Strategic advice to leverage new technologies
Technology is at the heart of nearly every enterprise, enabling new business models and strategies, and serving as the catalyst to industry convergence. Leveraging the right technology can improve business outcomes, providing intelligence and insights that help you make more informed and accurate decisions. From finding patterns in data through data science, to curating relevant insights with data analytics, to the predictive abilities and innumerable applications of AI, to solving challenging business problems with ML, NLP, and knowledge graphs, technology has brought decision-making to a more intelligent level. Keep pace with the technology trends, opportunities, applications, and real-world use cases that will move your organization closer to its transformation and business goals.
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Currently, most of the digital transformation work taking place in banks is still managed heuristically. We argue that banks (and indeed companies in every industry) should instead pursue a systematic digital transformation using systems engineering principles. Using this approach, banks can look at value creation in a more goal-oriented manner. This will allow them to successfully transform their business models by integrating stakeholder goals and technologies across an extended partner ecosystem. Of course, this methodology must be underpinned by management optimization concepts.
This Advisor looks at new generative AI applications and the content they produce. It also explores the paradigm shift created by generative AI as well as its impact on the creative ecosystem.
Explainable artificial intelligence (XAI) is becoming a critical component of operations undertaken in the financial industry. It stems from the growing sophistication of state-of-the-art AI models and the desire for them to be deployed in a safe, understandable manner. Responsible artificial intelligence (RAI) principles ensure that machine learning technology is applied in a transparent way while safeguarding the interest of each player in the financial ecosystem. Not surprisingly, banking and financial services regulators have shown an interest in adopting XAI and RAI techniques to help them meet the need for model governance, operational servicing, and compliance in the digital world.
Tim Giuliani discusses how digital twins are being used for regional planning by the city of Orlando, Florida, USA. Here, digital twins are employed via virtual reality to offer an immersive environment so users can experience the impact of various scenarios. The article shows how organizations are bringing together vendors and partners to integrate data, digital twins, and emerging technologies.
Colin Dominish highlights a variety of revenue opportunities that could be realized by applying digital twins to real estate and buildings. He discusses improving building performance and some opportunities to enhance tenant experiences.
Ruth Kerrigan and her colleagues describe the application of digital twins to building-performance twins at the University of Glasgow, Scotland. They discuss tracking electricity and heating performance in campus buildings and lessons learned, many of which are organizational in nature, not technological. The authors conclude with a methodology for the deployment of performance digital twins and recommendations for addressing some of the issues they encountered.
Carl Faulkner presents a mining industry case study with a focus on data collection, integration, and storage challenges. The article includes lessons learned from the application of a solution designed to facilitate user-friendly access to digital twins as well as the importance of connecting digital twins to other business systems to get the most value.
Sustainability has become a recent focus for digital twins. David McKee and Tim O’Callaghan present a case study from a UK town using digital twins to achieve its net zero obligations. The authors discuss the use of tools to visualize historical data and utilizing new data from various sources to simulate possible outcomes and manage risk.