Digital transformation may be the promised land for many forward-looking enterprises, but few are actually ready for it. There are many organizational and cultural issues to address -- getting executive and employee buy-in, determining what processes need to be digitized, and getting people to rethink their roles. If that isn't enough, technical issues also appear to be getting in the way as well. Scalability issues, resource issues, and application backlogs are quickly getting in the way of making progress on the journey.
An overwhelming majority of financial firms' risk managers don't believe they can adequately assess the risks of disruptive technologies but are open to new strategies and tools to better manage emerging threats, according to a new report by Accenture. The report, 'Accenture 2019 Global Risk Management Study', is based on a survey of nearly 700 risk management executives in the banking, insurance and capital markets sectors globally. The survey found that only 11 percent of risk managers describe themselves as fully capable of assessing the risks associated with adopting artificial intelligence (AI) across their organizations, and even fewer said they are fully capable of assessing the risks associated with robotic process automation (RPA) or blockchain (9 percent and 5 percent, respectively). The report notes that the external risk environment is becoming increasingly complex, with risk teams realizing they must adapt their approaches to contend with new threats and the heightened pace of change. For instance, nearly three-fourths (72 percent) of respondents said that complex, interconnected new risks are emerging more rapidly than ever before.
Data costs are now central to the economics of both individuals and the companies they buy things from. Digital strategy has to understand customer mobile data costs and associated mobile back-end development goals and budgeting. The IT departments of most organizations are unable to meet the business goals of digital transformation because of several major obstacles according to a survey commissioned by enterprise software development platform, Appian. A lack of IT skills was reported by 82 percent; 91 percent are struggling with technical debt; 20 percent have huge application backlogs of more than 50 new app requests; and 72 per cent said they don't have confidence in being able to scale IT to meet the needs of the business. "Companies are being told they have to think of themselves as software companies but they can't do that, they have too much in the way as this survey shows," said Matt Calkins, CEO and founder of Appian.
The Transform Technology Summits start October 13th with Low-Code/No Code: Enabling Enterprise Agility. Toronto, California-based Daylight, formerly FormHero, today announced it has raised $12.3 million in a series A round led by RTP Global, Bessemer Venture Partners, and Golden Ventures, with participation from Golden Ventures. The company says the funds, which bring its total raised to $14.56 million, will be used to support go-to-market activities and expand the capabilities of its automation platform. A growing number of businesses are investing in tech-powered solutions to minimize repetitive office processes. In a 2020 McKinsey survey, 66% of enterprises said they were piloting platforms to automate at least one business process.
Digital transformations are even more difficult than traditional change efforts to pull off. But the results from the most effective transformations point to five factors for success. As digital technologies dramatically reshape industry after industry, many companies are pursuing large-scale change efforts to capture the benefits of these trends or simply to keep up with competitors. In a new McKinsey Global Survey on digital transformations, more than eight in ten respondents say their organizations have undertaken such efforts in the past five years.1 1.The online survey was in the field from January 16, 2018, to January 26, 2018, and garnered responses from 1,793 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. Of them, 1,521 have been part of at least one digital transformation in the past five years at either their current or previous organizations.