Over the past few years, enterprises have been sailing the digital transformation voyage at their own pace. But due to the coronavirus, they were forced to accelerate their initiatives. Digital became a necessary prerequisite to survive and thrive in this COVID era.
The pandemic is accelerating distributed service architectures, which is driving changes to the security landscape. Changes in working practices are exposing different attacks, altering the types and severity of threats an organization is exposed to. Though phishing remains the most common attack mode, the SolarWinds exploit has brought attention back onto supply chain-based attacks.
There has been a rapid shift toward remote work, innovation and automation, enabled by the ubiquity of technology and the digital economy. What will the future look like, and what does it mean for the workforce and youth of today?
Changing risk landscapes and worsening loss ratios are shifting the role of insurance companies from risk mitigation to risk prevention. Additionally, the pandemic has put new pressures on business models. Newer risks, evolving customer expectations, and increased competition combined with business continuity challenges have made digital transformation a top priority for insurance carriers. Insurance companies are significantly investing in building digital capabilities to optimize core operations, create nontraditional products, and enhance and personalize the customer experience. These trends are covered in Avasant’s new Insurance Digital Services 2021-2022 RadarView™ report.
Avasant Foundation has concluded its first training cohort of 60 candidates benefitting from the Digital Skills Training Program in Guyana. The program designed by the Avasant Foundation, concentrates on the development of transversal, entrepreneurial and technology skills required for the future of work. It equips youth aged 18-26 with the relevant skills to succeed in the digital economy. Modules of training were presented on the topics of professional skills, communications, leadership skills and social behavior, Office 365, Project Management, UX Design, Mobile Application, Web Design and Development, Master Data Management, Entrepreneurship and more. The Digital Skills Training Program was made possible in Guyana in partnership with The University of Guyana and supported with funding from the Inter-American Development Bank Lab.
From wireless service commercials to news stories, the arrival of 5G has been trumpeted far and wide. But while everyone may know that access to 5G is spreading rapidly across the globe, those outside the tech industry may not know why it’s such a big deal.
The stats are well known about the increasing volume of cyber attacks and the growing number of vulnerabilities. In the face of such an onslaught, you would expect organizations to be upping their game. But the opposite appears to be the case, according to research by Computer Economics, a division of Avasant Research.
The pandemic resulted in changing consumer behaviors with a significant uptick in the use of digital services. As new digital channels emerge, multiple technologies and trends are reshaping the customer experience (CX). The increased emphasis on data, personalization, and multichannel communication requires that enterprises focus on trust, empathy, and replicating the offline experience.
The number of intelligent automation engagements has increased by 75% in the last 12 months, with industry-specific process automation accounting for 70% growth in the share of new automation implementations. Growth in AI-enabled hyperautomation has increased use cases for prediction, recommendation, analytics, and reporting. Other areas in order of enterprise priority were workflow integration and automation, intelligent data capture, iBPM, and process discovery. As automation tasks become more sophisticated, we would expect continued growth in this area.
COVID-19 has revealed that many enterprises need to shift from in-house finance and accounting (F&A) process management to outsourcing it to F&A service providers. Technology is less and less being treated in a siloed manner, and instead it has now become an integral part of operations. As a result, F&A service providers are leveraging their existing technological capabilities and addressing enterprises’ demands, minimizing the siloes between technology and process management. Additionally, enterprises are striving for coverage of related functions, such as supply chain management, procurement, and order management, leading to a surge in multi-tower deals. To cater to diverse and emerging business needs, service providers’ offerings are playing a pivotal role in the business process transformation space.
