I just finished another book and added it to my Library. Pandemic, Inc. explores eight trends that are amplified by the current pandemic. Author Patrick Schwerdtfeger believes we will see more change in the next 12 months then we saw in the last 12 years. He views the current crisis through an optimistic lens, seeing a time of incredible change, but also opportunity.
(more…)Tag: Analytics
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The Future Business Landscape
I expect the conversation regarding the Future of Business to intensify over the coming months. Evidence is mounting that business as usual is a thing of the past. In a recent post by SAP, they present ninety nine ways that digital will change business. As you look at the information presented, and see the number of shifts occurring at the same time, it’s hard to imagine a business landscape that weathers this storm unscathed. Here are examples of these shifts from the SAP post:
- At the current turnover rate, 75% of the companies in the S&P 500 in 2027, will be new (companies not currently in index today)
- By 2019, approximately one quarter of the entire U.S. workforce will be independent workers (self-employed, independent contractor, freelancer, temp contractor, etc.)
- By 2030, 10% of the largest companies in the U.S. will be virtual corporations (less than 10% of their workers will be in an office at any point in time)
- 50% of the U.S. Jobs lost in the 2008 recession were middle-skilled jobs, but only 2% of the jobs gained since then have been middle-skilled
- By 2025, there will be 10 global virtual currencies that will be considered mainstream. Their combined market value will exceed $5 Trillion, and Bitcoin will still be the largest.
- Private and commercial robot use will grow 2,000% from 2015 to 2030, creating a $190 billion market
- By 2030, 2 billion jobs will disappear – roughly 50% of all the jobs on the planet – as a result of technology advances
- 3D Printing usage will grow 2000% between 2015 and 2030
- Purpose-driven and value-oriented organizations outperform their competition 15 to 1
- By 2030, sensor use will grow 700,000%, solving nearly every human need such as cancer-killing chips
- By 2020, information will reinvent, digitize, or eliminate 80% of business processes and products
- Although 90% of companies view advanced and predictive analytics as important, less than 30% have currently deployed them, and only 30% have plans to do so
- There will be more words written on Twitter in the next two years than contained in all books ever printed
- By 2025, the total worth of IoT-enabled technology is expected to reach $6.2 trillion – most of that in healthcare (2.5 Trillion) and Manufacturing (2.3 Trillion)
- Within the next five years, more than 90% of all data from IoT will be hosted in the Cloud, reducing the complexity of supporting IoT “Data Blending
Just a small sample (more via the link above) supporting the notion that the future of business could look considerably different than its past. I’ll pursue the future business landscape in up-coming posts.
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Anticipating 2025 – Part Three: Redesigning Artificial Intelligence
Part three of Anticipating 2025 will summarize the third section of the book. This section focused on redesigning artificial intelligence, with a look at six important questions and the exploration of human-machine mergers. The six questions explored in this section are:
- Can we create a human-level artificial intelligence?
- If so, when?
- Will human-level artificial intelligence lead to super-intelligence?
- If super-intelligence arrives, will we like it?
- Can we upload our minds to computers?
- Can we de-risk the arrival of super-intelligence?
Like the first two sections, this section forces us to look at disruption through a different lens. Granted, the path forward is highly speculative, and even the most optimistic scenarios are likely years away from having transformative implications. Nonetheless, it does force us to broaden our lens beyond traditional views. For example, I’ve focused on the automation of knowledge work and all its ramifications, while the authors (Calum Chace, Martin Dinov, and Elias Rut) focus on creating super-intelligence by uploading our minds to computers. They explore a human-machine merger that they see as the enabler of super-intelligence benefits realization. This merger in the author’s view is the only way to avoid creating our successor. So yeah, that’s a little more impactful than automating knowledge work.
