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CONFIDENCE IN COMMUNICATION: PUSHING THROUGH THE INNOVATION BOTTLENECK

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Innovation

Peter Burman, President of EF Corporate Solutions answers the strategic question on how the financial sector can foster a culture of creativity and innovation in the post-recession context.

The economic crisis sparked a wave of interest in innovation as the best way to get ahead amid high volatility. As a ‘growth’ word, “innovation” is an easy fall-back term for businesses. However, reams of research would indicate that there is still a gap between wanting to innovate and achieving real break-through growth.

‘More innovation’ isn’t the answer; communication is. Communication embodies innovation. As the world gets flatter and financial models, operations and processes are standardised against a global benchmark, cross-border operations will continue to thrive, opening up previously unchartered geographies and sectors. Keeping pace with these developments, working across time zones means time really is money and efficiency is king. Just as a common currency facilitates porous borders and greater opportunities for economic growth, we believe that a common working language is as much a currency of exchange.

Productivity and communication

Language barriers have a broad and pervasive impact on business operations. Firms with a high degree of multilingualism and understanding of other cultures are those that have room to innovate and come up with globally relevant solutions to otherwise time-worn practices in the financial sector. A common working language such as English, forges a stronger bond between those doing business, which increases efficiency, productivity, and quality.

Language proficiency may also promote a more open work environment, an issue of significant importance for many multinational banks that have acquired smaller local banks in emerging markets. In adapting the changes in management, these employees may feel disenfranchised if they have a language barrier to contend with as well. This can be a direct threat to employee loyalty and in turn the growth of multinationals in local markets. Similarly, companies headquartered in the other side of the world can be perceived as faceless entities that are far removed from local issues if employees are encumbered by a language barrier.

Organisational priorities

In line with the realities of today’s landscape, our research shows that the finance sector clearly faces a bottleneck in innovation as employees lack confidence communicating with colleagues in other countries. The commissioned study conducted by the Economist Intelligence Unit– The innovative company: How multinationals unleash their creative potential – indicates that creating new products and services was a top-three priority for 54% of survey respondents, more important than cutting costs or investing in talent. While the sector is quick to establish its priorities, financial firms could fail to capitalise on investments to boost innovation due to confidence issues in communication skills.

The worldwide study found respondents’ confidence levels drop from 96% when communicating with colleagues in their own departments to 72% with colleagues in other countries, suggesting a massive barrier to cross-border collaboration, a key component in the sharing of ideas leading to innovation. Ultimately, it’s a priority for companies to rethink the skills people need to be confident in sharing ideas across hierarchies, departments and countries.

Does innovation stop at the boardroom?

Peter Burman, the President of EF – Education First

Peter Burman, the President of EF – Education First

Developing an innovative corporate culture requires creativity and international communication. The financial crisis spawned thousands of start-ups that thrived because of their small size, agility, and flat work structure. In large organisations with offices all over the world, democratising innovation may be a challenge, but it seems to be one that the industry cannot shy away from. Our research found while CEOs use idea-sharing processes a lot, engagement tails off outside the C-suite, with managers and department heads less likely to use them. At a time when departments were made redundant en masse, it’s easy to see why money couldn’t easily be funnelled into training and employee development. Now, as the banking and finance sector has reset itself and aims its trajectory upward, scaling up employee skills and strengths has become a necessity.

Innovation is not a quality inherent only in a fortunate few—it’s a way of thinking and behaving that is intrinsic to human nature. An organisation’s job is to foster the right climate to unleash its employees’ innate innovative tendencies.

Cultivating the culture of innovation

Our research suggests that a creative work culture is one in which each employee feels encouraged to suggest ideas, and in which there is a high tolerance of failure. This strongly resonates with start-ups and communications firms that rely on experimentation and trial and error to strike gold, but for finance firms and banks, risk aversion is a lauded trait for obvious reasons. Breeding a creative environment can be particularly challenging then, as there is little to no room for mistakes in the sector.

While innovation and creativity needs to pervade organisations equally bottom-up as top-down, in finance sector, firms need to transform themselves into business partners that can help innovation teams succeed. For this, change needs to starts at the top, with a CEO defining the vision and setting the framework for creativity in place, which includes accepting that individual projects may fail if the overall strategy is to succeed. Having senior personnel drive the project and communicating these ideas clearly can facilitate rapid adoption.

Reconciling with regulations

Regulation is an extremely involved process that requires collaboration between numerous multiple language banks. In Europe, these banks are involved in heavy negotiations before the European Banking Authority issues regulations. Multiple interpretations of terms can create multiple iterations of the same regulation—a dangerous loophole for those capable of exploiting this. In a globalised and multilingual society, the meanings attributed to terms in banking have a direct impact on the overall soundness of the financial system.

