Defining a ‘Digital Transformation’ strategy
Over the past six months FeedStock has spoken to executives from across the technology, services and finance industries and the one reoccurring theme is the need to define and implement a ‘Digital Transformation’ strategy. The challenges to large enterprises, regardless of industry, are similar: how do I improve transparency across the business? How do I capitalise on business opportunities and mitigate risks in this increasingly competitive environment? How do I fully-utilise the growing amount of data coming in and out of the business? There is clearly an understanding that data management systems, Artificial Intelligence and Deep Learning can and will change the way we work in the coming years. Indeed, this PwC report (2018) entitled “AI predictions: 8 insights to shape business strategy” states that 54% of business executives say AI solutions implemented in their businesses have already increased productivity. According to McKinsey, by 2020 an unbelievable 85% of sales related tasks could be automated. Clearly, the need to effectively manage an enterprise’s data flows and apply AI technologies to improve productivity, efficiency and revenue-generation is a key part of any business’ strategy; however, defining and implementing the required solution is not so simple.
Align with an AI service provider
FeedStock has been a part of the rapidly evolving AI space since its inception over four years ago. We have seen how the demand for AI solutions has grown at an exponential rate; a report by CognitionX, commissioned by the Mayor of London, found that the number of AI suppliers in London increased by 42% in 2018, nearly double the global average of 24%. Knowing how to stay ahead in this environment is extremely challenging but clearly there is a requirement for enterprises to align with an AI service provider that can deliver agile solutions according to specific business needs. This paper released by Fiserv entitled “The Future of Banking: Harnessing the Power of Fintechs” describes the stringent security and data privacy requirements which set FinTechs above any other service provider in the AI space. More so than in any other industry, financial services require the most bespoke and adjustable integration solutions to accommodate industry and individual enterprise security standards. FeedStock prides itself on being able to satisfy the most rigorous security standards in the world and is well-positioned to provide integration, data privacy and security solutions across multiple industries and sectors.
Driving productivity and value
In the four years in which FeedStock has been operating, we have seen the demand shift from data management solutions which solve problems (such as MiFID II compliance, or CRM automation) towards deploying AI solutions to improve enterprise performance. FeedStock holds this understanding at its core. Our Cortex product has evolved from the MiFID II compliance solution it was three years ago, to an enterprise data management system which improves transparency, investment process and cost-control across the business.
FeedStock Synapse delivers business intelligence to drive value for each front-office employee and right across the business from day one. From the vast quantity of information that passes through your inbox, Synapse distils and refines the information to prioritise tasks according to the most urgent client enquiries, identifying where there might be someone more suitable in your organisation to address the query, or let you know if that recipient has become unresponsive and needs follow-up attention. Moving past the first stage of instant revenue-generating insights, the system delivers analysis on what content is trending across the organisation, how that corresponds to incoming client enquiries and subsequently highlights where opportunities and risks lie within the enterprise. Finally, FeedStock’s Data Lake with customisable data APIs allows our clients to entirely automate and accurately log all CRM information. Not only does this give front-office employees back the time spent logging client interactions (an average of 550 hours per annum per sales personnel is spent logging CRM data), it also ensures that the most important strategic business decisions are being made based on accurate, independent and complete data.
FeedStock lays the foundation to drive productivity and value right across the organisation; starting with the front-office individuals with instant suggested actions, through the management by delivering rich business intelligence and finally by providing the data required to make informed strategic decisions. The term ‘Digital Transformation’ means different things to different enterprises but for us it means: AI-driven productivity and business value from day one.