How data visualisation shapes software development
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn how the trends in data visualisation are shaping the future of software development. Author: Karel Callens, CEO, Luzmo How data visualisation trends are shaping the future of software development The volume of data being created, shared and stored worldwide is growing exponentially. The ability to effectively visualise the information contained within that data has become increasingly crucial for businesses across all verticals. No longer just a tool for data scientists, data visualisation has emerged as an essential skill for a far broader pool of users, all of whom need to transform complex datasets into clear, actionable insights. Consequently, developers are increasingly being tasked with integrating data insights into products, but analytics is just one of many complex elements that need their attention. This, coupled with the fact that the field of data visualisation is evolving at a breakneck pace, can be a major innovation challenge. Moreover, software users have heightened expectations from data. They want real-time AI-powered insights to be seamlessly embedded within the software they rely on. End users also demand highly interactive, hyper-personalised and customisable experiences, and they want it yesterday. It stands to reason that organisations with the most advanced analytics are more likely to outperform the competition. However, 2023 research from Accenture revealed only 25% of organisations were realising the potential of their data and analytics projects. Software apps today generate an overwhelming amount of data points, and product users need the best available visualisations to make sense of it all. With such a rapidly evolving industry, knowing what represents the “best available” is a challenge of its own. The decline of traditional dashboards Users of enterprise software will be more than familiar with the classic KPI dashboard, often hidden away under an “analytics” tab. These traditional dashboards are being phased out in favour of more integrated, immersive data experiences. Rather than being confined to static screens, insights are embedded throughout applications—popping up during tasks like inventory management, marketing segmentation, or even report creation, blending seamlessly with other features to offer users relevant data right where they need it. Furthermore, visualisation tools like Tableau and Power BI while excellent for analysts, can be cumbersome for everyday users who need quick, actionable data. Instead of relying on separate tools, metrics and visualisations are increasingly being embedded directly into the software users work with daily. The missing piece of these integrated analytics solutions is that they do not react to context. The technology now exists to make these integrated components reactive to the other information being surfaced by the dashboards. This change in data does not only mean adding more information. Users have a limit on how many pieces of information they can process concurrently, the very best systems will only present the information that is needed. For developers deciding what not to show is almost as important as deciding what data to present without overloading the end user. Integrating analytics in this way streamlines workflows, making data-driven decisions more intuitive and natural. The next generation of data visualisation The days when data analysis was reserved for specialists are fading. Recent advancements in AI are democratising data access, allowing anyone to analyse large datasets using natural language. For example, users can simply type a question like, “What was my top-selling product last quarter?” and receive a visual representation of the data instantly. This shift toward conversational data analytics is also fostering a new era of data storytelling, where AI helps users uncover and communicate compelling narratives within their data. In the not-too-distant future, static charts could be obsolete as interactive data visualisation tools become the norm. As AR glasses and interfaces are beginning to enter the market, live analytics in a HUD could be one route to achieving the next generation of data visualisation. For example, a plant manager could be observing the factory floor while an analytics solution highlights areas for concern in real-time. This is currently a very niche use case, but as the costs of AR systems come down, it is an area businesses could explore to further increase productivity. In industries like healthcare, manufacturing, and finance, timely decision-making is crucial. Companies using real-time data analytics are seeing significant benefits. Modern data visualisation prioritises real-time insights, ensuring that users can act quickly on the most current information. Whether through alerts, pop-ups, or other real-time features, these tools help teams respond swiftly to complex data scenarios. As organisations continue to harness the power of data, visual representation enables quicker decision-making, improved communication, and a deeper understanding of trends and patterns. The rise of data visualisation underscores its growing importance in making sense of today’s data-driven world. An awareness of the trends shaping data visualisation is a big step in the right direction, executing that awareness though is going to take work. The rise of the hyper-personalised No two users are the same. For instance, an organisation might have developed a social media platform for marketers: the KPIs for a head of marketing will differ significantly from those for a social media manager, and even two managers at different companies might focus on entirely different metrics. Modern data visualisations must be able to adapt to the user’s context, showing metrics relevant to their specific role, industry, and even platform usage. This level of personalisation extends to localisation, ensuring data is presented in the user’s language and timezone, and remains responsive across devices. AI will play a crucial role in making future applications personalised, already there are examples of AI agents that customise analytics interfaces depending on the user’s role and context, down to their historic use of the platform. This technology can infer what insights the user might be looking for
Benefits of automation in DevOps