No ‘holy grail’

There is no such thing as a ‘holy grail’ when it comes to creating a culture of innovation in the finance sector. Establishing an environment that breeds creative thought, and making it take root depends on understanding the climate. It’s important to note how firms react during periods of experimentation and creative disruption, and which structures, behaviours, and incentives need to be encouraged. Innovation is firmly entrenched in communication, and ultimately, an idea is only as strong as how it is communicated.

Business

What Skills Does a Data Scientist Need?

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What Skills Does a Data Scientist Need? 1

In this modern and complicated time of economy, Big data is nothing without the professionals who turn cutting-edge technology into actionable insights. These professionals are called Data Scientists. Modern businesses are awash with data and many organizations are opening up their doors to big data and unlocking its power that increases the value of data scientists. Data is one of the most important features of any organization which helps to make decisions based on facts, stats, and trends.

As the scope of data is growing, data science came up as a multidisciplinary field. Data science is an integral part of understanding the working of many industries, complex or intricate. It helps organizations and brands to understand their customers in a much better, enhanced, and empowered way. Data science can be helpful in finding insights for sectors like travel, healthcare, and education among others. Its importance is increased as it solves complex problems through Big Data. With data science, companies are using data in a comprehensive manner to target an audience by creating better brand connections. Nowadays data science is taking an important and big prime role in the growth process of brands, as it is opening new fields in terms of research and experiments.

Let us know about the much-hyped role of a data scientist, the skills required to become one, and the need to take data science training.

Who is a Data Scientist?

Data Scientists are the individuals who gather and analyze large sets of structured and unstructured data. It combines the roles of computer science, mathematics, and statistics to create actionable plans for companies and other organizations. They gather, analyze, and process the data and then find the filtered results. Their work is to make sense of large, messy, and unstructured data using sources such as social media, smart devices, digital channels, emails, etc.

In other words, data scientists are analytical data experts who solve complex problems through technical skills to explore what problems need to be solved with available data. They are struggling with data all the time and experimenting via complex mathematics and statistical analysis. Usually, data scientists are required to use advanced analytics technologies such as machine learning, advanced computing, and predictive modeling. They use various types of reporting tools and analytical skills to detect problems, patterns, trends, and connections between data sets. Their goal is to provide reliable information about campaigns and consumers that help companies to attract and engage their customers and grow the sales.

A job of a data scientist is also known and advertised as a machine learning architect or data strategy architect. Data scientists generally require enough educational and experiential background of big data platforms, tools including Hadoop, Pig, Hive, Spark, and MapReduce and programming languages such as SQL, Python, Scala, and Pearl; and computing languages like R.

Skills Needed To Become a Data Scientist

To become a data scientist, it is recommended to have a master’s degree. This means a very strong educational background and the deep knowledge is must-required to become a data scientist. You must have a bachelor’s degree in any stream such as computer science, Physical science, social science, statistics, and mathematics or engineering.

The skills required to become a data scientist are categorized into technical and non-technical. Some of them are mentioned below:

Technical Skills

● R Programming

R is specially designed for data science to deal with big data. It is generally preferred for data science to gain in-depth knowledge of analytical tools. Almost 43% of data scientists are using R to solve data problems and statistical issues.

● Python Coding

The most required technical skill to become a data scientist is having the knowledge of the most common coding language that is Python along with C, C++, Java, and Pearl.

● Hadoop Platform

It is the second most important skill to be a data scientist. This platform is heavily used in several cases. Hadoop is used to convey the data quickly to different servers.

● Apache Spark

It is becoming the most popular big data technology in the whole world. Just like Hadoop, it is a big data computation framework, but it is faster.

● SQL Database/Coding

With SQL database and coding, data scientists are able to write and execute complex queries in SQL.

● Data Visualization

A data scientist can visualize the data with data visualization with tools such as ggplot, d3.js and Matplottlib, and Tableau.

● Machine Learning and AI

Machine learning techniques include reinforcement learning, neural networks, adversarial learnings, etc. Along with it, supervised machine learning, decision trees, logistic regression can help you stay ahead from other data scientists.

Non-Technical Skills

There are also some non-technical skills such as Intellectual curiosity, Communication skills, Business acumen, Teamwork, etc. that can make you a successful data scientist.

Ready to Learn Data Science?

