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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We are now well into the depths of dealing with the current situation. In assessing performance in the face of uncertainty, have you identified and inventoried the capabilities, including ones that you barely knew existed within the depths of your enterprise? Can you use this learning to build a more Covidian architecture that will withstand future assaults that could be worse than the one we have been going through?
Vendors are now offering IT solutions designed specifically to help businesses enforce social distancing practices and support automated contact tracing in the workplace.
Today’s corporate world requires companies to look for a clear purpose for their business ventures, beyond solely maximizing profits. This purpose — or the why — is essential for future success in an ever-changing, increasingly digital business environment. As this Executive Update highlights, today’s companies must not only convince their customers of their offerings, but they also must convey opportunities to their investors and company strategy to their employees through the flywheel concept.
The COVID-19 outbreak is impacting all businesses globally. It’s impacting staff, contractors, and staffing levels; it’s impacting the supply chain; and it’s impacting processes. Despite companies having crisis management and business continuity plans, current decision-making tools and dashboards are not adequate for dealing with COVID-19-related decision-making given the geographic scale of the disruption. Established risk management methodologies and approaches tend to be static in nature and lead to models that are backward-looking.
This Executive Update explores opportunities for strategy execution, the role of business architecture and the resulting benefits, collaboration with other teams, and some steps we can take to move into action.
Unfortunately, most digital transformation initiatives fail not because they lack capabilities or intelligent, talented people but because they lack precise objectives, digital leadership, and an innovative mindset. Goals — such as what the target business outcomes are — must be clearly defined because a digital transformation journey on its own is already a very complicated endeavor. Digital architecture is what simplifies the journey and makes sense of it. It is vital to begin with a clear objective in order to create the right architecture.
With the dawn of the 21st century, we have begun to observe a more inclusive digital shift in value creation, with the transformation of business as well as societal systems due to an emerging phenomenon: a new computing paradigm that has introduced myriad Web and mobile-based applications aiming to fulfill society’s primary and secondary human needs. Nonetheless, many attempts to develop social computing applications to facilitate value creation have failed. We have created a human needs fulfillment (HNF) model that enables an optimum fulfillment of human needs, resulting in value creation.
Most of us will have some intuitive criteria for judging what data is valuable. These intuitive criteria may be good enough for simple and familiar operations, but when we start to address more complex and dynamic ones, we need a more systematic method for assigning value to data. In this Executive Update, we look at some of the challenges of putting a monetary or nonmonetary value on your data assets.