Retail banks are facing a serious challenge from the increased use of Big Tech. This could have ramifications about the very existence of those retail banks. The likes of Google, Apple, Uber and Facebook have all ventured in to tech- induced banking. In Asia the threat is more real, as the likes of Alibaba, Grab and We Chat have already revolutionized the usage of the same. A clear challenge has been put up to the conventional order based on cards and accounts. But with every new threat, opportunities also arise for business innovations to thrive. One such is the development of the SWIFT network. Customers can now be met on the terms these end users set. This has lead to several of the transactions being much easier to digest.

Source:https://www.strategy-business.com/blog/How-retail-banks-can-tackle-a-rising-threat-from-big-tech?gko=197cd

Uploaded Date:31 March 2020

Space X’s propensity at developing business innovations sees no signs of abetting. The company has released a latest batch of sixty broadband satellites of the Star-link variety, from the base at Cape Canaveral in Florida. It’s the fourth mission for the falcon rockets. The idea behind this is to provide fast- paced internet and broadband services to those outside the purview of these facilities. The high latitudes of Canada and northern USA will be most benefitted. By 2020, global internet coverage should be a reality thanks to the efforts of Space X. A total of five missions may get launched this year by the company.

Source:https://satelliteprome.com/news/spacex-launches-second-batch-of-60-starlink-broadband-satellites-into-space/

Uploaded Date: 14th December 2019

Major technological advancements have been made that will enhance the productivity of field operations. The first is lower costs thanks to smarter workflow tools, that are integrated well with the overall system. Productivity has also been boosted thanks to the proliferation of Artificial Intelligence and Machine Learning. There is a lesser need for repeat visits as Augmented Reality (AR), can help those located remotely to get visual insights. Travel time has also been reduced drastically, due to better talent management practices, that have helped shape an on- demand workforce. Companies need to now tie up with solution providers. Those with skills in digital tools or with business analytics, need to be provided a free run. Workers’ mindsets need working upon. Likewise, a redesign is needed of the organizational structure.

Source:https://www.mckinsey.com/business-functions/operations/our-insights/the-coming-evolution-of-field-operations

Uploaded Date:29 August 2019

As per a recent study by PwC, robots are set to cause much impact on the C Suite. Two kinds of robots will be part of this scheme. These are the industrial robots and service robots. The former type is already found much in factories, especially those working within the assembly- line style. The latter is to work humans, using RPA (Robotic Process Automation) or AI (Artificial Intelligence).These far reaching changes will affect each axle of the C Suite. For the CEOs, the task will be to curate the board of directors in a manner, that they all understand robotics and automation. The CFOs will need to execute the takeover of robots on several back- end tasks. The COO’s task will be to get the overall business strategy aligned with the team’s robotics approach. The CHRO will be in charge of all corporate training programmes aimed at re- skilling or upskilling. CMOs meanwhile will have the task of best utilizing business analytics with the marketing potential of the firm. The role of CTOs, CIOs and the CDOs can only rise with time.

Source:https://www.strategy-business.com/article/How-Robots-Will-Transform-the-C-Suite?gko=012a8

Uploaded Date:21 August 2019