As I reflect on the turbulence from this infamous last year, a predictable pattern has emerged: organizations that were able to digitally transform their business prior to the pandemic were able to mitigate most of the risks the pandemic presented to business continuity. In obvious contrast, organizations that hadn’t been able to do so fell victim to those risk factors. As we saw with numerous industries, businesses unable to shift their focus quickly during lockdown or acute supply chain disruption, suffered great impact in the immediate term.
Given the supply chain disruption, business shut-downs and economic uncertainty caused by COVID-19, it’s never been clearer — doing business closer to your own shores is coming back into vogue.
With recent restrictions on H-1B workers and a tech talent shortage, selecting a nearshorer is fast becoming the first step on a company’s digital transformation journey.
When artificial intelligence (AI) was first introduced in customer service, it was limited to basic chatbot features. Recent advancements are now bringing a sense of empathy and linguistics to AI agents.
Currently being tested by banks in the Middle East, this new AI can detect anger, frustration, and other human emotions both over the phone and online. Impressively, most customers can’t even detect that the voice on the other end of the line is not human.
At the time of writing this piece, I am just one of five million people emerging from the world’s longest coronavirus-related lockdown, in Melbourne, Australia. For nearly two months, I was only allowed to leave the house once a day for essential items and required to stay within three miles of my home. From takeaway meals to IT support, to doctor’s appointments, most of the goods and services I've needed have been ordered virtually. Since COVID-19 hit, I’m amazed at how quickly the world went virtual.
For various reasons, software development outsourcing is a smart choice for well-established organizations. It’s a proven option for businesses to achieve their digital transformation goals while minimizing risks and maintaining a cost-savings approach. Today, to outsource software requirements means helping the business gain greater economies of scale as well as focus on its core competencies without spending significant time and money.
In June 2020, in response to the coronavirus, President Trump signed an executive order to freeze access to new H-1B visas for professional and technology workers doing business in the U.S. This has a huge impact, considering in 2019 about 139,000 new H-1B petitions were approved, joining 250,00 which were extended.
Transparency is the lifeblood of modern business transactions. From real-time international wire transfers and electronic health records to tracking transportation or delivery options, digital transformation has revolutionized dozens of industries by unlocking greater visibility, speed, and efficiency.
Technology has advanced significantly since the days when procurement leaders were only managing RFIs and RFPs among their “little black book” of trusted suppliers. Today, big data and artificial intelligence now offer an expansive view of an entire supplier market and unprecedented access to vast wells of verified data. This advancement has opened the door to a new approach that can completely transform the strength of procurement decisions and enable procurement teams to impact a company’s bottom line in new and sometimes unexpected ways.
The way we work had changed long before the Covid-19 crisis. And with the recent pandemic, the way work gets done might be changed forever, permanently.
The role of the external workforce or the contract workforce was instrumental for organizations to thrive in the digital era. The recent shift in workforce trends as a result of the pandemic has further strengthened the case for a flexible and robust external workforce to succeed during the testing times.
I've been working in the financial services space for close to thirty years now. I've seen many trends and technologies emerge. Some take hold, and several are just a flash in the pan. Regardless of how long a concept sticks around, one thing remains: Terminology plays a material role in shaping perceptions. In a world where messaging tends to over complicate things, too many acronyms and too many buzzwords all work against what should be the primary objective: clearly illustrating value.
While the rapid shift to a remote workforce model in the wake of the COVID-19 pandemic has driven many changes for businesses around the world, a few constants have grown in importance. To maintain operations as seamlessly as possible, organizations must secure their payment systems, technology access, and sensitive customer data no matter where it resides, and that is particularly true when it is being accessed or processed by employees from their homes.
The business case is signed off and the technical back-end work is complete. Now all that’s left is to implement your shiny new procurement system.
How hard could it be? Quite hard, actually. In fact, if the take-up of your new system doesn’t go well, the whole project could fail.
But don’t worry. That won’t happen to you with these top tips to guide you through the change management process.
The primary goal of a procurement function to achieve savings carries greater significance in a recession when obtaining the lowest cost possible needs to be balanced with not compromising the quality of products and services delivered by suppliers. A secondary goal could be supporting major technology transformation projects. These goals are made more difficult when economic disaster strikes.
Today, about 80% of large organizations are using artificial intelligence in their core business – compared to about 10% just five years ago. Companies that focus on AI are harnessing opportunities from vast data availability, machine learning and complementary technologies such as cloud, Internet of Things (IoT) and 3-D printing. And they are doing so with a focus on short-term benefits as well as long-term growth. According to Harvard Business Review, if you miss out, the opportunity cost could be as much as 41% of revenue by 2023.
The constant cyber threat has completely changed the way boards around the world approach risk. A robust cybersecurity posture is no longer a “nice-to-have” but a business priority, especially at a time of almost pervasive threats. As the need to protect customer data grows, business leaders have been attempting to work out how best to respond to this new reality, and, most importantly, whose responsibility it should be.