International Transfer Pricing 2015/16, now in its 15th edition is an easy to use reference guide covering a range of transfer pricing issues in nearly 100 territories worldwide. It explains why it is vital for every company to have a coherent transfer pricing policy which is responsive to the rapidly changing markets in which they operate. The book not only shows why sound transfer pricing policies should be developed, but also why such policies need to be re-evaluated regularly. It offers practical advice on a subject where the right amount of effort can produce huge benefits in the form of a competitive and sustainable tax rate, and leave the company well positioned to defend against aggressive tax audits.
The Financial Times, in partnership with HP, recently held an event in Milan to discuss new CIO strategies for the digital age. Topics discussed included customer engagement, consistent delivery of service across all channels, strategies for driving innovation and supporting business growth, and security concerns in an era of BYOD and cloud services.
This white paper highlight key discussion points from the event.
Disruptive Intermediaries; how start-ups disrupt established businessesBen Gilchriest
In this report we focus on, and examine in detail, the ways in which start-ups change the way value is created and organized in different markets and in so doing disrupt established businesses. This report will help you understand how these companies disrupt the norm., provide you a framework to assess how vulnerable your industry and company is to disruption, and how to find new opportunities within it.
Disruptive intermediaries - looking to start-ups to find innovative digital ...Ben Gilchriest
Digital Disruption is reshaping the business world, challenging established business models and making many time-tested formulas for success obsolete. If old business models are obsolete, then where are the new, emergent business models coming from? This paper looks to the start-up community to see what large enterprises can learn from the successful, repeatable digital business models these companies have created. Based on extensive research we explore and define these models and how incumbent businesses can apply them to gain a market advantage.
International Transfer Pricing 2015/16, now in its 15th edition is an easy to use reference guide covering a range of transfer pricing issues in nearly 100 territories worldwide. It explains why it is vital for every company to have a coherent transfer pricing policy which is responsive to the rapidly changing markets in which they operate. The book not only shows why sound transfer pricing policies should be developed, but also why such policies need to be re-evaluated regularly. It offers practical advice on a subject where the right amount of effort can produce huge benefits in the form of a competitive and sustainable tax rate, and leave the company well positioned to defend against aggressive tax audits.
The Financial Times, in partnership with HP, recently held an event in Milan to discuss new CIO strategies for the digital age. Topics discussed included customer engagement, consistent delivery of service across all channels, strategies for driving innovation and supporting business growth, and security concerns in an era of BYOD and cloud services.
This white paper highlight key discussion points from the event.
Disruptive Intermediaries; how start-ups disrupt established businessesBen Gilchriest
In this report we focus on, and examine in detail, the ways in which start-ups change the way value is created and organized in different markets and in so doing disrupt established businesses. This report will help you understand how these companies disrupt the norm., provide you a framework to assess how vulnerable your industry and company is to disruption, and how to find new opportunities within it.
Disruptive intermediaries - looking to start-ups to find innovative digital ...Ben Gilchriest
Digital Disruption is reshaping the business world, challenging established business models and making many time-tested formulas for success obsolete. If old business models are obsolete, then where are the new, emergent business models coming from? This paper looks to the start-up community to see what large enterprises can learn from the successful, repeatable digital business models these companies have created. Based on extensive research we explore and define these models and how incumbent businesses can apply them to gain a market advantage.
By 2020 more than 7 billion people will be communicating and performing transactions over the web on over 35 billion devices. So how can companies effectively create a digital identity that promises security, ease and comfort for its customers? This study, sponsored by Oracle, assesses the role identity plays in the digital economy. Visit hub: http://bit.ly/1LKqXfN
Only few organizations wise up to new digital competitors, as they usually come from outside their own sector and are not taken seriously at first. Their allegedly inferior propositions confuse prominent players, who should in fact be the very first to be fully aware of potentially disruptive innovation.
To swing into action rapidly, existing organizations would be well advised to properly analyze anything resembling digital competition. Evidently, there are clear patterns behind the startup success marking a new techno-economic reality. Ecosystems, APIs, and platforms characterize this New Normal where customers have more freedom of choice and better service at lower costs.
