence in the way that these diverse ecosystems operate together, and to
ultimately cede important decision-making to them, stakeholders must be fully
confident in the security of the systems.
The proliferation of IoT devices has witnessed in
parallel an exponential increase in the number of threat exposures and attack
vectors, that put in jeopardy the systems that our smart cities and buildings
will rely on. With an ever-increasing number of cyber breaches and a common
acknowledgment that ‘you are only as strong as your weakest link’, it is
important that cybersecurity is considered and evaluated throughout the whole
supply chain to protect data, maintain privacy and keep risk associated with
cyber threats to a minimum. This process should always start by looking at
device security and the vendors’ cyber maturity.
Managing cybersecurity in environments of this
scale involves drawing up thorough risk assessments that go right back through
the supply chain. Identifying vulnerabilities and mitigating the potential for
damage that they could cause. Axis’Smart Buildings
& Smart Cities Security whitepaper topics
include:
Smart cities and
why we need them – Smart cities are increasingly playing a significant role in
meeting today’s resource and population challenges
Smart and
intelligent technology – Smart devices, systems, buildings and cities
defined – questions and issues around existing definitions are addressed
Roles and
responsibilities – Review stakeholder roles and security risk management to better
understand the security issues associated with smart building systems
Security challenges – Threat
vectors are vast and varied with increasing levels of sophistication;
understand the vulnerabilities, technologies and standards to be applied
Recommendations – Getting
started; security standards and frameworks; product strategy, system and
solution security; supply and purchasing; and converged operations.
The associated disruption as a result of a
cybersecurity breach of a smart system could be catastrophic. At a minimum, it
would cause system downtime and impact its ability to operate. The loss of
personal data or IP may also damage reputation, impact a company’s share price
or even cause actual physical harm. Ensuring that converged security becomes a
vital component of this rapidly changing paradigm is of critical importance;
safety and security must be at the heart of the shared ambitions for a smarter
environment.
Steven Kenny, Industry Liaison, Architecture and
Engineering at Axis Communications commented:
“At Axis we are passionate about using technology to help create a smarter and
safer world. We also believe that technology should be used in an ethical and
responsible way. You might say that this whitepaper reflects the very values of
our business in that, used responsibly and with security front and centre,
smart technology will help us address the big challenges of our time.
Increasing efficiencies is vital in meeting carbon reduction targets and
avoiding climate catastrophe. The smart vision provides a strong basis for
economic growth and improved quality of life. We greatly admire the work that
Virtually Informed and Unified Security are doing to help ensure that the
worlds of physical and cyber security are aligned and working together to
achieve a common goal of increased safety and security for all.”
The whitepaper’s two authors have impressive
credentials. James Willison is the founder of Unified Security Ltd and one of
IFSEC Global’s top 20 Security thought leaders in the world. Sarb Sembhi is the
CTO and CISO at Virtually Informed and has contributed on security projects for
the likes of the London Chamber of Commerce and the Internet of Things Security
Foundation. Mr. Sembhi also sits on the editorial board of SC magazine.
By Bruce Penson, Managing Director at Pro Drive IT Can you imagine a world where identity security solutions are so…
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By Bruce Penson, Managing Director at Pro Drive IT
Can you imagine a world where identity security solutions
are so personalised, they are impossible to mimic or hack?
There are currently three common ways to prove a person’s
identity. Firstly, by means of something they possess such as a key and
secondly, by means of something they know; for example, a password. More
recently, people have been able to authenticate their identities by means of
what they are, using a set of recognisable and verifiable biological data which
is unique and specific to them.
Faced with a rise in document fraud and identity theft,
many are turning to new biometric technological solutions to keep personal data
and assets secure. As a result, biometrics has quickly established itself as
the most reliable way of identifying and authenticating individuals.
Previously reserved for sensitive applications such as the
security of military sites, biometric identification has developed rapidly in
recent years – with many applications in the public domain today making using
of this technology. Take the iPhone as an example, which uses either
fingerprint or facial recognition (depending on the model!) to unlock it.
One step further
Now, biometric technology is taking its next leap and
progressing into the world of embedded microchips.
The signs have been there for a while: if there’s one
trend in technology, it’s to go small and then smaller still. Computers have
gone from desks to laps, while phones have gone from being tethered to the wall
to fitting in back pockets. So, it was only a matter of time before these
technologies became a part of us.
It is estimated that between 50,000 and 100,000 people
currently sport an embedded microchip – enabling them to unlock their front
door, start their car, access the office or buy lunch with a wave of their
hand. The chip can even store their medical data.
Implanted between the thumb and forefinger, the tiny chips are similar to those
used for pets. But while pets’ microchips help to identify them if they get
lost, the aim of human microchips is to make life a whole lot more convenient.
Advanced security
Epicenter, a ‘Digital Innovation House’ based in Sweden, began microchipping
its employees in 2015 – allowing them to open doors, operate printers and buy
food from the canteen using a simple scan-to-process function. While BioTeq, a
firm which offers implants to businesses and individuals, has already fitted
150 of them in the UK.
But the question is: would you be willing to have a chip
implanted into your skin?
Some people are understandably wary of these microchips and a number of complex
challenges need to be addressed if biometrics technology is to effectively
shape personal identity authentication applications.
There is some trepidation that staff could be coerced into
being microchipped and that the technology could be used to control employees,
for example. Unlike company swipe cards or smartphones which can generate the
same data, a person cannot easily separate themselves from the chip either – so
the invasion of privacy could also be an issue.
However, in terms of security, biometric data cannot be
forgotten, exchanged, stolen or forged – making it much more secure than
traditional methods such as passwords and key cards. And as these chips are
developed further beyond the simple scan-to-function process, security will
only improve. For example, using a multistage feedback network would enable the
chip to grant people access to their computer – but only if it had already
unlocked their front door that day.
Whether or not human microchipping will take off on a
wider scale still remains to be seen but one thing is for sure: the next
generation will expect businesses to adapt to this level of technology. So, it
is vital to be ready for it.
By Lee Metters, Group Business Development Director, Domino, “Get closer than ever to your customers. So close, in fact, that you…
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By Lee Metters, Group Business Development
Director, Domino,
“Get
closer than ever to your customers. So close, in fact, that you tell them what
they need well before they realise it themselves.” Steve Jobs
Every brand
aspires to get close to its customers to understand what makes them tick. Those
that succeed invariably deliver better experiences that inspire long-term
loyalty. Today, the world’s biggest brands know us so well they’re able to
personalise their marketing to match our individual tastes and behaviours. When
Netflix recommends you try Better
Call Saul, it’s because it knows you binge-watched Breaking Bad. The
personal approach works; whether it’s a Netflix notification or a ‘programmatic
playlist’ from Spotify, targeted recommendations – informed by deep learning
and vast data – hugely influence the content we stream. Steve Jobs was right:
successful brands get so close to their customers, they can tell them what they
need long before they know they need it. And we all keep coming back.
However,
not all brands are as fortunate as the digital disruptors. How do you get close
to your customer when your brand isn’t an online service that’s routinely
capturing user data? If you’re marketing a physical entity – a food, a toy, a
designer handbag or a male grooming kit – how do you even know who your
customers are (let alone what they need) when complex supply chains inevitably
separate you from your end-user? How can you add brand value when you can’t
build a direct relationship with your customer or lay the foundation for
long-term engagement? The answer is: you can. In fact, as Lee Metters, Group
Business Development Director, Domino, examines, with the advent of simple,
affordable technology, you can do it quickly, easily, and
cost-effectively.
New
opportunities
A convergence of factors is creating new opportunities for marketers to transform the way they manage their brands through the consumer lifecycle. The availability of personalised barcodes combined with the ability of smartphones to read them, has reinvented consumer behaviours, with shoppers increasingly scanning product barcodes to discover more about the brands they buy. However, until recently, the absence of standardised coding meant that brands needed to create proprietary apps to deliver their value-added features, relying on customers’ willingness to download ‘yet another app’ in a world of app fatigue.
The introduction of GS1 Digital Link barcodes, which provide a standards-based structure for barcoding data, has removed this need for product-specific apps. It’s opened up the potential for marketing innovation – such as digitally activated campaigns that can transform a product into an owned media channel – enhancing the brand experience and building stronger connections with customers. This key development has been assisted by the emergence of advanced coding and marking systems that are helping brands include more information on every product, allowing them to personalise customer experiences at speed and scale.
With
customer intimacy considered a key driver of commercial success, personalised
coding and marking can help brands achieve the Holy Grail of getting closer to
their customers. What’s more, it provides a platform for value-added innovation
that builds engagement, trust, and long-term brand loyalty. The potential
applications are exciting and wide-ranging.
Internet
of Products
Digital
innovation is not limited to online brands – practically every product can form
part of a connected and accessible online ecosystem. An internet of products.
In its simplest form, personalised barcoding can provide a gateway to online
content – user manuals, product details, blogs, communities, and customer
support – that enhances the brand experience. However, beyond the basics, the
opportunities for compelling customer engagement go much further. Leading
brands are using QR codes to trigger anything from loyalty schemes and
competitions to gamification and immersive brand experiences. Progressive
brands are using barcodes to create innovative gifting solutions – allowing
customers to record personal video messages to accompany their presents, giving
their loved ones a more memorable experience.
The
potential for innovation is significant – and the rewards are too. For example,
in Germany, Coca-Cola used barcoding on cans and bottles to engage directly
with consumers, with a simple scan connecting customers with ‘in the moment’
mobile experiences. The digitally activated campaign allowed Coca-Cola to
transform its products into an owned media channel, captivating customers with
personalised content, incentives, and competitions that generated unprecedented
brand engagement. The campaign has subsequently been rolled out across 28
markets in Europe and North America.
Provenance
and authenticity
Serialisation,
first introduced to safeguard the medicines supply chain against the plague of
counterfeit drugs, is now being widely applied across many industries –
allowing brand owners and customers to track and trace products and determine
their authenticity. This is a significant value-add in sectors like food, where
discerning consumers are increasingly interested in the provenance of produce,
and the journey foods make from farm to fork. With carbon footprint and other
environmental issues now a key influence on consumer purchases, traceability is
a major value-add across most commercial industries.
The
value of data
Barcode
innovation undoubtedly provides considerable value for consumers. With research
showing that customer experience is the most competitive battleground in
consumer markets, qualities such as transparency, social responsibility, and
open engagement are all crucial ingredients in a trusted brand experience where
personalised barcoding can help. But the value exchange isn’t all one way:
marketers benefit too.
Direct link barcodes provide a mechanism to capture a rich seam of real-time data that can help brands understand – and respond to – customers’ needs. Simple information such as user profiles, geo-location, purchase history, dates, and times can be leveraged to build a dynamic picture of individual customers, helping to inform a wide range of services and communications. This data can provide a powerful marketing platform – an organic and automated CRM – to target customers and personalise communications based on identifiable preferences and behaviours.
Marketers can understand customers’ buying cycles to trigger timely and relevant alerts. They can upsell products and accessories, nudge customers when warranties expire, or past purchases are getting old and tired. And just like Netflix, they can recommend new products that customers will love – long before they know they need them.
Cracking
the code
The
emergence of GS1 Direct Link barcodes – and the smart technologies that support
them – is transforming the retail experience, helping consumers find out more
about the products they buy and bringing brands much closer to customers. As
the High Street battles tough economic conditions and the rise of digital
disruptors, the successful brands of tomorrow will be those that exploit the
creative opportunity of personalised barcoding and deploy advanced coding and
marking systems that make the magic happen.
The fintech startup Aximetria developed a new private keyless voice authorisation technology for mobile banking. Voice authorisation completely obviates the need for…
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The fintech startup Aximetria developed a new private keyless voice authorisation technology for mobile banking. Voice authorisation completely obviates the need for private key generation and is sufficiently ingenious and pragmatic an approach, to secure monetary transactions.
Currently,
there are many different mobile wallets on the market and each of them is built
on a particular method of storing and working with private keys. The basic
principle of operation of any wallet is remote or local storage of a private
key, followed by password protection and/or additional physical protection.
The classical approach (besides the question of trust to remote storing) has at least one major drawback: if you forget your password or lose it, access to the wallet can be lost forever. This problem can be solved by using the protection factors of the user’s biometric information, like voice.
In the case of
the use of biometric identification technology, the accuracy of which is high
enough for 100% error-free identification, it is necessary to use a database of
voice samples – which can also be compromised or attacked. Aximetria’s method,
however, does not store voice samples. It preserves the possibility of
identification through the use of a two-level neural network, with the help of
which the identification first takes place and then the private key is
generated.
Thus, in order to preserve the benefits of an individual wallet without having to store either a private key or a sample voice database, you need to save key information in such a way that it will not be accessible to anyone except the actual carrier of this biometric information or, as in the case of keyless technology, will be out most of the time (when the wallet is not in use), and will be generated only when necessary.
Aximetria
was able to achieve the following main parameters of the keyless technology:
· Does not
store voice print of registered users
· Does not
store private keys of registered users
· For the
registered user, its voice returns the same private key
· Allows you to
register a new user
· Allows you to
retrieve the private key of the registered user by his voice print
Development
The current
state of our technology enables you to keep a single secret for each user. To
resolve this restriction, coupled with an optional additional level of
protection, the following approach can be used. The user’s secret is signed
with a symmetric key, provided by the user both during registration and during
authorization. The signature key is not stored on the platform’s side. Using
different keys allows you to save several different secrets (one key = one
secret) for the same user.
The user’s
secret, along with the signature, is represented as a binary string. Each bit
is encoded using the matching/non-matching voice print of the authorizing user
to a predetermined known print. The next level of such an approach will be the
replacement of a check for compliance/non-compliance for a
similarity/non-similarity check with a predetermined threshold. This
improvement will eliminate the necessity to store the voice print of the
owner’s secret in any form.
Anthony Perridge, VP International, ThreatQuotient In 2017, the value per Bitcoin reached over €20,000 (£17,324) – a climax in the…
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Anthony Perridge, VP International, ThreatQuotient
In
2017, the value per Bitcoin reached over €20,000 (£17,324) – a climax in the
hype surrounding the cryptocurrency. However, confidence has been lacking for
the price to remain stable. To date, online currencies are more speculation
than real means of payment as concerns around security are being raised. An
establishment is only possible if users believe in the value’s sustainability,
and this applies to every means of payment.
In no industry is the
subjective perception of security as important as in the field of finance. Both
private users and large customers are increasingly handling transactions
online, so the fear of digital innovation isn’t what stop them from adopting
this type of currency. It’s security they really care about, or rather their
data’s security. The financial sector has acknowledged this and, must above all
focus on security to appease the apprehensions some might have.
Blockchain is considered safe
to this day, yet speculation is causing such great uncertainty that
cryptocurrencies have not yet developed into serious competition for
established currencies. IT decision-makers should therefore always keep in mind
the importance of the users’ sense of security in their industry. As part of
their digital transformation, many financial organisations have implemented
several security tools and also have their own security teams.
These are necessary to comply
with legal requirements. After all, almost all other sectors depend on the
financial sector. Of course, it is also about the security of customers and
partners’ data. Therefore, it is not surprising that this industry has taken a
pioneering role over the years. While some organisations already have their own
Security Operations Centres (SOCs) to respond to potential threats and identify
Indicators of Compromise (IoCs), they should think about other ways to optimise
their organisation’s cybersecurity.
From
information to intelligence
The SANS Institute recently
investigated the latest developments in security and revealed that companies
are increasingly taking advantage of Cyber Threat Intelligence (CTI). The
findings show a development that goes beyond the expertise of IOC and gives a
new perspective of Threat Intelligence.
It is well known that public
sources such as the National Cyber Security Centre (NCSC), security vendors and
open source communities publish reports and threat feeds on current threats. At
the same time, security tools such as Security Information and Event Management
(SIEM) or firewalls also collect information that can be used to combat threats
and create a situational picture. In addition, there are industry-specific
Information Sharing and Analysis Centres (ISACs) that organisations can
participate in. The number and quality of both information sources and IoCs
continues to grow and is currently the most important resource for an effective
cyber-defence.
However, the trend is moving
towards Tactics, Techniques and Procedures (TTPs), meaning a better
understanding of how the attackers want to penetrate victims’ networks. Instead
of focusing only on the evidence of attacks, IT teams should work to stay one
step ahead of the criminals by anticipating their next steps: leveraging cyber
threat intelligence.
Thus, it is necessary to step
away from the manual evaluation of individual fragments to the building of
strategic knowledge about the danger landscape and the extent of the threats
for the own systems. Without support, the analysis of IoCs is extremely
time-consuming. Indeed, IT teams in the financial sector can sometimes find
themselves having to compare and check data from different sources manually. In
this situation, there’s no agreement on the activities between the individual
teams, the work become inefficient and information silos start to emerge. At
the same time the number of attacks continues to increase, and the growing
networking infrastructures are also more complex.
When IT departments do not
have an overview of their own security situation, there is no basis for
creating trust – the basic but crucial quality that we mentioned earlier. CTI
works at this point: SANS notes that after deploying an appropriate platform,
81 percent see their defence and detection capabilities as improved. It
involves partial or complete automation to turn the available information into
actionable intelligence and use it in your own organisation.
Building
your own Threat Library in practice
It takes a variety of tools
and processes to set up your own cyber threat intelligence platform. However,
most financial companies already have the most important components for
implementation. Often internal data sources already exist: SIEM solutions or
threat information from security providers whose solution is used (IDS,
Firewall, End Point Security). As mentioned, government agencies and open
source offerings (such as www.malwaredomainlist.com) also have reports
and analysis. In addition, information from industry associations and their own
analyses of network traffic can be incorporated.
The challenging final step is
building a cross-platform. The SANS speaks of a collection management platform
(CMF), which is characterised mainly by building a local threat database, in
which all data from external and internal sources are stored in a central
location. In addition, information should then be automatically aggregated,
normalised and de-duplicated, as well as relevance and priority for the own
company be checked by means of a scoring system. The Threat Library serves as a
“single source of truth” for all teams and systems within a company.
In terms of personnel, there
are many departments that should be considered: in addition to SOCs and
incident response teams, IT operations and security teams can also coordinate
their actions with one another via a CTI platform. Of course, the departments
are very differently positioned, especially in the financial area. This is why
there are also own teams for compliance and audits, but also for the management
of vulnerabilities. Moreover, service providers also took on such tasks.
Depending on the size and
budget of an organisation, service providers play an important role. However,
SANS experts are increasingly recommending partnerships and cooperation rather
than considering outsourcing altogether. Proper management of the threat
situation is essential, since the cyber threats are already an integral part of
everyday life in the area of finance, and organisations must prepare
themselves for further attacks. The question then arises as to whether and how
strongly your own company is affected.
Conclusion
The Threat Intelligence
Platform figures speak for themselves: survey respondents recognise the
greatest benefits in improving their security operations, threat detection and
attacks, and blocking. Coordinating the use of CTI proved to be of particular
value to 90 percent of users stating that it has improved the visibility of
threats in their own network environment. Additionally, in almost all cases,
the accuracy and speed of eliminating noise improved.
These are all areas that
directly affect the user experience. Banking and payment in the digital world
are particularly dependent on customers’ trust and subjective sense of
security. Therefore, players in the industry need to have a clear understanding
of the overall threat situation and their individual threat situation in order
to respond properly at all times.
Companies that use voice plus touch interactions with their products and services are actually seen as less trustworthy and less…
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Companies that use voice plus touch interactions
with their products and services are actually seen as less trustworthy and less
engaging by their users, according to new research from emlyon business school.
The research, conducted by Margherita Pagani,
Director of the AIM Research Center on AI in Value Creation and Professor of
Digital Marketing at emlyon business school, and colleagues from ESSCA School
of Management and Florida State University, College of Business, analysed the
impact and differences between ‘touch’ interaction and ‘touch and voice’
interaction on personal consumer engagement and brand trust.
The researchers created two separate experiments,
focused on a utilitarian product and then a hedonic product, both of which had
over 90 participants belonging to generation Y, which is commonly equipped with
the latest smartphones and frequently use them for business interactions. For
both experiments, participants had to interact with the brand using their
smartphone including a phone call to the company to ask a specific set of
questions.
One group was required to interact with the brand
through the smartphone using a touch-only interaction, and the other used both
touch and voice interaction – either Apple’s Siri or OK Google. After
interacting with the company, participants were asked to rate their customer
experience. The participant’s answers were then measured to evaluate personal
engagement with the tasks, their level of trust with the brand and their
privacy concerns.
The researchers found that participants who used
the touch-only interaction experienced a much higher level of personal
engagement with the brand compared to those who used the touch plus voice
interaction.
Prof. Pagani says,
“Many companies have introduced new AI products
that use voice-activation such as Amazon’s Alexa, Google’s Home Assistant or
Apple’s Siri. These have been introduced in order to increase customer
experiential engagement, stimulate the interaction and collect more data that
allow to better personalise the experience through machine learning.
However, our study shows that in the initial phase of adoption, adding
voice recognition actually has the opposite desired effect. Even if voice may
be considered as a way to develop a much more natural interaction, the level of
cognitive efforts required to the brain using two sensory modes (voice and touch)
are higher. Therefore, consumers find it harder to completely engage with the
product and can easily be distracted”.
The researchers also found that participants who
used the touch-only interaction felt as though they had more control over the
information they shared and therefore had greater confidence in the brand.
Users stated that they found it much simpler to input information using only
one sensory method; touch.
“The lack of familiarity with how these digital
voice interactions actually work is likely to be the reason as to why consumers
are less trusting of brands that use both touch and voice. Whilst the use of
touch also garners much more control for a consumer, as opposed to voice”.
