The report found that the benefits of cloud computing are often limited to specific areas within an organization and are not always felt beyond the IT department.

Historically, cloud computing has been primarily controlled by IT departments. This legacy can make it difficult to shift the focus beyond IT-centric benefits. 

This means cloud success hinges on IT

Despite 90% of companies prioritizing cloud projects, only a third regularly discuss cloud progress at the C-Suite level.

Leaders often misunderstand that cloud adoption isn’t simply a solution to change their business. Instead, it’s about identifying necessary changes and implementing the appropriate technology.

However, the report also reveals a hybrid approach to digital infrastructure. For instance, two-thirds of companies have migrated over half of their workloads to the cloud while maintaining more than 20% of their operations on-premises.

McKinsey’s claim that cloud programs are essential for leveraging new technologies, such as generative AI, should be questioned. This perspective implies that cloud adoption is the sole determinant of technological advancement, which may be an oversimplification.

To align with BBC guidelines on brand mentions, there are alternative digital infrastructure options available. Some of these existing alternatives may surpass cloud capabilities.

Edge colocation data centers offer low-latency processing and real-time response, enabling new capabilities and revenue streams like video analytics. For industries like oil and gas or power generation, relying on cloud-centralized facilities can pose significant risks due to potential connectivity issues.

Gartner forecasts that by 2025, 75% of enterprise data processing will shift to the edge.

In Conclusion

Data strategy is not a universal solution. Each business needs to develop a tailored strategy that aligns with their IT focus on cloud and complements their operational approach to drive value from their digital infrastructure investment, regardless of the technology.

The post Controlling the Digital Infrastructure appeared first on CEO Medium.

And with only one-fifth of IT budgets allocated to digitalisation, with no dedicated digital transformation budget, most financial organisations won’t have the right level of investment to see a real difference. 

Chris Weston, CDIO at Jumar, says: “Focusing on your technology and systems and partnering with a trusted end-to-end provider could speed up processes, giving more time for your staff to do what they love, and even encourage skilled jobseekers. 

In a sector where data protection is essential, ensuring you aren’t spending time fixing problems caused by inadequate systems is important. Undergoing a digital transformation can improve operations to align with your business needs, ensuring your customers and clients aren’t being left wanting. For financial organisations, digital transformation is no longer merely an option , but a necessity, especially if you want to keep up with industry standards and your competition.”

Human-centric approaches

Business growth cannot happen in the financial sector if the infrastructure isn’t in place to support users. By focusing on developing your technology and systems, you can enhance the accessibility of your financial services  and more effectively appeal to the general public. Attracting a wider audience is essential for business growth as it can encourage them away from your competitors, giving you the edge. 

Adopting a human-centric approach is essential for banking as financial services rely heavily on user input and interaction. Through a digital transformation, you can adopt a more human-centric approach, making your websites, systems, and processes more user-friendly. 

The digital divide is a real issue which affects many across the UK. Digital exclusion is inextricably linked to broader societal inequalities; isolating those on lower incomes or limited technological access might mean excluding the very customers you’re seeking to assist. 

It is crucial to modernise your systems so that they are user-friendly, including improving accessibility, creating a user interface that is easily navigable, and making sure there is adequate information and educational resources for users to readily access your services. 

Chris says: “A digital transformation isn’t simply about upgrading your technology, but it can be a great tool to open accessibility to your services and products. By investing in a digital transformation with a human-centric approach, you can ensure that your user interfaces are accessible to your customers, resources are available to educate new customers, and even draw customers away from competitors with overly complex systems. The financial sector relies heavily on your customer involvement, so your technology should work for a wide audience.”

Personalisation

Chris continues: “Another way the financial sector can open itself up through digital transformation is by providing personalised messaging. Given its customer-centric nature, it is important that you’re able to communicate efficiently with diverse audiences. This involves ensuring the availability of pertinent information for various people.”

With the advancements of technologies such as AI, the potential for tailoring your messaging and resources to cater to each audience you engage with is much improved. Whether you’re reaching out to marginalised groups, people with disabilities, or low-income families, it is important you’re making your content and resources as accessible as possible. 

AI can be pivotal in collecting and processing data, including demographics, socioeconomic factors, and user preferences, to create a personalised user experience. This can also be maintained and refined as the users engage with your platform, providing essential information and tailored service recommendations.  

Automating manual processes

One problem which might be holding your business back from growing is the time spent on manual processes that have the potential to be automated. By manually performing these tasks, your staff have less time to provide vital financial aid, advice, or services, potentially resulting in prolonged waiting times, or even lost or delayed transactions. 

The efficient delivery of services is essential and so ensuring your technology isn’t preventing you from providing to your customers is key.