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn about the benefits of automation in DevOps for content management systems. Author: Nick Barron, Senior Director of Technical Services at Contentstack Innovation from the ground up: the benefits of automation in DevOps DevOps is a general collection of flexible software creation and delivery practices that looks to close the gap between software development and IT operations. Two critical but often misaligned efforts. By working together, development and operations teams can eliminate roadblocks and focus on improving the creation, deployment, and continuous monitoring of software, while simultaneously driving innovation for their company. There are many ways headless CMS (content management system) companies are utilising automation internally to improve their all-around operations. DevOps can be leveraged in various ways, including using it as a tool to maintain a constant cadence of effective workflow and to deal with bug fixes early on in an efficient manner, driving innovation from the ground up. Striving through automation From an automation perspective, DevOps tactics like automation analytics testing allow businesses to pinpoint where the weak spots are in their infrastructure in little to no time. This cuts down time on human testing, eliminating the reliance on in-depth quality assurance. Through automation, companies can test all elements of the platform and service in one go. With small factors making a huge impact on the overall performance of a CMS platform, automation helps save buckets of human time. This allows human efforts to be placed into more useful activities including creativity, innovation, and design. For example, CI/CD pipelines are automated workflows that streamline the process of software development, integration, testing, and deployment, reducing the time required to bring new features and products to market. This speed allows companies to quickly respond to market demands and innovate more rapidly. Continuous Delivery (CD) automates the release of code changes to a production environment, allowing coders to push out code more efficiently, ensuring that the software can be released reliably at any time. At the same time, Continuous Integration (CI) is the practice of merging all developers’ working copies to a shared mainline several times a day. By integrating code changes regularly, the system ensures that all changes are compatible and work together. Automation for CMS platforms CMS platforms can leverage DevOps in various ways, allowing entire platforms to be up and running with virtually zero downtime, enabling them to constantly evolve with changing market demands. Through automation, CMS companies can help brands publish faster and personalise their content more. Scalability is another essential factor that can be achieved through automation, which is key to maintaining top-notch website performance, equipped with fast loading times and smooth user experience. Automation and DevOps is what keeps CMS platforms running in the most effective and efficient ways possible. The CMS industry is at the forefront of what is possible for DevOps, with teams continuously testing new capabilities and rolling out new tools and methodologies. Being an industry pioneer in the sector takes a lot of resiliency, constant innovation, trial and error and an openness to change, which DevOps makes possible. The bottom line All in all, thanks to different developments, advancements, and changes through the tactics, DevOps is a service that unites software development and IT operations, allowing more effective collaboration and innovation. It combines the necessary parts of software teams, brings them together, and promotes a more diverse work culture as it automates the mundane or complicated parts of software development. As the work becomes more cloud-focused, DevOps allows not only for more flexibility within languages, workflows, and practices but also increases the companies’ ability to manage teams more efficiently and collaboratively. With these automation improvements, companies can focus on what is most important and delegate tasks accordingly as it becomes easier to understand the data and the code rather than have to swim through it. As such, it gives companies a meaningful competitive edge in the market, regardless of the industry. DevOps is a rapidly evolving market with significant expansion. Advancements like Gen AI are set to profoundly impact a range of DevOps tasks, helping companies drive innovation from the ground up more than ever before. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in touch with vaishnavi.nashte@31media.co.uk
Role of Agile methodologies in digital transformation
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn about how agile methodology impacts digital transformation. Author: Saraha Burnett, Chief Operations Officer at TMG How Agile methodology drives success in digital transformation and beyond In today’s fast-paced and ever-evolving business landscape, digital transformation has emerged as a pivotal driving vision for companies striving to stay competitive and relevant. As organisations seek to harness the power of emerging technologies and redefine their operational models, digital transformation offers a strategic pathway to enhance efficiency, foster innovation, and deliver exceptional value to customers. However, successfully navigating this transformative journey requires more than just adopting new technologies; it necessitates a fundamental shift in how companies approach their operations and strategy. Agile methodology stands out as a crucial component in this transformative vision. Embracing it as a driving priority enables enterprises to respond with agility to rapidly changing market demands, technological advancements, and competitive pressures. By prioritising Agile frameworks and the roles necessary to support them, companies can cultivate a culture of innovation, enhance customer-centricity, and maintain operational efficiency—all critical factors in achieving long-term success in a digital-first world. Key Aspects of Digital Transformation Digital transformation involves integrating advanced technologies such as cloud computing, artificial intelligence, data analytics, and IoT to boost operational efficiency and expand service offerings. It also requires optimising business processes to improve efficiency and customer satisfaction by reengineering workflows to meet digital marketplace demands. Cultural change is crucial, as organisations must develop a culture that embraces change, innovation, and continuous improvement to support a digital and Agile operational model. Enhancing customer experience through digital channels and technologies is a primary goal, aiming to provide