A new study by Cognizant’s Centre for the Future of Work found the M&E industry is set to become matured in terms of digital transformation during the next five years, with mobility earmarked as the technology trend with the broadest impact over the next two years.

Almost 80% of the survey’s respondents agreed with this forecast, with 92% citing the increasing use of wearables as a key factor, particularly in gaming.

Other technologies set to play increasingly vital roles in the near future include artificial intelligence (AI), virtual reality (VR) and augmented reality (AR). Blockchain too may have many future M&E uses, the report predicted, from facilitating royalties through to crowd-funding, and via its application in digital advertising and distribution.

The report advised that to leverage these major developments, businesses must adopt a fail-fast attitude as quickly as possible, and be willing to experiment broadly. The research also suggested technology spending will soar by 50% over the next five years.

Robert H. Brown, AVP, Centre for the Future of Work, Cognizant, said: “Our advice to any M&E company struggling today, is to focus on how to achieve the best return on their digital investments in order to overcome the lacklustre growth and profitability challenges of recent years.”

He added: “To compete, they need to invest now in technologies such as artificial intelligence and blockchain. Our research also uncovered that the work ahead for M&E companies wanting to expand their digital efforts, includes getting serious about data security – and accepting the fact that creative destruction is unavoidable in Keeping Up with the Netflixes.”

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1. They Will Have Different Skill Sets

In 2017, the CFO will require different skills than those traditionally enhanced by the fiscal function. As stated by an EY report, an understanding of smart digital technologies and refined data analysis are high on the list. The CFO no longer sees the Information Technology department as capital flight; CFOs are gradually becoming digital evangelists.

2. They Will Have a Broader Work Experience

The CFO must have a broader experience than before. Upcoming CFOs might come from various disciplines rather than the only financial background. The CFO is less an aspiring CEO, rather a co-pilot or partner to the present CEO; they both work together.

3. They will Embrace Any Technological Change

CFOs must use the new digital tools and skills that are available to them. For instance, CFOs can use enhanced analytics when lining up their risk and strategy. Based on Accenture, 81 per cent of the CFOs believe that aligning and identifying new areas of value across the organization is among their primary responsibilities. On the other hand, 77 per cent of the CFOs believe it is their responsibility to drive the operational transformation of the entire company.

For businesses to remain globally relevant and competitive, CFOs need to be prepared to adapt to high-tech change. For instance, CFOs should be able to make use of big data to their benefit; otherwise, there is a possibility of being left. Big Data may provide a more in-depth insight into a corporation’s operations and broaden the scope of its dream. Without the skill to understand and analyze large amounts of data, it is not possible for CFOs to productively optimize their corporation’s strategy.

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What Does Trade-Based Money Laundering Mean?

This is the process by which criminals move money to other countries and transfer the assets, thus breaking the financial trail. It makes the criminal profits legitimate. One of the ways that criminals launder funds includes under or over-invoicing goods. The supplier charges above the regular market price, thus collecting profit from their collaborators. Other methods involve delivering compromised goods at high prices, over or under shipment and a state where there is no shipment but payment still takes place, called phantom shipment.

For the last few years, trade-based money laundering has increased, creating international concerns and being one of the ways for funding nuclear proliferation and terrorism. Terrorist funding has always required money to move through different countries, and trade-based laundering is one of the unnoticed avenues of doing so.

Why is Monitoring Hard?

This form of money laundering has been termed as an AML since the effort of tracking it has not provided much success. In comparison to the transit of currencies and other forms of manipulating financial services, trade-based laundering is not as easy to monitor. The primary reason for this is that international trade is too broad; therefore, checking every shipment is close to impossible. Also, the process is still paper-based, so manipulation is easier compared to electronic monitoring.

As of now, the FCA is monitoring the issue using its own industry papers, although the government is still looking for more ways to control the situation.

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However, it is this very flexibility that is seeing the end of Excel as we know it. Modern consumers, whether they are large, multi-national companies, or struggling families trying to ensure that no bills are forgotten and a little is put away each month towards that much-needed annual holiday, no longer need or want a blank canvas.

Instead, purpose-designed apps and programs are springing up with intuitive easy to use and ready to go tables, pages, and spreadsheets. Often these can be linked to online banking apps, so that money in and out will automatically populate – ‘fuzzy logic’ operating systems will even categorise payments: supermarkets, butchers and convenience stores tend to sell ‘groceries’, while payments for mobile phones, electricity and gas, and water will be listed under ‘utilities’, allowing users to see trends in their spending that they otherwise would not have been alerted to.

