CEOs are faced with a stark choice. In the face of unparalleled environmental, economic and technological change, they are looking to grow their businesses by creating the organizational agility to disrupt existing business models and challenge long-held market orthodoxies.
According to the fifth KPMG International Global CEO Outlook, just over half of CEOs are confident they will succeed but are realistic, with 53 percent projecting cautious three-year growth of up to 2 percent (down from 55 percent in 2018). As with 2018, they are also maintaining a positive three-year growth outlook for the global economy, although this has slightly fallen from 67 to 62 percent over the last 12 months. This confidence is also shown by their commitment to hire, with 36 percent of CEOs projecting to add more than six percent to their workforce in the next three years.
“A successful CEO now needs to be an agile CEO,” said Bill Thomas, Global Chairman, KPMG International. “Succeeding in a world of volatility and uncertainty requires different leadership skills, particularly in large, multi-national organizations. It’s no longer a question of simply defending your position and using scale to maintain competitive advantage. Today, CEOs need to be comfortable disrupting their business models by forging new strategic partnerships, considering alternate M&A strategies and increasing the skills of their workforces.”
Climate change driving a multi-risk operating environment
CEOs named climate change the biggest risk to their organization’s growth, the first time in five years it was rated a top concern compared to technological, territorial, cyber and operational risks. But with only a small margin between each of them, it paints a picture of a complex and ever shifting risk landscape.
The innovation disconnect
A majority of CEOs (84 percent) believe a ‘fail-fast’ culture is required in today’s marketplace, in which lessons from failures are learned quickly, yet only 56 percent say that kind of culture is in place in their organization. Eight out of ten CEOs (84 percent) are looking to change the makeup of their leadership teams to disrupt the status quo.
Cyber security to innovation
Cyber continues to be high on the CEO agenda, despite falling from the second highest risk last year to fourth this year. In 2019, a larger group of CEOs (69 percent vs 55 percent in 2018) say a robust cyber security strategy is critical to driving trust with key stakeholders and most (71 percent) view information security as a key factor in their broader innovation strategy.
Acquiring expertise through M&A
For many CEOs, M&A presents the best opportunity to upgrade digital capabilities with pace. A proactive M&A strategy is on the agenda for 84 percent of CEOs who have a moderate or high M&A appetite for the next three years. Driving this appetite is the ability of M&A to transform a business model faster than organic growth.
When asked to prioritize between buying new technology or developing their workforce to improve their organization’s resilience, CEOs favored technology two to one (68 vs 32 percent).
AI experts take note
Artificial intelligence (AI) is on the minds of CEOs, yet only 16 percent have implemented AI and automation programs. A further 31 percent are still at the pilot stage, while 53 percent admit to undertaking a limited AI implementation. Yet 65 percent of CEOs believe the inclusion of AI and automation will create more jobs than it eliminates.
Continues Thomas, “All together, this year’s survey is telling us that we’ve entered a new era of leadership. Agility comes from balancing a CEO’s instinct with having confidence in what the data is telling you. Strategic decisions require data that has bias removed. It’s no longer enough to seek “big” data, instead CEOs must use technology to uncover quality data. Only through this will they create the organizational resilience to drive growth.”
SOURCE KPMG International
OneConnect executive Hannah Qiu highlights the role of technology in improving efficiency and fairness at the Bloomberg Asean Business Summit
The Bloomberg Asean Business Summit was held in Bangkok, Thailand on June 21. Hannah Qiu, Co-General Manager of Ping An OneConnect, participated in the Digital Economy-themed roundtable session during the event, discussing how Southeast Asia can take advantage of the digital transformation taking place within the world’s financial institutions and the booming fintech sector, and, in doing so, achieve new breakthroughs in the digital economy.
The event brought together influencers from different backgrounds spanning the worlds of politics and business across Southeast Asia, including policymakers, business leaders and financial executives, to identify how to create greater values in terms of trade, commerce and finance as well as across other sectors. H.E. Prayuth Chan-Ocha, Prime Minister of Thailand and Mahathir Mohamad, Prime Minister of Malaysia spoke at the conference. Ms. Qiu; Kitti Sutthiatthasil, Executive Vice President of the Stock Exchange of Thailand; and Ruangroj (Krating) Poonpol, Chairman of Kasikorn Business Technology Group (KBTG), discussed on the panel the prospects for Southeast’s digital economy.