The
study, published in the ‘Journal of Interactive Marketing’ is the first of its
kind to explore the effects of new voice-based interface modes on marketing
relationships. Whilst technology multiplies the way that consumers can interact
with brands, this study shows that too much interaction can actually harm a company,
and offers managers guidance on how to increase personal engagement and brand
trust.
The recent Maze Group report outlines that if the UK’s 237,000 adults’ nurses in acute, elderly and general care were to work in innovative productivity-enhancing hospitals, they would gain back a total of 25 million hours of time back every year. This equates to adding 13,500 full-time nurses to the NHS workforce. This is due to the current hospital facilities hindering optimum productivity. The report outlines that four in 10 public sector workers stated that they were unproductive for more than two hours every working week because of their workplace environment
The NHS is a recurrent issue in the UK, shown by its
centrality to the Brexit campaigns and the current conservative leadership
election. However, the NHS is facing severe staff shortages, and
resources to fund public services are scarce. Tax rises to boost budgets are
politically unattractive, but due to the UK’s increasingly ageing population,
there is an urgent need to find a solution.
One new solution now being discussed is innovative productivity.
At the moment, more than 95% of data on a building site is lost or not even recorded, meaning contractors are building new facilities from scratch, over and over again. New construction technology means going forward structures will be created by a standardised set of components that incorporate significant amounts of feedback from end users into the next iteration of the design. New digital blueprints can lead the construction process by ensuring collaborative access to current plans, documents, appointments, and contacts for the whole of a project team, as well as providing sight of far more of the supply chain, manufacturing process and on-site requirements from the outset. Subsequently, this means going forward hospitals can be manufactured following the same interactive blueprints. The standardization of hospitals should enable trained health care workers to perform effectively in any new facility.
PlanRadar co-founder, Sander Van de Rijdt, believes the tech
revolution finally happening in construction means ideas about how structures
and buildings are built will be different in the future, designed instead
around the user and optimised for how people use their spaces and environments.
This revolution will change how our public services are delivered and tap into
the hours of unlocked productivity in UK hospitals.
PlanRadar is designed to tackle productivity issues. Their
users already realising time savings of seven working hours per week on
average, which is roughly around 18% of their working time and leads to reduced
costs of up to 70%. It’s one of the new construction technologies that will be
pivotal in building the next wave of innovative productivity-enhancing
hospitals and improving the future delivery of the NHS.
Alan Gibson, Senior Vice President, EMEA at Alteryx It’s no secret that data and analytics play a key part in…
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Alan Gibson, Senior Vice President, EMEA at Alteryx
It’s no secret that data and analytics play a key part in
every organisation’s digital transformation efforts. Data science has become a
rapidly progressing field thanks to the crucial role it plays in understanding
big data.
Although data has become a real game-changer harnessing
it is not always straightforward and many global corporations are struggling to
leverage their data assets. These strategies generate an overabundance of data
– and even more questions, requiring more analytics than most can possibly
imagine. They also require continuous analytic breakthroughs in order to
achieve a true digital transformation.
This pressure to exploit data in new ways and the
increased emphasis on digital transformation is also causing a tremendous
amount of strain on organisations’ analytics teams. Although many are investing
heavily in data technologies to transform their organisations, quick access to
information and insights can be impossible – and many are still failing at
putting this data in the hands of the business people who must make use of the
insights.
A key tactic for improving data access and providing
insights involves bringing the two elements of data and data science together. For many organisations unifying these in order to
drive digital transformation continues to be a challenge. Every vertical and
department has a need for ingesting disparate content and performing complex
analytic processes against it to drive value from the massive accumulation of
’dark data’ stored by organisations. Unlocking the value of such data through
data analytics is key to guiding leaders make more informed decisions.
One of the principal ways in which organisations can unify
data and data science is by changing the status quo and developing an analytics
culture across the business. Analytic teams serve as the backbone to digital
transformations, but more often than not we find that analytic teams are
starting from an insufficient position, attempting to innovate with legacy
holdovers of analytics processes, technology and team alignments. Holding on to
these relics are the biggest barriers to analytic alignment and innovation.
Leaders focussed on digital transformation should targe
both cultural and technology strategies that help to create an analytics
competency to fuel digital innovation. This is no small task. With data skills
in short supply and demand for data-related roles set to continue to rise
within the next four to five years, this is either exciting or intimidating
depending on what side of the analytic effectiveness spectrum you’re sitting!
Linking up data insight to people with vital business
knowledge is paramount to organisations wanting to make the most of data
analytics. Not only will it enable the organisation to understand data
analytics at every level it will also create an army of ’citizen data
scientists’. Uniting departments that otherwise would have been siloed while
generating more insightful and valuable analyses. Empowering these burgeoning
citizen data scientists is a unique opportunity for organisations to compete in
today’s digital economy. These individuals are eager to learn and develop new
skills to improve their personal development and contribute to the business,
but they can only be harnessed with the right enablement, support and
self-service tools. What’s more, according to a survey conducted by Forbes Insights in
collaboration with EY organisations which have an analytics strategy central to
their overall business strategy are approximately five times more likely to
achieve revenue growth and operating margin greater than 15 per cent, as
compared to organisations lacking an analytics vision.
With the hyper-focus on digital transformation, it’s
important to keep it in perspective. It isn’t always about new ‘things’, it’s
about new value. Harnessing the networking effect of data, people and
technologies paves the way to creating a sustainable cycle of analytic
innovation that drives digital transformation.
ENDS
Alteryx offers
an end-to-end analytics platform that empowers data analysts and scientists
alike to break data barriers, deliver insights, and experience the thrill of
getting to the answer faster. Organisations all over the world rely on Alteryx
daily to deliver actionable insights.
By Amyn Jaffer, Head of Intelligent Automation, Ultima Most businesses now recognise they will need to embrace intelligent automation to…
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By Amyn Jaffer, Head of Intelligent Automation, Ultima
Most
businesses now recognise they will need to embrace intelligent automation to
gain competitive advantage. From improving business processes and customer
experience, to using ‘cobots’ to work alongside their workforce, AI offers companies
huge scope to improve their business efficiency and drive innovation.
Yet,
while many companies are excited about the potential of this new technology,
the very concept of AI often evokes fear of the unknown for others – especially
for businesses that, understandably, don’t know where to start on their Intelligent
Automation journey. As with most daunting tasks, the best approach is to take
incremental steps.
RPA: a good place to start
An
ideal first step on the road to digital transformation is the introduction of
RPA (robotic process automation), which uses robots to handle high-volume,
repeatable tasks that previously required humans to perform them. These tasks
can include queries, calculations and maintenance of records and transactions.
As
well as being relatively simple to implement, using software robots is both
affordable and effective; and the potential benefits are impressive.
As
an example, RPA can be used by HR teams to ensure each company department has
the same information about every employee without the typical challenges of running
multiple system records and repetitive re-entry of information. It can also be
used for absence management and for processing applications, saving time for
your employees to focus on more strategic work. As a second phase,
organisations can then make HR information more accessible by implementing
chatbots.
Any
large-scale activities or groups of repetitive tasks that draw on or feed
information into multiple systems are also candidates for intelligent automation.
In practice, this could mean using cognitive services such as text and
sentiment analysis to process and respond to natural language text within
formats such as emails, documents and live webchats. The aim is to extract data
from these sources without the need for human intervention.
One
training provider which takes up to 400,000 first line calls annually is using
speechbots to answer calls and leverage RPA to verify the caller. This has
resulted in reduced operational expenditure in the call centre by 50% and
increased efficiency.
Similarly,
cognitive services can also be used to improve business efficiency through visual
recognition. One company is using this technology to tag information in
photographs – a task that would take hundreds of man-hours to do, but just
seconds with cognitive services.
At
Ultima, we have been using RPA technology to automate our own back-end operations
and we’ve seen productivity rise by a factor of two since implementing the
technology across five processes. For example, we automated our forecasting and
planning tasks. Software robots collate real-time sales and marketing
information and process all the information they collect during the day to
produce detailed forecasts and business intelligence for the next morning.
Usually this took eight to ten hours per day of staff time. As a result, the
business has improved business intelligence to plan with, and staff have more
time to spend on customer service and strategic thinking.
The next level
Taking
care of mundane tasks, RPA frees companies to explore more complex AI-based
automation – using visual and cognitive intelligence that draws information
from multiple sources and interprets it to deliver improved business
intelligence.
By
automatically collecting and sifting through vast amounts of data and then
training robots to make sense of the data by asking the data pertinent
questions, businesses can start to solve the problems that have been keeping them
up at night. For example, analysing customer data to establish insights into
how different things affect their purchasing decisions can give real business
benefits and drive innovations in how a business might supply and market its
goods.
However,
before taking this next step, it’s important for any organisation to look
practically at their infrastructure, workforce and security, and consider what
might need to change to enable their businesses to be set on a positive path to
digital transformation.
Ready for the future
Ultimately,
we’re all likely to have a ‘virtual worker’ by our sides helping us to do our
jobs, cutting out mundane, repetitive tasks and freeing us up to be more creative
and focus on business goals and innovation. To reach this stage the right
foundations need to be in place, and the adoption of RPA is the best place to
start.
Automated
machines will collate vast amounts of data and AI systems will understand it.
By coupling two different systems – one capable of automatically collecting vast
amounts of data, the other that can intelligently make sense of that
information – individuals and businesses will become more powerful.
Take a deep breath,
jump in and get ready to realis
Mike Bohndiek, Managing Director of PTI Consulting and Eric Solem, Head of Business Applications speak exclusively to The Interface on…
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Mike Bohndiek, Managing Director of PTI Consulting and Eric Solem, Head of Business Applications speak exclusively to The Interface on how the company helps sporting organisations unlock their stadium technology transformations to enhance the fan and customer experience
When we
look at the current Stadium Technology Transformation landscape, what are some
of the cultural differences between the approaches in the UK and those in
Italy?
Eric Solem, Head of Business Applications
and Commercial at PTI: The
fundamental difference concerns the ownership of the grounds. Here in the UK
the rights holders (the teams) actually own the grounds or have some major sort
of participation in ownership whereas most grounds in Italy, except for a few
cases, are owned by the local councils. And so, therefore, they’re
fundamentally rented facilities. They’re not necessarily facilities that have
had the experiential strategy piece built around it, and that’s a real struggle
most Italian clubs have. AS Roma is a great example where they play out of a
shared Stadia (Olympic Stadium) between arch-rivals (Lazio) and on match day
everything has to be quickly loaded in and then taken out (pre and post-match).
Along with this you don’t have the added benefits of stadium tours, etc. This
all adds up to the stadium not being designed the exact way you want them to be
designed and you lose that sense of home, of it being the ‘Club Stadium’.
How does that impact the way that the club
makes their decisions on where they invest in the technology infrastructure
across the Stadium?
Eric: Well, the majority of the clubs across Italian
football are considered to be well behind the rest of Europe’s top leagues,
mostly due to the lack of investment in stadia. I think that’s mainly due to
the difficulty of just getting things done in Italy, especially the financing
laws of certain criteria. There’s a long history around why this hasn’t
happened, but in the case of Juventus, they managed to rebuild a new modern
stadium within their old stadium. Now, they’ve won the title eight years
running and are one of the most successful teams in Europe and have new revenue
streams from having their own stadium.
Most of the
clubs want to follow this model and AS Roma are looking at the approval of a
big project. There are other examples of clubs like Sassuolo and Udinese who’ve
done smaller redevelopment projects. There are a lot of other ones that are in
the rendering phase, but I think it’s a well-known and documented issue that
Italian football revenues have been in decline since the late 90s when it was
considered the Premier League across Europe.
In the
UK, you can look at Arsenal as a great
example in 2006 with their new stadium and then there have been a lot of other
redevelopments after that…all leading up to Arsenal’s friends across north
London with Tottenham Hotspur’s state of the art brand-new stadium.
Mike Bhondiek, Managing Director, PTI: The challenge is about who owns the customer
journey and that fan experience. It’s the hot buzz phrase right now and we need
to look at what are clubs doing to drag people back off the sofa, back out of
the bars and back out of watching broadcast TV into having the real stadium
experience.
The real
challenge across the last six/seven years is that broadcast packages have
become cheaper and more accessible, whilst ticket prices have gone in the
opposite direction! Consumers now have the ‘game’ choice between the stadium
experience or whether they prefer the experience at home! Which takes us to the
connectivity with your device/technology. At home, the fans have more
configurability of their surroundings and are connected to quality Wi-Fi. They
can look across the statistics, they can be on their device orchestrating what
they want, something they’ll struggle to do across almost every stadium.
On the
opposite end of that scale is the American-style whole day experience that some
clubs have started to move towards in the UK. In nearly all cases the stadiums
are owned outright by the club, therefore you’ve got full control of everything
that goes on around the stadium (the very opposite of the Italian model of
leaseholds of the ground) and with the charge of the digital agenda and social
media, you’re able to drive awareness and engagement with what you’re doing
around the stadium.
However, it
doesn’t always flow through into reality and most people just take that digital
experience in isolation. Clubs are
looking to take more control of that end-to-end immersive experience, and that
starts with the ticket purchase and runs through to the post-match survey,
providing a real competitive advantage for those clubs who are doing this well!
Eric: I think that’s a very
good point. For a lot of fans, it doesn’t feel like going to your home ground,
much more of a temporary rented stadia experience. All of which makes the
competition of getting people off the couch, back into this connected area a
big challenge for Italian clubs. If a fan doesn’t feel like they’re coming to a
place where they belong (and part of the club experience) that whole journey
sort of breaks down.
From a
technology perspective, are there any differences between the average Roma fan
and the Arsenal fan…or are they both looking for very much the same
thing?
Eric: No, I don’t think there is any difference at all. The passion of fans is
the same, they want to know everything about the club, so who trained on that
day, who’s injured, what are the prospective new players coming into the club,
etc. They want as much access as possible and with digital media broadcasting
(YouTube) that is here together with social media, that has allowed that to
happen. I think fans feel a lot closer to the club from that aspect, but you
need that stadium piece to complete the circle.
Are there
any differences in how fans interact with the stadium? Do they arrive earlier,
and do they spend differently across food/beverage and merchandise?
Eric: Again, it comes back to the challenge of not owning your ground. For
example, in Rome, we were restricted by security as to how we could operate the
building and there wasn’t much possibility of a pop-up fan zone on match day to
engage with the fans. I think you’ll find at some clubs like Juventus and
Sassuolo there is more of an improved fan experience, but it’s still way behind
the UK and the US model.
Mike: The fundamental difference when we talk about
culture is more interesting when we compare the US versus UK/European models.
The PTI Consulting trip to the US was interesting to compare the ticketing
model, especially in baseball where there’s little scarcity and it’s a far
greater number of matches than there are in football. Casual transient
supporters who might come only a handful of times a year can get a ticket when
they want, whereas the model in England is very much seasonal.
Typically,
85% of the top English football clubs
tickets ever sold is on a seasonal basis. West Ham sold 47k season tickets in a
52k capacity stadium and Arsenal sold 47k out the 60k Stadium when they moved
into Emirates. The model is built around banking money up front and then
creating engagement on a different model.
A lot of
clubs have evolved over the years, which has bred a match day routine that has
now become a challenge for the club to change. People tend to do the same
things they’ve always done, regardless of whether you change the experience for
them because it’s their habit/superstition and has become part of what makes
match day for them.
So, you’ve
really got to be focused to not only match the experience that those people
have always had, but beat it, make it such a draw them to leave their usual
pubs/restaurants and come back to the stadium. The US model is different
because it’s built for around 30% being seasonal with the rest being more
transient. That new fan comes for the first time, they’re arriving at the ground
early and they won’t have a preset routine. They want to engage with the fan
part. They tend to spend across secondary revenue through retail, through food
and beverage and create that big experiential day. Some fans want to lap up
every last moment of this match day. How early could I get there? And how late
can I leave?
People
coming to have a great experience is one thing, but how do you create value to
that season ticket holder that’s been going for many years and ensure they’re
still getting the most value out of their match day? That includes the
operational experience, so I can go to the pub until 14:55 and still be in my
seat by kick-off. Then you wonder, can you make access control a seamless
experience?
What can the UK and European Clubs look to the
US for in terms of what they’re doing from a technology point of view?
Eric: In the US there’s a pretty constant rate of a refresh and that is
actual physical experiential refresh. You see big arenas and stadiums in the US
now moving away from suites and putting lounge seats in. For example, we
recently visited Madison Square Garden, which has gone through this complete refurbishment of the club
spaces to the lounge model.
I know that
Roma/Italian/French fans, they want that new modern stadium experience. They
want those experiential pieces to add to the match day excitement. But after
that first season of the new stadium, how do you keep those same fans engaged?
And how do you keep them coming back for more and not falling into the old
habits of showing up half an hour before kick-off and leaving immediately after
the game? The solution for this is through the creative use of technology.
Some of the
experiential pieces can have the ability to plug-n-play different types of
experiences when you have a new building, as it has the infrastructure built in
to allow you to do that. So, you’re not ripping down walls and pulling out
cables every time you want to do a new experiential piece. I think part of it
is how clubs and the stadia usage evolve over time and refresh constantly maybe
every three to five years or even at a greater rate of change. You need to
provide something new to compete with the wide variety of entertainment choices
that the casual fan has. So, the rate of technology change is going to continue
to increase.
Mike: The UK in many
ways has this technology challenge. In the US they tend to build the stadium
within a greenfield site. It will generally be an out-of-town building, with
the infrastructure designed to do this well from the ground up.
I’ve
reviewed a lot of UK stadiums and for the most part, they have a pre-existing
technology legacy that is way out of date. There was a wave that was built in
the 1970s, another in the 1990s and the last wave the early 2000s. Today
they’re all starting to get to that point where they simply don’t meet the
technological needs of the modern fan. So, we’ve seen some clubs decide to do
that refresh by rebuilding a stand, some do it by moving the whole stadium,
others do it just by overlaying new technology services, all in an attempt to
try and improve that fan experience.
So, yes
“I’d like to use that fancy new club app” but you’re letting me down with the
1993 technology infrastructure unable to cope with the new app sitting on top
of it. Whereas, if you’re getting the US model, and you’re building from the
greenfield, you’re building the infrastructure up from the base. So, starting
with a really strong pyramid base and you’re on the way to better understand
the full journey. You’re also building in some headroom for the next ten years
and future proofing fan behaviour and expectation.
We see a lot
of clients attempt to unpick their technology to try to get to that same
position. However, if you’re in a stadium that was built in the early 1900’s it
becomes more difficult to fully understand how technology can fit into this
environment and as such creates a real challenge.
What is the key thing that clubs need to look
at to create engagement to drive commercial growth through fan engagement?
Eric:We talk about the pyramid of technology, data,
applications and connectivity. So, everyone feels the need to have a robust fan
app. Yes, everyone falls in love with these apps, but I think clubs need to
step back and understand how this application works within your building, by
looking at the infrastructure and looking at your connectivity.
Those three
things need to be looked at holistically because at the end of that journey
they’re going to produce the data that provides commercial growth or
operational efficiency, which is what all stadia and all clubs should be
looking for when they’re investing in technology
Mike: My number one
piece of advice is to look at your connectivity. The rate of change is
increasing and services from the cloud are the type models your fans want from
your infrastructure. Also, the ticketing platform and access control systems
are the sorts of key items that
surround your customer touch-point, so it’s fundamental that these systems work
every single time!
Over the
next two years, 5G will slot into view with a chance to commercialise this
across Europe. New stadium projects will need to factor that future piece ahead
because you need to decide whether it is Wi-Fi handing off to mobile data or
create a spot for mobile data.
You also
need to factor the connectivity needs of your match day experience for the
back-of-house operations (such as scanning stock, retail warehousing, store
replenishment) so the customer experience is amazing at half time and at the
end of the match. Fans expect the food & beverage tills to be built on
cloud platforms and use contactless payment solutions.
The fan
experience is always changing, and we will see mobile with augmented reality
very soon, so how will you deliver that without connectivity?
This month’s cover features Gary Steen, TalkTalk’s
Managing Director of Technology, Change, and Security, Gary Steen regarding the
telco’s commitment to thinking, and acting, differently in a highly competitive
marketplace…
TalkTalk is an established telecommunications company that fosters a youthful, pioneering spirit. “I like to think of TalkTalk as a mature start-up,” says Managing Director of Technology, Change and Security, Gary Steen. “We are mature in terms of being in the FTSE 250, with over four million customers, relying on our services every day through our essential, critical national infrastructure. But that said, I definitely think we start our day thinking as a start-up would. What can we do differently? How do we beat the competition? How do we attract great talent? We’ve got to come at this in a different way if we are going to succeed in the marketplace. We are mature, but we think like a start-up.”
Elsewhere we speak to Natalia
Graves, VP Head of Procurement at Veeam Software who reveals the secrets to a
successful procurement transformation. Graves
was tasked with looking at the automating, simplifying, and accelerating of
Veeam’s procurement and travel processes and systems around them, including
evaluating and rolling out a company-wide source-to-pay platform. “It has been
an incredible journey,” she tells us from her office in Boston, Massachusetts.
We also feature exclusive interviews with PTI Consulting and cloud specialists
CSI.
Plus,
we reveal 5 of the biggest AI companies in fintech and list the best events and
conferences around.