These successful disruptors are called two-sided market players, also known as multi-sided platform players. Companies like Uber and Airbnb are getting all the media attention, however there are over 9000 players (and counting) active in almost every industry.
The new VINT report explores the new digital competition and presents:
A analysis of the success factors of disruption
10 design principles of the new digital competition like Unbundle your organization processes, APIs first. Access over ownership and Building trust with social systems
The need for every business to develop a API-strategy
An appeal to the CIO and the IT department to use a leading digital approach and map out an offensive technological route.
The Work Ahead: Mastering the Digital EconomyCognizant
The Work Ahead is a research series providing insight and guidance on how business – and jobs – must evolve in an economy of algorithms, automation and AI.
Describe the characteristics of the digital economy and e-business.
Identify the major pressures in the business environment and describe the major organizational responses to them.
Describe the role of information technology in supporting the functional areas, public services and specific industries
Redefining Boundaries Government Point of ViewIBM Government
Management guru Clayton Christensen coined the term “disruptive innovation” to describe how new entrants target the bottom of a market and then relentlessly move up market, eventually ousting established providers in an industry. But what was once a relatively rare phenomenon has now become a regular occurrence across industries.
Innovations that harness new technologies or business models, or exploit old technologies in new ways, are emerging on an almost daily basis.
Our latest C-Suite study, Redefining Boundaries, looks at how organizations across industries are responding to these new forces. While most government organizations are not faced with these competitive challenges, there are both implications for governments and lessons to be learned from how market leaders are coping with these challenges.
Explore the global C-suite Study here: http://bit.ly/cSuiteStudy
Digital Leadership Interview : Michael A Osborne, Associate professor at the ...Capgemini
"More or less anything that does not require one of the three bottlenecks – i.e. creativity, social intelligence and the requirement to manipulate complex objects in an unstructured environment – will be potentially automatable."
The results of our latest study on ‘Smart data transformation,’ carried out with Fraunhofer FIT, are here. In this special research report, we wanted to understand the business benefits, challenges and success factors around this topic, as well as identify key needs to facilitate the effective implementation of smart data transformation.
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
CMOs & CIOs: Aligning Marketing & IT to Elevate the Customer ExperienceCognizant
In the digital sphere, customer behaviors, organizational structures and entire business models are rapidly changing, compelling CIOs and CMOs to collaborate closely and often, and focus on the common goal of delivering consistent and exceptional customer experiences from day one.
Insurance, Gen Y and Internet of Things: World Insurance Report 2016 InfographicCapgemini
The evolution of the Internet of Things, combined with changing behaviors and preferences from Gen Y customers, is pushing the insurance industry toward massive disruption. This year’s Report explores how these trends are driving an urgent need for insurers to transform or risk falling behind new competitors.
Porous Organisations
Here is our latest 2030 foresight.
This time we focus on the challenges for the future of work. Increasing competition for talent forces organisations to open their doors to a growing number of independent workers. This makes it difficult to maintain corporate knowledge and becomes a challenge for business big and small. In a highly volatile and increasingly complex landscape, many must learn how to manage a seamless flow of knowledge and ideas so they can adapt to changing customer demands, ensure capabilities are maintained and keep the doors to innovation open. Looking ahead, it seems that only the wealthiest and most attractive organisations (in the main technology companies) will be able to retain the loyalty of their employees. For everyone else, building and preserving corporate know-how within increasingly porous organisational boundaries will become a priority. As ever your thoughts and provocations are very welcome.
To access via website https://www.futureagenda.org/foresights/porous-organisations/
By 2020 more than 7 billion people will be communicating and performing transactions over the web on over 35 billion devices. So how can companies effectively create a digital identity that promises security, ease and comfort for its customers? This study, sponsored by Oracle, assesses the role identity plays in the digital economy. Visit hub: http://bit.ly/1LKqXfN
Only few organizations wise up to new digital competitors, as they usually come from outside their own sector and are not taken seriously at first. Their allegedly inferior propositions confuse prominent players, who should in fact be the very first to be fully aware of potentially disruptive innovation.