Ms. Qiu, based on OneConnect’s extensive experience, shared her opinions on fintech’s important role in boosting the quality of financial services and the productivity among financial practitioners. By combining cutting-edge technologies including artificial intelligence and big data with retail banking processes, for example, in the off-line marketing scenarios at banking outlets, fintech can help banking employees enhance their understanding of customers’ off-line activities and provide personalized products to customers. An account manager can achieve an exponential growth in the number of customers with the help of online social marketing tools.
Fintech is a huge contributor to advocating fairness across the financial services industry and promoting inclusive finance, added Ms. Qiu. OneConnect has undertaken a great effort in intelligent risk control. The firm identifies and warns of fraud risks via tools such as anti-fraud decision engines and knowledge graphs, improving the competence of financial institutions when it comes to risk control, while enhancing the efficiency of online-lending services. With AI technology, financial institutions can not only identify risks and determine risk-based pricing more accurately, but also, with the enhanced competence in risk control, provide stronger support for small and micro businesses.
Ms. Qiu added that it behooves financial institutions across Southeastern Asia to enhance their cooperation with high-tech firms in a move to grasp opportunities in the digital economy era, as digital transformation means higher demand for working capital and talents.
OneConnect has established a strong presence in Southeastern Asian countries, most notably in Indonesia, Malaysia, the Philippines, Singapore and Thailand. After setting up a subsidiary in Singapore last year, the firm now has over 100 local employees in the country. It also set up a subsidiary in Indonesia this February. OneConnect has tailor-made over ten categories of products for overseas markets, including intelligent certification, intelligent marketing tools, blockchain-based supply chains and a financing platform for trade. Looking forward, the firm plans to continue focusing on product localization, optimization of product lines and establishment of a financial ecosystem across Southeast Asia.
Ping An OneConnect Co-General Manager Hannah Qiu giving a brief presentation on OneConnect’s international presence during her interview with Bloomberg: https://www.bloomberg.com/news/videos/2019-06-21/ping-an-oneconnect-s-business-strategies-in-southeast-asia-video
Vectra introduces the industry’s first network threat detection and response solution in Amazon Web Services
Vectra, the leader in network threat detection and response, today announced that its Cognito platform now uses Amazon Virtual Private Cloud (VPC) traffic mirroring and integrates with the Amazon Web Services (AWS) Security Hub. Enterprises can now natively run the Cognito platform in AWS environments to rapidly detect and respond to cyberthreats in the cloud.
“As enterprises move their high value data and services to the cloud, it’s imperative to reduce cyber-risks that can take down businesses,” said Hitesh Sheth, president and CEO of Vectra. “This partnership positions the Vectra Cognito platform to provide enterprises with visibility into attacks on their cloud footprint, empowers conclusive threat hunting and enables faster incident response.”
Visibility gaps can exist in connections between Amazon Elastic Compute Cloud (Amazon EC2) and Amazon Simple Storage Service (Amazon S3) instances. With Amazon VPC traffic mirroring, customers gain further visibility into these connections with the Cognito platform.
Cyberattackers are aware of this gap. A recent survey by the SANS Institute found that one in five businesses had serious unauthorized access to their cloud environments this past year alone, and many more were unknowingly breached. This will only become more pronounced as nearly four out of 10 organizations plan to move to a cloud-first approach to deploy new applications, according to a recent study by the Enterprise Strategy Group (ESG).
To close this visibility gap, Vectra is demonstrating the Cognito platform’s ability to further secure AWS environments at AWS re:Inforce 2019. It provides 360-degree visibility into cloud, data center, user and internet-of-things (IoT) infrastructures, leaving attackers with nowhere to hide.
“We see significant value in a detection and response platform that combines visibility of attacker behaviors from both the cloud and corporate enterprise while taking advantage of our existing investments,” said Alex J. Attumalil, director of global information and cyber security at Under Armour. “Even native AWS instances can benefit from this critical visibility into threat behaviors and respond rapidly.”
The Cognito platform uses Amazon VPC traffic mirroring to monitor connections between Amazon EC2 and Amazon S3 instances and detect hidden threats without using agents. The integration with AWS Security Hub enables the correlation of Cognito detections with other data sources to accelerate threat hunting and incident investigations. The result of deploying Cognito in AWS environments is the real-time detection of threats, accelerated investigation and breach prevention.
Oracle Ushers in New Era of Analytics
Today, Oracle unveiled a new, customer-centric vision for Oracle Analytics at the company’s Analytics Summit. With Oracle’s industry-leading data platform and business applications, Oracle Analytics is uniquely positioned to marry data, analytics and applications, and address the needs of business users, analysts and IT. Oracle Analytics empowers customers with industry-leading AI-powered self-service analytic capabilities for data preparation, visualization, enterprise reporting, augmented analysis, and natural language processing (NLP).