Chris says: “A digital transformation isn’t only about improving your customer’s experiences through more accessible resources, but it also ensures your staff have more time to assist with queries and provide their services. By implementing AI to perform manual administrative tasks, productivity can be improved and delays can be reduced. In an industry where fast transactions are paramount, ensuring that your users receive the services they need can help customer loyalty and prevent them from moving to a faster, more efficient, competitor.”

Data protection

Not only should your service offerings be designed with a customer-centric approach, but you can expect the data you collect to be key indicators for understanding your customers – giving you an insight into their needs, requirements, and even trends in financial gain or debt. Ensuring your system infrastructure is developed to manage sensitive information securely, and to visualise the data with your customer’s needs in mind, can enable you to make evidence-based decisions about the services you offer. 

Automated processes can lead to fewer errors. Human error is a considerable challenge for many organisations, and when it comes to financial services, it could mean violating your customer’s privacy if the integrity and safety of your data aren’t properly maintained.  Ensuring you’re updating legacy systems can assist in keeping your customers’ data secure and accurate. This also improves your ability to analyse and visualise data, meaning that you can target prospective customers from trends identified in your historical data.

Chris says: “A benefit of digital transformation is the ability to conduct insightful data analysis . Through your data, you can identify high-risk areas susceptible to debt or delayed payments. You can also identify affluent audience segments for targeted marketing and personalised service offerings to attractnew customers to your business.”

Attract jobseekers

The financial sector requires high-skilled recruits, but finding candidates that fit the requirements can be a struggle. From fluctuating vacancies to increased workload pressure, retaining and attaining staff, and attracting job seekers with the right technological experience, is important for the best outcomes for your services. 

Not only can a poor digital profile make it more difficult for established workers to perform their jobs, but it can also be off-putting for a younger workforce to join. Skilled talent acquisition can be achieved through a digital transformation as workers require high-performing technology to prevent delays in their work. Making sure your organisation removes inefficient systems and provides accessible hardware and software is crucial.  

Chris continues: “Bringing in new highly skilled workers requires having the right systems in place. No skilled worker wants to come into a workplace notorious for difficult system handling. Growing your business requires a strong workforce who are supported by systems and processes which work well for them. Ensuring you have the right digital infrastructure to support your employees is key to seeing the great work they can do without disruption.”

The financial sector relies on technology now more than ever, with faster transactions and cashless payment solutions becoming main methods of payment. But if your digital infrastructure is inaccessible to your customers and staff, you will experience a breakdown in the services you can provide. By modernising your systems and technologies, you will be better able to offer tailored services, reach the right audiences, and secure data effectively – helping to grow your business and achieve a competitive edge.

Sources:

https://www.linkedin.com/pulse/how-reduce-human-error-operations-automation

https://www.bankingsupervision.europa.eu/press/publications/newsletter/2023/html/ssm.nl230215_2.en.html 

https://www.ukfinance.org.uk/news-and-insight/blogs/skills-and-talent-financial-services-impact-pandemic#:~:text=Firms%20are%20struggling%20to%20recruit,talent%20pools%20they%20recruit%20from. 

https://www.pwc.com/gx/en/industries/financial-services/publications/financial-services-in-2025/payments-in-2025.html 

The post How a Digital Transformation Encourages Business Growth in the Financial Services Industry appeared first on CEO Medium.

Pressures to remain competitive can override the need to be strategic about the use of these new technologies. Discerning what is hype, and what is real gets harder when every day brings new claims about AI’s capabilities (and risks), and everyone from cruise-ship operators to fast food chains is studying how to harness its power to transform their business. This work calls for a strategy about the medium-to-long-term impact and opportunities, all while managing a rapidly changing policy and security environment, demanding investors and most importantly, an anxious workforce.

So as a CEO, how do you lead and provide oversight in this environment and lead with a strategy to realize the opportunities but also minimize the risks to your business?

10 things you can do right now

1. Have a plan and commitment to separate hype from strategically significant developments, now and over time. Develop trusted resources for information and a framework for taking in information.
2. Empower a small advisory team dedicated to providing unvarnished, diverse perspectives on external and internal developments and possible impacts; a small advisory squad of internal and external voices for whom no question is off the table and difficult discussions are encouraged in order to advise the CEO and other senior executives and the Board.
3. Consider the immediate and medium-to-long-term impacts of these developments separately and with clear eyes about your strategies and resources. For example, are the AI tools today suitable for the nature and quality of the data you can access currently? Is your organization mature on technology training and security? What is likely to impact your workforce this year? And in two years? How will these technologies help you provide greater value to the customer/client or solve a particular business problem?
4. Develop a technology governance roadmap that sets a journey-not-a-destination mindset and allows your organization to start the work in steps and build competency. It is a visual plan that will help you consider your current capabilities and resources and likely regulatory environments, and plan a way forward that is consistent with internal standards and improves the odds the business generates value from investing in these new cutting-edge technologies.
5. Build a diverse and effective (for you) Digital Governance council for the company or similar group. They can be tasked as a resource and/or as arbiters who  reflect your organization’s needs and operational priorities while ensuring the boardroom also has the skills and knowledge to provide oversight
6. Understand and govern your

1. 1. Data needs and capabilities
   2. AI needs and capabilities
   3. Cybersecurity needs and capabilities

7.  Integrate cybersecurity, privacy, and, as needed, national security considerations into everything from corporate governance to operations to technology development and procurement.