Neill Hart, Head of Productivity and Programs at Computer Systems Integration (CSI), speaks exclusively to The Digital Insight about how…
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Neill Hart, Head of Productivity and Programs at Computer Systems Integration (CSI), speaks exclusively to The Digital Insight about how the company has moved beyond simple systems integration and helps customers find and exploit a ‘perpetual edge’ in technology innovation and digital transformation. Click here to listen to the full podcast!
“As Head of Productivity and Programs at CSI and the head of enablement, I am the middle ground between strategy and execution. We take the company strategy, which is very much centred on digital transformation, and using utility or cloud computing, we take it to the market in a way that makes sense for our client base.
Companies will have three or four desired outcomes; grow the business, save money, innovate faster and to protect (data, reputation etc.). Traditionally it’s to save money. On-premise data centres require capex investment, you have to buy equipment, run it in a data centre and pay for electricity and power, operations etc. The offer of cloud or utility computing is that use what you need and only pay for what you use. You don’t pay a lot to the water company if you don’t turn the taps on. That’s the dream of utility computing or cloud computing is that you break away from the capex investment. It’s inflexible. If you run out of capacity with an on-premise data centre, you have to buy some more equipment and that takes weeks or months to arrive. With cloud, if you need some more you pay for more…”
Industrial companies are embracing 5G connectivity as a primary enabler of digital transformation, and plan to implement the technology within…
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Industrial companies are embracing 5G connectivity as a
primary enabler of digital transformation, and plan to implement the technology
within two years. This is spurring interest in private licenses, which nearly
half of large industrial companies (47%) intend to apply for, according to the
latest findings from the Capgemini
Research Institute.
Key findings of the study, which surveyed over 800
industrial companies’ executives and 150 telecoms executives across 12
countries, include:
5G is critical to digital transformation: When industrial
companies’ executives were asked which technologies will be the most integral
to their digital transformation over the next five years, 75% mentioned 5G as a
key enabler, ranking second to cloud computing (84%), and ahead of technology
innovations such as advanced automation and AI/machine learning. Industrial
companies believe that 5G’s versatility, flexibility and reliability will help
address connectivity challenges (a limiting factor to digital transformation
for 44% of those polled) and fuel future use cases.
Industrial companies want to move quickly to implement 5G: There
is widespread confidence in 5G’s potential, with almost two-thirds of
industrial companies (65%) planning to implement it within the first two years
of availability. In Italy (35%), France (30%) and Canada (27%), over a quarter
intend to use 5G within the first year, while 75% of industrial companies in
the UK and Italy, 69% in Spain, and 68% in the US and Norway plan to start
within the first two years. The largest manufacturers are most likely to
implement 5G first compared to the broader industry: 74% with annual revenue
above $10bn expect to do so within the first two years, compared to 57% with
revenue between $500m and $1bn.
One-third (33%) of industrial companies are planning to
apply for their own 5G license and large organizations will take the lead with
47% expressing interest. This is fuelled by a desire for greater autonomy and
security combined with concerns about telecom operators being too slow in
rolling-out 5G public networks. However, there will be regulatory barriers
which differ across countries.
Gunther May, Head of Technology and Innovation, Business
Unit Automation and Electrification at Bosch Rexroth AG says, “As a solution
provider and a manufacturer, we are monitoring the 5G landscape closely and we
believe there are multiple benefits to holding our own license. It would allow
us to be in full control of our 5G strategy by giving us the freedom to either
deploy the network alone or with a telecom operator.”
Security and operational advantages will drive 5G adoption: When
asked about the business reason for investing in 5G, more than half cited more
secure operations (54%) and efficiency of operations/cost savings (52%), with
the expectation that 5G will help in enabling or enhancing use cases such as
real-time edge analytics, video surveillance, remote control of distributed
production, AI-enabled or remote controlled motions, remote operations through
AR/VR, etc.
Industrial companies will pay more for premium services: Despite
uncertainties around the speed of deployment, manufacturers are already willing
to pay a premium charge for enhanced 5G connectivity. 72% of industrial
companies will pay more for enhanced mobile broadband speed and increased
capacity, yet only 54% of telecom operators think there is appetite for this.
This presents an opportunity for telecom operators to consider how they build a
highly profitable 5G business model.
Pierre Fortier, Principal Consultant in Telecom, Media and
Technology at Capgemini Invent comments: “This research makes it clear that
industrial companies are confident about the benefits of 5G before it has even
come to market. That said, 5G is an emerging technology and there will be many
challenges to overcome before it is ready to be deployed at scale.
Co-innovation between industrial companies and the telco ecosystem, in the form
of pilots and open experimentation platforms, will be essential to create
win-win business, service and operating models that will foster 5G adoption.”
Research Methodology
The Capgemini Research Institute conducted, with Capgemini
Invent experts, a primary survey of over 800 executives from industrial
companies. Respondents were based in 12 countries: Belgium, Canada, France,
Germany, Italy, Netherlands, Norway, South Korea, Spain, Sweden, United Kingdom
and United States, and across a dozen sub-sectors: Aerospace & Defense,
Airport and Railway Operators, Automotive, Chemical, Consumer Product, Energy
& Utilities, Industrial Machinery, Logistics, Medical Devices, Pharma &
Life Sciences and Semiconductor and Hi-tech Manufacturing. The Institute also
conducted a survey of 150 telecom executives from these 12 countries and also
finished more than 20 one-on-one interviews with industry and telecom executives.
The World FinTech Report (WFTR) 2019, published today by Capgemini and Efma, indicates that even though Open Banking has yet…
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The World FinTech Report
(WFTR) 2019, published today by Capgeminiand Efma, indicates that even though Open Banking has yet
to reach maturity, the financial services industry is entering a new phase of
innovation – referred to as “Open X” – that will require deeper
collaboration and specialization. The report advocates that banks and other
financial services ecosystem players must begin to plan accordingly and evolve
their business models.
Open X will transform industry norms and
assumptions
The advent of Open X is being driven by four
fundamental shifts:
A move away from a focus on products to an
emphasis on customer experience
The evolution of data as the critical asset
A shift from prioritizing ownership to
facilitating shared access
Emphasis on partnering to innovate instead of
buying or building new solutions
Open X will lead the financial services industry
to a shared ecosystem or marketplace, in which the industry reintroduces the
re-bundling of products and services, and both banks and FinTechs must
re-evaluate their strategy for innovation and serving customers.
APIs will be critical Open X enablers
APIs, which allow third parties to access bank
systems and data in a controlled environment, will be catalysts to creating the
Open X marketplace. While customer data is already widely shared and leveraged
in the industry, standardized APIs are not commonplace. Although requirements
and regulations are complex, standardization will help to reduce fraud, improve
interoperability, increase speed to market, and enhance scalability.
The WFTR 2019 also finds that industry players
are looking at two potential monetization models for APIs – revenue-sharing
(which 60% of banks and 70% of FinTechs think is feasible) and API access fees
(supported by 46% of banks and 55% of FinTechs). However, only about a third of
banking executives said they are currently well equipped to monetize APIs.
Privacy, security and collaboration concerns may
slow progress
While banks and FinTechs said they understand the
importance of collaboration, apprehension over privacy and security remain top
of mind. When asked what concerns them about Open Banking, the vast majority of
banks identified data security (76%), customer privacy (76%), and loss of
control of customer data (63%). FinTechs were more optimistic about Open
Banking, but 50% expressed fears over security and privacy, and 38% over the
loss of control of customer data.
When asked about roadblocks to effective
collaboration, 66% of banks and 70% of FinTechs pointed to a difference in the
other’s organizational culture/mind-set, 52% of banks and 70% of FinTechs
mentioned process barriers, and a lack of long-term vision and objectives were
listed as gates by 54% of banks and 60% of FinTechs. Only 26% of bank
executives and 43% of FinTech leaders said they had identified the right Open
Banking collaboration partner. These responses suggest that many banks and
FinTechs remain unprepared for Open Banking, let alone for the increased
demands of data sharing and integration that Open X will bring.
Open X participants must choose strategic,
specialty-based roles
Within the Open X marketplace, banks will need to
enhance their integrated (traditional) model first and then focus on areas of
specialized strength. The WFTR 2019 identifies three strategic roles expected
to evolve as a part of Open X:
Suppliers will
develop products and services;
Aggregators will
amass products and services from the marketplace and distribute them through
internal channels, holding onto customer relationships;
Orchestrators will
act as market connectors and coordinators, facilitating partner interactions.
According to the report, integrated firms[2] are likely to
struggle to match the time to market of an ecosystem of specialists and find it
challenging to meet the unique demands from customers. Within the Open X
marketplace, many incumbents may not be best positioned to compete as an
Orchestrator and their strengths may lead them to other roles. No matter what
role they assume in Open X, however, they must recruit the right talent,
leverage data and technology, and collaborate with FinTechs to first ensure
better internal capabilities for competitive delivery of relevant services in
the current Open Banking scenario.
“Open
Banking has long been regarded as transformational for financial services, but
this report shows it is just one part of a much bigger picture,” said Anirban Bose, CEO of Capgemini’s Financial
Services and Member of the Group Executive Board. “The industry is on the
verge of a more comprehensive evolution, where there is opportunity to leapfrog
into an integrated marketplace that we are calling Open X. In Open X, there
will be seamless sharing of data, and ecosystem partners will be able to
collaborate in a far more comprehensive way. Our research suggests that banks
and FinTechs need to prepare themselves for a more radical change than many
previously anticipated.”
“The
findings of the report could not be clearer: collaboration will be the
foundation of the future of financial services,” said Vincent Bastid, Secretary General of Efma. “In
the era of Open X, ecosystem players will have to work together more effectively
than they have previously. Only by embracing collaboration and new, specialist
roles can both banks and FinTechs thrive and best serve their customers. It’s
clear that many barriers to collaboration still exist, and there is an urgent
need to overcome them for collective benefit.”
Report methodology
The
World FinTech Report 2019 is based on a global survey encompassing
responses from 116 traditional financial services firms and 40 FinTech firms
including banking and lending, payments and transfers, and investment
management. Questions sought to yield perspectives from both FinTech and
traditional financial services firms— exploring the emergence of Open Banking
in the financial services industry. It sheds light on the impact the new
ecosystem will have on all the stakeholders, the challenges and concerns that
firms will face, and the emergence of new businesses and monetization models in
this space.
[1] Application
programming interface (API) refers to a set of functions and procedures that a
player opens to the external world to allow the creation of applications that
access the features or data of an operating system, application, or other
service.
[2] Integrated
firms refer to the firms that perform all the functions on their own without
collaborating or leveraging other firms in the ecosystem. Many of the banks in
the current ecosystem are integrated firms as they build, produce, and
distribute their own products for all business lines (without leveraging
FinTechs or other players in the ecosystem)
As location data continues to dictate customer interactions, Tableau Software redefines the data driven conversation, following the unveiling of its…
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As location data continues to dictate customer interactions, Tableau Software redefines the data driven conversation, following the unveiling of its latest next-generation mapping capabilities that will enhance how people anaylse location data.
With the general availability of Tableau 2019.2 now live, the company’s product offering allows for greater understanding of location data through mapping technology. The latest release utilises Mapbox mapping technology to implement vector maps that allow people to see more detailed location data and perform greater analysis. The newest version also includes parameter actions for more visual interactivity.
This comes at a key
time in the location data conversation, as recent reports indicate that by
2022, 30% of customer interactions will be influenced by real-time location
analysis. Tableau can now provide a more
efficient and smoother experience as well as provide far greater background
mapping layers to geospatial data, including train stations, building
footprints and terrain information.
PATH, a global health organisation that
uses Tableau and Mapbox to monitor reported cases of diseases more easily and
precisely keep tabs on communicable diseases in hot spots, will see key
benefits from these new geospatial capabilities.
“Monitoring the reported cases of diseases
like malaria will be enhanced greatly by accurately placing those cases on a
map. As visualisation tools, maps engender a sense of both place and scale.
They also instigate exploration and discovery, so decision makers can see where
diseases are emerging and make comparisons to where they have available
resources such as health facilities, drugs, diagnostics or community health
workers.” said Jeff Bernson, Vice President, Technology, Analytics and Market
Innovation at PATH. “By adding more accurate and detailed vector mapping into
our work with Tableau through initiatives like Visualize No Malaria, our
country partners can more easily and precisely keep tabs on communicable
diseases in hot spots, and get help to those who need it faster.”
Tableau 2019.2 follows the recent
introduction of its Ask Data platform. Revealed earlier this year, Ask Data
uses the power of natural language processing to enable people to ask data
questions and get an immediate visual response.
“Tableau’s
unparalleled community inspires and motivates our rapid pace of innovation.
With every release, we are working to simplify and enhance the analytics
experience so that even more people can easily ask and answer questions of
their data,” said Francois Ajenstat, Chief Product Officer at Tableau. “From
empowering new analytical creativity with parameter actions, to unlocking the
power of spatial data through a richer, more advanced mapping experience,
Tableau 2019.2 takes interactivity to the next level for our customers.”
You can find out more
information on Tableau 2019.2 and a full breakdown of its features at tableau.com/new-features
GDPR was the hot topic of 2018, but what now? Nobody seems to be talking about it, but it hasn’t…
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GDPR was the hot topic of 2018, but what now? Nobody seems to be talking about it, but it hasn’t gone anywhere.
By Lesley Holmes, Data Protection Officer at MHR
As GDPR drew closer, there were rumours
of multi-million pound fines and people being sued over broken rules or
misunderstanding what GDPR meant…so did it happen?
Well kind of, yes.
Straight after GDPR got going, one self-styled ‘data freedom activist’, Austrian Max Schrems, sued Google, as well as Facebook and its subsidiaries (which include Instagram and WhatsApp), to the tune of almost $4 Billion.
Officially, three complaints worth 3.9 Billion dollars were filed against Facebook, WhatsApp and Instagram respectively via data regulators in three different EU countries. As well as this complaint, French data protection authority CNIL filed a separate claim for 3.7 billion relating to Google’s Android operating system for android, showing wide concern around Googles practices.
The CNL claim was a breach of regulations (rather than data) as Google was accused of not respecting the rights of people to choose how their data is shared when they create an account. CNIL didn’t enforce the penalty for this ultimately, but if Google don’t clean up their act, chances are other authorities will be less generous with their own actions in future.
Despite legal challenges form governments, Schrems made most of the headlines, himself stating that Google was breaking the rules with an ‘all or nothing’ policy, which did not allow users to select preferences, one man took on a behemoth, confident GDPR gave him the backing he needed for success in a legal landmark.
While he was not that successful
financially in the end, the case may lead to changes in the way Facebook can
use data in Europe still, and remember this is just one man rather than a large
organisation or government against Google – which one man almost won.
After Schrems took on Google, more
problems were round the corner for the tech-giant.
Despite the Irish Government asking
Google to make amends in areas they were seen to be falling short of GDPR
compliance (Google’s international office is in Ireland), the French Government
were quick to take charge when they didn’t do this.
The result? A fine of 57 Million
Dollars.
The result of complaints of two NFP organisations,
this fine is very big, there can be no argument around that. Only the thing is,
many feel that there can be.
As GDPR-eve was upon us last year, in
the last few weeks and days before GDPR took effect, there were rumours that
businesses who ignored the warnings would be expected to pay 2-4% of their
annual turnover for a major fine. So if Google did this, they’d be looking at a
fine of around 2.5 to 5.1 billion (yes, billion!) US dollars. A fine like this,
almost surreally makes 57 million pounds look like loose change.
What
was the first year of GDPR like?
95,000 people have complained so far
over potential breaches, but these have rarely meant legal action, so it seems
people are happy for legislators to do the work for them in most instances.
Despite the complaints, it does in fact
seem that companies are acting responsibly when self-governing, as businesses
have already reported 41,000 potential breaches as of January 2019, a figure
which is set to rise, but don’t worry; it’s better for both consumers and
businesses that breaches are reported than swept under the carpet.
And that’s just the UK. Across Europe
during the same period, 59,430 breaches were reported, displaying consistency
among businesses.
Despite most businesses reporting responsibly,
at least 91 fines had been issued at the start of 2019, with 60 fines coming
from Germany alone. Most those fines related to 2018, which was described by
the French data protection authority (CNIL) as a transitional year ‘intended to
allow businesses to understand and implement what the GDPR requires’.
This seems to be something businesses are well aware of. As of May 25th 2018 only half of companies reported as self-compliant, despite two years of time to prepare for the new legislation. This may be a lack of preparedness, but if it’s complacency, then the future may be a shock for a lot of people at the business end of hefty fines.
What
risks will businesses encounter in the future?
If 2018 is a transitional year, then any
date after that must be taken far more seriously, as there has now been plenty
of warning and the big fines are starting to mount.
The ‘low’ fine given to Google may be an
indicator of a transition to much bigger fines, or it may be a politicised
decision as we will discuss in a moment.
The fact remains that organisations can
and will be given huge fines by data protection authorities if governments feel
they are losing control, or that people have inadequate protection, especially
as failing to meet the appropriate requirements for technical and
organisational security may lead to major hacking; and data controlled by the
state being misused as well.
WhatsApp, much lauded for its
state-of-the-art encryption, was hacked recently so the theft of data is
something we should be worried about. The circumstances too were concerning, as
the hackers were able to infect devices by simply dialling the number, even if
unanswered, and then erase the call log.
This was resolved quickly in this case
and the group (Facebook own it) were very open about what had happened, but
mishandling a situation like this is likely to incur the wrath of the EU and
the UK, who do have very real legislative power.
As well as the full remit of state-led
fines and punishments, individuals may, like (but not limited to) Schrems;
decide to sue organisations directly. This is the norm now in the US and many
social commentators feel we’re not far behind, suggesting a very large can of
worms could be flying open very soon, with disastrous consequences for
negligent businesses; or just those who are still (still!) unclear what the
impact of GDPR means – though what is already clear is that the future will
include many more class-action lawsuits.
What’s
the bigger picture for GDPR?
Big data is big business and those who hold
a lot of data are fast becoming the new oil barons, such is the value of data.
This ownership is losing value under
GDPR, as it is harder to just harvest and use data freely for maximum profit,
without receiving a penalty as a result. This should always be the case. GDPR
has been brought in exactly for the purpose of reducing irresponsible data use.
While the UK government have more or
less implemented a cookie-cutter copy of the existing EU legislation despite
the Brexit vote, changes will come in the future if it seems the legislation is
not right for Britain.
Some commentators have claimed there may
be a so-called ‘Brexit light’, letting big businesses get away with more to
stimulate the economy, but very few people feel that this will happen. Another
reason this might not work too well, is that when you consider that EU GDPR
rules will apply to data we share when trading with EU businesses, it will be
important to respect data laws; but the future will include a lot more GDPR
debate either way.
Whatever the future holds, being
responsible with data is still advised as the story of GDPR has not yet truly
been written – we’re still on the first page.
Lessons
we can learn from GDPR so far?
As we see it’s been an eventful year,
but what are the main things to consider now? Here’s our top five tips:
Did
you prepare for GDPR? If you didn’t it’s not too late to make changes, if you
did…can you do it better?!
With
many businesses being let off in the initial period, some businesses are
becoming complacent – make sure you are not one of them! Make sure you have regular reviews of your
data and if you are big enough to have a dedicated team, make sure you use
them. This ensures continuity in everything you do and if you don’t have a team
to do this, allocate a data controller and/or speak with your DPO or similar.
Are
you doing the right thing? If someone decides to sue you for a breach or
mishandling of data, then you can relax a lot more if you know you did
everything within your power to process your data responsibly and compliantly.
Bear in mind though, a thousand employees claiming they have had their rights
and freedom impinged could cost a business in the region of £1.2m if they take
out a class action (and win). The complaints can add up so don’t let them happen.
Make
sure you’ve used all the tools at your disposal and take a back to basics
approach: Know your data flows, assess, your operations, produce a gap
analysis, take action and then review. Simple but effective.
Make
sure that you are open and transparent about what you are doing with people’s
data and why. A simple privacy notice that is easy to read goes a long way to
help understanding and build confidence at your business.
It’s no secret that data and analytics play a key part in every organisation’s digital transformation efforts. Data science has…
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It’s no secret that data and analytics play a key part in every organisation’s digital transformation efforts. Data science has become a rapidly progressing field thanks to the crucial role it plays in understanding big data.
Although data has become a real game-changer harnessing
it is not always straightforward and many global corporations are struggling to
leverage their data assets. These strategies generate an overabundance of data
– and even more questions, requiring more analytics than most can possibly
imagine. They also require continuous analytic breakthroughs in order to
achieve a true digital transformation.
This pressure to exploit data in new ways and the
increased emphasis on digital transformation is also causing a tremendous
amount of strain on organisations’ analytics teams. Although many are investing
heavily in data technologies to transform their organisations, quick access to
information and insights can be impossible – and many are still failing at
putting this data in the hands of the business people who must make use of the
insights.
A key tactic for improving data access and providing
insights involves bringing the two elements of data and data science together. For many organisations unifying these in order to
drive digital transformation continues to be a challenge. Every vertical and
department has a need for ingesting disparate content and performing complex
analytic processes against it to drive value from the massive accumulation of
’dark data’ stored by organisations. Unlocking the value of such data through
data analytics is key to guiding leaders make more informed decisions.
One of the principal ways in which organisations can
unify data and data science is by changing the status quo and developing an
analytics culture across the business. Analytic teams serve as the backbone to
digital transformations, but more often than not we find that analytic teams
are starting from an insufficient position, attempting to innovate with legacy
holdovers of analytics processes, technology and team alignments. Holding on to
these relics are the biggest barriers to analytic alignment and innovation.