- One Offering: Oracle Analytics. Simplified product offering and clarity of direction by rationalizing 18+ products down to a single brand.
- Powered by the Autonomous Data Warehouse and Machine Learning: Demonstrating the industry’s leading application analytics built on the Autonomous Data Warehouse and powered by Oracle Analytics Cloud.
- Enabling Broad Enterprise Adoption: Affordable per user pricing for departmental business users plus per-CPU pricing for broad enterprise scale.
“We are committed to helping our customers get the most value from their data and to delivering the best analytics experience,” said T.K. Anand, senior vice president, AI, Data Analytics and Cloud, Oracle. “Today, we are announcing a new vision, product experience, and commitment to customer success that will enable us to collaborate with our entire ecosystem and deliver a new era of enterprise analytics.”
“Our clients are seeking next generation analytical solutions that are built with the enterprise in mind. Today, executives have access to more volumes of data than ever before, but what they really need are industrial strength platforms that can turn all that data into information to drive insights across their organization at different levels,” said Richard Solari, managing director, Deloitte Consulting LLP, and global Oracle analytics and cognitive leader. “Deloitte is committed to creating value for organizations enabled by the Oracle Analytics Cloud. Together, we bridge the gap between data and information and help leaders reach impactful business decisions using Oracle’s next generation analytics platforms and applications.”
Oracle’s analytic capabilities are available in the cloud via Oracle Analytics Cloud, on premises via Oracle Analytics Server, and within applications via Oracle Analytics for Oracle Cloud Applications. These solutions leverage Oracle’s existing analytics capabilities and add new features, including augmented analytics and NLP, which are embedded throughout the platform. In addition, Oracle Analytics now offers an integrated user experience across self-service data discovery and reporting and dashboards, delivering effortless access to insights that can be consumed in the cloud, on the desktop, and mobile.
Oracle Analytics Cloud
Built first for the cloud, Oracle Analytics Cloud is the centerpiece of Oracle Analytics. Oracle Analytics Cloud empowers business users with governed self-service analytic capabilities for data preparation, visualization, augmented analysis, and natural language processing. Oracle Analytics Cloud’s governed self-service experience enables Oracle Analytics users at enterprises around the world to drive faster insights and optimize business results.
“We love analytics, we love BI, and we love the fact that Oracle is putting all of this R&D into the cloud, and we want to benefit from that,” said Bill Roy, senior director, EPM and BI, Western Digital. “We see the cloud as enabling our internal customers to develop their own content and to be self-serving. That’s really where we see the benefit of using Oracle Analytics Cloud.”
“In business today, disruption is constant, causing organizations an array of unprecedented challenges. To succeed and potentially excel in this environment, leaders must exploit data to unlock valuable insights and drive better decisions”, said Todd Randolph, principal, Technology Enablement Practice, KPMG and US Oracle Analytics Leader. “With these new, simplified and powerful Oracle analytics offerings, we believe our clients will continue to adopt our Oracle Analytics Cloud-enabled solutions to support sustainable change through performance insights to create lasting value.”
Oracle Analytics Server
Oracle Analytics Server will comprise all of Oracle’s on-premises BI offerings, delivering competitive value to thousands of existing customers, as well as enabling customers in highly regulated industries or with multi-cloud architectures to experience the latest analytic capabilities on their own terms while ensuring an easy path to the cloud.
“We needed a solution. We went out to the marketplace and the best solution was chosen,” said John Cronin, group CIO, An Post. “Oracle Analytics for An Post has made a huge impact not only for ourselves and our ease of access to information but for our common customers as well. The future is all about analytics, artificial intelligence around analytics, and advanced analytics.”
“Our clients across all industries have realized the importance of data and analytics for decades. What is different now is their expectations on how analytics will be a key enabler to guide their business strategies. With advancements in technical capabilities such as artificial intelligence, machine learning, big data platforms and visualizations, our clients are demanding more out of their analytics investments,” said Hema Kadali, partner, Data and Analytics Leader, PwC. “Leveraging Oracle Analytics, we are helping our clients execute on industry-specific use cases that allow them to innovate, automate and transform their business operations with actionable insights that drive real business outcomes.”
Oracle Analytics for Oracle Cloud Applications
Oracle Analytics for Oracle Cloud Applications will be built on Oracle Analytics Cloud and powered by Oracle Autonomous Data Warehouse, bringing personalized application analytics, benchmarks and machine learning-powered predictive insights to business users, functions and processes.
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