To swing into action rapidly, existing organizations would be well advised to properly analyze anything resembling digital competition. Evidently, there are clear patterns behind the startup success marking a new techno-economic reality. Ecosystems, APIs, and platforms characterize this New Normal where customers have more freedom of choice and better service at lower costs.
These successful disruptors are called two-sided market players, also known as multi-sided platform players. Companies like Uber and Airbnb are getting all the media attention, however there are over 9000 players (and counting) active in almost every industry.
The new VINT report explores the new digital competition and presents:
A analysis of the success factors of disruption
10 design principles of the new digital competition like Unbundle your organization processes, APIs first. Access over ownership and Building trust with social systems
The need for every business to develop a API-strategy
An appeal to the CIO and the IT department to use a leading digital approach and map out an offensive technological route.
The Work Ahead: Mastering the Digital EconomyCognizant
The Work Ahead is a research series providing insight and guidance on how business – and jobs – must evolve in an economy of algorithms, automation and AI.
Describe the characteristics of the digital economy and e-business.
Identify the major pressures in the business environment and describe the major organizational responses to them.
Describe the role of information technology in supporting the functional areas, public services and specific industries
Redefining Boundaries Government Point of ViewIBM Government
Management guru Clayton Christensen coined the term “disruptive innovation” to describe how new entrants target the bottom of a market and then relentlessly move up market, eventually ousting established providers in an industry. But what was once a relatively rare phenomenon has now become a regular occurrence across industries.
Innovations that harness new technologies or business models, or exploit old technologies in new ways, are emerging on an almost daily basis.
Our latest C-Suite study, Redefining Boundaries, looks at how organizations across industries are responding to these new forces. While most government organizations are not faced with these competitive challenges, there are both implications for governments and lessons to be learned from how market leaders are coping with these challenges.
Explore the global C-suite Study here: http://bit.ly/cSuiteStudy
Digital Leadership Interview : Michael A Osborne, Associate professor at the ...Capgemini
"More or less anything that does not require one of the three bottlenecks – i.e. creativity, social intelligence and the requirement to manipulate complex objects in an unstructured environment – will be potentially automatable."
The results of our latest study on ‘Smart data transformation,’ carried out with Fraunhofer FIT, are here. In this special research report, we wanted to understand the business benefits, challenges and success factors around this topic, as well as identify key needs to facilitate the effective implementation of smart data transformation.
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
CMOs & CIOs: Aligning Marketing & IT to Elevate the Customer ExperienceCognizant
In the digital sphere, customer behaviors, organizational structures and entire business models are rapidly changing, compelling CIOs and CMOs to collaborate closely and often, and focus on the common goal of delivering consistent and exceptional customer experiences from day one.
Insurance, Gen Y and Internet of Things: World Insurance Report 2016 InfographicCapgemini
The evolution of the Internet of Things, combined with changing behaviors and preferences from Gen Y customers, is pushing the insurance industry toward massive disruption. This year’s Report explores how these trends are driving an urgent need for insurers to transform or risk falling behind new competitors.
Porous Organisations
Here is our latest 2030 foresight.
This time we focus on the challenges for the future of work. Increasing competition for talent forces organisations to open their doors to a growing number of independent workers. This makes it difficult to maintain corporate knowledge and becomes a challenge for business big and small. In a highly volatile and increasingly complex landscape, many must learn how to manage a seamless flow of knowledge and ideas so they can adapt to changing customer demands, ensure capabilities are maintained and keep the doors to innovation open. Looking ahead, it seems that only the wealthiest and most attractive organisations (in the main technology companies) will be able to retain the loyalty of their employees. For everyone else, building and preserving corporate know-how within increasingly porous organisational boundaries will become a priority. As ever your thoughts and provocations are very welcome.
To access via website https://www.futureagenda.org/foresights/porous-organisations/
Smart Grid Operational Services: Utilities Mobile IT AdoptionCapgemini
Continuing deregulation has made the utilities industry more price competitive. The transmission and distribution infrastructure is aging and often well past its planned service life.
Yet, the industry’s customers are demanding 100% availability, greater environmental awareness, more accurate billing and quick fault resolution. Government and industry compliance regulations are also becoming stricter.