a more personalised and seamless interaction, ultimately driving greater customer satisfaction and loyalty. How Agile methodology supports digital transformation Agile methodologies are highly effective in dynamic environments where rapid change is constant. Leveraging iterative planning, development, and incremental delivery, it enables organisations to swiftly adapt to shifting customer needs, technological advancements, and competitive pressures, keeping them ahead in the digital landscape. This approach fosters a culture of innovation and experimentation, encouraging teams to test, gather feedback, and refine strategies based on real-world data, which supports continuous improvement and innovation. Moreover, Agile enhances planning cycles by leveraging customer-centricity by integrating regular feedback to ensure that products and services meet user needs, making features and enhancements more relevant and valuable. It also mitigates risks in digital transformation by breaking projects into manageable components for frequent assessment and adjustment, thus reducing the likelihood of large-scale failures. It even promotes cross-functional collaboration, continuous delivery, and data-driven decision-making, while frameworks like SAFe and LeSS ensure scalability and flexibility as organisations expand their digital initiatives. Companies using frameworks like SAFe report a 30-75% faster time-to-market, a 20-50% increase in productivity, and 25-75% improvements in quality. From a Consulting Perspective Agile is a widely preferred method of delivery in consulting due to its inherent flexibility and responsiveness. The iterative development and incremental delivery allow for quickly adapting to changing client needs and market conditions. This adaptability ensures that projects remain aligned with client objectives and can easily incorporate feedback throughout the development process. By breaking down projects into manageable components, Agile enables them to deliver frequent updates and adjustments, ensuring that clients receive valuable, functional solutions sooner and with greater precision. Furthermore, it fosters a collaborative environment that enhances communication and transparency. Through regular feedback loops and iterative reviews, clients are actively involved in the development process, allowing them to influence the direction of the project and make informed decisions. This close collaboration not only improves client satisfaction but also helps mitigate risks by addressing issues early and often. The focus on continuous improvement and responsiveness drives success in today’s rapidly evolving business landscape. In conclusion, as digital transformation becomes a central vision for modern enterprises, adopting Agile methodologies is essential for turning this vision into reality. The emphasis on iterative development, rapid adaptation, and continuous improvement not only supports but accelerates the digital transformation journey. By integrating these practices, organisations can enhance their ability to respond to market changes, foster a culture of innovation, and improve customer satisfaction. The synergy between digital transformation and Agile ensures that companies are not only equipped to navigate the complexities of today’s digital landscape but are also positioned to thrive in a future defined by constant evolution and opportunity. Embracing it as a strategic priority will empower enterprises to realise their digital transformation goals and achieve sustained success in an increasingly dynamic world. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in touch with vaishnavi.nashte@31media.co.uk
The impact on digital transformation by rising startups
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn about the role of the rising number of startups on digital transformation as a whole. Author: Dmitry Matveev, CTO of Approveit How startups are leading the digital transformation charge In today’s rapidly evolving business landscape, digital transformation is no longer a mere trend, but a necessity for survival and growth. Startups are often founded on disruptive ideas that challenge traditional business models and industries, they are often more willing to experiment with new technologies and promote new business models to the masses than large corporations, which undoubtedly influences the development of the digital sector as a whole. For example, the use of AI for personalised financial advice, blockchain for secure transactions, and mobile apps for seamless user experiences has reshaped consumer expectations and set new standards for the industry. Leveraging cutting-edge technologies Unlike traditional companies, startups frequently operate in high-uncertainty environments where data can provide actionable insights and guide strategic choices. It’s a competitive edge, as by using data analytics, startups can make informed decisions, optimise operations, and tailor their offerings to meet market demands. Data analytics enables startups to identify key performance indicators (KPIs), monitor progress, and allocate resources more effectively. By focusing on data-backed insights, startups can avoid costly mistakes and concentrate their efforts on strategies that demonstrate a higher likelihood of success. Besides, by leveraging data, startups can refine their products, target their markets more effectively, and enhance user experiences. Startups gather user feedback through surveys, reviews, and direct interactions. By analysing this feedback, along with user behaviour data such as click patterns and feature usage, startups can identify pain points and areas for improvement. This data-driven approach enables them to make informed decisions about product enhancements or modifications. Impact of startups on industries and global business practices There is no question that startups change industries. From a long-term perspective, the effect is tremendous and for many industries, the question of whether to use a startup as a service or partner will look like “Do we want to stay in the market and be a leader?