Leaders focussed on digital transformation should
target both cultural and technology strategies that help to create an
analytics competency to fuel digital innovation. This is no small task. With
data skills in short supply and demand for data-related roles set to continue
to rise within the next four to five years, this is either exciting or
intimidating depending on what side of the analytic effectiveness spectrum
you’re sitting!
Linking up data insight to people with vital business
knowledge is paramount to organisations wanting to make the most of data
analytics. Not only will it enable the organisation to understand data
analytics at every level it will also create an army of ’citizen data scientists’.
Uniting departments that otherwise would have been siloed while generating more
insightful and valuable analyses. Empowering these burgeoning citizen data
scientists is a unique opportunity for organisations to compete in today’s
digital economy. These individuals are eager to learn and develop new skills to
improve their personal development and contribute to the business, but they can
only be harnessed with the right enablement, support and self-service tools.
What’s more, according to a survey conducted by Forbes Insights in
collaboration with EY organisations which have an analytics strategy central to
their overall business strategy are approximately five times more likely to
achieve revenue growth and operating margin greater than 15 per cent, as
compared to organisations lacking an analytics vision.
With the hyper-focus on digital transformation, it’s
important to keep it in perspective. It isn’t always about new ‘things’, it’s
about new value. Harnessing the networking effect of data, people and
technologies paves the way to creating a sustainable cycle of analytic
innovation that drives digital transformation.
Data breaches are costly. According to a recent Ponemon Institute study, the average breach costs an organisation $3.86 million. A…
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Data breaches are costly. According to a recent Ponemon Institute study, the average breach costs an organisation $3.86 million. A separate study found that, although the share price of breach-affected companies shows its sharpest drop 14 days after the breach is made public, there is still a discernible impact on the organisation’s stock valuation three years post-event.
By Josh Lefkowitz, CEO of Flashpoint
Business impacts at this
level affect the fundamental financial performance and sustainability of an
organisation, which means cybersecurity must no longer be considered an IT
issue; it’s a matter for the board in its role as custodian of shareholder
value. By managing cyber risk as part of the overall organisational risk
strategy, boards can put it into a commercial context and drive the cultural
awareness of risk that is essential to promote cyber resilience across the
business.
Making the shift from technology-centric to business-centric risk
management
Elevating cyber risk
management to the board level is not without challenges, however. We are still
very much in the midst of a shift in mindset from a technology-centric to a
business-centric view of cyber threats. This can result in a disconnect: many
boards find it difficult to interpret the information they receive from the IT
team, while many IT functions struggle to understand what data the board really
needs to carry out effective oversight. This challenge was underlined by
EY interviews that found difficulties “obtaining relevant, objective and
reliable information, presented in business-centric terms…[and this] affects
board members’ ability to understand the risk facing their organisations and
evaluate management’s response to these risks.”
This area is where the
evolving role of the CISO—sitting between the business and the board—requires a
mix of skills. CISOs need both technical expertise in analysing and
interpreting threat metrics and technology performance, and the ability to
apply these skills in a broader business context for board directors so they
can deliver strategic cyber risk oversight and governance for the business.
Reporting to the board – from numbers to narrative
While increasingly boards
are factoring cyber skillsets into their succession planning when recruiting
new board members, most current board directors don’t have deep experience in
cybersecurity. This means that any metric-based reporting should be simple to
interpret, including auditable figures that provide an overview of the
organisation’s security posture.
Reports should also be
framed in terms of the impacts specific security incidents have on the
business. For example, a DdoS attack might cause reputational risk, operational
risk and strategic risk. And, of course, the flipside of risk is compliance, so
the board also needs to know how cybersecurity incidents could impact data
privacy and governance.
It’s the role of the board
to challenge senior management robustly in order to deliver effective
oversight, so CISOs should be ready to answer questions around the
organisation’s cybersecurity maturity and the frameworks established to manage
emerging threats.
However, while numbers and
frameworks are valuable in helping boards evaluate and audit cyber risk
posture, when it comes to setting a risk-aware culture, directors really need
deeper context around the types of threats specific to their organisation. If
board directors are given a window into the environment, tactics, and
motivational psychology of actors that target their sector and business, they
can better understand the risks themselves. Once that has been achieved, board
directors can become an asset to the CISO in promoting a cyber risk-aware
culture not just as a tick-box exercise, but because they have genuine
appreciation of the factors, and indeed actors, in play.
To achieve this board-level
buy-in, CISOs need to move from numbers to narrative to drive the message home.
This is where business risk intelligence provides the context that helps bring
risk to life.
It’s undoubtedly useful for
senior leaders to understand the frequency and type of the cyber-attacks the
business experiences, but it’s also valuable for them to know the extent to
which the organisation is the topic of conversation in the illicit online
communities that initiate those attacks.
Deep and dark web forums,
chat services, and other platforms are often where cybercriminals discuss
tactics to defraud or infiltrate the organisation. These types of venues are
also where company secrets, intellectual property, and stolen data may be
offered for sale. An overview of the company’s profile across the deep and dark
web, as well as other illicit online communities, and the kinds of tactics that
are being discussed, is a powerful way CISOs can help directors gain context to
understand what the business faces.
Illustrating third-party risk
Third-party risk, including
supply chain weaknesses, is a hot topic among board rooms as businesses realise
that keeping their own house in order is not enough. Intelligence gleaned from
illicit online communities can also be used to illustrate potential weaknesses
in, or threats to, partner organisations. This intelligence can help boards
meet objectives to manage supply chain risk.
Successful cyber risk
oversight by company boards relies on them receiving a combination of auditable
metrics, risk impact assessments and contextual information enabling them to
provide informed oversight of cyber risk. Greater understanding of the threat
actor environment also assists boards in leading a risk-aware culture across
the business, moving from a tick-box approach to a genuine cultural shift.
Digital transformation has established an almost universal
presence in the boardroom in recent years. As with many tech trends, the term
has become overused to the extent that it has started to become somewhat vague
and ill-defined, with many companies devising their own ideas of what digital
transformation means and how it should be implemented.
Whatever approach is taken, at its heart digital
transformation is all about using technology to implement a fundamental change
in the way businesses operate. When implemented successfully, a digital
transformation project can deliver powerful benefits to an organisation,
including improving efficiency, reducing costs, enhancing user experience, and
even establishing entirely new working practices and revenue streams.
These potential benefits mean that digital transformation has
become firmly established as a top business priority. Gartner’s 2018 CIO Agenda
Industry Insights report surveyed more than 3,000 CIOs around the world and
found that all respondents ranked digital business as one of their top 10
objectives. While some industries have more to gain than others, any business
sector is able to reap the rewards of going digital. 11 of the 15 industries
participating went as far as to rank digital transformation as one of their top
three priorities.
Digital
transformation is the go-to top-line strategy for any organisation
looking to demonstrate innovation in its field. However, in the race to gain a
reputation as digital trend-setter, many companies make the mistake of rushing
in and throwing budget at new technologies promising to deliver
a digital solution to long-entrenched problems.
Less digital, more
transformation
Real digital transformation cannot be achieved by simply
buying in the latest shiny tech solutions.
A successful transformation
strategy comes not just from product, but from process
and – the most overlooked aspect of all – people. A company needs to start its
digitalisation project armed with a thorough understanding of the relationship
between people, process and, finally, product. This takes a level of insight
and patience that many firms unfortunately do not feel they can spare in the
breakneck race to stay ahead of the competition.
Attempting
to implement a quick-fix approach to digital transformation without going through
a process approach will often result in a poorly established and disjointed
system full of automation siloes. Users will often end up simply bypassing
these solutions, leading to them reverting to older inefficient working
practices – or even creating new ones.
Bill
Gates once summed the issue up perfectly: “The first rule of any technology
used in a business is that automation applied to an efficient operation will
magnify the efficiency. The second is that automation applied to an inefficient
operation will magnify the inefficiency.”
Incoming IT headaches
While
everyone in an organisation is likely to suffer a headache under the issues
caused by a failed transformation project, it is the IT service team that will be
forced to endure the real blackeye.
Many IT teams have historically had their hands full fighting
fires – helping to resolve issues around technology not functioning correctly
or fulfilling time sensitive user requests such as password resets. Digital
transformation has the potential to change this status quo both by creating a
more efficient and reliable IT environment, and by implementing new processes
that will enable them to respond much more quickly and efficiently. In this
scenario, the time spent fighting fires is drastically reduced and IT personnel
are able to devote more energy and resources to long-term strategic
improvements instead.
However, this IT nirvana is only possible when a
transformation project has been completed successfully. When the project is
rushed or overlooks fundamental elements around processes and user experience,
the IT support team will instead be forced to fight more fires than ever. Indeed,
in the worst-case scenario, these fires can turn into a full-fledged
conflagration that must be tackled at the expense of all other priorities.
Breaking down silo
walls
While most companies are rushing to demonstrate what cutting-edge
digital innovators they are, many will focus on the digital aspect and forget
about the transformation. Unless there has been a fundamental shift in the way the
company operates, it cannot be said to have genuinely achieved digital
transformation.
One of the biggest barriers to digital transformation is the
siloed structure that most organisations are built around, with departments
such as IT, facilities management, human resources (HR) and finance generally having
their own distinct processes and software solutions. In most cases, these
working practices have been developed with little regard to interoperability
with other departments – despite the fact that many processes and user requests
require cross-departmental support. As a result, users must often endure a
tedious process that involves them being passed between different departments, each
of which is hindered by their working practices not meshing with the others. Attempting
to implement new digitally driven processes without removing all existing silo
walls will generally do little to fix these issues.
Most companies have made strides in implementing improved
processes under the guidance of ITIL and other standards to make the IT
operations service desk more productive. However, these efforts rarely go
beyond the siloed walls of the IT department. Organisations that are able to
apply these same digitalisation efforts in a universal, cross-departmental way
will be able to achieve new levels of efficiency and vastly improve the user
experience.
Employee onboarding provides a good case for how departments
can be unified under new digital processes. Onboarding is driven primarily by
HR, but requires involvement from IT, finance, facilities and security among
others. All these workflows can be automated into a single value stream, saving
a great deal of time and effort for each department involved.
From ITSM to ESM
Applying the concepts and technology behind IT service
management (ITSM) to the broader organisation will see the company moving
towards enterprise service management (ESM). This approach holds great
potential for both automating key functions in different departments and, more
importantly, for establishing set of automated workflows that integrate across
business functions. A huge number of work processes can then be united under a
single ESM platform, enabling users to access any kind of service and support
they need from a single location. Alongside the improved efficiency and user
experience, uniting most of the organisation’s processes under a single digital
system will also provide an unparalleled strategic overview that can be used to
assess progress and inform future decisions.
In isolation, going digital will do little to transform an
organisation. But by properly assessing their current working practices and
being bold enough to tear down silo walls and build from the ground up,
organisations can unlock the true potential of digital transformation.
Interface hears from Andersen EV’s co-founder and technical director David Simpson on how the design-led start-up is harnessing the tech…
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Interface hears from Andersen EV’s co-founder and technical director David Simpson on how the design-led start-up is harnessing the tech to bring smart electric vehicle charging to the residential market.
Andersen EV was born of its founders’ frustration at the lack of
smart, and stylish, home charging systems for electric vehicles. Back in 2015,
technical director David Simpson (and his co-founders Mandy Simpson and Jérôme
Faissat) could
see the potential to build a business in tune with the ramp in e-car and hybrid
vehicle sales.
“We saw a real lack of innovation in home charging,” recalls
Simpson, who was keen for the company to find its niche utilising cutting edge
design with high-quality materials. “Our business is built on three pillars… Design
is paramount, we’re not making a futuristic car gadget with flashing lights,
it’s an architectural accessory and one that should be discreet. The second
pillar is technology. Both Jérôme and I have worked in the IT industry and
appreciate what’s needed to bring the advances in commercial charging to the
residential market. The third important factor is that we’re proud to be a
British business developing products sustainably. We’re not contributing to a
throw-away culture, our boxes are upgradeable.”
The big technological challenge for Andersen EV was how to bring smart
charging to a consumer audience in a way that isn’t complex to use. “It should be just like setting up your Apple TV or your Google
Chrome card so we’ve aimed for a user-friendly way of setting up your charge
point to the cloud,” explains Simpson. “We’re also keen to develop features
that build a service for customers who are asking: How can I charge faster? How
can I charge more efficiently? We want to help them navigate the smart energy
landscape and build on machine learning to make more user-friendly, economic
products.”
Simpson explains the ‘Andersen difference’ is about
setting expectations and exceeding them with transparency across the board – from
pre-sales to installation via user experience and customer support. “We’ve
tried to build on American standards,” he adds. “We’ve assembled a whole API
spec which means you can plug our products into a smart home and simplify the
smart energy experience. They are accessible to our customer to control and
monitor via a range of devices – iOS, Android, Alexa etc – using our Konnect
app. It’s key to tracking energy costs, aiding smart energy use at the right
time of day and integrating with solar power systems to avoid use of the grid.”
Simpson notes
there are still big eco challenges for electric vehicles to overcome… “A Tesla,
for example, is 45% efficient from energy source out of the ground to forward
motion – with all the wastage throughout the manufacturing process, wind
resistance and transmitting energy across power lines it’s just 45%. And with
wireless charging, when you can’t be bothered to plug the vehicle in to a
charge unit, you’ll lose 10% of power so it’s only 90% efficient operationally.”
Simpson points out it might not sound much of a sacrifice but if a whole street
is doing that it clearly indicates a challenge for the EV industry to address
to boost its eco credentials. Which is where he feels the Andersen difference
can make an actual difference today. With the benefits of wireless charging
perhaps five years away, Simpson identifies the emerging trends of vehicle to
grid, local battery storage and the integration with solar as vital to the
progression of the home EV market. “You might not be able to have an oil
refinery at the bottom of your garden but you can generate enough electricity
for the journeys you need to make,” he adds.
Andersen EV has recently partnered with Novo Energy – a leading
energy consultant to some of the UK’s largest companies delivering energy
purchasing, energy management, energy regulation, energy construction and
sustainability polices – to deliver smart energy and green air into its
charging units. Allied to this, Simpson is excited to be on the road to
certification with three major car manufacturers. “Our boxes have a real synergy with some of the premium automotive
brands,” he says. “We already have many of their customers coming to us
indirectly because the key message we offer is customisation. All we do is live
and breathe charging but the car manufacturers have other challenges, which has
created an opportunity for us.”
More than just a pretty box, Simpson stresses a charge point is a
mission critical item. He’s proud the industrial grade electronics and PCBs
found in Andersen EV products are all designed in house and manufactured in the
UK, guaranteeing that the supply chain delivers the correct parts to the
highest quality standards. But what about when the supply chain can’t deliver
what you need? One of the biggest challenges for the company was finding a
cable with the necessary flex but still capable of sustaining heat to charge.
To meet its particular specifications the Simpson collaborated with a UK supplier
to design his own bespoke Evoflek cable for the wall mounted A2 unit. Next,
he’s keen to develop a motorised winder for the cable for winding and
unwinding.
The tech behind the finished product is bespoke too: “Every time
we upgrade Konnect, we’re giving our customers more from their hardware,”
pledges Simpson. With a lot of customers keen to make the most of that hardware
and charge faster, Andersen EV will be standardising its boxes (such as the
forthcoming floor mounted untethered P1) to be future proof at 22kw, allowing speed
benefits for those who want to get their home electricity supply upgraded to 3-Phase.
Its customers are already ahead of the curve with 20% upgrading against a UK
average of 1-2% of homes 3-Phase equipped.
Conservative forecasts estimate 140 million electric vehicles on
our roads by 2030 so the potential market for Andersen EV is huge. It’s a sign
of the times that vehicle manufacturers are approaching Simpson and his team to
meet the needs of a market set to expand massively from the four million EVs
currently in use. Simpson believes the transition will be rapid and that over the
next ten years consumers won’t consider buying anything else. He cites the
price per kilowatt of battery power down from $750 in 2011 to just $140 today
as indicative of dynamics changing.
“Our sales are up 25% each month,” reveals Simpson,
who expects the company to grow significantly over the next 12 months thanks to
£1.5m recently raised to fund European expansion. This will include working on
new models with the goal of finding a niche in the new build market to take
advantage of changes to European law which will increase the number of charge
points that must be made available on future developments.
Simpson believes the future challenge in the UK is around charging
more smartly and delivering a better user experience. “We’re looking into
developing a middle-ware software product that allows us to use the existing UK
infrastructure more effectively utilising machine learning to build proton
models for a more efficient charging experience. This would work for local
authorities and housing associations who want to install charge points but
can’t afford to dig up the streets everywhere.”
When it comes to keeping that business traffic flowing, what has
Simpson learnt during a varied career, including a stint at General Motors,
that will help Andersen EV stay in the right lane? “You shouldn’t build
something just because you can,” he warns. “If you’ve got a very complex
product with lots of features, it’s very hard to scale it. Therefore, part of
the thinking behind Andersen EV was to simplify the technology and develop
features beneficial to the greater good.” With the dynamics of the EV industry
changing fast, coupled with a ramp in eco tech, the smart money is on the
Andersen difference reaping rewards for Simpson and co.(
The EU’s General Data Protection Regulation (GDPR) was created with the aim of homogenising data privacy laws across the EU. GDPR also applies to organisations outside the EU, if they monitor EU data subjects, or offer goods and services to them. The GDPR applies to personal data, which is defined as any information relating to an identifiable natural person.
In certain cases, frameworks such as the EU-US Privacy Shield have been implemented to ensure the protection of data being transferred outside the EEA. However, such frameworks have not been established in all countries outside of the EEA. In such cases, businesses need to be keenly aware of the data protection laws in each territory, in order to ensure compliance.
Businesses based within the EEA that wish to send
personal data outside the EEA also need to pay particularly close attention to
GDPR. GDPR restricts the transfer of any personal data to countries outside
the EEA.
The European Commission has made “adequacy decisions” as regards the data protection regimes in certain territories. Territories, where the data protection regime has been deemed adequate, include Andorra, Argentina, Guernsey, Isle of Man, Israel, Jersey, New Zealand, Switzerland and Uruguay. The EU Commission has also made partial findings as regards the adequacy of the regimes in the US, Japan and Canada.
If a business wishes to send data to a country that is not in the EEA, and which is not covered by an “adequacy decision”, it will need to ensure that the appropriate safeguards set out in the GDPR are implemented.
In order to facilitate data transfers within
multinational corporate groups, “binding corporate rules” may be submitted to
an EEA data supervisory authority for approval. If these are approved, then all
members of the group must sign up to these rules and they then may transfer
data outside the EEA, subject to the binding corporate rules.
Another way to make a restricted transfer outside the EEA is for both parties to enter into a data-sharing agreement, which incorporates the standard data protection clauses adopted by the European Commission.
The Commission has published four sets of such model clauses, which set out the obligations of both the data exporter and data importer. The clauses may not be amended and must appear in the agreement in full. The penalties for non-compliance with GDPR are significant since organisations can be fined €20 Million or 4% of their annual global turnover for breaches.
Article 49 of GDPR also sets out derogations from the GDPR’s general prohibition on transferring personal data outside the EEA without adequate protection. The derogations can apply, for example, where there is an important public interest, or the data must be transferred for legal proceedings. A derogation can also apply where the data subject has been fully informed of the risks but has given their explicit consent to the transfer.
The advent of GDPR has significance for companies doing business internationally. However, companies doing business internationally also need to think beyond GDPR. Companies may find themselves subject to the data protection regimes of third countries, even if they do not have any physical presence there. For example, international companies without a presence in Turkey may be subject to Turkish data protection law if their activities have an effect in Turkey.
A registration system for data processors
is currently being rolled out in Turkey. Data processors based outside Turkey
whose activities have an effect in Turkey may need to register by 30 September
2019.
Turkey’s 2016 Law on the Protection of
Personal Data is based largely on EU data protection law. As a candidate state
for EU membership, Turkey aligns much of its legal system with EU law. Many of
its requirements are broadly similar to EU law. However, there are also some
very important differences which companies whose businesses have an effect in
Turkey should be mindful of.
Turkish data protection law allows for
administrative fines of up to three per cent of a company’s net annual sales to
be levied if personal data is stolen, or disclosed without consent. Turkish data protection law applies to both
sensitive and non-sensitive personal information.
Personal data may not be transferred
outside Turkey without the consent of the data subject, except in strictly
limited circumstances. Regulatory approval is required for such transfers where
the transfer may harm Turkey or the data subject.
Unlike GDPR, however, “explicit consent”
is required by Turkish Law to process both sensitive and non-sensitive data.
The exceptions to this general rule include where there is a legal obligation
on a data processor to process the data, and where such processing is necessary
to protect the life of the subject. Further processing is not allowed without
specific consent, and there is no “compatible purpose” exception in Turkish
law. The definitions of consent also differ in Turkish law and under GDPR.
GDPR has caused many EEA companies to
consider in detail the laws restricting the transfer of data out of the EEA.
However, companies may also be subject to laws restricting the transfer of data
into the EEA.
Welcome to the May issue of Interface magazine! Our cover story this month features FWD Philippines’ CTO Rogelio ‘Nooky’ Umali,…
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Welcome
to the May issue of Interface magazine!
Our
cover story this month features FWD Philippines’ CTO Rogelio ‘Nooky’ Umali, who
gives us the lowdown on disrupting the life insurance sector. Umali
and his team put the customer experience at the very centre of its innovations:
“We ensured that every single leg of a customer’s journey was assessed and then identified which
parts were the real pain points. The solutions were
then focused on resolving these pain points.”
