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AI will fuel the next wave of digital transformation in Asia

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From the recently-wrapped Milken Institute Asia Summit in Singapore, president of Asia and corporate vice president at Microsoft, Ralph Haupter, spoke to Bloomberg Markets: Asia on how Artificial Intelligence will continue to disrupt the technology space and drive growth on the continent.

As it stands, an increasing number of reports are showing the importance of AI on growth on a global scale:

  • AI could contribute an additional $15.7 trillion to the global economy by 2030 (PwC)
  • The technology represents a potential impact on GDP of 26.1 percent in China (PwC)
  • 28 percent of businesses are already realizing tangible returns on their AI implementation (AI Business)

“We need to understand that AI is the next accelerator for digital transformational companies,” explained Haupter. “We did a study here in Asia and it turns out that companies really think AI will drive double on innovation and double on productivity. That’s pretty impactful.”

The study referenced by Haupter was released earlier this year, showing that AI will accelerate the rate of innovation and employee productivity improvements to nearly double in Asia Pacific by 2021. Furthermore, only 41 percent of organizations in the region have embarked on the AI journey.

Speaking to Bloomberg, Haupter cited one success story: Narayana Health in India, which uses AI visual recognition with its X-Rays. “The quality is better, the cost is down, scale is higher — that’s what technology is about. It makes me excited.”

[Learn more about Narayana’s digital transformation]

The urgency of re-skilling

Of course, a significant touchpoint when discussing the important and rise of AI on growth, is the prioritization of reskilling workers.

A recent IBM Institute for Business Value study found that “as many as 120 million workers in the world’s 12 largest economies may need to be retrained or reskilled over the next three years as a result of the advent of artificial intelligence (AI) and automation.”

In his interview, Haupter is quick to point out that AI “is something that is augmenting us as human beings, and not replacing us,” emphasizing that reskilling is a clear goal on the agenda.

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Why it’s not too late for your digital transformation journey

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The conversation surrounding digital transformation has shifted well beyond questions of “should we,” to the affirmative “when we.” 

Basically, the “why” has become “when.”

But a new study from Wipro Digital — a follow-up to the company’s 2017 survey about leadership within digital transformation — ultimately shows that it isn’t too late for companies that are only just beginning the journey to catch up.

Additionally, where the 2017 survey found that one in three enterprise CEOs felt digital transformation efforts were a waste of time, the updated report shows that number is now essentially at 0%. 

While 87 percent of the 1,400 global enterprise C-suite leaders polled believe that companies who have started later than others still have a chance to climb to the level of their competitors, the biggest barriers identified are not the technology, but people-related issues.

Getting leadership on board

Taking a closer look, the biggest challenge comes down to sponsorship and business alignment, further emphasizing the importance of internal buy-in as a crucial first step to digital transformation:

  • 54 percent cited inconsistent sponsorship from senior leadership
  • 56 percent selected not being able to train their existing teams to change or use new technology, methods or processes
  • 55 percent indicated needing better alignment with business stakeholders.

Ultimately, once these personnel issues are addressed, the technology becomes the greater barrier — specifically, its adaptation and subsequent training of the Lines of Business.

“These results show that in the past two years, enterprise leaders have ensured that their organizations are capable of delivering ROI on their digital transformation efforts,” explains Rajan Kohli, president of Wipro Digital. “Leaders must align stakeholders and help their business units adapt to and leverage new technology, methods or processes.”

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Unskilled staff threaten banks’ ability to digitally transform

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Only four percent of bank business and IT executives believe that the impact of technology on the pace of banking change has stayed the same over the past three years, while 96 percent said it has either significantly accelerated or accelerated, according to a new report from Accenture.

This technological disruption has a large effect on how banks operate, and it seems unlikely that the pace of change will decelerate anytime soon.

Here’s what it means: Some technologies will have a bigger impact than others, but it will require substantial work from banks to stay on top of them.

AI is the most promising technology to transform the banking space. Forty-seven percent of respondents said AI will have the biggest impact, followed by just 19 percent saying the same for quantum computing and 17 percent for distributed ledgers and blockchain. The disappointing outcome for blockchain appears to be in line with recent announcements from banks: Citi has abandoned its plans to launch a crypto and Bank of America’s tech and operations chief has expressed skepticism on the benefits of blockchain.

Banks’ workforces appear to be at different stages in terms of tech savviness.Seventy-four percent of banking respondents either agree or strongly agree that their employees are more digitally mature than their organization, resulting in a workforce waiting for their organization to catch up. However, 17 percent of respondents said that over 80 percent of their workforce will have to move into new roles requiring substantial reskilling in the next three years, compared with only 5 percent saying the same for the last three years.

