A large number of businesses include a senior data specialist, such as a Chief Data Officer or Chief Analytics Officer. Gartner recently researched and discussed how the role of a chief data officer has evolved and the distinctive phases that have emerged over the last few years.

Gartner believes that CDOs are facing a number of challenges in regards to gaining executive buy-in and making their work clear to key stakeholders, as well as driving a transformative process within their business. Mario Faria, the VP and Program Director at the Gartner Research Board states there seems to be one common factor associated with successful CDOs and that is applying a product management focus to their position.

Product management refers to segmenting their work into smaller pieces to generate business value quicker, be capable of adapting to market conditions and to have the ability to scale the model within their business. 

Gahl Berkooz, the VP of data and analytics at German automotive manufacturer ZF Group believes the best way to describe his CDO position is as an entrepreneur. At ZF Group, the core term for his position is ‘monetization’ which translates in his job as finding and creating data-driven businesses that will improve or complement their core business. 

As Berkooz explains, all products are electronic, capable of generating data and so if you can create more value through a data product then you will be able to sell more of your main product. Berkooz believes that the other core area to focus on is developing white spaces that lie close to our core business and are heavily focused on data. Berkooz states that if we don’t move towards these areas, it will reduce the overall value of our products.

Berkooz believes the priority is focusing on truly understanding the data and analytics business, and that business conceptualization is a real entrepreneurial activity. Instead of creating a product, taking it to market and hoping it will meet the requirements of your target market, the idea is to generate a minimum viable product (MVP) that has been tested, measured and enhanced.

Applying a product-focused approach in the CDO role translates into varied approaches for different companies. The overall value of a CDO will vary from business to business because each has its own structure and is controlled by differing constraints. 

The role of the CDO is continuing to become more strategic, influenced by changes in the industry environment. What is clear is, the role of the CDO will vary depending on nature and limitations within each business. However, a common theme is that with every new level of maturity creates a new set of responsibilities and expectations and as business is continuing to evolve, as will the role of the CDO.

Safra Catz, the CEO of Oracle has stated that she believes that the future of cloud for enterprises lies with autonomous systems and Oracle is planning to integrate all of its products on one cloud infrastructure system.

Autonomous systems provide the benefit of eliminating human errors and ensuring data is kept safe.

At the Oracle OpenWorld 2019 conference, the CEO stated that Oracle Cloud had created a new phase of integration for customers worldwide. Catz explained that Oracle is predominantly focused on users and believes the future for enterprises involves autonomous systems and that they are working together with their customers to provide the highest level of value. Catz reinforced the statement made by Oracle co-founder and CTO Larry Ellison in that autonomous systems remove potential human errors and keep data safe.

Highlighting its strong position and vision within the cloud ERP market, Oracle also confirmed a series of updates to the Oracle Enterprise Resource Planning (ERP) Cloud and Enterprise Performance Management (EPM) Cloud. The latest updates will allow businesses of any size to boost their productivity, decrease costs and enhance controls by delivering product innovations and sector solutions.

Rondy Ng, the Senior Vice President of Oracle Applications Development recently stated that Oracle continues to reinforce its leading position within the Cloud ERP market with a series of innovative developments, supporting the continued changing demands within finance and operations teams. Ng believes that by combining intelligent systems and machine learning tools with Oracle ERP Cloud will allow customers to minimise the number of standard tasks performed by employees.

In order to ensure businesses and customer interaction is data-driven, Oracle released a number of data-focused updates within the Oracle Customer Experience (CX) Cloud. Oracle CX offers a range of applications within marketing, sales, services, and commerce. Rob Tarkoff, the executive vice president at Oracle CX Cloud and Oracle Data Cloud explains that the latest updates are driven by data and machine learning and are focused on ensuring customers can take advantage of data insights in order to meet customer requirements, creating the best customer experience.

Oracle also launched new updates to the enterprise-level customer data management platform (CDP). The new updates to Oracle CX Unity will allow businesses to offer personalised and detailed experiences within all customer interactions, including website visits through to in-store purchases.