“. Especially if we are talking about AI products and see them as auxiliary tools for increasing productivity. The problem I see is that many companies stay conservative and biased against quite fresh startups and that slows down the process of changing and improving the existing biz environment and processes. In my opinion, we should have more champions in companies who open and are willing to improve businesses, could take risks and of course must have frameworks for risk mitigations if a new approach fails (eg: startup closure). The sooner we get rid of conservatism the faster we will see how all rapidly changes and new practices will come as a result. Shaping the future of digital transformation All breakthroughs in all industries have been done mostly by startups. There is no doubt that new startups with great ideas will be arising and leading digital transformation. There are a few main topics in my opinion startups should focus on and evolve in these directions: The democratisation of Technology – By democratising access to advanced technology and giving almost a zero entrance threshold. They create platforms, APIs, and tools that enable small businesses, developers, and non-technical users to leverage complex technologies. For instance, no-code/low-code platforms and cloud-based solutions have empowered non-experts to build digital products and services, reducing the reliance on expensive development resources. Disruption of Traditional Industries – Many startups focus on disrupting traditional industries like finance (FinTech), healthcare (HealthTech), logistics, and manufacturing by introducing digital-first solutions. For example, FinTech startups are revolutionising how financial services are delivered, pushing incumbents to rethink their business models and accelerate their digital transformation efforts. And there are a lot of things for improvement. Agility and Innovation – startups are more flexible and can pivot quickly to adapt to market changes much faster than established corporations. This agility allows them to experiment with cutting-edge technologies, disruptive business models, and new approaches without being burdened by legacy systems or bureaucratic processes. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in touch with vaishnavi.nashte@31media.co.uk
Digital platform ecosystems and their capabilities
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn about the role of digital platform ecosystems in innovation and the impact of UX. Author: Dennis Lenard, CEO of Creative Navy UX Agency The role of digital platform ecosystems Digital platform ecosystems have become central to how humanity functions and innovates. Boasting major influence in every sector, from marketplaces for goods and services to IoT and smart city infrastructure, it’s undeniable that they’re the main facilitators of value sharing among businesses, individuals, and organisations. I like visualising digital platform ecosystems as trees: their complex network of interconnected entities functions around a central, core digital platform, as branches do around a sturdy trunk. It can only thrive for as long as its users can exchange value, much like how a tree may fall if its core is rotten or shed the branches have dried. Essentially, without a core digital platform that brings added value to users, the ecosystem is doomed to fail. Digital platform ecosystems as facilitators Each digital platform must balance internal operation management with contributing to the ecosystem, as the success of each part contributes to that of the whole. Additionally, each component should meet a set of criteria to ensure the ecosystem’s health: to be interoperable, to scale well, to be secure, to follow government guidelines, and most importantly to be user-centric. According to a 2020 report from McKinsey: “Companies leveraging platform business models grow 2.3 times faster than their peers and achieve 2.5 times higher profitability.” Digital platform ecosystems’ major impact on business growth and performance is undeniable. They’ve infiltrated our lives to the point where they’ve become indispensable and changed many social conventions: how we interact with one another, how we share personal updates, original creations, or technical knowledge, how we shop, how we manage our households, how we plan our vacations. The true role of digital platform ecosystems is that of facilitators and intermediaries. These are just a few key examples of their wide range of capabilities: Online Marketplaces: Is there anyone among us who can say they’ve never used Amazon or eBay? Sellers are reaching potential buyers in corners of the world beyond their wildest imaginations. These types of digital platforms are major catalysts for economic growth. Collaboration and Innovation: I’ve never met a developer that’s not on GitHub. Such collaborative environments allow users to share code, swap ideas, suggest corrections or improvements, and innovate together. These platforms support and encourage the creation of new apps and services, thus enriching the ecosystem. Social Networking: We’re living in an era where everyone is on social media, from baby boomers to Gen Alpha. Social media platforms have charmed millions with how easy it is to share, connect, and build communities. Business and Supply Chain Management: Cross-country supply chain teams can now coordinate in real-time and track their cargo. These ecosystems have even changed how we find and interact with prospects and clients. Accessing Services: Accessing critical services looks completely different than 50 years ago. Telemedicine, financial services, travel services, and educational resources are all at our fingertips. These ecosystems have democratised access to healthcare and education for users who would otherwise experience barriers to entry (poverty, a handicap that might affect their mobility etc.). IoT and Smart Cities: Home and urban life management helps users track energy use, manage costs, and be more environmentally conscious. Because the power of digital platform ecosystems is centralised, their impact on competition, user privacy, and market fairness has often been brought into question. Big tech companies act as gatekeepers to their ecosystems, controlling who can access their information. This raises many ethical concerns, especially when considering that they’re supposed to be at the service of users, and often end up abusing their trust instead. The impact of UX on digital platform ecosystems One of the key characteristics of a successful digital platform is its user-centricity. Frankly, something that isn’t built for people and with people in mind is set up to fail from the get-go. Users who walk away from such a platform are very unlikely to come back, and they’ll associate the company that built it with their feelings of frustration. A 2021 Forrester report reveals that companies with strong user experience (UX) see an average increase in customer satisfaction of 20% and revenue growth of 10%. Happy people spend more money, no surprises there. Even so, advocating for great UX shouldn’t just be about the financial incentive, but also about treating your customers ethically. User attraction and retention, engagement, added value and trust all depend on the quality of the platform’s UX. Poor UX is like a poison to a digital ecosystem: it will kill it slowly and steadily. Nothing sends people running to the competition like difficult navigation, inconsistencies, and inadequate support. A dissatisfied user is bound to disengage, and digital ecosystems are nothing without the people who use them. It’s best to stay ahead of the game and address UX issues proactively. A successful digital platform ecosystem needs people who are constantly asking themselves: “How can I make it better?” Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in touch with vaishnavi.nashte@31media.co.uk