8. Account for the people in your organization, by way of workflows and training, but also their resilience and how they are interacting with and being affected by advanced technologies. Consider the opportunities to build confidence in your people by informing and leading, as well as change management approaches and resources that support successful transformations.

9. Incentivize and accommodate good question-asking and critical thinking behaviors in addition to good and fast answers. This will help with engagement and encourage innovation across your organization.

10. Stay agile and curious and develop methods of leadership and strategic planning that expect the unexpected, change, and opacity.

CEOs are not alone in their excitement but also their concern about how advanced technologies will impact their businesses (and their lives). Creating the right environment now will help maximize down the road, so that your journey is towards a destination with purpose, success, and longevity.

Claudia Salomon, President of the ICC International Court of Arbitration, and Karen Silverman, CEO and Founder of The Cantellus Group

The post 10 Strategies for CEOs to realize the opportunities and manage the risks of cutting-edge technologies appeared first on CEO Medium.

• To avoid falling behind competitors – The world is becoming increasingly digital, and businesses that don’t embrace digital technologies will be left behind. Customers are increasingly using digital channels to interact with businesses, and businesses that don’t have a strong digital presence will lose out.

• To strengthen security and cut down on security breaches – Legacy software is often outdated and vulnerable to security breaches. By embracing digital technologies, businesses can improve their security posture and protect themselves from cyberattacks.

• To remove the reliance on legacy software – Legacy software can be expensive to maintain and upgrade. By embracing digital technologies, businesses can move to more modern software that is more cost-effective and easier to manage.

Definition of Digital Transformation
Digital transformation is the process of using digital technologies to fundamentally change the way an organization operates. Different businesses will have different approaches to digital transformation, depending on their specific needs and goals. However, there are some common elements that are essential to any successful digital transformation initiative.

An organisation going through such change will need to review and implement a new way of operation as the process involves digitizing previously non-digital products, goods, or services, and revolutionizing how businesses interact and deal with their customers.

The goal of digital transformation is to improve efficiency, streamline operations, and create new value for all stakeholders.

Digital transformation is more than just investing in new technology. It is a comprehensive change that encompasses the way businesses operate, the way they interact with customers, and the way they use data.

Industry experts at Technology Services Group say that digital transformation is essential for modern businesses. With the right cloud strategy and solutions, they can help businesses to:

Digital transformation can lead to changes in company culture, objectives, and goals. These changes can be difficult, but they are essential for driving a company forward. Here are some key steps to consider when implementing digital transformation:

Transform Your Company Culture
For digital transformation to be successful, the entire organization must be on board with the change. This means that they must understand why it is happening, how it can benefit the company as a whole, and why they should be invested in it.

Change can be difficult for many people to accept, and in order for change to be successful, attitudes must also change.

Bring the team together to gather feedback and create a dedicated team to focus on the implementation of change.

Have a plan in motion

Once your entire organization is on board with the future change, it is crucial to outline how you will make it a reality within the business.

The reasons for wanting to implement change can vary, but they often fall into two main categories: fear of being left behind or a desire to be the leader in the market.

Regardless of the reason for change, a strategy will help it run smoothly. Whether you want to modernize outdated processes or create a more efficient way of working, a strategy will help you achieve your goals.

There is also the argument of letting customers have a say on the strategy, and looking to utilise data from consumers. Although customers could have a say, be wary of over-promising – they are customers after all, they are going suggest everything!

These questions are essential to answer in order to develop a clear and effective digital transformation strategy. By taking the time to answer these questions, you can increase your chances of success.

These are all important points to consider as part of a strategy, and if you have answers to those questions, it will give the implementation a stronger [BO4] chance of running smoothly.

Investing in Technology
Of course, digital transformation relies on having the appropriate technology and systems in place across the organization.

A strong IT system frees up your time and resources so you can focus on the success of your organization.

It is important to implement infrastructure and technology that can grow with your business. This will ensure that you have the appropriate level of service and avoid costly and disruptive migrations in the future. It will also ensure efficient and effective operations and accommodate your future growth.

By avoiding unnecessary and avoidable costs, you can help to ensure that digital transformation is a success.

Cloud services are essential for innovation and enable employees and stakeholders to access information and data from anywhere.

This makes working from home more efficient and beneficial for both employees and the wider business.