These apps help people to save – sometimes even literally, banking apps can be programmed to ’round up’ all purchases, so a supermarket shop of £38.75 would register as £40.00 spent, and the £2.25 would be paid into a savings account – a subtle and painless way of saving without needing to think about it or action it, as is necessary with Excel budgets.

Businesses too, benefit from accounts packages that are linked to bank accounts, services and more: salary deposits can be made automatically once the timesheets have been approved, stock levels can be monitored and replacement orders readied, and deposits from card payments can be tallied according to need: hourly, daily, or weekly – all without human intervention.

While Excel will no doubt continue to exist in its current form for some time yet, it is clear that the way we use the program will – or already has – change dramatically as technology becomes ever more user-friendly and custom-designed for use.

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History shows that fears about job losses from technological advancements in the automation of weaving during the 18th and 19th centuries were irrelevant. The Luddites destroyed automated looms in an attempt to protect their craft-based skills. They feared that they’d become unnecessary and unemployment would surge. But automated weaving was a pillar of the industrial revolution and generated thousands of jobs indirectly and directly in England. The jobs comprised everything done in the spinning mills, plus the production, distribution, and transportation of raw materials and end products, storage, retail and wholesale sales, and the incorporation of the Manchester Cotton Exchange to allow hedging against future prices. Although it was understandable, the Luddite’s mentality was so wrong that economists came up with the phrase “Luddite Fallacy.”

The Luddites considered that technological improvement would inevitably generate unemployment and is harmful to the macro-economy. But, if technological innovation results in lower labour input requirements in a specific sector, the industry-wide production costs would fall. This decreases the competitive prices and increases the balance supply point, which requires increased aggregated labour inputs (Jerome, 1934).

Today, 21st-century people must know that any tech innovations won’s result in mass unemployment. New technologies and tech paradigms create jobs and improve the economies.

Five Reasons Why We Shouldn’t Fear AI

1. AI doesn’t replace people’s work, it does what people can’t do

When debating AI, people make the mistake of assuming that AI replaces the work they do. But it doesn’t. AI does the work, which people can’t do at all, or can’t perform easily or sufficiently well in a reasonable period. AI does the work already done by machines but does it better than the current machines.

In the past, people used computer modelling machines and digital calculators to do most of the things which AI can do better and faster now or in the future. The same people can use AI techniques including pattern recognition for meta-analysis of Big Data from a wide range of sources. Investment management services provided by robo-advisors is an example of a data-driven process replaced by better AI machines.

Algorithm driven methods through online services were simplistic and clucky. Artificial Intelligence attributes a level of sophistication to this service, which exceeds the capabilities of other algorithms. The result? No human is replaced but it makes many humans happy. AI is a supplementary technology, which opens a wide range of opportunities to government, medicine, science, technology, education, logistics, and commerce. With the help of AI techniques of machine learning, natural language processing, deep learning, and cognitive computing, businesses and people can automate processes better, gain insights, and produce better things in better ways. Non-intuitive insights from information can develop and confirm new business, economic, and investment strategies. In commodity and capital markets, the more efficient use of capital thanks to AI tools can stimulate economies through higher investment capital.

2. AI doesn’t destroy jobs, it creates more jobs

During the 18th and 19th centuries, factories created millions of new jobs. At the DataArt yearly fintech event, Rohit Talwar – business futurist – showed that AI unleashes the potential of humans to do more, faster, better, and bigger. AI allows people to do things they always wanted to do plus more, which they haven’t considered. It’s how new jobs are created. AI created more jobs already than it’s replaced. According to Constellation Research, the market for AI will value $40 billion by 2015, and $100 billion by 2020. Many of the jobs created by AI never existed before.

3. AI creates new jobs in every industry using it

Aside from pure AI jobs, there’s an increased number of jobs available in industries using AI technology to perform new things or old things better. This, in turn, created increased demand and more jobs. For example, take cyber-security. Cyber-security uses a variety of AI techniques and approaches, including pattern recognition, deep learning and logic to maintain data, money, and identities safe. Yet, there’s a wide gap, which companies are struggling to fill available open positions. The ISACA, which is a non-profit information security advocacy group, expects there will be a worldwide shortage of 2 million cybersecurity experts by 2019. Artificial Intelligence will power the financial services and capital markets by offering anti-money laundering technologies and processes and a variety of risk management methods, such as “Regtech.” Regtech is an AI-based technology, which ensure regulatory compliance by resolving and making sense of a variety of incomplete or conflicting data sources.