Elsewhere, we feature Ed Clark, Chief Information Officer at
the University of St. Thomas, Minnesota, the guys behind innovative EV chargers
Andersen EV, Cranford Group’s Rachel McElroy and ‘CIO of the Year’ Vennard
Wright…
Digital skills shortages blight UK jobs market for 20 years A lack of technical expertise has fuelled skills shortages across…
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Digital skills shortages blight UK jobs market for 20 years
A lack of technical
expertise has fuelled skills shortages across the UK for the last two decades.
That is according to comparative analysis of the professional jobs market by
The Association of Professional Staffing Companies (APSCo), which is celebrating its 20th
Anniversary this year.
According to a 1999 report
from University College London, almost half (47%) of all ‘skill-shortage
vacancies’ that year could be attributed to a lack of technical expertise. For
‘associate professional and technical’ roles, the need for ‘advanced IT’ skills
was responsible for 31% of vacancies, while a lack of ‘other technical and practical
skills’ were responsible for a further 49% of all open
roles.
A separate report
published the same year by Computer Weekly revealed that C++ developers were
the most in-demand professionals with Java the second most sought-after skill
in the IT recruitment market.
Today, research
from The Edge Foundation suggests that around half of all employers (51%) have
been forced to leave a role open because there are no suitable candidates
available, and that tech job vacancies are costing the UK economy £63 billion a
year. LinkedIn data
indicates that cloud and distributed computing is the most valued skill among
employers, with user interface design, SEO/SEM marketing and mobile development
also featuring in the top 10.
Commenting on the analysis, Ann Swain, Chief Executive of APSCo, said:
“While the specific skills
that employers are seeking have changed dramatically over the past two decades,
the fact that talent gaps continue to be aligned with technical competencies
suggests that we need to do more to boost Britain’s digital capabilities.
“Our members have long
reported shortages of talent across the IT and digital fields. For this reason,
it is crucial that we ensure that we retain access to the STEM professionals
that businesses need in the short term – through maintaining access to global
talent and retaining our flexible labour market. However, perhaps more
importantly, we must pipeline the calibre and volume of skills we need for the
future so that we break free from this perpetual skills shortage. As this data
indicates, for the past 20 years we have been playing catch-up – and we must
break the cycle if individual businesses, and the wider UK economy, are to
fulfil their full potential.”
“One answer to the skills gap in UK tech? Women.” This week, the Digital Insight is joined by Rachel McElroy,…
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“One answer to the skills gap in UK tech? Women.” This week, the Digital Insight is joined by Rachel McElroy, Sales and Marketing Director at cloud specialists Cranford Group, who discusses how women could provide the answer to the skills shortage in the UK’s technology sector.
IT service provider Getronics has formed a technology partnership with HeleCloud, a leading AWS Consulting and Managed Services partner for…
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IT service provider Getronics has formed a technology partnership with HeleCloud, a leading AWS Consulting and Managed Services partner for UK and EMEA , to enable the design, delivery and management of leading-edge AWS-based solutions for Getronics customers through a ‘centre of excellence’. While adoption of cloud services is growing rapidly among businesses across Europe, associated cloud skills are scarce.
HeleCloud, one of the UK’s fastest growing start-ups, provides businesses with the skills, knowledge and experience they need on-tap. Initially the partnership will focus on Europe, with Getronics’ sizeable presence in European enterprise and midmarket businesses affording access to customers through existing relationships, while targeting the following industry sectors: retail, travel and transportation, financial services, and healthcare. Leveraging HeleCloud’s AWS technical knowledge and experience, the two companies will create solutions designed specifically for each vertical sector, augmenting Getronics’ existing portfolio of services by enabling their delivery on AWS.
Solutions will include Technology Consulting, Managed Services, and Technology Training. Getronics Group Vice Chairman, Mark Cook, commented: “There is significant customer interest in and momentum towards public cloud services on the AWS platform. In adding AWS capabilities we are adding choice for our customers, which is absolutely the right response to their interest and public cloud’s current momentum.” Technology offerings will be delivered from the new Cloud Centre of Excellence, organised into seven areas of competence: Cloud Roadmap & Migration Cloud Security, Compliance & Governance Business Continuity & Disaster Recovery Big Data & Analytics Managed Infrastructure Managed Security & Compliance Cloud Technical Design Authority.
Steve Rosa, Getronics Vice President for Cloud, Infrastructure and Security, added: “Getronics provides genuinely end-to-end cloud-based solutions: we advise our customers on the best locations for their workloads, we run the transformation projects including application modernization, and we deliver the management of the full stack – all wrapped up in our security and compliance services.”
Dob Todorov, CEO and Chief Cloud Officer of HeleCloud said: “We are excited to establish this partnership with Getronics – one of the most successful and fast growing global IT business of our time, with impressive capabilities across a range of platforms. Together, we are much more than the sum of the parts, and we’ll innovate and build AWS capabilities to the benefit of Getronics customers.” While adding AWS capabilities, Getronics remains a Microsoft Azure partner, serving customers committed to Microsoft technologies or intent on establishing multi-vendor presence. Getronics also delivers private and hybrid cloud solutions from its own hosted private cloud platforms in 19 data centres across Europe coupled with investments running across North America.
By Eltjo Hofstee, Managing Director, Leaseweb UK According to a global Gartner survey of 196 organisations 91% have not yet…
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By Eltjo Hofstee, Managing Director, Leaseweb UK
According to a global Gartner survey of 196 organisations 91% have not yet reached a ‘transformational’ level of maturity in data and analytics, despite it being the number one investment priority for CIOs. And with big data set to solve some of the biggest research challenges around today, this needs to change. It is absolutely vital for businesses to be able to process big data quickly and meaningfully if they are to keep on-track with the rapid growth in data.
Along
with all the other contemporary buzzwords, ‘big data’ is increasingly thrown
around in business and tech sectors as if everyone truly understands it. But do
they really? Big data is the description for very large data sets that can be
evaluated and provide insights around trends and patterns to drive better
business decision-making.
That
may seem fairly easy to comprehend, and although plenty of information is
available about big data technologies, few have actually mastered the knack of
using big data to its full potential. A survey fromCapgemini found that just 27% of executives
described their big data initiatives as ‘successful’. This reinforces the fact
that, while many are talking about big data and have ambitions around it, the
majority of organisations still have quite a long way to go on their big data
journey.
Implementing
effective, fast data-processing can ensure your company’s continued success.
While this may seem daunting, it actually gives us all the ability to analyse
more inventively, even more so considering the large, diverse quantity of data
produced by businesses these days.
Additionally,
considering the growing dominance and capabilities of cloud computing, now is
the perfect time to take a deeper look into ‘big data analytics’ so you, too,
can leverage the power of big data to bring a greater competitive edge to your
company.
Big
data + cloud computing = a perfect match
Data-processing
engines and frameworks are vital elements within a data system. While there is
no key difference between the definitions of “engines” and “frameworks,” it’s
important to define these terms separately — consider engines as the component
responsible for operating on data while frameworks are typically a set
of components that are designed to do the same.
Although
systems designed to handle the data lifecycle are rather complicated, they
ultimately share a similar objective: to operate over data with the aim of
broadening understanding and surface patterns while gaining insight on complex
interactions.
To
be able to do all this, however, requires an infrastructure that supports large
workloads. This is where cloud comes in. Cloud is considered a beneficial tool
by enterprises globally because it has the ability to harness business
intelligence (BI) in big data. In addition, the scalability of cloud
environments makes it much easier for big data tools and applications, like
Cloudera and Hadoop, to function.
Available
programming frameworks to find a suitable fit
Several
big data tools are available, some of which include:
Hadoop:This Java-based programming
framework supports processing and storage of extremely large data sets. This is
an open source framework and is part of the Apache project, sponsored by Apache
Software Foundation, which works in a distributed computing environment. Hadoop
supporting software packages and components can be deployed by organisations in
their local data centre.
Apache
Spark:Apache Spark isa fast
engine used for big data processing that is capable of streaming and supporting
SQL, graph processing, and machine learning. Alternatively, Apache Storm is
also available as an open-source data processing system.
Cloudera
Distributions: This is considered one of the latest open-source
technologies available to discover, store, process, model, and serve large
amounts of data. Apache Hadoop is considered part of this platform.
Hadoop
on CloudStack to Crunch Data Successfully
Hadoop,
which is based on Google’s MapReduce and File System technologies, has gained
widespread adoption in the industry. This framework is similar to CloudStack
and is implemented in Java.
As
the first ever cloud platform in the industry to join the Apache Software
Foundation, CloudStack has fast become the logical cloud choice for
organisations that prefer open-source options for their cloud and big data
infrastructure.
The combination of Hadoop and CloudStack
is really a great match made in the clouds. Considering the availability of big
data tools such as these, working in the cloud to leverage meaningful business
intelligence, now is the perfect time to harness the power of big data so that
your business can think, and achieve, big.
In this week’s episode, we chat with Vennard Wright, CIO of the Washington Suburban Sanitary Commission (WSSC). Vennard Wright, twice voted ‘CIO…
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In this week’s episode, we chat with Vennard Wright, CIO of the Washington Suburban Sanitary Commission (WSSC).
Vennard Wright, twice voted ‘CIO of the Year’, is the man entrusted with driving massive changes across the WSSC.
Vennard speaks exclusively to The Digital Insight regarding digital transformation, diversity in the workplace and Hillary Clinton… Listen to the podcast here!
According to an Accenture study, 79% of enterprise executives agree that companies not embracing big data will lose their competitive…
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According
to an Accenture study, 79% of enterprise executives agree
that companies not embracing big data will lose their competitive edge, with a
further 83% affirming that they have pursued big data projects at some point to
stay ahead of the curve. Considering that data creation is on track to grow 10-fold by 2025, it’s crucial for
companies to be able to process it more quickly, and meaningfully.
Part
of the latest in the stream of buzzwords, “big data” gets thrown around in
business and tech circles like everyone truly understands it, but do they
really? Big data is the label for extremely large data sets that can be
analysed and provide insights around trends and patterns to influence better
business decision making.
That
may sound simple enough, and although lots of information is available about
big data technologies, few have actually mastered the art of using big data to
its full potential. In a survey undertaken by Capgemini, just 27% of executives
surveyed described their big data initiatives as ‘successful’, reinforcing that
while many are talking about it and ambitions around it, many businesses still
have much to learn
Implementing
effective, fast data processing can guarantee that your company continues to be
successful, and is only growing in importance with the diverse, and large,
amounts of data that businesses produce. While this can be seen as daunting, it
actually gives us all the ability to analyse more innovatively.
Coupled
with the growing dominance and capabilities of cloud computing, now is the
perfect time to really take a look into “big data analytics” so you too can
recognize how the power of crunching big data is bringing competitive advantage
to companies.
Big
data and cloud computing – a perfect pair
Data
processing engines and frameworks are key components in computing data within a
data system. Although there is no key difference in the definition between
“engines” and “frameworks,” it’s important to define these terms separately —
consider engines as the component responsible for operating on data
while frameworks are typically a set of components that are designed to
do the same.
Although
systems designed to handle the data lifecycle are rather complex, they
ultimately share very similar goals — to operate over data in order to broaden
understanding and surface patterns while gaining insight on complex
interactions.
In
order to do all this however, there needs to be infrastructure that supports
large workloads – and this is where cloud comes in. Clouds are considered a
beneficial tool by enterprises across the world because they have the ability
to harness business intelligence (BI) in big data. Also, the scalability of
cloud environments makes it much easier for big data tools and applications,
like Cloudera and Hadoop, to function.
Programming
frameworks available to find the right fit
Several
big data tools are available, and some of these include:
Hadoop:This
Java-based programming framework supports processing and storage of extremely
large sets of data. This is an open source framework and is part of the Apache
project, sponsored by Apache Software Foundation, which works in a distributed
computing environment. Hadoop supporting software packages and components can
be deployed by organizations in their local data centre.
Apache Spark:Apache Spark isa fast
engine used for big data processing that is capable of streaming and supporting
SQL, graph processing, and machine learning. Alternatively, Apache Storm is
also available as an open-source data processing system.
Cloudera Distributions: This is considered one of the
latest open-source technologies available to discover, store, process, model,
and serve large amounts of data. Apache Hadoop is considered part of this
platform.
Hadoop
on CloudStack to Crunch Data Effectively
Hadoop,
which is modelled after Google’s MapReduce and File System technologies, has
gained widespread adoption in the industry. This framework is similar to
CloudStack and is implemented in Java.
As
the first ever cloud platform in the industry to join the Apache Software
Foundation, CloudStack has quickly become the logical cloud choice for
organisations that prefer open-source options for their cloud and big data
infrastructure.
The combination of Hadoop and
CloudStack is truly a brilliant match made in the clouds. Considering the
availability of big data tools like these, working in the cloud to leverage
meaningful BI, now is really the perfect time to harness the power of big data
to truly drive your business forward.
Lesley Holmes Data Protection Officer at leading HR and payroll provider MHR gives a valuable insight into the future of…
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Lesley Holmes Data Protection Officer at leading HR and payroll
provider MHR gives a valuable insight into the future of technology
and how the axis of power may sway towards tech leaders.
A phrase I hear a
lot is that ‘data is the new oil’, in reference to data as an extremely
valuable commodity, which is increasing in value year by year and may well one
day have a similar value to fossil fuels.
If data is the new
oil, then the people controlling the data must be the new oil barons, maybe
even becoming even more powerful than individual oil barons at some point in
the future, as they are not tied to set geographical areas for ‘mining’ and
will never run out of new data.
Oil prices in the
global marketplace are controlled by a handful of people, yet the decisions
they make have a huge impact on world economies, so the power of data might
just create a similar group of digital oligarchs.
I feel that the
use of ‘data-mining’ by these individuals can be used in several ways:
For the public benefit.
For the benefit of a particular organisation using
its own collated data.
For the purposes of monetisation or to influence
outcomes through targeted marketing.
Public Benefit.
Most people
understand that data can benefit us all in various ways, like anti-terrorism
work and to detect other crimes, through the use of statistics, or using CCTV
footage to log crimes.
Governments also
collate data from both public and private sources to help plan public services
better and prevent economic, social and environmental issues, by identifying
data trends.
Data can also be
used for things like medical research, or to gauge public opinion and is often
done by public bodies with the public interest at heart, so data isn’t used
directly for profit; the research is done to benefit us all.
An organisation
using its own collateral.
Organisations can
gather their own data, in accordance with their privacy notice, which will make
clear what they are doing and why (in most cases anyway!).
They use this data
to improve the services they offer, work out the effectiveness of their
marketing and plan their workforce; not to mention informing strategies for
performance and profitability.
Data also has
specific uses, like assessing actuarial risk in the insurance industry, with
the aim of providing a better service based on strong data, so we get a better
quote if we are low risk customers, so there are many positives to gathering
data.
Aside from using
data to assist customers, organisations can use data they hold on their own
employees for purposes which help the business, like monitoring performance
trends, absence management and workforce optimisation.
Besides the
obvious benefit of using company data to build a better business, organisations
over a certain size are required to produce reports for the government. An
obvious example of this in recent memory, was the introduction of Gender Pay
Gap reporting, part of a wider investigation into equal pay in the UK, taking
personal data and anonymising it for reporting purposes. There is debate over
whether this data might be misused and encroach on personal freedom, but that’s
a discussion for another day…
For the purposes
of monetisation.
In the last year
there has been a huge list of articles written which illustrate the risks of
big data when misused, most notably the Facebook/Cambridge Analytica data
breach, but this isn’t an isolated event. Just like the oil barons discussed at
the beginning of this article, many other companies are extracting and refining
your personal data like oil for massive profits.
Data is already
taking a sinister turn.
Hidden cameras are
now being used which implement facial detection software to establish which adverts
shoppers like best. As they walk through shopping centres, the cameras gauge
the reaction to each advert, changing these when the reaction is a negative
expression.
While this seems
like a great advance in technology, there is an issue.
These technologies
use facial detection (capturing a blurry image), rather than true facial
recognition, but the quality of data is sufficient to distinguish gender with
90% accuracy, age to within five years and mood range (from very happy to very
unhappy) to around 80% accuracy. In many countries this happens without
consent, or even customer knowledge, which is a worrying trend.
This shows the
world is changing.
The recent
discussion around facial recognition technologies suggest these will be
exploited further to enhance the customer experience. This will come through
utilisation of ATM identity verification and hotel check-in processes, designed
to increase customer satisfaction while reducing employee demand.
Behind the scenes,
data-sets are manipulated and combined to identify trends, forecast spending
patterns, and other activities which lead to profits; including the use of
personal data for commercial purposes – such as drug trials by companies hoping
to create expensive products from the data they gather.
Facebook of course
allowed an app to harvest millions of data items to target content which may
have created political sway, which demonstrates the power of the tech companies
to influence political and social outcomes. There is much speculation
about how harvested data has been used in the political environment and who
knows? We may ourselves have been influenced by such data.
For the prevention
and detection of crime.
Data, personal and
otherwise, has been used for years to help prevent and detect crime. The use of
forensic techniques started in China in the 700’s when fingerprints were
starting to be used, but the most significant breakthroughs came in the last
century with the creation of dedicated teams to deal with this area of
investigation.
Now the Chinese
again lead the way with facial recognition being used to identify and capture
criminals as they move around the major cities. With the largest number of CCTV
cameras, China is probably embracing the technology for more than just
policing.
So what are the
dangers?
What’s clear is
that these ‘data barons’ can use the data for good, but they will be (and
perhaps already are) so powerful that anything other than the most scrupulous
data usage has the potential for disastrous societal issues.
Objection to overzealous
state control has resulted in everything from strongly worded literature to
violent protests, but at least governments can be held accountable, and we know
who’s in charge.
The clandestine
nature of the internet means that some of the most powerful public figures in
future will not be public at all, just pulling the strings through the
data-wells they possess.
What’s clear is
that we need to establish a way of controlling the use of data, or we lose
control of everything else.
With all of the talk about the importance of analytics for finance professionals, by now you probably understand its significance….
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With all of the talk about the
importance of analytics for finance professionals, by now you probably
understand its significance.
The million dollar question is: are
you actually taking full advantage of it?
In reality, ticking the analytics knowledge
box or even having an analytics system in place is just the beginning of the
story.
There are many core capabilities that
are often left untapped which lead to missed opportunities and many financial
professionals only partially fulfilling their potential.
We’ve put together a list of the
top analytics capabilities that are often neglected, but if carried out
correctly, can provide a whole new level of insight that can work as a
long-term strategic asset.
1.
Syncing data across the organisation
Having an analytics system isn’t
just about optimising financial processes.
To get a full picture of the
financial state of your organisation, it’s essential to take a holistic view, and to do this, data from across your
organisation must be synced and coordinated.
Often, what rather tends to be the case is that teams across the
organisation record and analyse their data using their own individual methods.
This ultimately leads to mismatched and inconsistent financial data.
Analytics can be used to store all
of your organisational data in one centralised place. Using a data warehouse, it’s
possible to even collaborate business processes in real-time so that you can
see how changes in other areas of the organisation will directly impact the
financials.
2.
Understanding key value drivers
Knowing your
organisations’ key value drivers is key to financial growth. Unfortunately,
many rely on rough estimates to determine what these key drivers are.
For instance, it’s
easy to assume that core factors like product pricing have a direct impact on
revenue, when in fact, this is nothing more than an assumption until proven
otherwise.
If you fall into
the above category, analytics can be used to “see what the data says” so that
you can base this understanding on facts rather than mere theory.
Having this
capability will allow you to work directly with your organisation to employ a
smart, data-driven strategy that will significantly increase the chances of
realising your goals.
3.
Visibility of cash flow
Cash flow is the
lifeblood of your organisation and it’s your job to oversee this.
Understanding
exactly what’s going into your organisation, what’s leaving it, and precisely when
and how this is happening, is a crucial part of avoiding financial issues later
down the line.
Analytics can be
used to get a multi-dimensional view of your cash flow – looking not just retrospectively,
but in real-time, and even to predict what future cash flow will look like.
Using this
information and tools like scenario planning, you can plan and prepare in
advance and ensure that cash is constantly being allocated to the right place
at the right time.
Are you still relying on manual methods to carry out your
financial reporting? If your answer to this question is “yes”, then you’re
seriously limiting your potential for growth.
Research shows that 80% of spreadsheets contain errors, and
reliance on these manual processes alone leave you at risk of non-compliance,
not to mention taking up a good portion of your time.
Instead of relying on manually inputting data into spreadsheets,
analytics can be used to automate repetitive, low-value tasks; giving you peace
of mind that your financial data is accurate and up to par.
Another added benefit is that by freeing yourself from tedious tasks, you’ll have more time to spend
on activities that fully utilise your skills so that you can provide greater
value in your everyday role.
5.
Insight into profitability
Analytics can be
used to drill-down to understand where profit is being generated and how much,
as well as revealing areas of the business that are dwindling.
It helps you to
answer questions like: What product generated the most revenue for
the business within a given time period? What is each customers’ lifetime value?
And which areas of the business need
extra support to reach revenue goals?
These insights can
be fed back to teams in other areas of the business so that the approach can be
refined to promote activity that will increase the profitability of your organisation
over time.
6.
Predicting sales in advance
Getting your
budgeting and forecasting process to a point where you know your estimates are
accurate isn’t an easy task – especially when this is left down to manual
observation.
Using historical
data and a range of predictive techniques, it’s possible to present sales
figures in digestible visualisations so that you can easily forecast and make
accurate predictions about what future sales figures may look like.
