Retail banking and wealth management have been largely disrupted due to the increasing automation, digitization and business analytics in use. Significant tasks though are still carried out manually by portfolio managers, underwriters or Relationship Managers (RMs) in spite of the presence of digital platforms. Partly this is due to the personalized nature of tasks such as those of RMs. But due to lowered profit margins, several retail banks will now be pressurized to automate even more in order to cut down on costs. Commercial banks could perform this with the help of certain insights that have emerged beginning with clients being provided access on deal status. Key processes such as ingesting, parsing, product setup and entitlement management need to be streamlined. Products need be tailored to meet specific needs. The enormous amount of data warehousing now taking place needs to be en-cashed to monitor details more granularly. The same data needs to be leveraged for performance management and reporting standards as well. The mid-office is a critical area for deals to be finalized, so this needs to be analytically and digitally empowered. The RMs need to be digitally enabled too with improved visualization tools and product info from experts.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/digital-blog/how-digital-will-change-commercial-banking

Uploaded Date:25 August 2018

Like several other functions, digital technologies are also enabling procurement. Technologies such as blockchain and the improved performance of computing power have led to cost reduction. Tracking real-time business intelligence on the movement of goods has become so much easier and more effective. In spite of these promises though, several companies are not taking full advantage of its capabilities. Their processes re still stuck in the analog past without a clear understanding of how to use the enormous data now on available. Instead they can easily aim at increasing productivity at the rate of 30-50%. Processes have been increasingly automated. Collaboration is also much easier. This digital procurement tech landscape mentioned includes the systems and data backbone of ERP (Enterprise Resource Planning) and PLM (Product Lifecycle Management). There are also specific procurement suites, applications and portals. They make use of AI, Big Data and the resultant advanced analytics. Beyond the tech, leaders must focus on crating true business value. This will focus multi-pronged on savings, quality, innovation, speed of execution and risk management. The necessary procurement roles and capabilities need to be in place. Digital is now a strategic weapon, so leaders need to plunge headlong into it. Workforce shifts need to be anticipated before they occur so a digital support team needs to be put in place. Constant experimentation and a search for opportunities must continue side-by-side.

Source:https://www.bcg.com/en-us/publications/2018/delivering-digital-procurement-promise.aspx?linkId=53392526&redir=true

Uploaded Date:16 August 2018

Transport and Logistics (T & L) is an important area of concern for the GCC (Gulf Cooperation Council) region. The revenues in field are slowing. One of the reasons for this is that crude oil remains one of the major items supplied, and global crude prices have slumped. Costs have spiraled up, while adoption of technology remains low compared to a global average. Fortunately, new innovations are taking place in this industry to stem the tide. This situation is being tackled through varying approaches among the GCC member states. Saudi Vision 2030 for example seeks to increase the participation of the private sector to make things more efficient. The UAE has made major concessions for business innovations using technology to reduce operating costs by 2021. The GCC members overall agree that the business objectives hold the prime focus, followed by use of technology. The latter is only to facilitate the former. Existing business models needredesigning. Danish logistics giant Maersk for instance uses algorithms to gauge real time business intelligence on costs and scheduling errors. Another area of focus is to improve the overall customer experience. Similarly, new business models or engagements need to be put in place

.Source:https://www.strategyand.pwc.com/reports/putting-gcc-transportation-and-logistics-in-the-drivers-seat

Uploaded Date:10 August 2018

As described by the founder of the World Economic Forum, we are right now in the grip of the fourth Industrial Revolution. Companies are all too aware of this, so making moves accordingly to fit in to Industry 4.0. Governments likewise are taking steps to leverage the potential, notably by USA, China and Germany. While the third industrial revolution was about individual machines, this one is about combining several different ends to a common network. It incorporates IoT (Internet of Things), business analytics, cloud software, shared devices, digital platforms and sensors. Several businesses such as GE Digital using these technologies have already started saving immensely. The belief is that by 2020, it will lead to savings of over a billion US dollars. Digital champions are overall expected to reduce their costs by 16% and increase their revenues by 17%. The corresponding figures for the digital novices are 11 and 10% respectively. According to detailed business research carried out by PwC, the Asia-Pacific region is expected to see the largest percentage of digital champions at 19% of the players. Among industries, automotive is set to see the maximum number with consumer goods and industrial manufacturing being left behind with least adoption.

Source:https://www.strategy-business.com/feature/Digital-Champions?gko=a2e15&sf194336463=1

Uploaded Date:09 August 2018