4. AI will save us. It won’t kill us

Instead of worrying about something, which won’t ever happen such as world destruction by AI, we should concentrate on how many lives AI is saving thanks to the use in medicine and surgery. Consider how many people are being fed more cheaply by advanced agricultural technologies powered by AI, or how AI is keeping your online identity safe and the information in our banks. Rohit Talwar considers the positive mentality as the difference between Start Trek thinking vs Star Wars thinking.

5. We’ll never be prepared

Were we prepared for the internet, which is part of the 3rd industrial revolution, and all it brought with it? No. Because we couldn’t foresee the new business models the internet would enable.

The irony of change in business is that it’s the only thing that guarantees that real change doesn’t occur. Real change can’t be managed. It’s almost always a reaction to important environmental change, including threats and opportunities created by innovative business models supported and powered by technological advancements. Who can foresee what a large number of new technological innovations could generate if they appeared at once?

Technologies including nanotech, conscious technology, atomically precise engineering, hyper-connected internet of humanity, synthetic biology, mixed reality living, brain uploading, human augmentation, AI, and the internet of everything are just a few. Nobody can understand the new business opportunities and models, which these technologies will create. We can only be sure they’ll create huge numbers of new jobs and businesses around the world. We should be grateful for it. Don’t smash and don’t be scared of the looms.

The post Don’t Smash the Looms: Five Reasons Why Artificial Intelligence is Nothing to Fear appeared first on The C Suite.

New Skills

Automation is already making an impact in finance, prompting many professionals to consider retraining. As the latest research reveals, digitalisation in finance is placing more emphasis on areas such as, communications, data analytics, IT skills and problem solving. Technology is also affecting the recruitment of CEOs. For example, in a space of three years, there are now three times as many CEOs being appointed in business that possess accredited skills in technology than in 2014. It is largely viewed as their responsibility to drive companies towards successfully implementing digitalisation and automation.

Transforming Business

It is imperative for companies to fully understand how technology and automation is about to transform their existing structures. Automation in finance should be welcomed as a progressive strategy that releases professionals to undertake more fulfilling roles. Employees can look forward to automation complementing their work rather than it being a rival. An enlightened, creative workforce will be able to devote more time to steering business beyond its regular confines with imaginative marketing and decision making. The use of increased data analytics will also contribute to more effective marketing strategies. Professionals who can retrain and develop soft skills such as innovation, communication and effective leadership to fully engage employees, will be much in demand. With 56% of existing CFOs believing that automation will increase efficiency and profit, professionals in finance should seriously contemplate retraining as a progressive step in creating new, fulfilling roles.

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Livewell Southwest found £19,000 of savings in just by introducing carpools for two community-based teams, instead of having them use their own vehicles. Before analysing these expenses, Livewell Southwest was paying £36,000 a year in travel expenses for the two teams.

But Livewell Southwest is in the minority in analysing its expenses. Financial directors and CFOs regularly report that they and their payroll teams don’t have time to analyse expense reports in more depth. But companies which do implement reporting processes nearly always identify cost savings.

Here’s how to begin to the process of analysing expenses:

1. Have data to report on: It seems obvious, but you won’t be able to analyse expenses unless you’re collecting information on them—how much is spent, where it’s being spent on and what the reasons for the claims are. Make sure you’re splitting expenses into categories: for example, mileage, subsistence, accommodation, entertainment. The more customised those categories are to your business the more useful they’ll be.
2. Identify what you want to find out: Data can yield answers, but you need to solidify the questions you’re asking of it. Which department has the most claims? Which employee is the biggest spender? Where and with which companies are employees paying for services? To get the most out of your reports, you have to ask the right questions.
3. Filter the information: It’s easy to be deluged by data unless it’s filtered to provide only the information you need. You don’t want expense reporting and analysis to generate more work for you and your staff.
4. Don’t punish staff to save money: Improving expense management doesn’t necessarily mean trimming expenses or restricting what staff can claim for. It’s about using information to proactively improve processes, in a way that usually yields savings. For instance, if your employees regularly use a certain hotel, contact the hotel and ask for preferential rates. Have employees use fleet, hire or lease vehicles rather than their own vehicles and submit exact mileage claims rather than estimates.
5. File expenses digitally: Paper expense reports can be misplaced and are difficult to collate and analyse. A cloud-based digital solution makes reporting and analysis of expenses simple.