Data Science is nowadays a buzzing word in the IT sector. It has become an evolutionary technology that everyone is talking about. Several people want to become data scientists. It is a versatile career that is used in many sectors such as health-care, banking, e-commerce industries, consultancy services, etc. This career is one of the most highly paid careers. Data science careers have been always in high demand so the seekers have numerous opportunities to start or boost their careers.

It is a widely abundant field and has vast career opportunities because there are very few people who have the required certifications and skill-set to become a complete data scientist. You can gain these skills by enrolling in an online data science training program. By learning from industry experts, you will have a strong foundation of data science concepts. You’ll also be able to work on different data science tools and industry projects through a training course. So it’s the right time to get certification and grab the golden opportunities in the Data Science career.

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How to use data to protect and power your business

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How to use data to protect and power your business 2

By Dave Parker, Group Head of Data Governance, Arrow Global

Employees need to access data to do their jobs. But as data governance professionals, it’s our job to protect it. Therefore, we must perform a fine balancing act to weigh robust data protection against the productivity of workers who need the data to maintain business-as-usual working processes.

Data grows exponentially, and most organisations will admit that they simply don’t know what data they have, where it is, and the controls that exist around it. This creates 2 challenges:

  1. Burgeoning amounts of unstructured data makes the business increasingly vulnerable from external attackers or internal data breaches.
  2. Because data is the key to understanding a customer’s wants and needs, if the business can’t identify its data and unlock its value, it’s at a competitive disadvantage.

As a European investor and alternative asset manager, here at Arrow Global we take care of £50bn of assets and own a data estate exceeding 160TB. How we manage our data is key to our success. We understand the difficulties involved in opening up environments to allow people to work productively, while at the same time locking them down to protect our organisation.

When it comes to analytics, I believe that Arrow is highly proficient because we employ a talented team of data scientists. But even for us, the sheer volume of raw and processed data, that resides in both our structured systems and unstructured data repositories, has the potential to put our business at risk.

We know there’s always more that can be done to strengthen our security posture and ensure regulatory and contractual compliance, while at the same time using our data to drive the business forward.

Data protection isn’t just about compliance

For many organisations, data protection has centred on demonstrating compliance with the GDPR. At Arrow, our efforts have gone one step further to include our contractual exposure.

Being a more mature data organisation, we had previously tried to develop an application in-house to manage our data estate. However, with 160TB across the company in production data alone, we simply couldn’t achieve the scale we needed to handle the sheer volume of data. Of course, the volume is just the start – once you know what data you have, you then need to be able to categorise the data and put it into a structure, so the business can analyse it for a specific use case.

We knew we needed to go to market to find an industrial-strength data discovery product to replace our in-house application. By aligning our choice of product to our overall IT and change strategy, meant that ultimately, we ended up with a far better outcome than we’d anticipated.

Position data as both a risk and an asset

Data touches every part of an organisation, so when it came to building a business case for buying-in a data discovery software platform, we approached it in a way that would speak to different people at the same time. We did this by posing the question:

“What do we want to do with data in a way that is GDPR-compliant, contractually-compliant and enables us to better service our clients?”

These are the black and white tests of data governance – to recognise the importance of securing and protecting data. They’re applied in a way that enables us to commoditise data and use it to drive the business forward, by forcing us to consider how we would use the data – for example, creating value-based pricing for our clients.

In aligning the business case to initiatives that were already priorities within the boardroom, we knew that we’d gain the attention of the senior leadership team and it would be easier to get the buy-in and budget we needed. And in the end, everyone wins – we get what we need to protect the data, and the business gets to distil the data’s value to better meet our customers’ expectations.

Dave Parker

Dave Parker

Get visibility of data at scale

For us, things got really exciting once we were able to see all of our data at scale. We chose Exonar because it allowed us to discover our data in ways that other products couldn’t. And the interface between the user and Exonar meant that everyone – both technical and non-technical users – could understand the technology and the findings it revealed.

When we saw exactly what data was in the estate, where it was and who had access to it, data security became much easier and the risk of data being compromised was dramatically reduced. We can see exactly where the vulnerabilities are and restructure how our data is stored to strengthen security. Then over time, we can use search, workflow and analysis to optimise the infrastructure and continually identify new areas to improve.

Commercialise the data

From a wider-business perspective, once people can see the data, they can start asking “What if…” to query it and distil its value. But it’s more than just the data itself. It’s not uncommon for data relating to the same thing to exist in unconnected systems across the business. For example, customer interactions and incidents or events.

Exonar is capable of joining the dots in disparate data sets. By stitching these data sets together, we can get a better overall view of our customers and use the outcomes to think of new, different or better ways of serving them through enhancing or adapting our offerings.