How to leverage automation to optimise order-to-cash
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn how you can leverage automation to optimise order-to-cash. Author: Kauleen Adiutori, Chief Operating Officer at TreviPay Leveraging automation to optimise order-to-cash Automation has often been associated with disruption and logistical challenges. However, the narrative has shifted as automation has revolutionised our approach to business operations. Far from being a cautionary tale, automation has become a catalyst for optimising essential tasks, driving operational efficiency and enhancing both employee and customer experiences. For organisations aiming to scale effectively while maintaining quality, embracing automation is not just advantageous—it’s indispensable. In today’s fast-paced commerce landscape, organisations increasingly adopt automation systems, particularly Robotic Process Automation (RPA) technology, to streamline the order-to-cash (O2C) process. From my experiences working with large enterprises, RPA – a market expected to grow to more than $13 billion by 2030 – represents a transformative leap in back-office operations. RPA can streamline complex, repetitive tasks, such as processing orders or cash applications while enhancing accuracy, efficiency and customer satisfaction. What is order-to-cash? O2C describes fulfilling customer orders, beginning when a customer first places the order through when the business receives and processes payment. For B2B transactions, an efficient O2C process also enables merchant invoicing and collecting from other businesses. According to a recent survey of global business buyers, paying with net terms (30-, 60-, 90-days to pay) on an invoice – also referred to as trade credit – is the most preferred way to pay, and 51% would even switch to a different supplier if it offers flexible net terms. This underscores the need for businesses to be able to offer this payment preference. As a business B2B sales channel expands, optimising the O2C process not only enhances the customer experience but also reduces costs, eliminates inefficiencies and ensures prompt payment. By minimising friction and effectively managing O2C with automation tools, businesses can create a better purchase experience and boost loyalty. Does your O2C need support? There are a few common signs when a business is not maximising its O2C process, including ageing Accounts Receivables (A/R), missing payments, increasing bad debt and growing customer complaints from lengthy processes and errors. Business customers are also increasingly requesting eInvoicing, which brings its own complexity and unique requirements for a merchant. Ignoring any of these signs can quickly manifest into more complicated problems. For example, salespeople may need to spend time dealing with A/R activities taking them away from key sales opportunities. Ageing A/R could also lead to an increased Days Sales Outstanding (DSO), the average number of days it takes a company to receive payment, which can signal poor cash flow impacting other business needs. Benefits of O2C automation Businesses looking to optimise the O2C process must keep scale and quality in mind. Forward-thinking leaders should ask themselves: what does our customer or employee experience look like when this automation is done correctly? Scaling effectively is essential to maximising the profitability of a B2B growth strategy. Companies often see B2B profits diminished by labour-intensive processes and increased capital expenditures without proper scaling. When scaling efforts are aligned with high-quality service, both customer and employee experiences improve, leading to greater overall efficiency and satisfaction. Balancing these elements ensures that as a business grows, it does so in a way that enhances value for all stakeholders. When scale and quality are addressed simultaneously and done right, an efficient O2C process should include: A/R ageing that doesn’t exceed 60 days past due Minimal bad debt Delighted and loyal customers Expenses scaling more profitably with growth Invoices are delivered when and how the buyer wants them Salespeople focused on sales opportunities Payments are received on time and properly reflected on the customer’s account Today, back-office automation is integral to reducing inefficiencies and eliminating monotonous work, from routine administrative tasks to complex decision-making processes. Leveraging AI and RPA tools in the order-to-cash process can help businesses achieve faster, more cost-effective operations. This leads to a better payment experience and an increased likelihood of returning customers. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in touch with vaishnavi.nashte@31media.co.uk
How Fintech Is Reshaping the Future of Finance
