What will vary from organization to organization will be the manner in which data governance and data analytics services are managed. The CDO has to have the authority, responsibility, and resources to manage all the necessary development, services, staff, and support associated with key points in the data supply chain. One important issue is what ongoing services have to be provided to make data and analytics useful, given the mix of analytical skills of those who can use the data. This should be driven by a consideration of what problems we are trying to solve with the help of data. As I suggested in How Much "Data Science" Do You Really Need?, ... Interestingly, the question of technology is not being raised in this discussion. Instead, we’re focusing on management, policy, and organizational issues.
All this machine learning gives us other great ways to interact with our data as well. With the SiSense chatbot, you can carry on a chat conversation from a messaging system like Slack or Skype, in which you engage in a natural language conversation with Sisense to get insights. You might type something like “Summarize sales by region for the fourth quarter of 2016” and Sisense will present you with a written response that might also be accompanied by a graph to further elaborate on the data provided. From this point, you have information to ask other questions, such as drilling down on a region to look at the store or salesperson performance. You could even do this while you’re on the run with the Sisense mobile app.
It is evident from the research that customer experience and technology are still having a major impact on marketers. Marketers recognise that tech disruptors, such as Amazon and Uber, have raised the bar on customer expectation – with almost half (49%) of marketers surveyed feeling the pressure to reinvent customer experience just to keep pace. Customer experience is clearly moving up the business agenda, as it clearly should, with one in five respondents asserting that customer experience is now the primary focus for their organisation, and a further 15% saying they have gone through a major process of transformation in the past year to ensure they stay relevant.
Think of what’s happening in India, where the government recently scrapped 86 percent of cash in circulation, and in Venezuela, where currency is so devalued people now need to carry stacks of cash just to buy food. As a result, many retail investors are turning their attention to digital currencies, as well. Cryptocurrencies are free from government control. Governments can’t easily call in bitcoins or halt their movement across international borders without taking drastic actions. Financial institutions, bound by charters that describe the types of investments they can embark upon, have had few means of putting their money into bitcoins or other cryptocurrencies. But in 2017, we’ll see a greater push towards a diversity of cryptocurrencies as investments, and ETFs, hedge funds, and derivatives will start to act as conduits for institutions to gain exposure and get into the cryptocurrency game.
Even with all the effort to digitally transform, there is an inherent tension between the past, or status quo, and future technology including either all the potential or complication it brings, depending on your view. But that tension can be eliminated if CIOs and IT organizations are conscious that the customer is their fellow employees. "If you pay attention to the concerns and to the people — [making] a cognizant decision that you're going to focus on making sure that the IT that they have is valuable to the company — and you're going to help them move into more current technologies without having them worry about their jobs, then they're going to continue to work well as a team," said Warren Perlman, CIO of Ceridian.
The biggest technological change around virtual law practice has been in cloud computing. Thirty-seven percent of all respondents to the 2016 ABA TECHSURVEY said that they used cloud technology, up from 30 percent in 2015. Cloud computing has especially caught in the small firm realm: 61 percent of small firms polled for the ILTA/Inside Legal Technology Purchasing Survey predicted that their firm’s software could be cloud-based in the next one to three years. “Core to a virtual law firm is going to be leveraging the cloud, using practice management software that’s in the cloud that you and your team can access from everywhere, using document storage where there’s collaboration there. It’s really focused around the cloud,” Burton says. The ABA’s TECHREPORT survey found that certain types of collaborative online client services haven’t really taken off, however.
With data science, it’s always smart to look backward from the point of action, from the decision being made to understand whether your systems are yet capable of handling the interaction. By focusing first on the decisions, and how they are being made, it becomes possible to understand where data science can truly add value. There are few things I find more frustrating than data scientists identifying value that could be delivered, but then realizing that there is no way to actually deliver it. Another common mistake is not identifying where inefficiencies are beyond your control — the delivery time from your logistics supplier, for example. No analytics will improve that. So data science is easy. Making it actionable is the hard part.
"The convergence of traditional and digital media will yield content synergies, advertising scale across several platforms and sales force efficiencies," Bourkoff wrote. He added that this convergence does not mean that we'll see more over-the-top streaming and skinny programming bundles. Demand for OTT falls sharply when prices rise, Bourkoff said, and the programming costs needed to create skinny bundles of channels will force prices so high that demand will ween. Bourkoff said his firm's deal pipeline included 50 mandated live deals at the end of the year. " As we build out LionTree in 2017, I firmly believe it has never been more important to take a long-term investment view as it is now," he said.
Compounding these growing threats are a couple of workforce trends that make them more likely—namely, the rise of workplace collaboration tools. CompTIA’s report points out that as more workers take advantage of BYOD ("bring your own device") policies and use their own smartphones and laptops for work purposes, the use of project-management platforms and apps has risen in order to keep everybody connected. A new study from Okta, an identity and device management provider, based on data from its own customers who generate an estimated million+ logins, found that more than 50% of apps accessed through its service are not provided by IT departments. This means workers are using Okta to secure their personal apps and data as well.
Business owners also do not like spending money on anything that does not make them money, says Holman, adding that even cyber insurance is a grudge purchase. “I’m never fond of paying a high premium, but I accept it if there’s a niggling feeling that I could lose my livelihood and house if I fail to get the right insurance cover,” he says. “And mitigating cyber risk is exactly the same. If companies don’t do it, they could go out of business.” But businesses tend to be overconfident in existing defences and often doubt they could be seriously affected by a cyber attack, leaving infosec pros with the challenge of persuading them there is a real need to mitigate security risks.
Quote for the day:
"A single conversation with a wise man is better than ten years of study." -- Chinese Proverb