Approach Principles behind our conversation Why do businesses need data Practically how could data collaboration impact current business process Driving shareholder value Responding to regulation and risk ID: 595070
Download Presentation The PPT/PDF document "What business really needs" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
What business really needsSlide2
Approach
Principles behind our conversation
Why do businesses need data?
Practically how could data collaboration impact current business process?
Driving shareholder value
Responding to regulation and risk
Operating efficiency
Revenue growth
Capital efficiency
Risk & Expectations
Strategic
OperationalSlide3
Business is hard pressed to disrupt or be disrupted
Global market dynamics are causing mass disruption across industries
Global market dynamics
A new breed of opportunity, a new breed of competitor
Threats from innovative alternate products
A new breed of customer – empowered, informed, engaged
The blend between product, service and insight
Global regulatory pressure in response to Financial Crime, Anti-terrorist threats and Anti-money launderingSlide4
Preparation for tomorrow’s market – a blur between product, service and insight
Observed business investment in global megatrends
Global market dynamics
Observed megatrends
Disaggregating forces – the pervasive use of digital connectivity to coordinate and mobilise large volumes of consumers to fundamentally disrupt traditional services
A new level of personalisation comes to retail products, breaking the grip of stagnant, standardised products and experiences.
Next generation of process externalisation – the API economy
The embedding of artificial intelligence, machine learning, social sentiment into customer touchpoints, and back-office operations and processes
Automated
advice management, consumer engagement and social
tradingSlide5
Data is becoming a vital differentiator
Data is the new oil
Global market dynamics
Observed megatrends
Enhanced information about customer
Enhanced information about market
Enhanced information about competitive landscape
Enhanced information about risk
Businesses that can augment their products and services with insights are likely to succeed in the future market.
Collaboration around data between Private and Public sector provides an opportunity to enable our economy to be more competitive.Slide6
Focusing on shareholder value
Some pragmatic opportunities to collaborate
Practically how could data collaboration impact current business process?
Streamline customer on boarding – ask fewer questions, allow data to fill in the blanks
Enhanced data quality – all businesses are grappling with inconsistencies in data
Operating efficiency
Revenue growth
Capital efficiency
Risk & ExpectationsSlide7
Focusing on shareholder value
Some pragmatic opportunities to collaborate
Practically how could data collaboration impact current business process?
Hyper tailored customer experience - embed information and intelligence into customer experience
Hyper personalised product offerings
Improved market research for the identification
of new market opportunities
Development of
new innovative products and
services by leveraging shared data
Operating efficiency
Revenue growth
Capital efficiency
Risk & ExpectationsSlide8
Focusing on shareholder value
Some pragmatic opportunities to collaborate
Practically how could data collaboration impact current business process?
Operating efficiency
Revenue growth
Capital efficiency
Risk & Expectations
Deduplication of financial crime, anti-terrorist and anti-money laundering processes
Collaboration between government, regulatory bodies and business to better manage SA’s riskSlide9
Challenges
to opening up are not technical
, they are cultural.
The principal concern among business is that giving away data gives away value and provides advantage to sharp-eyed competitors.Opening or selling data will create too much of an administrative & regulatory burden and endanger customer loyalty.Businesses feel overwhelmed by their own data, and the processes for managing and leveraging data. They feel that to share they first need to get their “own house in order”Business say they are not in the information business, but they know they have loads of data and to participate in the data economy will require too much effort and resources Wait what about the obstacles? Identified business challengesSlide10
Models related to open data initiatives
What could it look like – the data exchange
No legal obligations to producer
AttributionFreemium use
Syndicated licenceCommercial terms and conditionsFully and unconditionally open dataData that is open for consumption but with limitations for reuse
A combination of open data and high-quality, low-cost data sourcesPublicly available data as part of the business modelSlide11
Leveraging Open Data
Practical example – Panama papers
Using Panama (off-shore leak data) and corporate registries to identify financial crime activitiesSlide12
Deloitte refers to one or more of Deloitte
Touche
Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see
www.deloitte.com/about to learn more about our global network of member firms.Deloitte provides audit, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 245 000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.