To meet these challenges and be better prepared for the unexpected, companies are increasingly adopting mobile solutions as a way to further control costs, improve productivity and make better decisions throughout their organizations.
This report briefly reviews the state of mobile adoption among utilities and outlines several high return mobilization areas for managers to consider. It further discusses criteria for selection of mobile solutions and provides some leading practices for their implementation within the utility industry.
5 Game Rules to Win in the Customer Experience ArenaCapgemini
How to play to win in the customer experience arena
Learn how to deliver a personalized customer experience - without crossing the fine line at http://www.capgemini.com/beyond-the-buzz/insights-driven-customer-experience
Global payments volumes continued to grow in 2009 despite impact of financial crisis reveals the 6th annual World Payments Report from Capgemini, RBS and Efma.
Covering Europe, North America and Asia, the World Payments Report 2010 examines the latest trends in the global payments landscape including payments volumes and instruments usage as well as key payments-related regulatory initiatives such as SEPA/PSD, Basel III, Liquidity, Anti-Money Laundering (AML) and Anti-Terrorism Financing (ATF).
The report examines the accelerating transformation of the payments value chain including insights and strategic considerations regarding competitive and cooperative responses to the market environment from outsourcing to partnership strategies and payments hubs.
The World Payments Report 2010 draws on 13 executive interviews with 11 major banks and 2 clearing houses to balance global. regional and local points of view. This year’s report covers the following countries: Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Hong Kong, India, Ireland, Italy, Japan, Luxembourg, Mexico, the Netherlands, Poland, Portugal, Russia, Saudi Arabia, Singapore, Slovenia, South Africa, South Korea, Spain, Sweden, Turkey, the Ukraine,
http://www.capgemini.com/services-and-solutions/by-industry/financial-services/overview/
Social networks in digital transformation - Why do companies/brands need to b...Self-employed
This thesis is about the use of social networks as a part of the digital transformation of a company or a brand.
The main point is to understand why do companies/brands need to be on social networks today and that the social networks are a real medium and need a dedicated budget, by analysing:
- How they can develop the e-reputation and awareness of a company,
- How they can increase the business,
- How they can recruit on it.
In the first part, you will understand what it is the digital transformation with the objectives, linked to social networks with the communities’ figures.
In the second part, you will see how E-team, the company where I work, has developed and extended its offer, what the job of Community Manager is and how the many possibilities offered by social networks correlate with the objectives of digitalization, with examples of what I have done at E-team.
For the third part, I will talk about the evolution of the Community Manager’s job and how it must evolve, the evolution of social networks thanks to startups and technological improvement.
All this to prove to the French people, companies and brands that social networks have to be considered in business strategy and that being Community Manager is a real job for not lazy people.
The Second Machine Age - an industrial revolution powered by digital technolo...Ben Gilchriest
There have been two big turning points in human history. The first was the industrial revolution, where machines replaced muscle power. The Second Machine Age is the time when machines are now able to take over a lot of cognitive tasks that humans can do. In this Capgemini interview with Erik Brynjolfsson and Andrew McAfee, authors of the recent book "The Second Machine Age" (www.secondmachineage.com), we get a summary view of what the 2nd Machine Age is, what it means for established companies, and how they should react.
I throughly recommend reading this book. It's an excellent summary of the impact and importance of digital and why it's important for companies to do more.
Keynote on the 24.03. @Fourth Conference on Good Economy in Zagrep Croatia organized by ZMAG Green Network of Activist Groups. Sponsored by République Francaise, Rosa Luxemburg, Goethe Institut & Institut ZA Politicku Ekologiju.
Article about the keynote published in Croatian newspaper: http://www.vecernji.hr/gospodarstvo/napustamo-eru-konkurentnosti-i-ulazimo-u-eru-kolaborativnosti-1158925