One of three of the original Hadoop distribution businesses has confirmed their plans to launch a number of big data platforms in the cloud. Arun Murthy, the chief product officer at Cloudera confirmed the business was preparing for further movement into modern technology to manage and analyse data.

Cloudera has moved away from promoting themselves as a Hadoop company and has developed a number of technology systems aimed at enterprise customers and their plan is to provide a collection of open source technologies that are available in the cloud to enterprise customers. The new vision is focused on creating a series of emerging large scale data systems, consisting of open source components and solely based in the cloud. 

Cloudera has been working towards this vision with a focus on its Cloudera Data Platform. The business released the technology with a statement that a number of customers were assessing the services within a public cloud deployment. Cloudera highlighted that its sales pipeline had increased since Q1 and were on target for the year. An extended version of the technology is due to be released later this year.

Cloudera also announced this month that it plans to acquire Arcadia Data, a specialist AI-driven company focusing on business intelligence and real-time analytics. Cloudera believes the technology at Arcadia will accelerate delivery time for customer insights by offering self-service access to data and improved analytical response time.

In a recent release and steps recently made by Cloudera, Murthy refers to the concept of Hadoop and how the software is essentially a stack, where each layer i.e. storage, compute platform, etc. are designed in a manner that allows them to be connected together. Cloudera is essentially leveraging open data standards and technology and moving away from systems that are controlled by vendors. Murthy explains that the core goal of the Cloudera Data Platform is to ensure that the cloud service created is simpler for businesses to measure value from the platform without having to understand the complex level of detail associated with power technologies.

The new platform will support businesses in developing their digital systems beyond cloud migration to generate a simplistic set of business activities driven by digital transformation.

Deloitte confirmed the release of Deloitte Ascend at Oracle OpenWorld in San Francisco, explaining the product to be a ‘pre-configured digital accelerator’ developed on their cloud platform and focused on supporting business innovation, accelerating overall performance and creating enterprise digital transformation.

The Deloitte Ascend product is focused for clients seeking to migrate from on-site systems towards Oracle Cloud Applications. According to Deloitte, the system can be applied at any stage of the digital journey. Deloitte Ascend supports clients with the following:-

-Streamlining business activities by improving the overall delivery of Clean Core supported by Oracle Cloud. 

-Automating activities like data migration, configuration, testing and coding migrations.

-Simplifying essential business activities that span across multiple industries and at the same time, enhance efficiencies with a range of digital activities and utilising cases created by Oracle Cloud and other digital systems.

Mark Walsh, Principal and Enterprise Performance Portfolio Leader at Deloitte Consulting highlights that in our connected world today, it isn’t enough for businesses to just migrate to a cloud system. Walsh explains that Deloitte Ascend combines leading industry processes and a number of digitally created insights with their award-winning Oracle Cloud platform, enabling clients to deliver innovative levels of performance for their business.

At the very heart of Deloitte Ascend is a digital transformative framework and a system with analytical focus combined with a number of digital project assets. The framework provides supports businesses with measuring their overall digital capabilities, to draw out their digital transformation path and to develop a platform that enables them to utilise their competitive advantage over other businesses.

The Ascend platform also provides a number of interactive Oracle Digital Experience Labs which provide a detailed experience, using Oracle Cloud and digital technologies to perform vital business processes via real-time configuration and data. The labs aim to support the digital goals of clients by displaying how to reach individual process can be streamlined and made simpler with digital technology.

Dave Donatelli, the executive VP of Cloud Business Group at Oracle emphasises that Deloitte has a proven track record of supporting businesses with driving value by using Oracle Cloud Applications. Donatelli believes Deloitte Ascend will support the planning and promotion of the digital transformation process, enabling customers to take advantage of everything the Oracle Cloud platform provides.

Data analytics has developed into an essential part of IoT solutions today. IoT connected devices rely significantly on data and their ability to gather information. From an end-user perspective it is not simply the raw data that is valued, but the actual interpretation of this information. This is where data analytics plays a vital role, delivering key insights into data, enabling important decisions to be made.

The ability to generate data in an informative and meaningful manner is what makes the IoT solution so appealing to customers. Data analytics enables users to quickly and efficiently identify patterns and trends. The information provided means each user has the correct details and knowledge required to make sound business or product decisions confidently.

