How do we prepare ourselves for a future that requires business digitalization? That is the question that Deborah Reuben, David Woodroffe, and Scott Nelson set out to answer during the latest ELFA Wednesday Webinar sponsored by the BCBS committee and moderated by FIS’s Joseph Franco.
The following is an overview of the key areas covered by each of the panelists: Shifting mindsets, real world interpretation, and the opportunities of new data streams. View the full webinar below.
Deborah Reuben, CEO & Founder at TomorrowZone, focused her time on exploring the key mindset shifts she believes are necessary to embrace the digital way of life. Before outlining necessary shifts, Reuben laid the foundation of “taking ownership of your own personal development.”
On that foundation she outlined the first shifts like giving yourself the space to be innovative and creative.
“Don’t be afraid to look for inspiration outside of the world of equipment finance,” she said. “Always make sure what you’re doing is for the benefit of the customer. Try to see things from the customer’s point-of-view to see what value you can add to your service from a different perspective.”
According to Reuben, at the end of the day your business succeeds from the satisfaction of the customer. The last set of mindset shifts all focus on finding a balance between the technology and the human aspect that technology can’t make-up for. It’s about knowing when digital is the right choice and when it isn’t.
“The choice isn’t man or machine, it’s when can the machine improve the work that I’m doing and when can I fill in the gaps that a machine cannot fulfill,” she added “With these things in mind, we can take things a step further and combine this with the everyday of working with technology.”
Real World Interpretation
David Woodroffe (VP Product Management at FIS) framed his presentation with the question “What is the business challenge or problem we are trying to solve?” He explained that the decision of how to employ technology in our work lies in the problem or challenge we are looking to address. It also lies in our ability to utilize our own strengths and abilities with the vast set of options that technology has to offer.
To do this Woodroffe asserts you must reconcile two things. The understanding that from a client’s perspective, models can be difficult to understand leading to distrust and refusal to use but also there are different platforms that have the capability to sort unstructured data efficiently and benefit both the business and the client. How does one reconcile these two things? He suggests starting by simplifying the algorithm.
“Software has limitations and it’s our job as the providers to understand, plan, and adapt to better serve the needs of the client,” said Woodroffe. “We also need to be aware that with financial data inputs specifically and putting together the many figures can lead to challenges in prediction that will need to be addressed. These are the challenges of today, but what about the future? What does the future hold for technology and data?”
New Data Streams
Scott Nelson, Chief Digital Officer at Tamarack Technology, focused his time during the webinar asking the question “What can data do for you?” To answer that question, one must start by looking at what exists now and can be utilized going forward. Lessors now can use operational data to support predictive analysis. Manufacturers can leverage the “experience economy” channel to sell digital services. There is a whole realm of real time data that is waiting to be accessed and utilized for the benefit you and the customer.
According to Nelson, we are living in an age of technology where real time consumer data can help us instantly answer the questions of “How,” “Why” and “When” are customers using things? As great as these things are, having access to so much data isn’t without its issues. There is a current struggle with disparate data systems and a lack of appropriate workspace for data analysis and business intelligence. We are also seeing early adapters of digital transformation struggling with converting analysis into action. What are the questions we need to be asking to move forward?
Nelson starts with asking the simple question “Do we have the right data?” With IOT anything can be measured affordably, so take advantage of that. Utilizing digital solutions can lead to mapping processes into a physical device that saves time and money. After that, keep asking questions. What questions can A.I. answer using the data you have? What does your business need to know? What does the future look like?
At the core of everything that these experts shared is the idea that the best way to handle the digital age is by learning about everything it has to offer. Look at where you are now and where you can go. Technology gives you the power to take your data to a new level and improve your business. Reuben has given you the mindset you need to embark down this new path, Woodroffe walked you through the “right now” of employing technology, and Nelson has shown you the possibilities for utilizing data when you embrace what technology has to offer.
If you would to like to learn more about opportunities of new data streams and explore what technology & digitalization would look like in your organization, contact Scott Nelson at email@example.com.