Investing in virtual storage technology is one way to save money on hardware costs, power consumption, and maintenance expenses. This is because virtual storage allows multiple servers and applications to be consolidated onto a single physical server.

Virtual storage is a more scalable and flexible storage solution than traditional storage. This is because virtual storage can be easily adjusted to meet changing storage requirements without the need for physical upgrades.

Turn plans into action
With all of this in mind, it is time to make digital transformation a reality across your business.

It is a process that requires investment of finances as well additional time from stakeholders. Ensure everyone is on board with the process, plan it methodically and invest in the technology you need.

Change can be scary and daunting, but it can also be good.

The cost of digital transformation is a small price to pay for the benefits it can bring.

The post Digital Transformation: A Straightforward Guide appeared first on CEO Medium.

As a business leader, you may wonder where to start. Here, we explore five ways to improve digital experiences in the workplace.

Provide training on digital tools

There are plenty of ways digital additions will fit within your company, and there can be many purposes too. One benefit is that it can make your employees’ working processes quicker, whether it be through upgrading devices or even the installation of software. With technology constantly changing, workers often have to adapt to new tools. It can be tricky for employees to familiarise themselves with new concepts that they haven’t used before.

It’s important to provide regular training for employees. Not only will it make the transition easier for them, but tasks that require new technology will be completed at a quicker pace and to a high standard. Digital signage can be used to great effect in staff training, as it can not only provide valuable information but also offers a sense of belonging too. 

Keep up to date with digital trends

The COVID-19 pandemic placed emphasis on the necessity for digital implementations in the workplace with many businesses making adaptations in a time of need. But the demand remains, with the digital transformation market expected to reach $490 billion in 2025 compared to $300 billion this year. 

Therefore, the future holds many opportunities to incorporate technology into your business, so it’s essential to set time within your company to research current trends and the uses of new technology. Conducting research will allow you to gain insight into the benefits of various digital tools and assess which will be the right fit for you. And with many businesses also looking to improve digital experiences, keeping up to date with trends and new tools helps you stay competitive.

Avoid leaving your remote employees behind

Currently, one in five Brits work remotely. Despite this being the only solution for non-essential workers during the pandemic, working from home has remained even as lockdown restrictions eased. This was possible due to the implementation of technology during the lockdown. Now, remote work has been successfully incorporated into traditional working life and businesses finding a balance between the two.

Remote work offers businesses the opportunity to hire people who aren’t local. So in this instance, you may have just as many employees working from home as you do in the office. It’s key to regularly check in with these employees and ensure that their digital tools are up to scratch, as this is much more important to them than it is for employees working in the office. Ensuring that software and devices are up to date is a necessity so that they can continue to complete their work to a high standard. Planning regular video calls reassure them that they are appreciated in the company, and offers an opportunity to keep them connected.

Leave room for personalisation

Of course, digital additions will benefit everybody in the workplace. But it isn’t one size fits all, which is why an understanding of various technologies is beneficial for this.

Investing in one tool may offer a huge advantage to one specific role within your company, but it may be of no use to another – so plan ways to personalise digital tools for each role. Or if it’s something broad, such as artificial intelligence, it may be able to help many people within the workplace. But offering personalisation ensures that the digital implementations are improving your employees’ digital experience, as well as making your investments worth the time and money.

Measure the progress of your digital additions

Progress monitoring is a vital part of adding digital transformations. You may have integrated a new technology that is the perfect fit for your company, but it is key for you to monitor how successful it is within the workplace.

This can be done by comparing data of your new and improved process with your previous routine, or even through requesting customer reviews and feedback from employees. By gathering results frequently, you can measure the success of the digital experiences within your business and gain an insight into whether you need any extra technological tools or upgrades. Additionally, businesses that track their goals are twice as likely to hit all their goals within a year – so it’s a crucial step to improve digital experiences.

In recent years, we have learned to rely on technology. It’s a vital aspect of the business world and is transforming businesses to become more fast-paced and adaptable. Deploying solutions such as IPTV distribution to remote users and employees working from home enables them to access live and on-demand IPTV content, which can help them in their working day. Equally, remote collaboration tools will help them to keep in touch with colleagues. It’s important to understand why you’re implementing different technologies and the benefits your employees or customers will see as a result.

Sources

https://www.toprightpartners.com/insights/7-ways-to-improve-digital-experience-for-employees/ 

https://nectarhr.com/blog/digital-employee-experience 

https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-covid-19-has-pushed-companies-over-the-technology-tipping-point-and-transformed-business-forever 

https://jobdescription-library.com/remote-working-statistics-uk 

https://www.liveplan.com/blog/tracking-metrics-makes-you-2x-more-likely-to-reach-your-goals/ 

The post How Can Business Leaders Improve Digital Experiences in the Workplace? appeared first on CEO Medium.