Generally, consumers are prepared to invest in IoT technology due to the solutions it offers that will make any investment viable further down the line i.e. identifying areas where resources are being wasted, saving time, automating tasks, etc. Businesses have considerable power in terms of their position to be selective about data quality and the analysis they produce. The technological progression in artificial intelligence and the launch of a series of new open-source software options means the availability of this technology is more prevalent.

Thanks to the range of emerging technologies, data analytics has become more innovative, generating vital information in quick turnaround times, understanding exactly what the customer is looking for. With IoT becoming more and more part of our everyday lives, data analytics will continue to be of significant important in delivering vital insights.

IoT and its Limitations

IoT data is generally gathered from sensors that are continuing to become more sophisticated. Each sensor collects a range of information via the cloud in the form of datasets. It is then the responsibility of each solution provider to determine how this data is used and presented to each user. What this means is, as the hardware becomes more sophisticated, the actual information available to the user becomes more complex.

As the IoT industry develops and becomes more ingrained in our daily life, it is critical to consider that there are some notable challenges. Certain factors such as unforeseen costs and time constraints related to production are common barriers to IoT solutions.

It is clear that data analytics are no longer an added service but an essential part of IoT solutions. They deliver users with the information required to make more informed and smarter decisions and can identify potential challenges without requiring any significant effort. IoT is driven by the power and potential of data, raw data, but also how data is recorded and what insights can be taken from the information. Data analysis supports profitable decision making and as the IoT industry continues to expand, the demand for advanced data analytical tools will also grow.

According to a new independent study by BitSight, 2 in 5 enterprises have lost business due to overall cybersecurity performance. The new study highlights the importance of effective security performance management in delivering enterprise success.

BitSight, a company focused on security ratings released their new study assessing how executives understand and measure cybersecurity performance and effectively communicate this area to the wider business. The commissioned study performed by Forrester Consulting on behalf of BitSight referred to as ‘Better Security and Business Outcomes With Security Performance Management’ suggests that cybersecurity performance is vital in delivering commercial success. Within the study, one particular finding highlights that just under 40% of enterprises believe they have lost business due to a lack of security performance within their business.

Tom Turner, the CEO of BitSight explains that overall success, brand perception and company reputation are all affected directly by security performance. Turner emphasise that in order to manage performance, you need to be capable of measuring it. Turner believes this study highlights the importance of security and the need for businesses to take a closer look at their own security strategies and its influence on performance management.

The survey delivered to over 200 security decision-makers explored the challenges and technological issues that generally hinder many businesses from implementing effective security performance management strategies. Other report findings include:

-Effective security performance management generates more business wins and enhanced security outcomes. Over 75% of survey respondents stated that an improvement to security performance management would have a significant impact on overall financial performance. The majority of the respondents also agreed that further measurement would enhance company business continuity and company reputation. Furthermore, businesses have created structured security performance metrics and more likely to successfully control their security, more likely to generate security policies and perform security training programs. Investment decisions and overall strategies are more likely to be trusted by a senior member, meaning security leaders are likely to see a continued increase year on year in the security budget.
– The study suggests that commercial success could be affected by steps in effectively measuring security performance and communicating this to other stakeholders. Nearly 80% of security professionals said that the demand for cybersecurity performance has risen, but decision-makers highlight that customers still receive relatively poor accuracy reports.

The survey indicates that metrics are vital to understand and improve overall communication concerning security performance. Over 60% of the respondents have implemented security performance measures, but 4 of the 5 stated their metrics lack detail and present an informed representation of overall performance.

Businesses across the UK will soon be able to utilise a significant boost in cloud computing as Oracle and Microsoft confirmed they would launch multi-cloud capacity services to London.

Leading technology players have announced that customers in London will be able to interconnect Microsoft Azure and Oracle Cloud Infrastructure for the first time as they plan to increase multi-cloud services worldwide. Microsoft and Oracle confirmed their multicloud partnership just a few months ago after a number of customers were seeking to work within both platforms.

Oracle recently stated that London was one of the highest and active Oracle Cloud regions and explained that their latest announcement would enable customers in the London area to access more services than previously offered.

