There are many known and unknown unknowns emerging from the pandemic, pushing for a more pragmatic look at how we respond to the changing situation. Companies are more focused than ever on getting their data working for them and using that information to predict future trends, such as cash-flow.
Ports are much more interested and aware of risk management as they try to navigate very uncertain times. And some, such as the financial world, are now actively leveraging the advantages of cloud technologies to build new business systems and power evolving business models. We explore these topics in our July blog roundup:
The Economist: what does it take to be a data-first company?
“Half of all knowledge workers in the UK wouldn’t want to work for a business that shows no sign of using data to inform decisions,” claims this article from the Economist and Tableau. It’s a fascinating read, diving into what sets data-first companies apart, especially during the pandemic. The article considers what it takes to establish a data-first culture, noting that you need to drive a company-wide data movement, navigate your skills gap, and sustain wholesale change.
Risk management on the rise at ports
It’s going to be interesting to see how the pandemic is affecting attitudes around risk management, and the first surveys taken during the lockdown periods are starting to appear. Risk management at ports has become a significant priority due to the pandemic, according to the 2020 iSpec Ports Industry Survey. For example, 51% of port executive respondents now identify risk management as the key area they would like to improve on in the future, up from 32%.
Report: the cloud is part of Africa’s financial services future
Cloud-driven financial services are elevating Africa, says ‘Cloud Banking in Africa – The Regulatory Approach.’ The report, from Orange and the Gates Foundation, looks at the growth of modern financial services in Africa: “Increasingly, fintechs in Africa play a part in the value chain of financial services with business models designed around cloud-based digital infrastructure that lowers their operational costs, increases their flexibility and allows for decreasing marginal costs.”
Predicting cash flow with Salesforce AI
“Making more money will not solve your problems if cash flow management is your problem,” said business guru Robert Kiyosaki. That isn’t news for most business people. But how do you predict payments during the COVID-19 epidemic, where there are more excuses than cheques? This new Salesforce blog profiles one of its partners that starting using artificial intelligence on the platform to predict the chances of specific customers delaying payments: “We used historical data about how customers paid us in the past, then considered industry and added buffers, such as extending payment time by 30%: if a customer in the travel industry typically pays in 20 days, now we will assume it will be 26 days.”