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn how FinTech is reshaping the future of finance with digital transformation. Author: Donat Husjainov, CPO at XData Group Breaking Down Barriers: How Fintech Is Reshaping the Future of Finance The world of finance has always been complex and, at times, inaccessible to many. When fintech made its entrance on this scene, it quickly became a driver of change, breaking down barriers and reshaping how people approached financial services. Although it was not taken seriously at the beginning, the sector continued to evolve at an astonishing pace, and by 2023, the global fintech market was valued at $295 billion. Well-known brands like Revolut, N26, Wise, and Klarna are rapidly gaining ground in the fields that were once monopolised by traditional banks and financial institutions. According to PwC, even back in 2017, almost 90% of insurers, investment managers and banks worldwide were worried about losing revenue to the more innovative newcomers. The Impact of Fintech on Traditional Banking The rapid growth of fintech has resulted in banks feeling a sharp need to evolve and change their services if they want to stay competitive. Today, many large banking organisations recognise fintech companies when conducting competitive analysis and strategic planning. When various fintechs started gaining banking licenses in recent years, it became a key turning point. This transition meant that relative newcomers could compete more directly against the established players in the financial landscape. Instead of just facilitating transactions as they had in the beginning, fintech could now offer a full suite of banking services, which gave traditional banks even more reasons to rethink their business models and processes. With this in mind, I believe that the next major development we are going to see in the banks-fintech relations will be fintech firms including mortgages and leasing into their services. When this happens, traditional banks will face even fiercer competition in areas that were previously their exclusive domain, turning up the heat on them once again. Fintechs are nimble and have the advantage of not being slowed down by outdated legacy systems. If banks don’t figure out ways to adapt, they will soon find themselves falling behind and possibly disappearing altogether. The Challenges of Digital Transformation Of course, even if the banks are willing to change with the times, it’s not like the road to digital transformation is going to be easy. There are still plenty of challenges to account for, and outdated IT infrastructure is at the top of that list. Many banks struggle with integrating new technologies into their existing systems, which often results in clunky customer experience and inefficiencies. These inefficiencies are often tied to the problem of not having the right people for the job. The ones responsible for updating the banks’ systems either don’t have the necessary skills or lack the innovative mindset that’s needed. This means that banks need to make serious personnel changes and bring in new blood if they want to succeed. It’s not just about updating technology — you need to update the human components, as well. Another big challenge is regulations. Adopting digital solutions means that banks must navigate a complex web of compliance requirements, with standards related to data protection, AML, and cybersecurity growing stricter all the time. Innovating under such circumstances can be quite challenging. Reaching out to fintech companies for partnerships can help solve some of these problems. These firms can provide banks with the right technological solutions and consult them on how to better update internal processes. What’s Next for Fintech? At this point, we all know that the fintech sector will not be slowing down any time soon. There is no shortage of avenues still left to explore, but there are two main trends that I believe are going to shape fintech’s future in major ways. The first is financial education. We are already seeing signs of such platforms shaping up. The more fintech companies focus on teaching their customers about financial products and how to use them effectively, the more the customers will be willing to trust fintech platforms and use their services. This is going to be an important growth driver for the sector in the coming years. The other trend to watch out for is the rise of the so-called “SuperApps.” This business model allows fintech companies to build an entire ecosystem of products, all centred around a core service. By doing so, these platforms can create a more versatile user experience, becoming essential in their day-to-day financial lives and deepening customer loyalty as a result. Final Thoughts Fintech began as a bunch of niche solutions and by now has grown into a multi-billion-dollar industry. The way I see it, in the future, the partnerships between fintech firms and traditional banks are going to continue driving this transformation, creating a more efficient global financial ecosystem. Banks that want to survive in the years ahead need to learn how to embrace this change. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in touch with vaishnavi.nashte@31media.co.uk
How to build a transformation path with modern platforms
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. In this article, you’ll learn how to build a transformation path for your business using modern platforms. Author: Aron Ezra, Chairman of the Board and co-founder of Plan A Technologies. From legacy systems to modern platforms: the path to transformation There’s only so long you can go without meaningfully updating your software and technical infrastructure…make sure you don’t wait until it’s too late. It’s hard to argue with that statement. Yet you’d be surprised how many organisations not only ignore opportunities to modernise and use modern platforms but wait until they’re in serious trouble before even beginning to address major legacy technology issues. (And this is trouble with a capital T: a major security breach discovered, a crash that shuts down everything, massive data loss, and more.) Sadly, I’ve seen it many times. Regardless of the location or the industry, we all too frequently encounter legacy tech that should have been retired long ago. Hey, I get it. Addressing this situation can seem overwhelming (though it doesn’t have to be). Plus you have so many other issues to address that it’s easy to ignore something that appears to be running smoothly (emphasis on appears). But it would help if you took action, ideally sooner rather than later. With that in mind, here are a few suggestions to get you started. Why should you include modern platforms? Want your organisation to be more efficient? Or safer? Or more scalable? Or do you want to reduce costs? Using modern platforms for your existing tech can help you achieve all of those goals. It pays to know what your options are, particularly if you want to handle modernisation in-house. It’s equally important to stay up to date on the latest tech news to understand changing preferences, new approaches, and new vulnerabilities that are discovered. (That said, even if you’re not personally up-to-date, you can still take action: You just need to find an outside firm you’re genuinely confident in since you rely heavily on their expertise. More on in-house vs. getting outside help shortly.) Regular tech audits are a must You don’t have a single encouraging doctor’s visit and conclude, Cool! I’m now healthy forever. So why would it be that way with