The London announcement represents the first expansion outside of the US for the Microsoft-Oracle collaboration. Interconnected cloud regions will enable conditions for less latency, resulting in higher data transfer levels and improved application interaction speeds within the cloud.

Oracle confirmed that the partnership would enable a wider range of customers across London to launch innovative new solutions for their business systems. Oracle highlighted that the service will provide customers with a diverse range of new services in Azure, which can be used within the cloud.

As with many other industries, technological innovation, particularly AI and machine learning are developing within finance and causing considerable changes to career options and availability. A recent US report stated that over one million bank employees would potentially lose their jobs or be moved from their position due to the rise of automation.

Whilst this report may be concerning to many financial workers, the reality is that as new technology develops, more opportunities are being created within the financial industry. Financial leaders have highlighted that there is a significant shift within the industry, spurred by improvements in automation, business processes, robotics and robotic process automation (RPA). Whilst this will definitely disrupt existing jobs in the financial industry, it will also create a number of new job roles. The main challenge for all businesses in this market is reskilling and training a large proportion of their existing employees to prepare for a new wave of job opportunities, some of which don’t even exist yet.

Financial leaders have discussed and speculated around a number of potential jobs that could be created in finance in the future:

Fintech Headhunters: Startups and microbanks are transforming finance and causing the larger, more established institutions to reassess their portfolio and focus more on innovative services and potentially generating their own startups. Some banks such as HSBC are partnering with startups to focus on AI-based tracking system which is capable of detecting potential cases of fraud. Many people today are moving away from traditional banking systems and looking for more innovative technology solutions. Whether it be a case of acquisitions or partnerships, fintech will only strengthen from combining with the expertise and stability of larger institutions.

Innovative Finance Engineers

Pressure from fintech and other organisations is causing the big banks to rethink their services and expand their traditional offering to provide more insight into making strategic financial decisions. Wealth management is a significant part of finance today and many people are exploring options to efficiently manage their money and secure their futures. By applying innovative AI technology, areas such as mortgages can be automatically managed and handled at optimum times. Long term investments can be implemented and managed when required. People could have more insight into their finances and be capable of creating their own, personalised savings and wealth management services.

Sustainable Wealth Manager

According to financial leaders, data analytics and sustainability are two of the key skills required within the industry. One particular trend is the sustainability movement in finance, which is transforming many business banking models. Aside from the transition to more sustainable systems, both companies and customers are equally benefiting from sustainable energy trading. Green trading systems could create a new flow of income. Financial institutions can support clients in their movement towards more sustainable practices and developing new supportive standards.

Cryptocurrency Professionals

Many larger banks are researching and testing how cryptocurrencies could be applied in their organisation. Financial leaders state that understanding how to apply the technology is more important than developing it. Partnerships and understanding the regulations and market movements will become ever more important. The cryptocurrency market remains relatively unclear for most investors and policymakers. Professionals with a clear view of conventional markets may be in a stronger position to apply their skills to the cryptocurrency market. Forecasting, measuring current and previous events and segmenting complex areas are emerging skills in the financial market. Applying this skillset to cryptocurrency could support investors in having a clearer understanding of the market.

Data Officers

In business today, there is a significant focus on data and overall data stream available within a business. Many businesses have recently been involved in a number of data scandals and the use of personal data. Whilst self-driving finance services can strengthen personal banking data, enabling people to understand their finances, it also raises concerns around transparency and data protection measures. This is exactly where data officers can play a vital role in providing clarity concerning exactly how financial data can be used within a business.

Cybersecurity Professionals

With more data and the continued emergence of new fintech businesses, everyone, from large corporations to startups are recognising that security cannot be assumed at all levels. In our rapidly interconnected world, every industry needs to work together to reduce the developing nature of new cyber attacks.

Whilst this may be speculative ideas, what is clear to financial leaders that whilst technology may replace a certain number of jobs, many new and exciting opportunities will emerge as the industry continues to evolve. Technology innovation is necessary for the finance industry to continue progressing, but the human talent is also necessary and retaining skills in creativity, critical thinking and leadership will always be required in finance.