This also allows
you to identify patterns and seasonal trends that may impact your
organisations’ sales revenue, so that you
can plan ahead and ensure that you have enough budget set aside to prevent any
cash flow issues.
Analytics is certainly
gaining momentum in the conversation of how to be a more effective finance
professional, but many are still in the early days of implementation.
To compete in the
ever-changing finance space, it’s important to equip yourself with an
understanding of how you can use the latest technologies to increase your personal
impact and value.
You can learn more
about your own level of analytics capability by taking MHR Analytics’ Data Maturity quiz.
By Johnny Carpenter, Director of Sales EMEA, iland If you serve on the board of a UK organisation, it’s likely…
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By Johnny Carpenter, Director of Sales EMEA, iland
If you serve on the board of a UK organisation,
it’s likely that digital transformation is high on your agenda as you look
strategically at futureproofing your business. A key part of that is ensuring
that the IT infrastructure supporting your company is functioning robustly as a
platform on which to build competitiveness, rather than a legacy anchor holding
back innovation and growth. Moving to an Infrastructure-as-a-Service (IAAS)
set-up is increasingly the way that companies aim to unlock potential and
enable more dynamic, flexible business processes.
The benefits of IAAS are clear: It’s flexible
and can easily scale as your business grows. It removes the burden of
maintaining legacy systems and allows the easy deployment of new technology
and, ideally, you only pay for what you use on a predictable opex basis; you won’t
be paying to maintain capacity that is rarely needed. It also allows you to add
on services such as analytics and disaster recovery-as-a-service and it’s the
perfect environment for the big data projects requiring large workloads and
integration with business intelligence tools.
All these drivers mean that boards can be under
pressure to quickly sign off on cloud migration projects. However, it could be
a case of more haste, less speed if boards don’t ask the right questions before
they sign on the dotted line. It’s important that decision makers don’t simply
view IAAS as a commodity purchase – there are a range of providers from
hyperscalers to vertical sector specialists and they’re not all the same.
Boards must undertake due diligence when making the IAAS decision and there are
some key questions that should be asked to ensure that the project delivers
both the operational and also the strategic outcomes required.
What’s the scale of our ambition and what
business outcomes do we want to see?
We tend to see cloud migration projects falling
into one of two camps. In the first, businesses simply want to “lift and shift”
their current operations and replicate them exactly in a cloud environment.
Naturally they want to see the benefits of cost and flexibility, but
fundamentally they want a similar experience after the migration to what they
had before. The second scenario sees companies wanting to fully overhaul their
infrastructure and deliver a completely different model back to the business –
more of a true digital transformation.
It’s important to know which camp you’re in and
be sure that your prospective IAAS provider is aligned, because in either case,
ending up with the alternative scenario will cause pain. What should be a
straightforward process becomes overly complicated when the destination is not
clear from the outset.
How much support do we require at
onboarding and ongoing?
Support for the initial cloud migration varies
between providers from do-it-yourself to a full concierge migration service.
If you opt for a hyperscale provider, you’ll
find the approach is more on the DIY side – there are a wealth of options but
it’s up to you to figure out what’s best for your business and mix and match
accordingly. This works if you have in-house capability or are happy to employ
consultancy expertise in order to manage the move.
At the other end of the scale are providers
offering an end-to-end concierge service to get you up and running with
onboarding, deployment and testing. Your IT team will be expected to bring
their existing skillsets, but little additional learning is required.
In both cases, you also need visibility of the
ongoing costs associated with support for your cloud environment and the
availability of that support.
What are our security and compliance
requirements and how will they be managed in the cloud?
Managing risk is a significant board
responsibility that only increases as regulations tighten. Company data is one
of the most high-risk assets the business possesses and its safety in the cloud
has to be beyond reproach. Prospective CSPs should be able to provide
assurances of the security offered by their cloud that meet or ideally exceed
the organisation’s compliance requirements.
Assurance at the start is one thing, but
ongoing auditing and reporting is also critical. The GDPR, for example,
requires that organisations demonstrate how they are taking steps to protect
data on a continuous basis and you’ll need to work with your CSP to achieve
this.
Again, offerings differ. Some providers will
expect you to take responsibility yourself, bringing your own security and
compliance team, software and processes with you. Others, including iland, have
built a dedicated practice around compliance that is at the disposal of
customers. This can be invaluable if your compliance team is small or you don’t
have in-house support. Either way, it’s another important consideration when
adopting IAAS.
Pricing – How flexible is flexible?
The lure of only paying for the resources
you use is a powerful motive for moving to IAAS. Whichever provider you choose,
it is likely to be more cost-effective than your legacy environment, but to
really reap the full economic benefits, you need to ensure that there’s a good
match between cloud workloads and cloud resource utilisation.
Some providers will allow you to reserve cloud
resources based on exactly the amount of GB required, with billing based on
actual compute usage, while other work on a “best fit” basis, offering a range
of predetermined instance sizes. There is a risk here of paying for resources
you don’t use, so it’s important to check that your requirements are close to
the instance size selected. You also need to ensure that you understand the
billing system and have visibility over any additional costs such as VPNs or
burstable charges that might be incurred. You certainly don’t want any nasty
surprises further down the line.
Fundamentally, adopting
infrastructure-as-a-service is a sound decision, but it still needs careful
scrutiny to make sure the business gains the maximum benefits possible. Even
though boards are under pressure to sign off deals, they should ask the right
questions to make sure their investment delivers the business outcomes they’re
looking for.
By Asma Bashir, CEO of Centuro The start-up phase of a business is a challenging but exciting time. As the…
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By Asma Bashir, CEO of Centuro
The start-up phase of a business is a challenging but exciting time.
As the Founder you will have no choice but to balance
core responsibilities of Accountancy, Sales and Operations, before you find and
can afford the right people to fill these vital positions, in many cases
preventing scale and growth.
Despite being in its infancy, where decision making
processes are quick and resulting action is immediate, the start-up phase of a
business is definitely the most difficult, but with some key strategic changes,
you will be able to accelerate your start-up into a scale-up in no time:
Establish your role in your specific market
When creating a
successful business, you need to offer a product or service that solves a
problem for your target audience, does it better than current market solutions
or is something completely new and innovative.
If you’re still sitting in the start-up medium, you’re still likely to be
experimenting with and refining your target audience, developing your true
market and value proposition and establishing a baseline for your key business
metrics.
However, a business in scale-up mode has guaranteed to have mastered their market position, confidently
executing everything on a larger scale, without sacrificing their current niche
for the sake of growth.
To achieve this, your
business needs to have everything confidently laid out, whilst being able to
maintain a strong sales strategy, knowing exactly what your product or service
offers and how it is set aside from key market competitors.
It sounds simple
but clearly defining your market position can really make a difference to your approach
and resulting business growth.
Embrace online opportunities
The digital world is crammed with opportunities for
your business, and sadly with the limited time constraints start-ups have, it
can be a factor that just doesn’t get utilised.
A strong website with
articulate branding and an original message can go a long way, particularly
when you consider it only takes about 50 milliseconds (0.05 seconds) for
consumers to form a positive or negative opinion about your website.
Your business needs
to have an online presence, there’s no question, but the way you deliver your
business on these platforms can be make or break for a consumer.
With social media,
powerful blogs to drive your message, and even the use of video to document
your journey in building your business and your brand, can really give you an
edge over your market competitors, as long as you are consistent in your output
and approach.
Secure funding and generate a steady revenue stream
Starting a business can be an expensive venture, where
a lot of start-ups dive in head first with limited funds.
Since they are still building a concrete
product/service and a steady revenue stream, start-ups are often dependent on
some sort of outside funding — whether it be provided from a venture capitalist
or a bank.
Though a clear marker of success, organic growth can
be slow, where a start-up in receipt of funding drives that shift to scale-up
by enabling them to invest in key job roles, an increased marketing strategy or
greater production, which simply wouldn’t have been possible during start-up
phase due to cash flow constraints.
Ultimately, with an established product or service offering
and concrete funding, start-ups can shift into a bigger operation – enabling
the brand to grow and develop at scale.
Implement automated or replicable systems
In order to fully
transition from start-up into a scale-up, the concept of automation cannot be
overlooked.
It is very common for
new businesses and their employees to be bogged down by simple and repetitive
tasks, which can be better placed to driving business growth.
Whether this is
marketing automation through scheduling tools or automating the lead generation
process, there is a host of tech platforms that you can implement into your
business that will allow your operations to aid and adapt to growth and scale.
This can funnel into
all areas of your business, from integrating cloud accounting software to
cloud-based storage systems to ensure all team members can access all
documentation to fulfil their job role from any computer or mobile device.
It can be tough in the initial growth phase to find the staff to share your dream and
want to pursue the growth for your business. When taking on new hires, start by
instilling your passion in the business from the get-go to ensure they can add
value and fuel your growth from day one.
ENDS
Asma Bashir is the CEO of Centuro, a leading
London-based Consultancy agency, helping businesses and entrepreneurs thrive in
their chosen career industry.
Asma is a legal professional and philanthropist with
over 20 years’ experience within the legal services industry.
Two providers of temporary internet and Wi-Fi to the UK events industry Simpli-Fi and Noba have merged to create NobaTech….
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Two providers of temporary internet and Wi-Fi to the UK events industry Simpli-Fi and Noba have merged to create NobaTech.
Effective
immediately, NobaTech will act as the umbrella company with both Noba and
Simpli-Fi retaining their existing brands and customer base. The joint venture
will see Noba maintain its position as the event Wi-Fi and temporary internet
provider. Simpli-Fi will focus on three strategic growth markets: education,
leisure and construction.
NobaTech
has already signed some notable and high-profile clients. These include Venue Lab, the company
behind Printworks and Magazine London and a three and a half year exclusive
partnership with The
Saatchi Gallery – an event space used by brands such as; Google, Glamour,
Rolling Stones Exhibition and Rolls Royce.
Commenting
on the merger, Gary Exall, Director, Simpli-Fi said: “There are a small handful
of event Wi-Fi companies in the UK with no clear market leader. We want to be
that company within the next three years and see no reason why that can’t be
the case. This venture brings two companies together that share the same vision
when it comes to delivering premium events and the same values in terms of consistently
exceeding client expectations. It’s a perfect fit and win-win scenario.
Financially, NobaTech will see considerable savings by combining accountancy,
marketing and sales functions. From a customer service perspective our combined
methods and company structures will provide an even better service to our
clients, which is the main priority.”
Despite
NobaTech launching today, Simpli-Fi and Noba have been working in partnership
for almost two years. During this time, they have been sharing resources and
hardware to service the increasing demand and customer base, particularly in
the field of live events – an area of considerable growth.
The
formation of Nobatech will see employee count double. It will also fuel a
recruitment drive in account management and sales. The new company will be
based in West London, currently the Simpli-Fi head office. The events,
warehouse and logistics team will be based in Tring, Hertfordshire, currently
the Noba office. The move will also see a wireless internet networks team
created in Cannes, France. This is a new office built to cater for the demand
for temporary events in this region.
The
merger is the latest in a series of moves from Simpli-Fi to expand its offering
to the UK market and follows news last year regarding the appointment to the
board of events industry heavyweight, Mike Kershaw.
With
over 15 years’ experience servicing the education sector, the ambition is now
to establish a leadership position in this particular market. The other focus
industries are leisure and construction, driven by a need for temporary
connectivity across larger sites. This follows recent clients wins by Simpli-Fi
including; 22 Bishopsgate and Battersea Power Station, Phase III.
Commenting
on the merger, Nick Taylor, managing director, Noba, said: “This is the right
move, for the right companies at the right time. At Noba, we have seen
consistent organic growth for over a decade but more than doubled in size in
the last two years alone. Merging with Simpli-Fi means that we can realise the
synergies of both businesses in terms of people, skills and infrastructure quicker
and more efficiently than any other way.”
By Jake Madders, Co-Director at Hyve Managed Hosting It’s been 13 years since Google’s then CEO, Eric Schmidt, coined the…
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By Jake Madders, Co-Director at Hyve Managed Hosting
It’s been 13 years since Google’s then CEO,
Eric Schmidt, coined the phrase ‘cloud computing’ and since then it has changed
the landscape of both business and consumer IT. In fact, research recently
revealed 77% of enterprises have at least one application or
a portion of enterprise computing infrastructure in the cloud, highlighting its
immense popularity.
Although some businesses will go all-in with
either public or private cloud, this isn’t a model that works for everyone.
Different workloads and applications are suitable for different types of cloud
and this has driven the popularity of both hybrid and multi-cloud environments.
But what is the difference between the two and what are the benefits that they
provide?
Both hybrid and multi-clouds involve using a
mixture of public and private cloud to maximise efficiency, cost and
scalability – the differentiator is in how they are integrated and
managed.
Multi-Cloud
v Hybrid Cloud
Multi-cloud consists of a series of different
clouds that are centrally managed in a single architecture. These cloud
environments can be either public cloud, private cloud or a mixture of both and
are provided by a range of suppliers and therefore have to be managed
internally, adding to the responsibilities of the IT team. Operating in a
multi-cloud environment results in different configurations, settings, pricing
plans and multiple invoices – making management and budgeting more complex and
time consuming.
In comparison, hybrid cloud is a single entity
and consists of a combination of on-premises, private cloud and public cloud,
working together in tandem. This is provided by one supplier and means
businesses are operating within a single cloud infrastructure. As with
multi-cloud, the most appropriate cloud can be used for different workloads and
data. Having all of the operations within the same infrastructure unifies IT
and it can therefore be managed more effectively.
The
True Value of Hybrid Cloud
Hybrid cloud provides the best of both worlds
for businesses and working with a managed cloud provider means that the correct
workloads will always be in the most suitable environment. Public cloud will be
utilised for intensive workloads and is ideal for running test and development
servers, for example, and for sensitive data, the private cloud will be used.
Having this all centrally managed by an experienced managed cloud provider will
mean businesses can fully embrace the hybrid cloud model – avoiding the siloed
approach of multi-clouds.
How digitalisation is bringing the fight to industrial security threats ~ It’s no longer a question of whether your business…
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How digitalisation is bringing the fight to industrial security threats ~
It’s no longer a question of
whether your business will be attacked, but rather when it will be attacked.
Cyber attacks, particularly those on public sector and utility businesses, are
now a regular, often daily occurrence. Here, Robin Whitehead, managing director
of systems integrator
Boulting Technology, explains how this is impacting the role of the chief
information security officer (CISO) and resulting in the need for end-to-end
digitalisation.
It’s a simple fact that data makes the modern economy turn.
Being the first business to take action, based on the insights gained from some
pivotal piece of information, gives businesses a distinct competitive
advantage. However, it’s also quickly becoming a fact of life that the same
data is being targeted by skilled cybercriminals intent on stealing this new
currency and even causing maximum damage to infrastructure.
We can see the potential scale of cyber crime if we look at
the number of data breaches made each month. For example, in December 2017,
security firm IT Governance reported that 33.8m records — including a mixture
of personal and business information — had been leaked around the world. In
November 2017, the number was 59m.
Sophisticated
cyber attacks
With the world facing the likes of WannaCry, Petya and NotPetya
in 2017, sophisticated cyber threats are the biggest technological fear in
2018. Although sectors such as financial services and the public sector are
most at risk, there have also been numerous high-profile attacks on utilities,
oil and gas and food manufacturing environments in recent years.
At 9:30am on 27 June, 2017, confectionary manufacturer
Cadbury was hit by a cyber attack, which halted production at its Hobart
factory in Australia. Computers at the facility were infected with the Petya
ransomware virus and displayed a message on the screen demanding payment in
cryptocurrency.
Later that same day, NotPetya — a variant of the Petya
virus — went on to do further damage to facilities across Europe. NotPetya exploits
a backdoor in the update system of a Ukrainian tax-preparation programme
running on Windows and used by around 80 per cent of all Ukrainian businesses.
It uses a vulnerability in the Windows operating system called
EternalBlue — originally believed to have been developed by the US National
Security Agency (NSA) — to encrypt the filesystem’s master file table (MFT),
preventing the system from locating its own files.
Launched on June 27, 2017 — on the eve of Ukraine’s
Constitution Day holiday — NotPetya quickly spread to networks in Russia,
France, Germany, Italy, Poland, the UK and the US and affected many sectors.
“It’s massive,” Christiaan Beek, a lead scientist and principal
engineer at McAfee, told WIRED about the situation in Ukraine. “Complete
energy companies, the power grid, bus stations, gas stations, the airport, and
banks are being targeted.”
The new CISO
It should come as no surprise then that the advice of IT
and security experts is now being sought at the highest levels of business. The
role of the chief information security officer (CISO) is also changing in
response. Acting as the head of IT security, the CISO has traditionally been
responsible for things like operational compliance and adherence to ISO
standards as well as performing IT security risk assessments and ensuring that
the business is using the latest technologies.
However, increasingly, the CISO must now also drive IT
security and strategy, guiding everyone from the shop-floor staff to the most
senior officials in the business on how best to protect them from cyberattacks.
The modern CISO now takes a seat at the boardroom table, ensuring business
continuity, come what may.
Modern CISOs need to be visionaries and good communicators
in their own right, exerting their influence at all levels of the business to
bring about long lasting technological and security change.
End-to-end digitalisation
For industrial businesses, this change cannot come soon
enough. The desire to integrate manufacturing networks with the outside world
and the increased use of smart data is driving efficiencies and cost savings in
sectors from food and beverage, pharmaceutical and automotive to utilities such
as gas, water and energy. At the same time, it’s also leaving them vulnerable
to attacks that can lead to business disruption and extended periods of downtime.
Part of the reason for this is that many businesses have
traditionally operated in silos, with information technology (IT) and
operational technology (OT) experts not historically well aligned to the same
objectives and outcomes. However, as we increasingly use more
internet-connected devices such as PLCs, HMIs, intelligent motor control
centres (MCCs), telemetry devices and smart meters — all relaying millions of
data points to centralised and often remote SCADA and ERP systems — it will
become crucial to take a joined-up approach to industrial operations. Cue
end-to-end digitalisation.
For many businesses, replacing hardware and software to
allow functionality such as standardised Fieldbus communications, real-time
cloud data, analytics and centralised control across every aspect of their operations
is neither a cheap undertaking nor one that is quick to enact.
After all, most engineering plant managers have built up a
complex system over many years, retrofitting new components and modules to
existing equipment. This is driving the need for end-to-end digitalisation,
moving away from fragmented system control, maintenance and upgrade towards a
holistic approach that encompasses system-wide transparency, alarms and notifications,
including analytics that can deliver actionable insights to improve process
efficiency.
At Boulting Technology we’re helping our customers
introduce cybersecurity measures to retrofitted equipment in existing
industrial setups. Our range of control systems, networking products,
intelligent motor control centres and more, form an integrated system that
gives engineers easy and secure access to their operation around the clock.
Ultimately, end-to-end digitalisation will help companies respond to attacks
and breaches in minutes rather than hours or days.
So, while we come
to the realisation that cyber attacks are simply a normal part of doing
business, take heed of your CISO’s advice and rethink your end-to-end
digitalisation strategy.
By Bernard Parsons, CEO of Becrypt The world of encryption is growing exponentially. Many smaller businesses, including those in the…
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By Bernard Parsons, CEO of Becrypt
The world of encryption is growing exponentially. Many smaller businesses, including those in the public sector supply chain, are looking at implementing encryption for the first time. This adoption has been driven by recent regulations such as GDPR, and the requirement to add encryption as a privacy-enforcing mechanism.
However, despite
the numerous security benefits that encryption offers, there are a number of
aspects for these businesses to consider. Based on the experience and feedback
that Becrypt has attained working closely with our customers, I have summarised
the top-five areas that small businesses should assess if they are looking at
adopting disk encryption in 2019, or if they’re looking at undertaking wider
rollouts of disk encryption.
Ease of use
Organisations
must look for products that are easy to use, easy and quick to install. These
are obvious requirements that are partly about reducing the time and expertise
required to install products in the first place. An important subsequent point
is also total cost of ownership. If a product is not easy to install, it is
usually a good indicator of a level of complexity that will remain as a
long-term business overhead.
The more
complex a product is, the more complexity there is to manage. This leads to
higher levels of required expertise. It also increases the potential for
support issues to occur over time. This drives up the product’s total cost of
ownership for the organisation.
Accessible support
Encryption
can be a business-critical asset, as well as a business-enabling technology.
It’s therefore important that you’re working with an organisation – whether that’s
a vendor or the vendor’s partner – that can offer good, and accessible technical
support.
Even if
you’re choosing a product that’s easy to use, i.e. that’s going to reduce the
amount of required technical support, you should still think about the
potential for requiring support over the total life of the product. In a couple
of years, you may be looking at doing something slightly differently, such as looking
at encrypting new devices that may be non-standard (such as RAID Servers).
Therefore, you will want to ensure that you can pick up a phone and talk to
someone with sufficient expertise.
The option
of phone-based support is important; being able to jump onto a call in a
reasonable amount of time and actually talk to an expert. Therefore, we’d
certainly recommend testing this process with a vendor or the partner before
you go ahead and procure.
Proof of encryption
It’s a good first
step to encrypt laptops, as organisations will always lose laptops. Encryption turns
what would potentially be an information-loss, into just the loss of a physical
asset. It protects the organisation’s information and addresses the organisation’s
liabilities.
However, under regulations such as the General Data Protection Regulation (GDPR), there is often a requirement to prove that devices actually were encrypted in the event of a loss. This addresses some of the reporting requirements within these regulations. Proving that a device loss is not an information loss and avoiding the need to undertake breach notification, is something you want to be able to think about in advance. If you’re deploying a product that includes centralised management, that functionality should already be there. But many small businesses will choose to deploy in a more stand-alone configuration. Deploying with a central management platform increases cost but also increases risk.