Why other financial services businesses should also take a smarter approach to data

  1. By changing the way you approach data, you can use it to protect and power your business and the people you serve.
  2. By positioning data as both a risk and an asset, you elevate its position to give it priority in the boardroom. Ultimately, it’s data that helps the business make informed strategic decisions about how to strengthen its competitive advantage.
  3. By gaining visibility of data at scale, you can see exactly what data you have and where it is. This gives the business confidence about the actions needed to ensure it is secured in both a regulatory and contractually compliant way, and that people are doing the right thing with data at all times.
  4. And joining different data sets provides you with a single view of ‘X’ within your data, no matter where it is. Helping to support your wider-business strategy and priorities, it gives you the information you need to secure a business advantage and generate value.
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How business leaders can find the right balance between human and bot when investing in AI

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How business leaders can find the right balance between human and bot when investing in AI 3

By Andrew White is the ANZ Country Manager of business transformation solutions provider, Signavio

The digital world moves quickly. From keeping up with consumer behaviour patterns, to regulation and compliance, the most successful organisations are always on the cutting-edge of technological developments.

However, when it comes to investing in artificial intelligence (AI), a hard and fast strategy does not guarantee a top spot amongst the league of tech greats. Instead, it pays to take a considered approach to balancing reliance on automated processes with a human touch. Why? Because creative and strategic thinkers are the true propellers of innovation; automation is simply the enabler.

The International Monetary Fund (IMF) developed the ‘Routine Task Intensity’ (RTI) index as a measure of which processes are likely to benefit most from automation. According to this metric, jobs requiring analytical, strategic, communicational and technical skills score low on the RTI index, while simple, repetitive tasks scored highly.

The lesson for business leaders here is simple; your digital investments are just as important as your stake in talent. When deciding which processes to automate, start simple, and remember to value the skills and potential of your people.

Keep customer-centricity at your core

Customer-centricity means that every business decision, dollar spent and new hire is centred on one question: how does this benefit my customer? Investments in AI are no different. To be truly successful, they must have a customer-focused outcome.

Where companies get this wrong is by implementing cost-saving measures or ‘copy and paste’ software that fails to improve the customer experience – often having the adverse effect.

Take the virtual chat-bot, for example; if implemented poorly, it can send your customers into a frustrating and seemingly infinite cycle of dead-ends. The modern consumer is far too digitally savvy for this shortcut, and will quickly move onto the next merchant offering a more seamless customer service experience.

To guarantee your investments are delighting rather than infuriating your customers, it helps to take an outside-in perspective of your business processes, aided by Customer Journey Mapping (CJM).

Before you commit to digital investments, CJM can trace and map each customer touchpoint, signalling pain points or conversion rates throughout their journey. These data-driven insights lead you to the areas that would benefit the most from automation, instead of implementing a broad band-aid solution.

Avoid the ‘set and forget’ method 

When investing in enterprise-wide AI, the ‘set and forget’ method rarely works. Real transformation requires an ongoing dedication to refining and improving AI-driven processes, as well as adapting them to the evolving needs of your customers. This is the best way to achieve customer loyalty, by proving that your organisation listens to, and understands its users.

A human perspective is invaluable here, paired with process mining – a method that thrives on finding process inefficiencies – to create a consistent feedback loop of improvement.

During periods of uncertainty, customer loyalty is everything, so aim to protect it at all costs.

The power of your people

The rise of automation can be linked to the corporate world’s obsession with speed and efficiency. However, the psychology behind this goes deeper than being the biggest and fastest producer; it’s also about reallocating resources into attracting and retaining the brilliant minds that drive companies into the future.

When communicating digital change, it’s critical to highlight the valuable impact AI has on augmenting jobs; removing the burden of mundane, repetitive tasks and allowing for more strategic skill-sets to shine through. For lower-skilled workers, invest in upskilling or re-education where possible.

Successfully rolling-out digital transformation plans means that every employee across all tiers of your company understands the value of AI. The starting point here is education to achieve buy-in. Change communications must be accessible, constructive and value-focused, supported by key culture influencers who champion automation within teams.

Enterprise-wide buy-in is an important element of refining and improving digital processes, as cross-functional collaboration can offer valuable insights into common pain points or inefficiencies ripe for automation. Supported by process mining, collaboration provides a holistic view of how each investment will impact other processes. There is no point investing in automation that streamlines one process and makes another more people-centric, so be sure to take a balanced approach to your investments.

Remember, AI is not about creating an army of robot workers; it’s about increasing efficiency and productivity so that an organisation, and its people, can work smarter.

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