Some leaders mistakenly believe that they can opt out of Digital Transformation. They view Digital Transformation as adopting new technologies, and implementing organizational changes to enable the new technologies to provide the promised business benefits. Unfortunately, this is based on the erroneous assumption that organizations can choose whether they are impacted by new Digital Era technologies. The fact is, new Digital Era technologies are driving new ways of conducting business across industries and geographies. No one is untouched. The overall environment is continually changing and everyone is affected. Digital Era technologies are changing the relationships between employers and employees, between vendors and customers, and between service providers and service consumers. As these relationships change, expectations Read more
Posts Tagged 'Cutter Business Technology Journal'
With data being collected by organizations at a staggering rate, the demand for analytics to leverage the insight from this data is growing just as fast. Big data can viewed as a gateway to new opportunities, as a means of managing risks, or as a tool to improve business sustainability. Oftentimes, big data is associated with two keywords: analytics and technologies. These keywords represent an evolving suite of trends – from descriptive, predictive and prescriptive analytics to the application of Machine Learning, and Cloud technologies. Continuously monitoring these trends in analytical approaches and technological breakthroughs in the context of Big Data and applying them to produce business value is the key to survival in this Read more
Similar to Fintech revolutionizing the financial services industry, Insurtech is taking the insurance sector by storm with its innovative and possibly disruptive technology solutions. The benefits to incumbent insurers include better engagement with and reestablishing trust with customers, the ability to innovate quicker with improved products, services and distribution, increased operational efficiency and profits, the ability to generate meaningful risk insight, and the opening of new market opportunities for millennials seeking easier means of purchasing insurance. However, the transition to an Insurtech business model comes with its challenges as many insurance companies are mired in old legacy systems and cultural barriers that could serve as roadblocks to adoption. As well, Insurtech startups are replete with Read more
Early adopters of interconnected digital technologies in the industrial sector are realizing the benefits of improvements in operational efficiencies, productivity, safety, cost savings, profitability, and customer engagement and satisfaction. These technologies include those related to the IIoT movement such as AI, machine learning, big data, predictive analytics, machine-to-machine communication, and blockchain. Industries in the manufacturing, energy, utilities, automotive, and aviation sectors, to name a few, are capitalizing on investments in these revolutionary technologies. An upcoming issue of Cutter Business Technology Journal with Guest Editors Patrikakis Charalampos and Jose Barbosa will examine emerging trends and strategies in digital transformation in the industrial sector. How are IIoT, predictive analytics, AI, big data, blockchain, and other technologies being Read more
Is there a case for blockchain in your organization? Cutter Business Technology Journal contributing authors Steven Kursh and Arthur Schnure recently argued that companies should begin considering which parts of their organization might benefit from blockchain. Among their advice to CIOs and CTOs is to look for areas of friction when it comes to exchange of value or information that would benefit from a blockchain implementation and profit from a shared ledger system. Write Kursh and Schnure, “Take a page from IBM, which announced in July 2016 that it plans to implement a solution to help its finance division resolve client and partner disputes. IBM believes the new system — one of the largest commercial rollouts of Read more
The business world is poised for an unprecedented wave of innovation. Technological advances such as augmented reality, virtual reality, cognitive assistants, 3D/4D printing, personalization, conversational interfaces, drones, deep learning, predictive analytics, the Internet of Things, blockchain, new payment systems and affective computing play major roles in driving and enabling the next wave of innovation in business. These technologies – combined with new business models facilitated by social/collaborative commerce, shared services/economy, and crowd sourcing – will have a profound influence across the business world. Furthermore, businesses need to cater to the newer expectations and demands of a younger generation (selfi-generation, digitally-embedded generation) of customers. So, business is not going to be as usual, again! Where is Read more
The concepts of Information Superiority and Digital Capital will increasingly shape the business strategies and operations of organizations that face the digital- and hyper-competition that’s so common today. Information Superiority was first introduced to the management world by Paul Strassmann, who defined it as “the capacity to increase economic value faster than the competition.” Strassmann’s definition stresses outcomes (such as increased EVA). The US Department of Defense defines Information Superiority as “the operational advantage derived from the ability to collect, process, and disseminate an uninterrupted flow of information while exploiting or denying an adversary’s ability to do the same.”* Typically, in the business world, organizations focus on winning markets rather than crushing rivals, but Read more