This week, three hidden problems of bad data and why you need to fix them.
Welcome to The Digital Eye, your weekly roundup of the latest technology news.
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4 valuable areas of digital transformation in 2023 for Insurance, 3rd one is the best
This article looks at the four most valuable areas of Digital Transformation in Insurance in 2023 and how businesses will create better customer experiences with digital transformation.
The future of generative AI and its ethical implications
The million-dollar question: What are the ethical implications of this technology?
Generative AI is revolutionising how we experience the internet and the world around us. Global AI investment surged from $12.75 million in 2015 to $93.5 billion in 2021, and the market is projected to reach $422.37 billion by 2028.
While this outlook might make it sound like generative AI is the “silver bullet” for pushing our global society forward, it comes with an important footnote: The ethical implications are not yet well-defined. This is a severe problem that can inhibit continued growth and expansion.
McKinsey State of AI 2022 highlights stubborn adoption plateau
Organisations should consider AI risks.
Consulting firm McKinsey released its State of AI 2022 report today, revealing key findings on AI’s use and adoption globally over the past half-decade.
According to the report, AI adoption and investment have accelerated in the last five years, with businesses reporting AI becoming a bigger priority. AI adoption has more than doubled since 2017 (20% to 50%), with 63% of businesses expecting investment in AI to increase over the next three years.
However, there has been a noticeable plateau, with the proportion of organisations adopting AI hovering between 50 and 60 percent for the past few years.
How insurers can win the race to AI maturity
AI’s potential in insurance is far from being fully realised. Still, carriers that take the initiative to build a strong AI program today will see a substantial return from those investments.
Artificial intelligence has been around since the 1950s, but over the last several years, the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish.
Companies—including insurance carriers—are investing in establishing data lakes, optimising for cloud-based operations and activating AI for targeted analytics.
Insurers see tangible results from their current AI initiatives. Our AI maturity research shows carriers’ share of cost savings generated through AI doubled between 2018 and 2021. We predict that the share will triple by 2024. Furthermore, insurers have been fairly satisfied with the return on their AI investments.
The ten biggest FinTech deals this week raised $503m
The ten biggest deals of the week raised a total of $503m, as the market sees a lot of smaller deals.
There were 24 funding rounds this week in FinTech, with a total of $648m raised.
Singapore’s Matrixport secured the biggest deal, pulling in $100m. Following the close of the deal, the FinTech company’s valuation has increased by $1bn to reach $1.5bn.
The company is a one-stop financial services platform and currently offers a full-suite of cryptocurrency services, including institutional custody, trading, structured products and asset management.
Meet the newest member of the consumer C-suite: The chief transformation officer
More consumer companies are turning to chief transformation officers, but the role often needs to be defined. Here’s how organisations can empower this crucial position to drive holistic change.
The pressure is on consumer-packaged goods (CPG) and retail companies to transform their strategy and operations—and to do so quickly.
Consumer preferences continue to change, straining tight margins and stranding companies that have yet to shift effectively to digital and omnichannel. Supply chain problems and geopolitical turbulence are spurring regionalisation, testing even the nimblest company’s ability to respond quickly.
Meanwhile, persistent inflation and rising interest rates are increasing the cost of capital, forcing companies to restructure their balance sheets. Fears of a global downturn are growing; a recent survey of CEOs found that 81 percent expect a recession.
Bad data can cause various problems for any organisation, resulting in inaccurate analysis, poor customer experience, and poor business decisions. We all know that. But bad data often culminate in other more insidious problems – just as harmful to the organisation.
Here are some of the hidden problems of bad data.
It takes up valuable resources.
Speaking at a roundtable discussion at the Informatica World Tour held in Singapore last month, Peter Ku, the vice president and chief industry strategist for Financial Services at Informatica, shared an anecdote of a chief executive officer who was insistent that his organisation’s data was perfect.