1. How the digital economy relates to the digital business models?
2. What are digital business platforms and how they impact digital transformation?
3. Can Generation C transform your business?
The linking of computers around the world is going to have far reaching effects, and the spread of knowledge, the interchange of ideas and the dissemination of information are going to produce a revolution in our society. Digital business use technology to create new value in business models, customer experiences and the internal capabilities that support its core operations. The term includes both digital only brands and traditional players that are transforming their businesses with digital technologies. the more important benefits derived from developing a digital business include the ability of your organization to rapidly develop and move into new markets uncover and form partnerships reach new customers and expand your brand with new and existing customers as an innovator, among many others. Digital business is about the creation of new business designs by blurring the physical and digital world. It is about the interaction and negotiations between, business, and things. A. Karthik | M. Karthikeyan | P. H. Gopikannan "Digital Business" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33644.pdf Paper Url: https://www.ijtsrd.com/management/marketing/33644/digital-business/a-karthik
http://www.ericsson.com/thinkingahead/networked_society
Digitalization has unleashed a wave of transformation across a range of industries. The pace of change has been mind boggling and will only continue to accelerate. Everything from business models and product categories to financing and human resources will transform in order to take advantage of the possibilities of the Networked Society.
Introduction to Society Chapter Thirteen Weekly Assignments TMargaritoWhitt221
Introduction to Society
Chapter Thirteen Weekly Assignments
The Functions of Government
1. List five primary functions of government
2. Identify three contrasting views of government
3. Explain the liberal, conservative, radical, reactionary, and anarchist philosophies of government
4. Distinguish a democracy from an autocracy
5. List some distinguishing characteristics of a democracy
6. Explain the democratic concept of the individual
7. List the common justifications for an autocracy
8. List four characteristics of autocracy
9. Summarize the three views of the nature of government
10. List the seven exaggerated characterizations on how the role of government is viewed
11. Draw a diagram illustrating the continuum of autocracies
The digital entrepreneurial ecosystem
Fiona Sussan & Zoltan J. Acs
Accepted: 21 March 2017 /Published online: 11 May 2017
# Springer Science+Business Media New York 2017
Abstract A significant gap exists in the conceptualiza-
tion of entrepreneurship in the digital age. This paper
introduces a conceptual framework for studying entre-
preneurship in the digital age by integrating two well-
established concepts: the digital ecosystem and the
entrepreneurial ecosystem. The integration of these
two ecosystems helps us better understand the interac-
tions of agents and users that incorporate insights of
consumers’ individual and social behavior. The Digital
Entrepreneurial Ecosystem framework consists of four
concepts: digital infrastructure governance, digital user
citizenship, digital entrepreneurship, and digital market-
place. The paper develops propositions for each of the
four concepts and provides a theoretical framework of
multisided platforms to better understand the digital
entrepreneurial ecosystem. Finally, it outlines a new
research agenda to fill the gap in our understanding of
entrepreneurship in the digital age.
Keywords Entrepreneurship . Ecosystem .
Matchmakers . Digital infrastructure . Digital
governance . Digital citizenship . Multisided platforms .
Information technologies
JEL classification L26 . 011 . P40 . P00
1 Introduction
As the Economist magazine went to press the lead story
was about reinventing the company.1 This new compa-
ny type is at the heart of a growing debate on how to
understand the digital economy. Ever since the launch of
Uber, Snapchat, and AirBnB and the earlier success of
Google, Amazon, and Facebook, a new breed of
company has emerged that uses digital technology,
entrepreneurship, and innovation to upend industries
on a global scale (Stone 2017).2 Most of these compa-
nies are matchmakers (Evans and Schmalensee 2016,
p.1).3 What these companies have in common is that
they all connect members of one group with another
group. The core competencies of these companies are
their ability to match one group of customers with
another group of customers by reducing the transaction
cost of a match (Coase 1937). These multisided plat-
forms would not exis ...
Technology can help to solve our problems, big and small. What we need is to have a better understanding of what is available to us, how we can use it and to be in control.
Technology can help to solve our problems, big and small. What we need is to have a better understanding of what is available to us, how we can use it and to be in control.
Similar to A New French Revolution? Building a National Economy for the #Digital Age (20)
COVID-19 heightened chronic challenges within the global healthcare industry. It became a catalyst amid fierce competition and tight regulations for health providers and payers to focus on digital health, cybersecurity, patient data transparency, and a variety of customer-centric and operational enhancements. As a result, we found the 2022 trendline pointing to improvements in access and quality of care.
