We are living in times of disruption.
In a briefly time nearly all the world’s adult population will be connected, and Hand-in-hand with this phenomenon, we will see the emergence of tools such as big data, cloud computing, IT and network virtualization that not only substantially reduce the cost of data handling and storage, but, perhaps more crucially, will provide the tools and the means to extract new value out of data, triggering all types of digital services.
Therefore no industry will be left untouched - from the traditionally "high tech” sectors such as telecoms, finance, retail or healthcare, to other sectors such as transportation, agriculture or mining, to name but a few.
And this is essentially because we are fast reaching a full ‘digital world’, with increased blurring between the digital and the physical.
We are walking towards the celebrated Borges map; a fictional map conceived by the Argentinian writer Jose Luis Borges in 1946, designed with such painstaking detail that its scale was 1:1. Similarly, every entity in the physical world will soon be represented in the digital world.
The fact that this utopian ideal is being approached tells us how disruptive, transformative and far-reaching the digital world and the digital transformation we are living through is.
This leads to a completely new way of approaching problems and opportunities for companies.
Accordingly to João Resende this is a tremendous opportunity for areas such as Revenue Assurance (RA), Fraud Management (FM) or security to step up as shareholders want their companies to exploit these opportunities, engage with disruptive innovation, while simultaneously, wanting the businesses to stay predictable, profitable and reliable.
For this they will need wider and stronger competencies to protect customers, assets, contracts, processes and also revenues and margins, and to review their strategy and culture as well as an empowered and skilled team alongside three principal axes:
Firstly, data driven digital services teams need to master their skills and tools to make sense of data, exploiting and extracting the most value out of the data. They also need to leverage all the data available within, or external to, the enterprise.
Secondly, as digital services diversify into mobile money, cloud services and M2M, more and more information needs to be gathered from the customer, thus increasing the risks associated with data protection and privacy management.
Third and lastly, the digital transformation requires a holistic approach to the enterprise, the ability to bridge through business and system silos that allow to have a consolidated view of the whole enterprise becomes critical.
On the other hand customers increasingly expect to be able to do things quickly, simply, and on the move under an omni-channel paradigm, and the continuous growth of organizations makes attention a required requisite in order to ensure consistency and integrity of data, transactions and experience.
Digital transformation puts companies on the spot, as they need to reinvent and transform to innovate. To keep up it is required superb data skills and ability to cover a much wider range of risks, having the whole enterprise and all its business processes under control.
Are you ready for the challenge?