Additionally, banks don’t know as much about third-party partners as they perhaps should. Over one in 10 banking respondents believe that their partners’ security posture is extremely or very important, as well as that their consumers trust their ecosystem partners. However, only 31 percent of respondents say they know that their ecosystem partners work as diligently as they do, while 57 percent of them simply trust their partners and 10 percent hope that they are diligent.

The bigger picture: Banks need to prepare for a future that will require them to put in a lot of resources, and some might struggle.

To make the most of AI opportunities in banking, incumbents need to upskill their workforces. While AI is the most promising technology to transform the banking space, this promise can only be realized if banks have the necessary talent in-house to adopt new AI solutions. As such, they should make it a priority to upskill their staff to make AI transformation a success — which may be difficult for those players that have to upskill a majority of their workforce.

And banks need to up their security efforts since open banking is becoming a global trend.Open banking makes working with third parties more frequent. This will force banks to double down on their security efforts, as a security breach with their partners could affect customer trust in a bank’s overall services. If employees aren’t up to date with new technologies — including application programming interfaces used for open banking, and AI — they can’t keep a bank’s network secure.

This article was originally published on Business Insider. Copyright 2019.

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Calgary college launches new program in response to a changing workforce

Businesses in Alberta have seen an upswing in the need for trained IT professionals, and with the launch of a new Information Technology Systems diploma this fall, Bow Valley College is prepared to provide the talent.

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Bow Valley College

Back when floppy disks and dial-up internet were the height of technology in the office, concepts like 3D printers and self-checkout machines were pure science fiction.

It’s only been 20 years since then, but the world has since gone through a digital transformation that’s impacting businesses everywhere.

In a 2016 survey conducted by the global enterprise software company IFS, 86 per cent of senior business leaders from 20 different countries said that this digital transformation will play a key role in their market in the following five years.

This shift into a digital marketplace has also affected what kind of skills employers need, and Calgary’s Bow Valley College is working to provide the training needed to fill those in-demand roles.

Training rooted in industry demand

With the launch of the new Information Technology Systems (ITS) Diploma this fall, students will be given the most up-to-date IT education to provide a skilled workforce to businesses across Alberta.

Jeff Clemens, program coordinator and instructor at Bow Valley College, played a role in creating the ITS program, and said the process started with consulting industry professionals across the province. All of the companies consulted said they were in need of more trained IT experts to support the technology that keeps them running.

“Industry demand was a big reason why we launched this program,” said Clemens. “The main feedback we got from consulting with people was: ‘We need more graduates.’ Even our own IT staff here at Bow Valley College are saying, ‘When will you be getting these graduates, because we need more people’.”

Hector Henriquez is a desktop analyst in Bow Valley College’s IT department and said he’s also noticed an influx of companies in the city searching for IT professionals over the past few years.

“Nowadays, having IT is more and more essential,” said Henriquez, “Even the basic services that everyone takes for granted, like internet and email and printing, they need to be maintained and updated and secured. You can’t run a business now without IT.”

Entry-level positions lead to exciting careers in tech

During consultations, Clemens said that businesses specifically pointed to a gap in finding people to fill entry-level IT positions. Many only wanted people in entry-level positions for approximately a year, ultimately looking to move them into something more specialized, like the growing need for cyber security.

“The move toward cloud computing and the focus on cyber security and data security is reflected in the number of jobs that are now in the market,” said Phil Ollenberg, Team Lead of Student Recruitment at Bow Valley College.

“There are now self-checkouts, so there are fewer actual cashiers, but there are IT professionals and data analysis professionals in the background who are supporting that technology — and those are higher paid jobs.”

Ollenberg added that the need for IT seems to be clear to students too, as the two-year ITS diploma already had applicants before it was even officially announced.

“Our prospective learners are seeking this career out,” he said. “They’re looking for what they know will be a guaranteed job.”

When the first students graduate from the ITS program in 2021, Clemens is confident that they’ll be ready to take on the industry demands. With solution-based training in the latest cloud and security software, they’ll be prepared to tackle the next technological advancement — even if it seems as futuristic as 3D printing did in 1999.

“With IT, you can’t just sit back and expect that things will stay the same,” Clemens continued. “This program is very hands-on. We’re giving them the base, but teaching them that the base will change, and that’s OK because they’ll still have that ability to learn and come up with solutions.”

For more information on the ITS program, visit the Bow Valley College website.

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