The Future of Business: 5 Ways IT Teams Can Help Unlock the Value of Data

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In the rush towards digital transformation, individual lines of business in organisations, have built up collections of unconnected systems, each generating a diversity of data. While these systems are suitable for rapidly launching services and are aimed at solving individual challenges, digital enterprises will need to take a platform approach to unlock the full value of the data they generate.

Data-driven enterprises can increase revenue and shift to higher margin offerings through personalisation tools, such as recommendation engines and dynamic pricing. Cost cutting can be achieved with predictive maintenance that relies on streaming sensor data integrated with external data sources. Increasingly, advanced organisations will monetise their integrated data by providing insights as a service.

Digital enterprises face new challenges – growing complexity, data explosion, and skills gap.

Here are 5 ways in which IT teams can mitigate these challenges.

  1. Data & AI projects must focus on data access. When the organisation can unify data and transmit it securely wherever it needs to, it will be ready to begin developing applications that utilise machine learning, deep learning, and AI.
  2. Transformation requires a hybrid cloud platform. Hybrid cloud provides the ability to place each workload in an environment that makes the most sense for the business, while still reaping the benefits of a unified platform.
  3. Application modernisation unlocks future value. The importance of delivering better experiences to internal and external stakeholders has not gone down; new experiences need modern applications.
  4. Data management needs to be unified and automated. Digital transformation initiatives result in ever-expanding technology estates and growing volumes of data that cannot be managed with manual processes.
  5. Cyber strategy should be Zero Trust – backed by the right technologies. Organisations have to build Digital Trust with privacy, protection, and compliance at the core. The Zero Trust strategy should be backed by automated identity governance, robust access and management policies, and least privilege.

Read below to find out more.

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Leaders Roundtable: The Need to Evolve Data Governance & Management

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The Future of Business: 7 Steps to Delivering Business Value with Data & AI

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In recent years, businesses have faced significant disruptions. Organisations are challenged on multiple fronts – such as the continuing supply chain disruptions; an ongoing energy crisis that has led to a strong focus on sustainability; economic uncertainty; skills shortage; and increased competition from digitally native businesses. The challenge today is to build intelligent, data-driven, and agile businesses that can respond to the many changes that lie ahead.

Leading organisations are evaluating ways to empower the entire business with data, machine learning, automation, and AI to build agile, innovative, and customer-focused businesses. 

Here are 7 steps that will help you deliver business value with data and AI:

  • Understand the problems that need solutions. Before an organisation sets out on its data, automation, and AI journey, it is important to evaluate what it wants to achieve. This requires an engagement with the Tech/Data Teams to discuss the challenges it is trying to resolve.
  • Map out a data strategy framework. Perhaps the most important part of this strategy are the data governance principles – or a new automated governance to enforce policies and rules automatically and consistently across data on any cloud.
  • Industrialise data management & AI technologies. The cumulation of many smart, data-driven initiatives will ultimately see the need for a unified enterprise approach to data management, AI, and automation.
  • Recognise the skills gap – and start closing it today. There is a real skills gap when it comes to the ability to identify and solve data-centric issues. Many businesses today turn to technology and business consultants and system integrators to help them solve the skills challenge.
  • Re-start the data journey with a pilot. Real-world pilots help generate data and insights to build a business case to scale capabilities.
  • Automate the outcomes. Modern applications have made it easier to automate actions based on insights. APIs let systems integrate with each other, share data, and trigger processes; and RPA helps businesses automate across applications and platforms.
  • Learn and improve. Intelligent automation tools and adaptive AI/machine learning solutions exist today. What organisations need to do is to apply the learnings for continuous improvements.

Find more insights below.

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Ecosystm Podcast Episode 14 – Conversation with Chetan Kumar Krishnamurthy – IBM

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Chetan Kumar Krishnamurthy, Vice President and Chief Marketing Officer, APAC, IBM caught up with Sash Mukherjee, VP Content & Industry Research, Ecosystm recently to discuss what businesses should focus on when developing and re-inventing their change strategies.

Listen to this episode to find out Chetan’s views on:

  • How organisations can keep up with the pace of change, handling all their different (often conflicting) priorities
  • The strategies to manage technical debt
  • How organisations can build a culture of change
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Leaders Roundtable: Make Your Business Smarter and More Secure with Enterprise Automation

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Leaders Roundtable: Make Your Business Smarter and More Secure with Enterprise Automation

Businesses across Australia are entering a challenging economic environment – increasing cost of inputs, harder to find and hire staff, continuing supply chain issues and slowing economic growth.