Healthcare challenges such as optimizing the cost of care while simultaneously enabling personalized interventions and consumer-friendly shoppable services are long-standing − but, historically, the industry has been slow to react.
Read our Top Trends 2022 report to examine the lingering ramifications of the pandemic, responses from medical and insurance organizations, and the worldwide impact of ever-changing regulatory standards and mandates.
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
This analysis provides an overview of the top trends in the commercial banking sector as they shift to technology high gear to boost client efficiency and battle a volatile, uncertain, competitive, and evolving landscape.
First, it was retail banking. Now, advanced technology is shifting to – and disrupting − the commercial banking space. Many commercial banks, known for paperwork, red tape, and branch dependency, were unprepared to support clients during their post-COVID-19 ramp-up. But now, the digital pivot to new mindsets, partnerships, and processes is in overdrive.
As commercial banks grapple with competition from FinTechs, BigTechs, and alternative lenders, their inability
to fulfill SME demands and pandemic after-shocks necessitates transformative process changes and a move
to experiential, sustainable, and inclusive banking models. We expect banks to strive to meet the demands
of corporate clients and SMEs by digitally transforming critical workflows and improving client experience.
Additionally, incremental process improvements in the middle and back-office that leverage intelligent
automation will keep the competition at bay because engaged clients are loyal.
Adopting newer methods to mine data and moving to as-a-Service models will prepare commercial banks
to flexibly respond to newcomers and find ways to co-exist through effective collaboration. The time has come for commercial banks to put transformation on the fast track as lending losses in wallet and market share could spill over to other functions!
How incumbents react and respond to 2022 trends could determine their relevancy and resiliency in the years ahead.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
As we slowly move out of the pandemic, financial services firms have learned the criticality of virtual engagement to business resilience. Wealth management firms will need capabilities to cater to new-age clients and deliver new-age services. This report aims to understand and analyze the top trends in the Wealth Management industry this year and beyond.
A year ago, our Top Trends in Wealth Management report emphasized how the pandemic sparked disruption and digital transformation and changing investor attitudes around Environmental, Social, and Corporate Governance (ESG) products. As we begin 2022, many of those trends continue to hold as COVID-19’s wide-reaching effects continue to influence the wealth management industry.
As wealth management (WM) firms supercharge their digital transformation journeys, investments in cybersecurity and human-centered design are becoming critical to building superior digital client experience (CX). Another holdover trend − sustainable investing – is gaining mainstream attention and generating increasingly sophisticated client demands. Data and analytics capabilities will become ever more essential for ESG scoring and personalized customer engagement. As large financial services firms refocus on their wealth management business while new digital players make industry strides, competition is becoming historically intense. Not surprisingly, client experience is the new battleground.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal.
Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem.
Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.
The uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry. So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value ‒ quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance.
With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through collaboration with ecosystem players.
Read our Top Trends in Commercial Banking 2021 report to explore the strategies banks are adapting to transform their businesses from a product-led, siloed model to an experiential and agile plan.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
A combination of factors, including demographic changes, evolving consumer preferences, and regulatory and compliance mandates, were already spurring change in the health insurance industry. Enter 2020 and the COVID-19 pandemic, which is having sweeping implications for the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry adapts to the new normal.
Furthermore, some changes are here to stay, and it will be prudent for the industry players to be resilient to the market shifts by being agile, improving member centricity, making processes intelligent, and embracing the open ecosystem.
Read our Health Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the external pressures.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.
The health insurance industry is evolving and undergoing significant changes. As the risk landscape shifts, insurers are working to improve operational efficiencies, meet evolving customer preferences, and align better with the changing business environment. Accordingly, payers must adapt and align business models and offerings. An incisive tactical approach is required to accommodate members’ needs and related emerging risks — medical, health, and environmental. Advanced technologies such as artificial intelligence, analytics, automation, and connected devices are enabling insurers to manage these changes proactively, partner with members, and help to prevent risks, all the while continuing to fulfill payer responsibilities.