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Here are five take-home points from the report.

1.Most significant improvement found in mid-rated corporates

The companies previously rated by Oekom as good or very good remained roughly the same. It was the mid-rated companies whose increase was more noticeable. Their scores improved from 35.8 percent to 40.1 percent from 2015 to 2016.

2.The UK Boasts the Third Highest Amount of Top-Rated Sustainability Performers

The UK had the third highest number of companies in the top-rated category. They were only beaten by France (with 16 businesses) and Germany (12). Making up the top seven after the UK were Sweden and the US (both with 6), the Netherlands (5) followed by Japan (4).

3.Carmakers and Industries Making Personal and Household Products Lead Rankings

These companies are not getting the top scores, but their sectors are leading the industry rankings. On the scale from 0 to 100, carmakers scored 46.5 and personal and household products scored 44.7 Automobile tally well in spite downgrades to individual businesses because of emissions- and exhaust- reporting incidents.

4.Raw Material Industries were the Among the Worst Performers

As in previous reports, the raw materials sector are the businesses with severe violations to the ideals set out by the UN Global Compact. The oil and gas services/equipment sector are the worst offender, where controversies were found in six from every 10 firms.

5.How Companies are Responding to Environmental Challenges

Each industry has different problems to overcome, but the evidence shows businesses are moving in the right direction. The growing investment and demand for sustainable business models gives us reason to be optimistic. Sustainability is becoming so ingrained in development that even political obstacles can’t derail positive changes.

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Increase in Data

Data usage has increased rapidly due to innovative facilities such as Cloud applications, high resolution e-mail attachments and WiFi with voice over. Up to 50% of a professional’s data is consumed by meetings conducted via Skype. Add web conferencing tools and larger screen sizes and it’s easy to see why businesses have such high costs to meet.

Connectivity Choices

A variety of connectivity choices can supply a professional’s data. Expensive cellular connections are only viable if a mobile isn’t used often or if its owner never travels abroad where charges are extortionate. Impromptu rates for WiFi can be far from cost-effective. Mobile costs for professionals using WiFi in hotels, in-flight or at airports currently costs companies up to £148 a month for each professional. Although WiFi can be free to use in many locations, working time can be lost searching for it. As a public network, it’s totally unsuitable due to security issues, regardless of its limitations in timed usage or large file transfer.

Future Connectivity

To survive the spiralling expenses, businesses need to introduce measures that keep them informed of how their professionals are using data and connections. In return, they need to devise a satisfactory system that provides cost-effective connectivity that is reliable and secure.

The post The Real Cost of Connecting Mobile Workers: The Devil Is in the Detail appeared first on The C Suite.

Flexible working—both remotely and across spaces in an open-plan office—is becoming more common, but some companies are dialling back the clock and corralling staff to cubicles again. HP, Best Buy and Yahoo have all rescinded flexible working privileges, claiming that they impeded collaboration and innovation. 

Nick van der Meulen of RSM surveyed 313 organisations to find out whether the benefits of a centralised staff, including better collaboration and knowledge-sharing, could be balanced with employee’s desire for flexible work.

The research led him to identify the practices that make digital workplaces succeed, as measured by profit growth, market share growth and employee satisfaction. The best performing digital offices have well-crafted physical, digital workspaces and social networks, all designed to facilitate collaboration and working in tandem. 

“Connectivity built across silos rather than in an isolated fashion is critical to empowering employees to provide seamless customer experiences,” van der Meulen said

Furthermore, these successful workplaces are run by managers who trust staff to work independently and how they see fit. This trusting management allows staff to experiment with new approaches to work and aren’t angry or discouraged when these initiatives fail. It encourages staff to share and learn from these mistakes and failures and to continue developing innovative ideas.

“The end result is that they empower employees to make decisions in the best interest of customer experience and their work,” van der Meulen said.

He said that to foster successful digital workspaces, leaders at other companies need to see their role as facilitating workplace design rather than directing it.

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