your tech infrastructure? All companies should be conducting annual audits of their technology just like you get annual physicals. This is the easiest way to flag opportunities and problems early, as opposed to waiting until a small problem has become a life-threatening one. (It can also be a good way to reduce your insurance premiums). Data can show you where to go As noted, modernisation can seem overwhelming… and if you’re already in a crisis, you can feel even more lost at sea. So let data highlight the areas that need to be addressed first. There may even be some happy discoveries, as you locate underutilised resources or ways to be more efficient. Users can help you figure out if you’re on the right path For most organisations, the ultimate goal of their technology is to help/please/inspire end users. So why not check in with them and see how it’s going? Encouraging feedback from end users helps you build what you need to build while spotting problems along the way. Many initial modernisation assessments uncover more recommended actions than an organisation can afford at one time… user feedback can help with prioritising what to tackle first. Learn about lifespans How long should your current platform last? And how long will your favourite replacement be around? Knowing the answers to both questions is a simple (but extremely important!) step to avoid a collapse. Many different programming languages, frameworks and platforms are deprecated after a while, and it’s critical to keep track of if you’re relying on solutions that are no longer being supported by the people who created them. Using modern platforms in-house vs. looking outside I’ve been emphasising how easy things are, but I’ll admit this decision can be a little complicated. That said, if you get it right, it can save you money. To start, do you have the personnel capable of modernisation already in-house? If you don’t, is it worth bringing them on board permanently? Or does it make more sense for them to do the job and move along? A lot depends on the kind of company you are, and the kind of help you need. A good specialist can help you navigate this decision-making process. Whatever specific approach to modernisation you select, take heart in knowing that you not only have the power to prevent a nightmare but to convert it into a pretty amazing opportunity. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in touch with vaishnavi.nashte@31media.co.uk
How to digitally transform your workplace
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. Author: Peter Paul Schreuder, Chief Cloud Officer & VP of Support at IFS Ultimo When we think about innovation in the workplace, we often imagine office workers using laptops. Yet, today’s industrial businesses are grappling with numerous complex challenges, including global supply chain disruptions, increasingly strict health and safety regulations, intense competition, escalating costs, and, perhaps most critically, a shortage of skilled labour. Fortunately, companies can take strategic actions to not only mitigate these risks but also transform them into opportunities for fostering employee engagement, enhancing customer satisfaction, and driving business growth. The future of work in industrial organisations focuses on simplifying and safeguarding the lives of those who manage complex machinery. It’s a business that, at its core, revolves around people. These highly skilled professionals are primarily looking to reduce administrative hassle and to free up more time to focus on critical and value-added tasks. Engaging the Future Industrial Workforce Our 2023 Trends Report highlights an ageing workforce as the top concern for organisations in the industrial sector. This concern is closely tied to the challenge of attracting and retaining skilled workers, which ranks among the top three future concerns for businesses surveyed. While the outlook may seem challenging for sectors such as manufacturing, healthcare, and logistics, the latest generation of enterprise asset management (EAM) technology offers a way to engage both younger, tech-savvy employees and retain experienced, older staff whose knowledge is invaluable to operations. In maintenance environments, for instance, mobile technologies and wearables can be effective for visualising and validating recommended procedures in a format that resonates with today’s tech-oriented workers. These tools enable maintenance teams to work ‘hands-free,’ enhance error detection, and reduce overall inspection times. Wearables also play a crucial role in capturing the ‘silent knowledge’ of seasoned staff by supporting a ‘hub and spoke’ model for remote and automated diagnostics. This setup allows frontline workers to remotely access extensive technical data and expertise, reducing the need for specialised skills on-site. Mobile hardware is being used more frequently for tasks like scanning, printing, and label management. This technology is ideal for managing stock and inventory—both incoming and outgoing – on the shop floor, in logistics companies or in warehouses. As this example illustrates, mobile technologies significantly enhance worker satisfaction and efficiency. Employees who are content with their tools are naturally more productive and engaged than those who are frustrated with their equipment. We also find that while there can be resistance among older workers to use smartphones and tablets, the younger generations use them as a given. They consider paper-based working a process of the past. Unifying Your Team with Targeted EAM Solutions Research shows that disengaged employees can cost businesses millions annually due to lost productivity. Thus, providing digital and physical tools that ensure a seamless and efficient workday is not merely a luxury but a necessity. One of the most effective ways to optimise any team member’s work environment is by fostering effective communication and collaboration. In asset-heavy industries like manufacturing, an EAM system is critical to ensuring all business objectives are met safely and competently. When an EAM system is fully integrated into an organisation’s technology framework, it allows different departments to access unified data. For example, reliability engineers can input asset data that maintenance planners can easily review and act upon. Consider the case of the Bristol Port Company, which opted to replace its fragmented maintenance system and dozens of databases with a centralised EAM solution. This strategic move gave the Port, which employs over 12,000 people, complete control over its data, leading