Read Top Trends in Health Insurance: 2020 to learn which strategies insurers are adopting to navigate and align with today’s challenges.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
Securing your Kubernetes cluster_ a step-by-step guide to success !KatiaHIMEUR1
Today, after several years of existence, an extremely active community and an ultra-dynamic ecosystem, Kubernetes has established itself as the de facto standard in container orchestration. Thanks to a wide range of managed services, it has never been so easy to set up a ready-to-use Kubernetes cluster.
However, this ease of use means that the subject of security in Kubernetes is often left for later, or even neglected. This exposes companies to significant risks.
In this talk, I'll show you step-by-step how to secure your Kubernetes cluster for greater peace of mind and reliability.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Generating a custom Ruby SDK for your web service or Rails API using Smithy
A New French Revolution? Building a National Economy for the #Digital Age
1. An interview with
Transform to the power of digital
Philippe Lemoine
Chairman of the Fing
(Next Generation Internet Foundation)
A New French Revolution? Building a
National Economy for the Digital Age
2. Philippe Lemoine
Philippe Lemoine
ChairmanoftheFing
(NextGenerationInternetFoundation)
What’s new about this
phase – characterized
by the word “digital” –
is that the technology
race is no longer driven
by large organizations,
but by people.
Understanding the
Impact of Digital
Disruption
While technological
transformation has been occurring
continually over the last several
decades, what sets the digital age
apart and makes it so disruptive?
To my mind, we entered a new phase in
the evolution of technology in 2008 – the
year when Apple began marketing the
iPhone. What’s new about this phase –
characterized by the word “digital” – is that
the technology race is no longer driven by
large organizations, but by people. People
today are equipped with technology to a
huge degree and are constantly using
new digital tools. And they have found new
ways to communicate, invent, consume
and share.
In your opinion, what are the
sources of the digital disruption
that we are seeing in almost
every sector?
The intensifying impact of technology
in the digital age is linked with three
factors: automation, dematerialization
and changes to the value chain.
Increasing automation, driven by
digital technologies, is amplifying labor
productivity and enhancing efficiency in
the use of raw materials and energy.
Dematerialization, which refers to the
substitution of physical products and
processes with digital alternatives, has
its own distinct effects. First, it has led to
the emergence of new online channels
of communication and distribution that
have replaced or transformed physical
channels. Second, dematerialization
has lowered the marginal cost of
production. In a digital economy,
the majority of production costs –
which include the cost of designing,
prototyping and testing – accrue when
the first copy of the product is created.
The cost of reproduction is virtually zero.
Third, dematerialization has lowered
transaction costs by facilitating more
open relationships between internal and
external stakeholders in an organization.
This has been accompanied by an
increase in co-opetition and inter-
sectoral competition.
Finally, the digital economy has given
rise to new actors that are stepping in
as intermediaries between traditional
businesses and their customers. These
new actors are reinventing established
business models, which is resulting in
the reorganization of traditional value
chains. There are two key effects of
this reorganization – we see consumers
playing new roles and data emerging
as an increasingly valuable resource.
Companies have found a way to create
value, using data as an asset.
There is a lot of talk about the
potential negative impact of
digital on employment, for
example. What are the risks of
digital disruption, not only for
companies, but for society in
general?
It is a fact that digital technologies have
had a major impact on employment.
According to the MIT, 47% of jobs in
America will either disappear or be
fundamentally transformed by digital
technologies. In Europe, 54% of jobs
are estimated to be similarly affected. I
personally think that digital technologies
will create as many as jobs as those that
will disappear due to it. The problem,
however, is that the institutions that are
responsible for making the employment
market function are not always effective.
For example, they are not organized to
put digital at the forefront of permanent
professional training, which is extremely
important. The concept of professional
training itself needs to evolve – training
needs to be provided throughout an
individual’s career. There is also the
need for an evolution in the structure
and nomenclature of existing jobs, and
even in the concept of employment,
which is constantly changing due to the
diversification of working patterns. On
the employment front, the major risk lies
in not making the necessary efforts in
enhancing training and in understanding
what constitutes new employment
opportunities in the digital age.
3. Philippe Lemoine
What are the biggest challenges
that organizations face in
responding to digital disruption?
There are three main challenges. First,
organizations need to adapt to a whole
new “open” culture. They need to
increasingly rely on external partners
rather than on internal teams alone.