With standalone
installs, you should still ensure that that product has a reporting capability
of some kind, such as online. This allows the encryption status of your estate of
devices to be reported.
Extendibility
In the first
instance, you may be looking at deploying encryption within an estate of
Windows devices. As technology changes and refreshes, it could be the case
within a year or two that you have other requirements. You might need to manage
encryption on Mac devices, or on smartphones and mobile devices within that
same suite of products. Therefore, it’s a good idea to look for vendors that
have multi-platform offerings, helping to future-proof your technology choice.
This will ensure that you’re not tied to a vendor, but at least ensuring that
your existing vendor is an option as your requirements grow.
Using product certification and assurance schemes
It’s a good
step to encrypt devices and be able to prove that you’ve encrypted them.
However, there is an increasing regulatory requirement to demonstrate that
you’ve gone through some process of ensuring that the technology you’re
adopting represents best practice. For example, GDPR explicitly references ‘state-of-the-art’
technology.
To fully ensure
that you’re managing liabilities, you need to evidence that you’re not just
adopting technology, but that it’s appropriately ‘state-of-the-art’. Achieving
this level of confidence can only be done by looking at technology that has third-party
validation, normally through product assurance or certification. This provides
independent validation that the product is of an appropriate quality.
There are a
variety of common certification schemes relevant for encryption products. One of
these is the US standard, Federal Information Processing Standard (FIPS), which
ensures that algorithms have been correctly implemented. However, organisations
must be wary of adopting technology just because it has a FIPS certification. The
majority of products use the same algorithms, such as Advanced Encryption
Standard (AES). FIPS ensures that a third-party has validated that the vendor
has correctly implemented the algorithm. However, vendors can, and still do,
implement products inappropriately which leave vulnerabilities.
A good
example of such vulnerabilities in encryption products is within Solid State
Drives (SSDs). Recent research from Radboud University in The Netherlands has
highlighted vulnerabilities in not just one vendor, but a whole range of
vendors’ SSDs. Vendors can take shortcuts, which means that resulting vulnerabilities
can be discovered. In this case, researchers were able to bypass the encryption
within SSDs.
Organisations
are better off looking for certification schemes that are more comprehensive.
One example is the Commercial Product Assurance (CPA) scheme, run by the UK National
Cyber Security Centre (NCSC). CPA works alongside FIPS for validating algorithms,
but it says more about the overall product quality and implementation, looking
at the security architecture to make sure that it has been designed and
implemented in a sensible way.
It also looks
at the vendor coding and build standards, thereby reducing the risk of there
being a vulnerability in the product. The risk is never fully mitigated, but it
certainly goes down to a point that allows you to say that, as an organisation,
you are adopting best practice.
The importance of due diligence when adopting encryption
Organisations,
particularly SMEs, should consider these five key steps as they adopt encryption.
Alongside security and liabilities, they also need to be concerned about the
cost of being caught out by products with publicised vulnerabilities. Subsequently,
they also need to think about the cost of then changing to a different
solution.
Ultimately,
adopting encryption is not rocket science. During their studies, the
aforementioned researchers from Radboud University highlighted that
implementing encryption well is not easy, and it is easy to make mistakes. However, most good vendors, or their partners,
should be able to advise you on the above best practice steps to take.
Technology is becoming a tool for expanding human senses and abilities. This requires intelligent and immersive interfaces. Will voice, gesture…
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Technology is becoming a tool for expanding human senses
and abilities. This requires intelligent and immersive interfaces. Will voice,
gesture and thought control soon replace keyboards and touchscreens?
Reply’s study, conducted with the trend platform SONAR, examines trend-setting concepts for interfaces between
humans and computers – Human-Machine Interfaces – which are now becoming real
possibilities for communication between humans and machines. For companies,
there is significant potential for more personalised and emotional customer
interaction as well as new possibilities for the visualisation and analysis of
information.
Voice assistance
20 million people worldwide already use voice
assistants daily to search for information, make purchases or play music. Also,
in the corporate environment, voice assistants enable a completely new way of
using technology and automate many tasks. The smart assistants perform entire
tasks, record things or make calls without any human intervention. This
increases productivity and leaves employees with more time for challenging
tasks. Through voice interfaces devices can be controlled using voice input,
and smart software agents will be able to perform an increasing number of
services in the future. What’s more, electronic in-ear devices, so-called
hearables, can be used for a wide range of applications, from wireless data
transmission to communication services.
Extended Reality (XR)
The technologies combined under XR enable barrier-free
interaction between man and machine and eliminate geographical distances. They
revolutionise people interaction with the environment: Augmented, Virtual and
Mixed Reality support consumer decision, reduce costs, increase efficiency and
a more productive environment. Other emerging trends include gesture control
and 3D displays, which create a virtual three-dimensional image of an object
and offer interactive possibilities. Smart glasses, which provide the wearer
with additional information about what they are seeing, are also among the XR
trends.
Full Immersion
Full
immersion technologies allow the direct exchange of information between man and
machine. Advances in fully immersive technologies and neurosciences show that a
world in which people are fully connected to computers is coming. Scientific
research in medicine is leading the way into a future in which the human brain
can control computers with mere thoughts and exchange ideas via headsets or
brain implants. Companies are already working on neurally controlled
interfaces. They offer direct communication channels between a networked brain
and external devices. Another trend technologies are in the area of augmented
bodies, which aim to strengthen the human body and its performance using things
such as implants or electronic tattoos.
Furthermore, the study also identifies four visions
that could soon become reality:
Sending thoughts: ideas,
feelings and memories to be shared directly with other people.
Human enhancement: by
directly connecting the brain with computers, AI-controlled assistants and the
Internet, know-how can be downloaded into the brain or expanded with
super-intelligent AI systems.
Neural healthcare: immersive
technologies may enable people to recover from diseases that are still
incurable today, such as Parkinson’s or paralysis.
Virtual copies: by
connecting to computers, a person’s thoughts, memories and feelings can be
stored as data and, one day, may even make a complete virtual copy of the brain
possible.
“Communication between man and machine is one of
the most exciting topics of our time. Technologies at the interface between us
and intelligent systems will enable a paradigm shift in all areas of life in
the near future. The resulting new products and services will offer completely
new solutions for telling stories and visualising information. The three trends
identified by SONAR and the four visions provide companies with guidance on
their journey towards digital transformation,” says Filippo Rizzante, CTO
Reply.
The Human Machine Interfaces report is part of a
series published on the following topics AI,
Retail
Revolution and Consumer-IoT.
Microsoft has developed a fully automated system that stores digital data as DNA in an attempt to reduce the magnitude…
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Microsoft has developed a fully automated system that stores digital data as DNA in an attempt to reduce the magnitude of stored data.
A proof-of-concept, conducted by the software giant and the
University of Washington, successfully encoded the word “hello”
into snippets of fabricated DNA and converted it back to digital data using a
fully automated end-to-end system.
Microsoft is looking to address capacity issue in
modern data centres by attempting to encrypt digital information in synthetic
DNA molecules of a significantly smaller magnitude than the model data centres currently
use.
Microsoft believes that through molecular computing
technologies and algorithms, the DNA system could fit all the information
currently stored in a warehouse-sized datacentre into a space “roughly the size
of a few board game dice”.
The automated DNA data storage system uses Microsoft software, developed
with the UW team that converts the ones and zeros of digital data into the As,
Ts, Cs and Gs that make up the building blocks of DNA ready to be retrieved,
through the assembly of liquids and chemicals that can read the DNA sequence in
a way that computers can understand.
Microsoft principal researcher Karin Strauss commented: “Our ultimate
goal is to put a system into production that, to the end user, looks very much
like any other cloud storage service — bits are sent to a data centre and
stored there and then they just appear when the customer wants them. To do
that, we needed to prove that this is practical from an automation
perspective.”
Coeus Consulting, an award-winning independent IT consultancy, has announced new research revealing that although the fate of many organisations depends…
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Coeus Consulting, an award-winning independent IT consultancy, has announced new
research revealing that although the fate of many organisations depends on
their ability to implement strategic change and to adopt disruptive
technologies, a reported lack of business and IT alignment, coupled with a
corporate fear of risk, means they risk losing out on crucial revenues and
market share.
Just 21% of those surveyed stated they seek to implement new technology as soon as possible, with some of the main barriers to adoption being: fear of disruption to core business (30%), lack of budget to adopt new technology (21%), and poorly planned adoption strategies (19%).
“While it is reassuring that
organisations are at least attempting to keep up with disruptive technologies,
it is somewhat concerning that they are not doing more. Monitoring advancements
is the first step on the road, but only three in ten organisations make
technology decisions in the boardroom. With technology now playing a vital role
in every industry, organisations need to increase their understanding of
technology and be prepared to take more calculated risks in order to reap the
benefits and execute successful strategic change”, Keith Thomas, Head of IT
Strategy Practice, Coeus
Consulting commented.
Successful implementation rates
are low among respondents which could explain these fears, with only seven
percent noting that all of their organisation’s strategic IT change projects
have met initial objectives over the past two years. The good news is that, of
those from organisations that have a test and learn culture, and also set
objective success or failure criteria for initiatives in advance, almost sixty
percent report that their organisation investigates or adopts a different
approach when initiatives don’t meet objective success criteria. “Organisations
are blinkered to the market and must be willing to tread the fine line between
adopting technologies quickly and rushing the process by investing in the wrong
technology, otherwise they risk being overtaken by their competitors and will
see declining revenues”, commented Ben Barry, Director, Coeus
Consulting.
Aligned and informed
organisational leadership is clearly an issue within organisations where at
least some strategic IT change projects have not met initial objectives, with
just over seventy percent admitting one of: business plans changing, senior
management not buying into the change, or not taking enough risks as a reason
for failure. “This is disconcerting, if those at board level are failing to see
the benefits of strategic IT change, then implementation, adoption and
deployment of new technologies is destined to fail. Businesses need to ensure
board-level understanding of the importance of IT, as well as building stronger
strategic IT change capabilities”, added Thomas.
“Consumer demand for new and
improved offerings, paired with demand for digitalisation from the business,
means that organisations not only need to increase the speed at which they are
doing things, but must also match, or stay ahead of the offerings from
disruptive and agile competitors”, Thomas noted.
Seeking to discover how
organisations view the next wave of disruptive technology, almost a third (29%)
of respondents believe artificial intelligence represents the most significant
innovation set to impact their industry in the next two years, with data and
analytics (18%) next in line. Despite their predictions on the next generation of
technology, only 38% of respondents say they operate with dedicated teams
monitoring the latest advancements. This suggests sixty percent of
organisations could be operating with little knowledge of innovations taking
place outside their four walls.
Despite the current economic
climate, funding seems to be a secondary issue. Last years’ research found that
just over six in ten (62%) of respondents predicted an increase in the size of
their budget for the coming year. In actual fact, only 50% of respondents from
the survey this year reported an increase.
However, just over 50% of
respondents reported that digital services are being funded from the IT budget
in their company, and additional funding is also allocated from elsewhere. Indeed,
approaching six in ten (57%) are anticipating an increase in their budget for
the financial year 2019 to 2020. This indicates that business leaders
appreciate the need for IT in their current and future operations to the point
of allocating funding, but not always to the point of consistently aligning
with their IT counterparts.
Increasing operational efficiency
(49%), customer satisfaction (32%) and increasing revenues/sales (31%) top the
list of drivers of strategic IT change projects, demonstrating the expectations
around the business value of IT change are not being effectively driven.
Businesses need to recognise the
consequences that slowing IT spend, and ultimately, stagnating progress, could
have on their business prospects. Taking unnecessary risks could lead to the
downfall of an organisation, but in reality, spending on technology and taking
a fail-fast, calculated approach to IT risk is now a necessity.
Does anyone know what is going to happen come the final Brexit deadline at the end of March? Although not currently legally binding, MPs have now voted to try to prevent a no-deal Brexit after passing an amendment which rejects the UK exiting the EU without an official ‘Withdrawal Agreement’. Despite this, sceptics are still unsure whether there’s going to be any formal plan in place, in time for next month; will the government delay or will a deal be struck? Either way, many businesses are already noticing implications from this level of uncertainty.
In this article, unified communications
specialist Alex Tebbs, Founder of VIA, discusses his thoughts on the
various business repercussions of a no-deal Brexit, particularly across the
tech sector.
Within the tech sector in particular,
businesses are used to being agile and innovative, and various changes that
crop up usually pose opportunities as well as challenges. In this way,
companies will no doubt learn to adapt to Brexit and will work around any new
legislation in a way that is suitable to their business. After all, isn’t that
what business has been doing for decades?
What can we can expect moving forward after
the deal, or indeed no-deal, has taken place? Alex offers some practical tips
on what business leaders can do to mitigate any risks from these changes.
The situation
As the potential of a no-deal Brexit looms, the economic uncertainty is
throwing up interesting questions for many businesses in the UK and across
Europe. Unfortunately, across certain industries, these changes and
challenges are driving jobs and investment away from the UK in some cases. There
are already many plans in place to try and mitigate any potential issues this
may cause, such as the European Commission which has already begun implementing
a “no-deal” Contingency Action Plan in order to prepare for a worst-case
scenario. In the event of a no-deal, the public, consumers, businesses and
public organisations will have to respond immediately and in appropriate ways
to changes as a result of leaving the EU.
What happens next?
So, what can we expect moving forward? Some sectors will inevitably be
more affected more than others, but we’re yet to know which will benefit and
which will face challenges. From a consumer perspective, people have mixed
feelings. According to reports, some British made products may be subject to
new certification meaning businesses could place additional tariffs on goods
imported from the EU, which making products more expensive. On the flip side,
additional certification might mean products are subject to further checks and
scrutiny, meaning better quality across the board. There are many
possibilities.
How this will look for the tech sector
But what about tech? Due to the industry’s flexible nature, the tech
sector has long had a name for being adaptable. However, as technological
innovation has made its way into every industry, there will be knock-on effects
for a variety of business areas.
One thing we need to really consider is talent. The tech sector, in
particular, uses a huge amount of skilled European workers as part of its task
force. If there is any change to freedom of movement, such as if it is halted
or restricted, this will not only affect current skilled European workers in
the UK, but it will also affect the acquisition of new talent. It may become
intrinsically more difficult to arrange Visas and work permits for European
workers to come over to the UK and vice versa.This means that there may be talent
shortages within the UK across the board, as it will no longer be viewed as a
preferred destination of choice for many Europeans. Currently, many workers
travel to the UK without employment and look to join the tech industry while
they are here.
Potential solutions
We already know that the rise in flexible working will help the tech
sector address these issues. With remote working, European workers will still
be able to be based in their home countries but can work for UK based companies
without the need for lengthy Visa/work permit applications. Using unified
communications (UC), remotes workers will be able to communicate seamlessly
with the UK office while still feeling they are connected to the team. It is
important companies enable the telephony, instant messaging and video
conference tools that will enable teams to seamless to communicate across
various geographical locations.
Additionally, shifting away from a more rigid full-time employee
structure could aid in this transition. There could be a rise in contract and
freelance positions, which will be enabled by UC tools.
When it comes to talent, as more European workers will be based in the
EU, there will be a rise in the “virtual” interviews, where video calls will
take the place of face-to-face interviews. We’re at a point in technology today
where this can be carried out seamlessly, as video calls feel almost as if that
person is in the room. After an initial, relatively cheap and easy remote
interview the company can then decide whether to progress the interview through
face-to-face meetings.
What’s next?
One thing is for certain if there is one industry that is going to be
able to adapt it is the technology industry. Whatever the outcome, an orderly
transition is in the best interests for everyone, businesses and
consumers from all sides.
IPsoft has introduced 1Bank, the first conversational banking solution featuring virtual agent Amelia. It has been rated the top virtual…
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IPsoft has introduced 1Bank, the first conversational banking solution featuring virtual agent Amelia. It has been rated the top virtual agent in conversational AI by Everest Group.
Chetan Dube, CEO at IPsoft, commented: “With 1Bank we provide the most humanlike digital experience in the marketplace, built from the knowledge we’ve gained serving six of the world’s leading banks with conversational AI. We are giving banks the possibility of providing customers with their own personal banker around the clock.”
1Bank answers FAQs, but also resolves complex customer needs, by understanding customer intent. It can also switch context, mid-conversation. Its machine learning Learning (ML) abilities also mean that 1Bank can improve over time.
Some of the tasks 1Bank can carry out are:
advising on unpaid bills, proactively informing customers of an incoming bill and communicating any insufficient funds, making a money transfer and asking if the customer wants to set up payment for the bills when they are due.
recommending and setting up recurring payments, making payments from different accounts, opening and closing accounts.
helping customers locate transactions.
assisting with individual and potentially fraudulent charges on credit cards and disputing them, getting a new pin, getting a balance transfer or applying for a new credit card.
creating travel alerts after a customer made an airline purchase and proactively recommending the next step, such as, when traveling to exchange and withdrawing cash.
1Bank can integrate with existing tools and interfaces, and it can be added to existing applications to help customers quickly access the information and service they need. This includes mobile apps, desktop or kiosk apps, website modules, or within consumer chat applications, such as Facebook Messenger and Amazon Echo.
Is your company safeguarded against cyber-attacks? In this day and age, new threats to your business’s security are being developed…
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Is
your company safeguarded against cyber-attacks?
In
this day and age, new threats to your business’s security are being developed
daily. Ransomware, phishing and data leaking are a constant danger, threatening
to take money, steal employee details and damage your customer data.
To
prevent damaged relationships between clients and other key stakeholders,
you’ll want to ensure that your cyber-security is up to scratch. But, just how
is this possible within an ever-evolving digital landscape?
We
recommend the following five simple, but effective hacks:
Email
It all starts with a simple email masked as a trusted source, which quickly – and unexpectedly – transforms into a simple way to gain vital, confidential information. Spear phishing has become a successful and popular tool for attackers to gain access to company files and details. With 91 percent of cyber-attacks beginning this way, it’s vital that you acknowledge the threat and generate awareness throughout your business, starting with each and every member of your team.
A
key hack that prevents this from happening is keeping as many company emails
off your website, opting instead for contact forms. Secondly, ensure employees
never send sensitive information via email and educate them about the dangers
of sharing company information outside of the workplace. While you may think
this should be common knowledge, some staff members do and will overlook the
potential consequences.
WiFi
Ever wondered about the dangers of WiFi hacking? Type a quick query into Google and thousands of results will be listed, advising you how to gain access to wireless internet and, more concerningly, how to reap plenty of ‘rewards’ by harvesting information.
The first step to protecting your network is enabling WiFi Protected Access, using encryption to lock all accessible routes. Then, change the SSID’s (wireless network names) in every office. Using the default name allows attackers to use prebuilt password crackers that are associated with common names, so the lengthier and more random the name, the better. This should be coupled with a strong password that will discourage and defence against potential hacks.
Update computers
Ensure
that all device updates are implemented company-wide. You may remember the
Equifax hack in 2017 where hackers gained access to the details of nearly 150
million people. The breach was caused by an application with vulnerabilities,
ones which could have been fixed with a software update 2 months prior to the
attack.
This
highlights how important updates are. Hackers can easily find vulnerabilities
in any software if they search long and hard enough, so in response, updates
release new code that can patch up any holes and protect your company’s devices
from malicious malware. Never overlook the value of software updates – they may
appear annoying or inconvenient, but they serve a very valuable purpose.
Backup
If
your company spans multiple offices, then you’ll likely be employing a cloud
service so different departments have access to relevant files. Unfortunately,
these digital filing cabinets are very susceptible to hacks. A fail safe method
to guarantee protection is hard to come by, but there are simple measurements
you and your staff can put in place.
A
two-step authentication process should be introduced that requires your staff
to confirm a code. The best way to do this is through the use of apps like Duo
which constantly change and update the code required. Another option is through
a key that can be plugged into a computer. It’s an extra-secure method that can
be used with some of the most popular cloud storage options.
Employee education
Arguably
the most effective thing you could do when developing your cyber-security
strategy is educating your staff.
In
accordance with the GDPR regulations, every member of staff should be aware of
how to handle private and confidential information securely and safely,
regardless of the department they work in. However, there is no harm in taking
the time to set up full and comprehensive protocols for all aspects of
cyber-security.
Introduce
policies for how all information should be stored, provide password support
that ensures no password is used twice and encourage the use of two factor
authentication. Also, be sure to develop protocols should a data breach happen
and only provide staff access to files that are required for their job roles.
It’s recommended that regular training takes place in every office to keep
staff up to date with the latest security changes.
These 5 tips may appear simplistic, but in the fast-paced environment associated with the modern businesses, it can be easy to opt for ease over safety. Make sure everything digitally hosted is fully protected from potential threats and consider what could be the biggest danger for your company to prepare for.
Tim Holman is CEO at 2|SEC Consulting, a cyber and information security consultancy
Technology continues to drive supply chain change and innovation with Voxware, cloud-based voice and analytics supply chain solutions company, announcing…
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Technology continues to drive supply chain change and innovation
with Voxware,
cloud-based voice and analytics supply chain solutions company, announcing two
new strategic partnerships. The first is with Ai Links Limited – a Singapore
supply chain consulting firm – and the other with Onlog AS – a supply chain and
logistics solutions provider in Norway.
The second part of Total Retail’s series
on Tariffs and Inflation looks to the need to forward-buy inventory and the
benefits and disadvantages thereof. For those who missed the first part, it can
be found right here.