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IBM Report on Analytics
In October, IBM released a report from their Institute for Business Value titled Analytics – A Blueprint for Value. IBM releases these reports on a periodic basis, and this one is focused on the growing importance of analytics to business success. Through their analysis, they came up with nine levers that represent the sets of capabilities that most differentiated leaders exhibit:
- Culture: Availability and use of data and analytics within an organization
- Data: Structure and formality of the organization’s data governance process and the security of its data
- Expertise: Development of and access to data management and analytic skills and capabilities
- Funding: Financial rigor in the analytics funding process
- Measurement: Evaluating the impact on business outcomes
- Platform: Integrated capabilities delivered by hardware and software
- Source of value: Actions and decisions that generate results
- Sponsorship: Executive support and involvement
- Trust: Organizational confidence
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A Closer Look at Transformation: Descriptive to Prescriptive
Next up in this transformation series is the eighth enabler: the evolution from descriptive to predictive analytics. At the heart of future success lies the ability to leverage insight for competitive advantage. Yet, analytic capability and data driven cultures are lacking in most organizations, and most executives when assessing their positioning on a descriptive-to-prescriptive scale answer level one. The table below defines each level:
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A Closer Look at Transformation: Collective Intelligence
Next up in this transformation series is the seventh enabler: Collective Intelligence. One of the key themes throughout this transformation series is the clear movement from an enterprise entity to an extended enterprise of stakeholders. This extended enterprise – or what I alternatively call value ecosystem – increases complexity and requires a new management approach to be effective. I use the term collective intelligence as an umbrella phrase that combines the critical need for both collaboration and analytic excellence. This includes other forces like crowd computing, crowdsourcing, co-creation, and wisdom of the crowd – all of which stem from the connectedness of our world, and the growing realization that value creation requires a broader community.
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A Closer Look at Transformation: Sense and Respond Systems
Next up in this transformations series is the sixth enabler: sense and respond systems. These systems are critical to the transformation agenda, as most of the disruptive technologies likely to impact the enterprise in the next decade have data at its core. The resulting data explosion promises to complicate information management for most companies. As the speed of business accelerates and the amount of data flowing through company ecosystems expands, the need to sense stimuli and enable a real time response intensifies. Fortunately, rapid advancements in the price and performance of technology make realizing this sense and respond paradigm achievable and economical for a wide range of use cases – but this is arguably one of the most difficult components of transformation road maps.
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MIT Big Data Panel Discussion
In May, I participated in a Big Data panel discussion at the 2013 MIT Sloan CIO Symposium. The panel was moderated by Tom Davenport, Harvard Professor and co-founder of the International Institute for Analytics. The panel participants aside from myself were:
- Annabelle Bexiga, CIO, TIAA-CREF
- Jack Norris, CMO, MapR
- Keith Collins, SVP, CIO & CTO, SAS Institute
- Michael Chui – Senior Fellow, Mckinsey Global Institute
This was a very good discussion on the potential of Big Data and the possible direction it takes in the future. Michael Chui did a great job with his opening remarks, referencing this Mckinsey Report and using examples from it. This report, which I have mentioned previously, focuses on major disruptive technology. It is interesting to hear the perspectives (and sometimes biases) of these industry players. It’s an hour and ten minutes long, with some very good audience questions.
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A Closer Look at Transformation: Growth
2014 will see an acceleration and expansion of transformation programs. All the dynamics are in place to create a compelling reason for companies to transform. This 14 part series takes a closer look at transformation and the likely path it takes in the next decade. This is the first piece in the series. Links to the other parts of the series are included at the end of this post.
In my last Post , I focused on three recent thought leadership pieces:
- Middle class job Creation – Geoffrey Moore
- Disruptive Technologies – Mckinsey
- New Machine Age – Andrew McAfee
These pieces continue to describe the transformative period that lies ahead. As we look at this and other thought provoking pieces, our job as leaders is to assess the potential impact to our organizations. Readers of my Blog know that I have focused my own assessment on the enterprise of 2020, or what I have been calling the Digital Enterprise. So I have worked to develop a high level road map based on my own perspective and experiences, ongoing executive dialog, and key pieces of market thought leadership. I will use the next several Blog posts to summarize my thinking. The road map is focused in two key areas: The forcing functions that drive the need to transform and the enablers that require investment to get us there. Forcing functions are those things that force the enterprise to invest in a future state. The forcing functions and a vision to address them are critical, as far too many leaders continue to sit on the sidelines with no impetus to invest in this future enterprise.
Inside the Next Transition 