Second, organizations need to be able to
transform existing jobs to suit the needs
of the digital age. The third challenge is
the most important. Over the last 20 to
25 years, organizations have functioned
according to the notion that they should
innovate in line with their DNA and within
the bounds of their core business.
But, the digital age requires a different
approach. Organizations need to let go
and innovate freely rather than limiting
themselves to mastery within their core
business. They need to understand
that the rhythm of digital transformation
is determined by the customer. As a
result, everything must be designed and
developed based on the customer’s
needs and priorities.
How should incumbents react to
startups that are disrupting their
industries? For example, we see a
lot of conflict between incumbent
taxi service providers and new
players like Uber. Should the taxi
industry use regulations to
counter Uber?
I think that the taxi industry is reacting
just like any business that feels
endangered. But it is dangerous for a
profession to survive only because of
regulation. There are many incumbents
in highly regulated sectors, such as
the banking industry who believe that
they are protected from technological
disruptions by existing regulations.
I believe that’s a very big mistake
that they are making. Sometimes,
organizations that are protected by
regulations lag in innovation. The worst
thing that companies in highly regulated
sectors can do is to completely ignore
the fact that technology is offering new
solutions and making consumers more
demanding. You cannot break the
progress of technology to maintain an
old way of working – you must adapt
and transform.
The intensifying
impact of technology
in the digital age is
linked with three
factors: automation,
dematerialization and
changes in the
value chain.
On the employment
front, the major risk
lies in not making
the necessary
efforts towards
enhancing training
and in understanding
what constitutes
new employment
opportunities in the
digital age.
There are many
incumbents in highly
regulated sectors
who believe that
they are protected
from technological
disruptions by existing
regulations.
Crafting a New Digital
Future for France and
Europe
In your view, how do France and
Europe compare with the US
when it comes to leveraging the
opportunities of the digital age?
There is an interesting indicator that
illustrates the difference between France,
Europe and the US in how they are
adapting to technological disruptions. If
you take the top 100 companies that are
less than 30 years old in France, Europe
and the US, you see a very striking
trend. France has only 1 such company
in its top 100, Europe has 9, and the US
has 63. This is a very important statistic
when you consider that businesses
should be creating new markets or new
ways of consuming in the digital age. It
helps us understand how well a society
is adapting to digital innovation.
4. Philippe Lemoine
Why do you think France and
Europe have not produced as
many digital leaders as the US?
I would put it down to the lack of real
competition. Take the retail industry
for example. In the US, Walmart has
implemented huge digital transformation
efforts in order to try and compete with,
and even beat, Amazon. In the UK as
well, companies like Tesco are doing
some wonderful things with digital to
compete with pure-play digital actors. In
France, however, you don’t have many
companies that are truly digital, so there
isn’t the same intensity of competition. I
think that there is a sort of shift that has
not taken place in France.
The digital age requires
that organizations
follow a scheme
of letting go and
innovating freely,
rather than limiting
themselves to attaining
mastery within their
core business.
Digital transformation
has its own “grammar
of success” – there
are new rules to be
followed.
For too long now,
France has not been able
to unite a realistic view
of the future with a
bold, utopian one.
What should France do to adapt
to digital transformation?
Digital transformation has its own
“grammar of success” – there are new
rules to be followed. France will need to
master these new rules and adapt to the
competition of the 21st century. For too
long now, France has not been able to
unite a realistic view of the future with a
bold, utopian one. It is true that France
has been traumatized by the bursting of
the Internet bubble ten years ago. It is
therefore afraid to look naïve again. But
we must understand that the context is
different now and France must adapt.
Great entrepreneurs have a capacity to
envision utopia. In France today, large
companies, as well as public powers,
are quite far from being able to do that.
We must change that. How can France emulate new
startup ecosystems such as
Finland or Israel?
I think that we need to distinguish
between two things. On the one hand,
we need to learn from them and adapt
ourselves. But on the other hand, we
also need to innovate based on our own
values. For example, we should focus
on building an egalitarian peer-to-peer
Internet architecture – one that creates
new rights and new digital freedoms. This
message has strong links to the values of
Liberty, Equality and Fraternity, which are
at the core of the French system.