dan fiehn
dan fiehn

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This week, what matters most? Six priorities for CEOs in turbulent times.

 

Welcome to The Digital Eye, your weekly roundup of the latest technology news. 

Our team of experts has scoured the internet for the most exciting and informative articles so that you can stay up-to-date on Digital, Data, Blockchain, AI & Analytics, and Digital Transformation.

What are the 4 main areas of digital transformation in 2023 for Insurance?

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.

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Scaling AI: Here’s why you should first invest in responsible AI

Artificial intelligence can be transformative for businesses, but increased use of the technology inevitably leads to a higher rate of AI system failures.

Artificial intelligence (AI) systems create transformative business value for companies that integrate it into their operations, products and services, and corporate strategy. But, unfortunately, increased use of the technology inevitably leads to a higher rate of AI system failures.

If left unmitigated, these failures could harm individuals and society and diminish the returns on investment in AI. So, what can organisations do?

 

Responsible AI – designing, developing and deploying AI with good intentions and moderately impacting society – is not just the morally right thing to do; it also yields tangible benefits in accelerating innovation and helping organisations transition into using AI to become more competitive.

 

 

Artificial intelligence: 3 tips to ensure responsible and ethical use

Even as AI becomes more ubiquitous in our everyday lives, security and bias concerns remain. Here are some best practices to help organizations reduce bias and protect privacy

 

Artificial intelligence (AI) already impacts our daily lives in ways we never imagined just a few years ago – and in ways that we’re unaware of now. From self-driving cars to voice-assisted devices to predictive text messaging, AI has become a necessary and unavoidable part of our society, including in the workplace.

Data shows that the use of AI in business is increasing. In 2019, a Gartner report stated that 37% of organizations had implemented AI in some capacity. Most recently, Gartner predicted that the global AI software market would be worth $62.5 billion by the end of this year, a 21% jump from the previous year.

While AI’s impact is undeniable, consumers’ concerns about the ethics and security of AI technology persist. Because of this, companies must strive to alleviate these concerns by always protecting customer data when employing AI-enabled technology.

 

 

Dangers of Data Poisoning, Why It Happens, & How to Prevent or Detect It

Data poisoning is new, so there aren’t many detection or protection methods in place.

In the past few years, artificial intelligence (AI) has become a buzzword. It’s everywhere: in our phones and computers, our cars and homes, even in the news.

But there’s another AI-related issue that you should be aware of: data poisoning. Like any cybersecurity risk, it’s very hard to predict when your systems will get hit by it — but if you’re prepared for it when it does happen, you’ll be far better off than if you weren’t. Here are some things you need to know about data poisoning as well as some ways to prevent or detect it happening on your site or infrastructure.

AI is only as good as the data it’s trained on.

The problem with AI is that it’s only as good as the data it’s trained on. If you train AI on biased data, it will be biased. If you train AI on bad data, it will be bad. And if you train AI on good data — yep! You guessed it: It’ll be good.

    Process Orchestration: Benefits for Insurance, Financial Services and Telecommunications

    While process orchestration can serve as an essential element in any industry, sectors including insurance, financial services and telecommunications are taking a lead role in implementing this practice to embrace their digital transformation initiatives.

    People, process, and technology. While these three terms are the keys to a successful digital transformation, the process part of the equation has often taken on a lower priority than investments in shiny new systems and essential workplace skills.  

    But this is changing. More organisations are making moves to automate the processes that have been holding back their general efficiency and ability to deliver more worthwhile customer experiences. In the 2022 State of Process Automation report, nearly nine in 10 organisations plan to invest more in process automation over the next two years.

    More than 80% say the technology is higher on their organisations’ priority lists than it was a year ago. 

    The backlog of IPOs in fintech keeps growing as valuations continue their retreat

    Among other steps, founders should double down on developing and proving the quality of their products, manage risk and look for ways to shore up their company’s ranks with high-performing talent.

    Are valuations retreating and the backlog of IPOs growing in fintech, as chatter across the Twitter-verse implies?

    Silicon Valley Bank says yes on both counts in its State of Fintech report out this week. According to the firm, the steepest declines in valuation have occurred for late-stage fintech companies; “enterprise value” to “next 12 months” revenue multiples for public fintechs have dipped 55% since the market peaked in early January.

    Meanwhile, since the end of 2021, the number of U.S. fintech unicorns has grown by 38% to 159 — standing at a staggering $656 billion in aggregate valuation, highlighting the massive backlog looking to exit.

     

     

    Featured Article

     

    What matters most? Six priorities for CEOs in turbulent times

    With economic troubles mounting, it’s a time to tighten belts and put on hard hats. But don’t forget the jet pack, to accelerate into the next phase of growth.

    Six priorities for CEOs in turbulent times

    Article by @McKinsey

    If an executive had fallen asleep in 2019 and just woke up, she wouldn’t recognize the business world of November 2022. The COVID-19 pandemic rewrote the rules, and now a new and potent disruption seems to arrive every other day. You know the list of issues; we won’t go through them here. Suffice to say that managing complex organizations is much harder today than it was just a few years ago. And the hardest task of all for CEOs is to decide what needs to be done now and what can wait.

    In short, what matters most today? Just as we did last year, we’ve spoken with hundreds of leaders this year and found six priorities that feature prominently on CEO agendas worldwide. They’re the moves leaders are taking to shore up defenses and gain ground on rivals—which is very different from the purely defensive agenda that many companies are following.

    THE DIGITAL EYE

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    How to Maximise Knowledge Transfer Between Business and Engineering Teams

    In this week’s feature article, discover how to maximise knowledge transfer between business experts and technical engineers to ensure the success of your digital transformation. Learn about creating structured knowledge transfer plans, fostering a learning environment, employing diverse transfer methods, and building trust and collaboration. These strategies will help you bridge knowledge gaps, boost innovation, and enhance operational efficiency. Dive into our expert insights to master the art of seamless collaboration and drive your organisation’s digital transformation forward.

    Strategic Planning Approaches: Top-Down vs. Bottom-Up

    Unravel the complexities of strategic planning with our latest exploration into Strategic Planning Approaches. Whether you’re leaning towards a top-down, bottom-up, or sideways strategy, our insight will guide you through the pros and cons of each method, helping you make informed decisions that align with your business objectives. Perfect for strategists and business leaders aiming to optimize their planning process and drive effective outcomes.

    Digital Sustainability Practices: A Guide to Greener Habits

    Explore the transformative power of digital sustainability practices. This guide unveils how adopting eco-friendly digital habits can significantly reduce your carbon footprint and pave the way for a greener future. Dive into practical tips and strategies for making a positive environmental impact through digital activities.