Business Transformation Requires Transformational Leaders
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Dean Crowley and Oliver Browne stress the importance of the adoption of an industry-wide ontological standard within the financial industry. They believe this will prove useful for streamlining the reporting process and enabling an improved customer experience. The authors also feel that those organizations using an ontology will secure a competitive advantage over those who choose not to adopt one.
Data governance, although not a new practice, is more critical than ever, according to Cutter Senior Consultant Claude Baudoin. A recent increase in privacy breaches, Internet of Things (IoT) data generation, and data residency challenges enforces the urgency to prioritize and address vulnerabilities and formulate a governance plan to responsibly manage enterprise data.
Cutter Senior Consultant Balaji Prasad takes a broad look at the enterprise in 2018. He believes the enterprise is comprised of a core platform — the sum of multiple components. Some of the components that might play a role in the success of the enterprise include APIs, business architecture, agility, and “a return to the roots — to the people side.”
Cutter Senior Consultant Whynde Kuehn predicts that business architecture will continue to play an essential role in the success of a business and, specifically, that the architecture role will elevate to one of a more strategic nature. She tells us that “business architects should challenge themselves to be not only architects, but also leaders and change agents — and develop value-added skills that complement the business architect role.”
As a follow-up to his article from last year’s trends issue, Cutter Senior Consultant Alexandre Rodrigues expands on his commentary surrounding AGI — artificial general intelligence. AGI capabilities continue to play an influential role in the business arena but as Rodrigues points out, there are two issues that companies need to firmly address: (1) setting realistic expectations for the technology and (2) various ethical challenges (with a need for more legislation and regulation).
Cutter Senior Consultant Paul Clermont updates some predictions he made over the past couple years while adding four more, replete with their implications on our workforce and society. According to Clermont, “While 2018 may or may not be a watershed year for some specific technology or other … the more interesting action will come from the public policy and perception arenas and in the evolution of business models.”
The authors discuss the rise in popularity of a new form of crowdfunding — initial coin offerings (ICOs). They believe the hype surrounding ICOs will continue through 2018 but will level off when crowdfunding platforms and traditional funding players become involved. Ultimately, as the authors suggest, legislative change like that imposed on traditional crowdfunding will need to be extended to cover the ICO market.
The author has more faith in Ethereum’s potential than Bitcoin in 2018. He details some interesting plans in the works to develop smart contract applications on the Ethereum platform as well as a proof-of-stake (POS) mining process that will make Ethereum more efficient and environmentally friendly.