Innovation Insights featured one of my blogs on promoting chance in innovation through deliberate, repeatable processes. You can read the blog at Innovation Insights.
Happy New Year and may 2014 be prosperous for you! Recently, WIRED magazine featured one of my blogs in their Innovation Insights column. Please visit WIRED magazine.
The article discusses how multiple knowledge engines co-operating through a common scratch pad (blackboard) can solve big data analytics problems. It can be useful in banking, oil and gas, and other industrial and manufacturing applications.
Big data, cloud, social media, predictive analytics, mobility - more technology carts that have been added to the "digitization" roller coaster that is still in service with old carts such as e-commerce, online, and m-commerce. How do you maximize ROI and monetization impact of these digitization trends? The answer seems to depend very much on the industry you operate in as digital adoption by different industries is influenced by various factors such as consumer preferences, intensity of competition, physical vs virtual nature of goods and services being exchanged, financial impact of business process optimization, etc. For example, consumer experience is more important for virtual goods such as online music whereas merchandising and supply chain automation are crucial for grocery stores.
Here I will attempt to focus on cloud adoption considerations and how companies can maximize their ROI from cloud. It seems the key is in getting back to the basics on objectives - which are the key business process optimization levers that impact your company's top and bottom lines the most. Is it transforming the customer experience in the front-end and channel integration? Is it supply chain automation? Is it some other automation? or a combination of those? Only after knowing the answer to these questions can companies try to apply the benefits promised by the cloud - time to market, self service and cost reduction, automation, capacity on demand, etc. and decide on the right application areas for cloud introduction. Although privacy and regulatory considerations have an impact on cloud adoption, they can't be looked at from a macro perspective. By decomposing data and separating identifiable and non identifiable data elements, even a bank such as ANZ (Australia New Zealand) has been able to use public cloud for speed to market efficiency (source: Bank and Systems Technology magazine, Nov 2013).
I am a Management Consultant in Banking and Financial Services. Check out my "home" and "about" pages for more details.