to improved decision-making capabilities. As part of its digital transformation, the Port has implemented a more efficient and effective ‘permits to work’ process, prioritising safety for both staff and contractors. The old system was outdated and cumbersome to use. With the help of an EAM solution, the team now benefits from improved visualisation of hazardous and non-hazardous tasks, allowing for faster and more thorough work conflict resolution. Having complete control over the collected data also supports better business decision-making. Increasing Equipment Reliability with Connected Frontline Operators The value of an EAM solution can be maximised when the frontline team members, responsible for day-to-day operations, are also digitally connected. Connected Worker platforms empower these team members with easy access to work instructions, checklists, and the ability to collaborate to solve problems. Take the example of a Bosch Power Tools factory that brought in a Connected Worker platform to improve communication between maintenance and the factory floor. Within days of going live, workers started posting issues they were experiencing in production. The equipment was tagged along with photos and videos. Maintenance was notified in real-time and was able to automatically create work orders in their EAM system when required. The integrated systems helped to document issues resulting in better insight in support of root cause analysis. In less than six months, the Head of Manufacturing IT reported an eight per cent improvement in productivity. This was largely due to the impressive reduction mean-time-to-repair and in equipment downtime by reducing the time to resolve issues The Key to Staying Competitive For industrial companies looking to maintain a competitive edge, transparency is the key. Establishing transparency across business functions such as maintenance, safety, and operations can provide a significant competitive advantage. By seamlessly connecting industrial employees to their work environments, businesses empower them to work more intelligently, maintain higher safety standards, and achieve superior business outcomes. Companies that recognise this and invest in ensuring their staff can manage assets through straightforward and effective processes will be well-positioned to tackle any future challenges. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please get in
How AI and ML is shaping the future of business
This article is published in collaboration with the Digital Transformation and AI Awards and Summit. These are two separate B2B events organised by 31 Media. If you wish to exhibit your tech solutions or to advertise your brand at the event, please get in touch at +44 (0)203 931 5827. Author: Sharon Shofner-Meyer, JD, President and COO of DorothyAI As a business owner myself, I have a front-row seat to witness just how transformative artificial intelligence (AI) and machine learning (ML) can be. These technologies are not just improving conventional techniques — they are transforming the very foundation of business processes. In almost every sector, AI and ML are reshaping the industry, creating new opportunities for business and defining new frontiers for productivity and competitiveness. Transformative Impact on Sectors AI and ML are having profound effects across various sectors: Healthcare: AI is redefining diagnostics by enabling early disease detection and personalised treatment plans. This leads to improved patient outcomes and operational efficiencies. Finance: In this sector, AI enhances fraud detection, optimises risk management through sophisticated algorithms, and refines trading strategies. Logistics and Supply Chain: AI-driven predictive maintenance and route optimisation are revolutionising these areas, leading to more efficient operations. Legal: AI boosts legal research, automates document review, and optimises contract management by predicting case outcomes, improving accuracy, and ensuring compliance. One of the most surprising applications of AI that touches every business sector is patent research and portfolio management. Advanced AI systems can analyse extensive datasets, streamline patent searches and manage portfolios more effectively. This lowers the barriers to innovation, allowing experts to focus on breakthroughs rather than navigating complex and costly patent processes. Challenges and Strategies for Implementation Though 84% of C-level executives believe that they need to adopt and leverage AI to drive growth objectives, integrating AI and ML into business systems comes with its challenges. These include the complexity and cost of implementation, data privacy concerns and the risk of regulatory non-compliance. To navigate these hurdles, businesses should: Invest in Change Management: Prioritise improvements in technology and foster a culture of continuous learning. Ensure Robust Data Sets: Implement AI with accurate and reliable data to avoid issues like data hallucinations that can skew results. Adopt Ethical AI Practices: Establish clear policies for data processing and minimise algorithmic bias through regular audits and transparent practices. Ethical Considerations and Enhanced Decision-Making Ethical integration of AI is crucial for maintaining trust and upholding a positive reputation. Key measures include: Data Privacy Protection: Safeguard sensitive information and comply with regulations. Bias Minimisation: Implement systems to identify and address biases in AI algorithms. By making AI processes transparent and conducting periodic stakeholder audits, businesses can harness AI’s capabilities for improved decision-making. AI-driven analytics offer insights into intellectual property, customer behaviour, supply chain dynamics and product development, enabling quicker responses to market changes and uncovering new opportunities. The AI revolution shows no signs of slowing, with the global artificial intelligence market projected to reach $407 billion by the end of 2027. As AI and ML continue to upend industries, they bring in more opportunities and upsides. Unleashing these technologies to their full potential requires leading businesses to grow new muscles around data literacy, ethics in AI and strategic deployment. Businesses can achieve competitive advantages in an increasingly data-driven world and sustain growth through strategic, thoughtful integration of these diverse technologies. Get in touch For event sponsorship enquiries, please get in touch with calum.budge@31media.co.uk For media enquiries, please contact vaishnavi.nashte@31media.co.uk
