The Financial Services industry can benefit greatly from leveraging Data and AI technologies to enhance client value and innovation. BFSI organisations want to deliver AI-driven outcomes.
However, many AI projects fail to deliver long-term business value. Leaders in the industry must overcome challenges such as
- Converting proofs of concept to scalable implementations
- Deploying end-to-end AI and Data strategies
- Evolving business requirements
- Responding to emerging trends such as Generative AI.
As a technology leader in BFSI, here are 5 ways you can help deliver on your organisation’s AI ambitions.
- Think in terms of outcomes – not use cases
- Identify and eliminate digital debt
- Build the right data platform architecture
- Adopt a dual AI strategy
- Be part of an innovation ecosystem
Read on to find out more.
Click here to download ‘5 Actions to Achieve Your AI Ambitions’ as a PDF
Organisations will continue their quest to become digital and data-first in 2023. Business process automation will be a priority for the majority; but many will look at their data strategically to derive better business value.
As per Ecosystm’s Digital Digital Enterprise Study 2022, organisations will focus equally on Automation and Strategic AI in 2023.
Here are the top 5 trends for the Intelligent Enterprise in 2023 according to Ecosystm analysts, Alan Hesketh, Peter Carr, Sash Mukherjee and Tim Sheedy.
- Cloud Will Be Replaced by AI as the Right Transformation Goal
- Adoption of Data Platform Architecture Will See an Uptick
- Tech Teams Will Finally Focus on Internal Efficiency
- Data Retention/Deletion and Records Management Will Be Top Priority
- AI Will Replace Entire Human Jobs
Read on for more details.
Download Ecosystm Predicts: The Top 5 Trends for the Intelligent Enterprise in 2023 as a PDF
It is an incredible time of change for the city and regional governments where every strategic activity – especially in these globally challenging times – presents a significant opportunity for transformation. To continue to meet the changing needs of the communities they serve, every modern city government’s technology story is a work in progress. While this is the mantra for successful continuous improvement it also describes the best strategic approach for how municipalities should manage their corporate application replacement programs.
Unfortunately, significant systems upgrade and replacement programs are regularly approached as complex, multi-tasking activities that have a hard start, a defined program, and a date-stamped end. In taking this traditional project implementation approach, intuitively, many organisations believe that doing as much as possible, in as quick a time as possible, ultimately helps to achieve twice as much within the same time. The result is more likely to be half as much, and at lower levels of quality and enjoyment for all involved. This manifests as project scope creep and budget overruns.
Aside from these big bang approaches, thanks to large implementation costs and stringent regulatory oversight, local governments are also forced to think upfront about the potential future value created by a significant core system technology change. The pressure of moving at high speed, and with a dominant technology focus, can obscure both the true organisational cost and ultimate value of the program. This mentality prevails even when it is acknowledged that activities associated with a transformation program will eventually usher in a period of significant change – that is not limited to the changing core corporate applications environment itself.
The 4-Part ERP Transformation Trap is All Too Common in City Government
An over-reliance on technology to deliver business transformation outcomes. Local governments everywhere continue to pursue strategic plans that are either wholly defined or implicitly reliant on world-class customer experience (CX), employee experience (EX), and digital transformation (DX) capabilities. Despite these being business-oriented strategies, organisations then pursue an over-reliance on technology – usually winner-take-all ERP led procurements – to achieve them.
Choosing an industry solution focused on the wrong business model. The chance of achieving these digital transformation outcomes is further obscured when the customer is not central to the data model. The core corporate application technology underpinning the sector’s leading ERP programs is largely based on a property-centric model – where the customer is a subordinate attribute of a property, and the property asset defines the business process and individual. It is a challenge for any council to deliver contemporary customer-first digital transformation with a property-centric approach. To realise customer and employee-centric outcomes, councils must therefore rethink their project’s business methodology and ask themselves, “what is our primary focus here?”. This is never more important than when replacing legacy systems.
Inability to realise that a winner-take-all ERP solution is not an architectural choice. ERP is important but it is not everything. The traditional council ERP is just one important part of an overall capability that allows authorities to longitudinally manage the impacts and opportunities of change across their organisation, communities, and stakeholder ecosystems. Having chosen a sector specific ERP solution, city governments realise too late that no single technology vendor has a best-of-breed solution to achieve the desired DX outcomes. That requires a more sophisticated architectural approach.
Failure to acknowledge there is no finish line to transformation. Like many worthwhile activities, the prize in DX is in the journey, not in the cup. While there can be an end to “project scope”, there should be no “end point” for an ERP transformation program. Only once these challenges are acknowledged and accepted, can transformation be assimilated into the organisation to ensure the council is technically capable of delivering the implicit outcome for the organisation. This could simply be defined as ‘a contemporary business approach to managing the money, the assets, the community, the customers, and the staff of regional government.’
A Better Way: Re-Architecting for Project Success
Where opportunities to meet increasing CX and EX demands arise, especially through ERP and corporate application renewal programs, successful projects in contemporary councils require a service-oriented architecture not found in contemporary or legacy ERP systems alone.
Beyond the property-centric challenges already outlined, even contemporary systems and suppliers can be among the least flexible to the changing data management requirements of many organisations which call for significantly more robust data, integration and application friendly infrastructure management environments.
Customer centricity, data management, integration and software infrastructure capabilities must take precedent over an aging view of single-vendor dominance in the city government sector, especially in middle- and back-office functions, which are typically void of true differentiation opportunities and prone to confining organisations to technology-led and locked projects.
Rather than tendering for a single software provider or platform, contemporary city governments must ditch the old approach to procuring a winning ERP vendor and take steps to establish the following Big 5 platform capabilities (Figure 1). And then foster the contemporary workforce to support them.
For several decades now many organisations have attempted to short-circuit the city government ERP challenge. Fundamentally, technology transformation is not possible without technology change. A non-negotiable part of that change is a shift away from the psychology of brand-based procurement towards a new architectural approach which, like all businesses, is adaptable to change over a long period of time.
Cities worldwide have been facing unexpected challenges since 2020 – and 2022 will see them continue to struggle with the after-effects of COVID-19. However, there is one thing that governments have learnt during this ongoing crisis – technology is not the only aspect of a Cities of the Future initiative. Besides technology, Cities of the Future will start revisiting organisational and institutional structures, prioritise goals, and design and deploy an architecture with data as its foundation.
Cities of the Future will focus on being:
- Safe. Driven by the ongoing healthcare crisis
- Secure. Driven by the multiple cyber attacks on critical infrastructure
- Sustainable. Driven by citizen consciousness and global efforts such as the COP26
- Smart. Driven by the need to be agile to face future uncertainties
Read on to find out what Ecosystm Advisors, Peter Carr, Randeep Sudan, Sash Mukherjee and Tim Sheedy think will be the leading Cities of the Future trends for 2022.
Click here to download Ecosystm Predicts: The Top 5 Trends for Cities of the Future in 2022
In this Ecosystm Insight, our guest author Randeep Sudan shares his views on how Cities of the Future can leverage technology for future resilience and sustainability. “Technology is not the only aspect of Smart City initiatives. Besides technology, we need to revisit organisational and institutional structures, prioritise goals, and design and deploy an architecture with data as its foundation.”
Earlier this year, Sudan participated in a panel discussion organised by Microsoft where he shared his views on building resilient and sustainable Cities of the Future. Here are his key messages for policymakers and funding agencies that he shared in that session.
“Think ahead, Think across, and Think again! Strategic futures and predictive analytics is essential for cities and is critical for thinking ahead. It is also important to think across through data unification and creating data platforms. And the whole paradigm of innovation is thinking again.”