At the same time, customer expectations continue to accelerate – omnichannel is now an expectation; good experiences aren’t enough – they now expect a continually improving digital experience. These same experiences are also driving increased expectations inside your business as consumer experiences drive an expectation of easier digital employee experiences. And the cybersecurity threat to your businesses and customers is real. Over 80% of businesses have experienced more than one data breach over the past twelve months.

To meet these changing demands, leading businesses are focusing on enterprise-level automation. Moving automation outside of silos and teams and making it an enterprise-level capability will be the focus for many business and technology leaders in 2023. Aligning people, systems and processes to deliver intelligent and automated business and customer outcomes is the challenge today.

Join us and your industry peers for this Executive Leaders discussion on how businesses are embracing AI, automation, composable architecture and decision intelligence to deliver improved business and customer outcomes at pace. Hear from industry leaders and learn about their best practice deployments. Share your own experiences in implementing automation and AI in your own business.

Ecosystm will share our research on AI and automation vendors – what is the market perception of the leading providers and why do buyers prefer these leaders? Attendees will also learn:

  • How Intelligent automation is helping to drive customer outcomes faster
  • How businesses are using AI – and associated data capture and process mining/improvement – to augment human processes and allow employees to focus on what makes a real difference to customers and their business
  • The benefits of low-code and no-code platforms and how they are helping businesses develop new capabilities at pace – providing the agility that customers demand;
  • How intelligent integration is helping break down the silos between business units and teams
  • How automation can minimise your attack surface and reduce the threat of cyber-attacks.

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The Future of Sustainability: Tech Providers and Corporates Strengthening the Cause

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COP26 has firmly put environmental consciousness as a leading global priority. While we have made progress in the last 30 odd years since climate change began to be considered as a reality, a lot needs to be done.

No longer is it enough for only governments to lead on green initiatives. Now is the time for non-profit organisations, investors, businesses – corporate and SMEs – and consumers to come together to ensure we leave a safer planet for our children. 

February saw examples of how technology providers and large corporates are delivering on their environmental consciousness and implementing meaningful change.

Here are some announcements that show how tech providers and corporates are strengthening the Sustainability cause:

Read on to find more.

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Click here to download a copy of The Future of Sustainability as a PDF.

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Technology-led Transformation of the Banking Industry

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When the FinTech revolution started, traditional banking felt the heat of competition from the ‘new kid on the block’. FinTechs promised (and often delivered) fast turnarounds and personalised services. Banks were forced to look at their operations through the lens of customer experience, constantly re-evaluating risk exposures to compete with FinTechs.

But traditional banks are giving their ‘neo-competitors’ a run for their money. Many have transformed their core banking for operational efficiency. They have also taken lessons from FinTechs and are actively working on their customer engagements. This Ecosystm Snapshot looks at how banks (such as Standard Chartered Bank, ANZ Bank, Westpac, Commonwealth Bank of Australia, Timo, and Welcome Bank) are investing in tech-led transformation and the ways tech vendors (such as IBM, Temenos, Mambu, TCS and Wipro) are empowering them. 

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To download this Ecosystm Bytes as a pdf for easier sharing and to access the hyperlinks, please click here.

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Squashing the Greenwashing with Emerging Technology

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Our financial system plays a central role in crystallising priorities and incentives for businesses and other stakeholders across the globe. So, many of us breathed a sigh of relief as the financial community got behind the Environmental, Social and Governance (ESG) movement in recent years, signalling a very visible acceleration in ESG as a hot button issue for investors and lenders.

Unfortunately, the growth of ESG as a priority for investors, lenders and consumers has driven many companies to oversell their green and/or social credentials in order to burnish their brands and attract investment. This is referred to as “greenwashing” and “social washing”.

As sustainability becomes a critical pillar for investors and consumers in their decision-making, data, analytics and technology play an increasingly critical role in enabling better decisions based on credible, accurate and more real-time information.

Read on to find out the three themes for technology enablement in sustainable finance, together with examples and potential use cases including companies such as IBM, Triodos Bank, Alipay, Floodmapp, and Data Gumbo.

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