Another company looking to shift how its practices influence the
environment and deforestation is Olam
Cocoa. The company has revealed its plans to end deforestation in
its cocoa supply chain and to work with farming communities that depend on
cocoa for their livelihoods.
Energi Coast has declared the region’s supply chain as fit and ready for growth after an announcement of the Sector Deal for offshore wind. CEO of Tekmar Group and Chairman of Energi Coast, James Ritchie, said: “The sector deal for the offshore wind industry is a significant step forward in creating a sustainable industry and providing real value creation to our local supply chain, which is fit and ready to serve our growing sector.”
Inspecto has revealed its development of a nanoscale portable device that
can detect food contaminants in the field from an early stage. It can be
customised to detect contaminants per business requirement and is suited to
farmers, producers, suppliers, retailers and quality assurers along the supply
chain. It even provides results in real time.
ISSA’s
Cleaning Management Institute has partnered
with Marquette University to develop online training courses for the supply
chain. The programme is designed to enhance understanding of the fundamental
principles of the supply chain.
Also in the news today: Quantzig,
an analytics advisory firm, has announced their new article on the Importance
of Demand Analysis that highlights the objectives and helps businesses improve
supply chain efficiencies; retail imports have dropped
to an annual low with retailers between seasons and tariff hike on hold; the winners
of the first NextGen Supply Chain Awards have been revealed; EasyJet
is shoring up EU supply chain in case of no-deal Brexit; Chain Business
Insights released new book entitled Blockchain in Legal Cannabis: Weeding out
Supply Chain Inefficiencies; and Procter & Gamble’s supply chain to go
under the microscope
at Supply Chain Conference taking place towards the end of March.
It is a measure of how much we take sophisticated technology for granted that the appearance of a pop-up chatbot…
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It is a measure of how much we take sophisticated technology
for granted that the appearance of a pop-up chatbot screen, asking questions
and providing sensible responses, is no longer considered remarkable.
Chatbots today inhabit websites, intranets, apps, and social
media platforms, and have become so ubiquitous as to become almost invisible.
Interacting with a text screen is a natural activity, and most users don’t seem
to care much about whether the other side of the conversation is a human or a
bundle of code.
From a corporate perspective, chatbots can be a win/win.
Increasingly reliable in their responses and cheap to operate, they are
available night and day and are instantly scalable. Whether your site or app
has one visitor a day or thousands, the bot is always eager to help.
We’ve come a long way from the disastrous early attempts at
providing AI assistance – remember Microsoft’s paperclip? – but what a good
chatbot does today is much the same as that much-loathed animated character:
identify what a user is trying to do, and offer appropriate help.
Artifical
intelligence
You will have heard of the Turing Test, which held that if a
computer could provide responses that were indistinguishable from those of a
human, the machine had to be considered intelligent. Are we there yet?
Despite some well-publicised claims, the answer is still,
probably, no. In 2014 a program called Eugene Goostman successfully tricked
Turing Test judges into believing it was a 13-year-old Ukrainian boy. This
controversial victory is still a failure, though, because nobody expects or
wants to find an adolescent behind a real-world help screen.
More relevant is the Loebner Prize for the most convincing
chatbot. This awards bronze medals each year to the best contenders, but has
never made a silver (text) or gold (audio visual) award – the equivalent of a
Turing Test pass.
A glance at the best entries from the 2018 competition shows
why. Eleven bots were asked 20 questions, winning two points for a human-like
answer and one for a plausible response. Out of a maximum of 40 points, the
winner scored 27 and the lowest just 12.
Even simple questions can make the tech fall over. The
winner, a chatbot called Tutor by Ron C Lee, answered “Do you know how to
make toast?” with “No, we haven’t”.
Chatbot limitations
While there remain limits on what a chatbot can convincingly
do, this need not be a problem if it is deployed in the right way. Recent
research from Penn State University found that while many appreciate an
apparently empathetic response from a bot, those who believe machines are
actually capable of consciousness do not.
“The majority of people do not believe in machine
emotion, so took expressions of empathy and sympathy as courtesies,” said researcher
Bingjie Liu. “However, people who think it’s possible that machines could
have emotions had negative reactions from the chatbots.”
The answer is only to use them for things they are good at,
says James Williams, who leads the development of advanced chatbots with
Nottingham-based software company MHR. While chatbots are now common in
consumer interfaces, he notes, there is much potential in the enterprise space.
Business bots
When applied within the company’s flagship human resources (HR) software, Williams says the conversational interface is an excellent way to simplify common transactions. “You’ll hear us talk a lot about reducing friction,” he says, which means anything that slows down a routine interaction.
An example is an employee submitting an expenses claim,
which MHR’s Talksuite does through an AI-driven chatbot. “Taking a picture
of a receipt is a natural thing to do, and the AI will recognise the image,
understanding the content as well as the context. Bots are really good for
processes with lots of rules or lots of steps, and here it just asks a few
questions and saves the employee a lot of hassle. Less friction.”
Knowing when not to deploy a bot can be just as valuable. Williams recounts one client which had deployed a complex chatbot for its newly joining employees, known in HR circles as the onboarding process. “The chatbot went through everything plus the kitchen sink, so the employee was there for 20 minutes or more being interrogated by a machine. It was just awful. A web-based form is a much better interface in this situation.”
His final advice is to consider the image the bot projects.
“Any personality in a chatbot tends to come accidentally, unlike a website
or an app. If you let software developers write the conversation, you might end
up with a bot that’s actually a bit of a dick. People make judgements on things
like language and punctuation. It’s fine to be personable and friendly, but it
should be clear when the user is talking to a bot and when any transition to a
human interaction takes place.”
A sector deal announced by Energy and Clean Growth Minister Claire Perry means that one third of British electricity is…
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A sector deal announced by Energy and Clean Growth Minister Claire Perry means that one third of British electricity is set to be offshore wind power by 2030. In a recent release, the offshore wind industry announced that it is to invest £250 million into the UK supply chain due to an anticipated increase in exports by 2030.
The Supply & Demand Chain Executive magazine announced that Fusion Worldwide’s Tobey Gonnerman, executive vice president of global trade, was a 2019 Practitioner Pro To Know. Fusion Worldwide, an open market electronic component sourcing company, was one of more than 500 entries for the award. Another company to receive the accolade was Dan Clark, founder and president of Kuebix. The transportation management system company owner was selected for his extensive industry expertise and his implementation of Software-as-a-Service solutions.
A recent release from Nestle
has opened up about the company’s action plan to help end deforestation and
restore forests in the cocoa supply chain. The entire plan is available in a
downloadable PDF book that outlines the company’s commitment to support the
Cocoa & Forests initiative.
SpendEdge, a procurement intelligence solutions provider, has released their
supply chain study for a fast fashion retail company. The study provides
insights into how companies can boost customer services, assess short-term
trends, and improve sourcing processes to build a responsive supply chain.
The Zurich
Insurance Group announced a new strategic partnership with
riskmethods GmBH, a supply chain risk management firm. The goal is to help
clients better identify, assess, mitigate and transfer their supply chain
related risks. Roby Kuchinski, Global Head of Property and Energy at Zurich
said: “We are committed to offering our customers solutions that go beyond risk
transfer. This new offering is a great example of how Zurich is focused on
customers’ needs by combining the highly complementary skill sets of our own
Risk Engineers and scientists with the state-of-the art artificial intelligence
services available through riskmethods.”
Also in the news today: a new survey conducted by Sage Growth Partners found that 98 percent of hospital leaders said supply chain optimisation can improve margins; Khol’s posted its 12th straight quarter of inventory reduction; Resilinc released the 2018 EvenWatch Report that showed how global risks have increased overall and that uncertain geo-political conflicts present costly and disruptive supply chain impacts; and Huawei is about to sue the US regarding the ban of its products from American shores.
The market is crowded and the volume deafening. Customers are pelted with sales and slogans from every device and corner….
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The market is crowded and the volume deafening. Customers are pelted
with sales and slogans from every device and corner. To stand out from the
crowd you need more than just an excellent business strategy and remarkable
product offering. You need an online audience. However, catching the attention
of this audience has become an art form – from hashtags to visual campaigns to
viral videos to content development you need a dash of experience, a splash of
technology and a whole lot of creativity.
These three campaigns took the tools of technology and marketing and
content to really capture audience attention and marketshare.
The experiential campaign:
Experiential marketing isn’t exactly hot news but few people realise
exactly how well it works and how it can help a brand build its online
presence. According to the 2015
Event & Experiential Marketing Industry Forecast, 65 percent of
brands say it has a positive impact on sales. A direct, positive impact. It
uses a physical event combined with video, hashtags, and social media, to
create a digitally blended experience that gets people talking. After all,
people want experiences and they want to share great experiences even more.
One campaign really stands out in this field – Red Bull’s Stratos
event. This marketing experience broke records as Felix Baumgartner set the
world record for the highest skydive. He jumped from a helium-filled balloon, Red
Bull streamed the event online, and the result was the highest
viewing traffic of any live stream in YouTube in history.
Key takeaways: Blend the traditional with the digital to create an
experience that will pull customers into your brand. By inspiring customers to
share your hashtags, your experience and your brand, you are not just
connecting with your audience but building it.
The transparent social media campaign
The rules of social media exist for a reason. Many brands have
broken them to their detriment. But some, like Wendy’s, have taken the rules,
thrown them out the window, and won the day. The company took its social media
campaign out of the traditional and into the utterly engaging.
Wendy’s
chose to roast its customers. In a smart,
sassy, right on brand and tone of voice kind of way. The campaign was a
success. Not only did the company rack up significant social media traction as
the posts trended, but it also received a ton of free publicity from leading
media outlets. The campaign met with positive reviews from critics and
customers and the company has just posted an increase in sales for the 17th
year running.
Key takeaways: Social media rules can be broken or bent in favour of
brand voice, intelligent communication and clear understanding of audience.
Wendy’s paid attention to the people that frequented its stores and talked to
them in their language.
Intelligent targeting across multiple channels
The audience you want to reach is online but the problem is that not
all of your customers are on the same channels or platforms. While their voice
and tone and needs may match, their preferences may not. What you need to do is
build an online presence that offers multiple touchpoints with the same
content. This will ensure your content and brand have reach. By developing a
multi-channel, multi-media strategy you can share the same content across every
platform to build a cohesive narrative that’s easily found by your prospective
audience.
Gucci is an excellent example of a brand that has taken its
messaging across various platforms to build its audience. The company has used social
media campaigns, viral digital marketing campaigns, interactive
instore displays and digital experiences to engage with its customers.
Quest Solution Inc, provides supply chain and artificial intelligence (AI) based machine vision solutions. It has been awarded a project by…
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Quest Solution Inc, provides supply chain and artificial intelligence (AI) based machine vision solutions. It has been awarded a project by a leading supply chain and logistics provider in the US. The release doesn’t detail who the leading supply chain provider is, but it does reveal that the project is valued at around $US7 million.
A patent
that will allow for a robot to live at your home and handle your deliveries has
been filed by Amazon. The patent outlines plans for a robot that will
completely transform last mile delivery capabilities, even potentially
delivering packages in the early hours between 2am and 6am.
Back to AI, NFI Industries and Transplace are paying attention to
this technology through partnerships with firms that add AI capabilities to
transportation and distribution. Both companies have announced a partnership
with Noodle.ai
with the goal of enhancing logistics services and technology capabilities.
In a video interview with CNBC, Lance
Fritz, the CEO of Union Pacific, is concerned that supply chain
disruption won’t return to normal. He believes the biggest concern lies in
trade and that the challenges with China should be resolved as soon as
possible.
In an interview with Sky News, Peter
Schwarzenbauer, BMW board member responsible for Mini and Rolls
Royce, has said that the firm will need to think about moving production from
the UK in the event of a no-deal Brexit. Remaining would be too costly for the
organisation and some production would move to countries like Austria. Toyota
shares similar concerns with Johan van Zyl, head of Toyota’s European
operations, telling the BBC that Brexit hurdles would ‘undermine Toyota’s
competitiveness’.
Blockchain remains an interesting solution for many in the supply chain and
Blockchain Labs for Open Collaboration (BLOC) has recently started working with
NYK, a Japanese shopping company, and BHP, a mining company, to establish a
sustainable biofuel supply chain using BLOC’s blockchain fuel assurance
platform.
Also in the news: HighJump,
a global supply chain solutions provider, awarded five women in its Top Women
Leaders in Supply Chain awards; Cryptobriefings
Kiana Danial examines whether VeChain can deliver a supply chain solution; Apple
releases a supply chain document that reveals how iPhone, airpods and other
products are all zero waste; and SIGTTO GM, Andrew Clifton, looks to the LNG
supply chain.
According to Gartner, few organisations know how to turn their business digital. Around 57 percent have not yet found their…
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According to Gartner, few organisations know how to turn their business digital. Around 57 percent have not yet found their starting point for digital transformation (DX). It’s an understandable conundrum considering the complexity of the process, but there are steps that every business can take to ensure of long-term success. Steps that will reduce the noise to an understandable level so you can pick out the strategy that will best suit your organisation.
01: The ‘So What’ question
The first and possibly most crucial step is to determine exactly
what business goals your digital transformation strategy is setting out to
achieve. There’s following the herd and leaping onto solution and service with
the desperation of those who don’t want to be disrupted, and then there’s
plotting the strategy that will drive the digital transformation chariot.
Before embarking on any investment, ensure you can measure success by asking the
‘So What’ question. Then fine tune your answer by asking, ‘Why’…
02: Clear the way
When it comes to DX there will be roadblocks that will impact on
efficacy and uptake. The C-Suite and the board are often hung up on
cybersecurity and how this threat landscape will influence any digital strategy
as well as on cost, time to market and short-term impact on the business. Stakeholders often don’t agree on a cohesive
direction for the business or the ultimate goals that DX is to achieve. The
solution is to develop a robust governance and compliance framework that
addresses concerns and guides the DX strategy consistently across
implementation and investment.
03: Agility is key
Your DX journey shouldn’t follow the traditional, staid pathways of
technology investment. That’s precisely what digital is designed to avoid. To
truly benefit from the potential of DX you need to balance your traditional
operations and models alongside the digital ones. The latter are often not
compatible with the former so the business needs to be agile in its approach
and flexible in its implementation.
04: A dedicated budget
DX is a long-term investment that won’t show results overnight so it
can’t come out of the operations budget nor can it be handed pieces of budget
that aren’t dedicated for the long haul. Having separate funding not only
ensures that the project remains on track but that it won’t consistently fall
by the wayside when budgets are cut or re-allocated.
05: Monitoring, oversight and measurement
DX must be put in place alongside clearly defined measurement
parameters and must be consistently monitored to ensure that it meets targets
and delivers on its promise. The digital journey may promise vast improvements
in productivity and potential but, the reality is that many DX implementations
fail due to lack of monitoring and measurement and employee engagement. In
addition, regular monitoring and clear measurement ensure that your DX strategy
remains focused and that you are addressing any challenges that arise before
they leave a mark.
The Retail Industry Leaders Association (RILA) awarded first place in the 2019 RTech Supply Chain Innovation Awards to Onfleet, a…
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The Retail Industry Leaders Association (RILA) awarded first place
in the 2019 RTech Supply Chain Innovation Awards to Onfleet,
a cloud-based software company that helps organisations refine last mile
delivery operations. Lisa LaBruno, RILA’s executive vice president of retail
operations and innovation said: “This year’s RTech winners not only embody the
spirit of innovation propelling the retail industry forward today, but they
have developed tangible solutions to some of retail’s biggest supply chain
challenges as well.”
Pepperfry, a furniture and home products marketplace, has announced its
intention to strengthen its supply chain operations to ensure improved customer
reach. The announcement comes alongside the company’s expansion plans as it
sets up more than 100 offline stores.
Singapore and US-based startup StaTwig
has revealed its plans to streamline the vaccine supply chain using its
blockchain-powered solution. The company is working with UNICEF – the company
distributes around four billion doses of vaccines globally – and is in talks to
continue with its expansion into new markets.
Agriculture retail sellers with a worldwide gross income of more
than $US 200 million may be required to disclose employment violations if
proposed legislation goes through in Washington. The Senate
Bill 5693 is directly targeted at removing slavery, peonage, working
to pay back debt and human trafficking.
IBM has announced that its hatches are being battened as the risk of a
no-deal Brexit looms every closer. The company is preparing for the loss of the
four freedoms of the EU – movement of goods, services and data, labour and
capital across borders.
Zebra
Technologies has released a report entitled
‘The Future of Fulfilment Vision Study’ that examines the logistics challenges
in an omnichannel shopping landscape. The report takes a global look at how
manufacturers, retails and logistics firms are meeting the growing needs of the
on-demand economy.
Ocado lost its flagship distribution centre in Hampshire in the last week
of February in a blaze that lasted for more then two days. It struck a blow for
the company as it was the prototype for its robotic plans for the future and
the loss from the fire is estimated at around £100 million.
Also in the news: Retailers
are asking congress to pass tariff relief legislation; a study by Alix
Partners examines the 2019 Global Container Shipping Outlook; and Revolut
– the bank plagued by misconduct and toxic working environment claims – is
fighting back.
The Internet of Things (IoT) allows devices to send data to cloud storage, where it can be combined with other…
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The Internet of Things (IoT) allows devices to send data to cloud storage, where it can be combined with other data, analysed and interpreted using techniques such as predictive analytics, artificial intelligence and deep learning. The resulting knowledge, including identification of patterns and trends, reveals new insights that have the potential to touch every aspect of our lives. Many of us are already using IoT devices in our homes, from smart sensors to voice activated virtual assistants.
However, I believe that to achieve the IoT’s full potential we must add visual data to create the Visual IoT (VIoT). Sight is the most important of our senses, so integrating visual information with other IoT data streams is immensely powerful. It helps a system or device better understand and interpret objects and movement as well as its surroundings based on the visual data it can ‘see’.
We now have the processing power, bandwidth, data storage
capacity and computing ability to enable fast, reliable analysis of visual data
to a standard that makes it commercially viable. The result, according to McKinsey,
is that video analytics will see a compound annual growth rate of more than 50
percent over the next five years, contributing to a potential economic impact
for the IoT of $3.9 trillion to $11.1 trillion a year by 2025.
Doing this does not require hundreds of new cameras. Huge volumes
of visual data already exist, collected by the analogue and digital cameras that
surround us, from traffic and numberplate recognition cameras to CCTV systems. Most of this visual
data, however, is currently collected for a single purpose, and only a
tiny percentage is ever viewed. Combining it with other IoT data streams and adding
analytics would make it immensely valuable.
Our research suggests there are currently some 8.2 million surveillance cameras
in the UK, producing 10.3 petabytes2 of visual data every
hour. Consolidating this in a cloud infrastructure and combining it with other
data sets, from static data such as grid references to dynamic ones such as
weather data, could provide clear visual insight into what is happening, why,
and what might happen next. Applications
could range from speeding up the response to motorway accidents and managing
city centre parking to working with people flows in transport hubs and caring
for vulnerable people.
We are already seeing companies such as Vodafone integrating
cloud-based CCTV with building security systems, adding visual verification to
intruder alarms. Such systems can enable home security companies and the police
to check properties visually when an alarm goes off and quickly ascertain
whether a break-in has occurred. This can provide significant time and cost
savings while enabling immediate action to be taken if appropriate.
Cameras combined with analytics can be configured to map
patterns of movement in real time, helping to understand the number and flow of
people in public spaces such as stations, airport terminals, tourist
attractions and shopping malls. This could be used to automate the management of
people flow systems, for example changing the direction of escalators and lifts
as customer behaviour patterns change during the day. In many cases cameras can
be used simply as a sensor with analytics to verify something, for example that
the object at the barrier is a red van with a particular numberplate, and take
action, such as lifting the barrier, without necessarily recording the image.
Another application is city centre parking. According to the
British Parking Association, 30 percent of city centre drivers are simply
looking for a parking space. Cameras could monitor roadside parking spots,
letting a central system know which are unoccupied. Location data could be
shared with a driver’s routing app, with visual data made accessible so they
know what they are looking for. It should even be possible for the driver to
book a space and authorise payment to be made automatically, with length of
stay calculated and payment taken when they leave.
Another exciting possibility is to speed up the response to road traffic accidents. The VIoT offers the possibility of combining data from motorway cameras to help pinpoint the precise location of accidents and to tell first responders in real time about any hold-ups when they are en route. This information could be combined with in-vehicle routing systems to ensure their swift arrival.
Applying analytics to visual data will lead to further
applications by revealing patterns and predicting future behaviours. This
intelligence will help organisations optimise systems, improve safety and make
better, faster, more appropriate decisions. The good news is that machines are
doing the ‘watching’ – not people.
Analytics combined with AI and IoT can also play a key role in helping protect more vulnerable members of society. We are already seeing cameras used in care situations to detect pre self-harming or suicidal behaviours, and to monitor individuals to ensure they are being well treated (with appropriate permissions). In the future older people living in their own homes could benefit from cameras which record where and when they are active. Periods of inactivity might indicate a problem and could trigger alerts to family or carers. Cameras at stations could be trained using AI to spot behaviours indicative of potential suicides and issue appropriate alerts to staff.
The big issue is of course privacy, but the right analytical
software enables automatic decisions to be made without human involvement,
while the General Data Protection Regulation (GDPR) provides additional data
protection. There are also many applications in sectors such as the environment
that will not involve individuals at all.
James Wickes is cofounder and chief executive at Cloudview