By Jamal, CEO, Palmira Software House
While there are a great many opinion pieces out there discussing the inexorable rise of Artificial Intelligence and the growing need for cybersecurity in 2022, I’d rather write about some of the more practical issues the industry will be facing in 2022.
Following the disruptions of the pandemic, leaders seem keen to get back on the path to growth, or further ignite the business momentum they’ve established.
At Palmira, we believe industry leaders responsible for technology innovation have an opportunity to innovate and accelerate growth in several ways over the next year.
Nothing beats planning
There’s no better time to reset your organization’s digital business practices by adopting an Enterprise Architecture (EA) framework, which will serve as an opportunity for strategic planning.
A carefully planned EA framework is the backbone of any digital-forward organization; delivering vital business support, serving as an internal consulting arm to deliver enterprise agility and responsiveness.
Adopting an EA framework will enhance organizational planning and execution by increasing collaboration and bridging the gap between the business side and IT professionals in digital business initiatives.
A strong EA framework automates the demand management processes for new software engineering practices, policies, and technologies.
It’s down to enterprise architects – whether in-house or external – to facilitate smooth digital transformations by managing the technological complexities and setting a clear direction for the development of their companies’, or clients’, IT landscape. Such responsibilities fall within the typical enterprise architecture (EA) team’s remit, which is to manage how IT systems work together to better enable business processes.
Open API ecosystem
What drives the formation and growth of ecosystems is the rise of open API frameworks. The frameworks use open data. Globally, industries that aren’t bogged down in imposed regulation and compliance, are gravitating towards open systems. Open does not mean that everyone has access. Open in an API ecosystem leans more towards APIs that are designed in ways that reach best practices so that you create initial and lasting interoperability for a living system. Today, businesses can’t accelerate growth by simply depending on their internal capabilities. We are seeing an opening up of business, allowing opportunities for third parties and developers to re-sell services and offerings.
We’ve watched the growth of open banking, open insurance, and open health. These sectors are increasingly sharing their services through secure APIs to the world. These all need reliable API Management tools to fully open up their businesses to global innovation.
The Google Maps API is a great example of this model, creating the opportunity for developers to use their API on a website or in applications for your clients to reach you with ease. In turn, Google benefits from a large number of developers using their APIs. This same model could be – and I believe will be – applied to any other business sector.
Open Government could be a new driver for global digital governments. Governments could offer their APIs to allow travel agents to issue visas, for example – and make it easier for tourists to book their hotel, tickets and apply for a visa all at the same time. The innovation in API management with Palmira has no limits.
Un-bundle to re-bundle services
I see a paradigm shift towards more service-centric offerings, as we see organizations obliged to move away from customer-centric to service-centric models. Currently, companies are changing their focus under their own steam. However, I believe this might become mandated by regulators in the future. The earlier organizations move towards opening their business, the greater early movers’ advantages they gain.
A customer-centric model revolves around what customers need and how they want to interact with your business. However, it locks customers into limited options. A service-centric model unlocks the customers’ freedom to choose several options from competitors or to bundle services with those from another industry.
We will see our clients, such as banks, insurance companies, health sector companies, and telecommunication providers un-bundling their offerings, enabling innovation through third-party applications, then re-bundling them through the fresh lens of more service-oriented solutions.
Adopting a simplified world view, this approach means customers will have the freedom to select a more bespoke set of services they require from a menu, effectively creating their own service bundle.
For example, imagine booking a business trip, getting insurance, and applying for a loan within the same window. Clients will be able to get a credit card from bank 1 or bank 2 via the same application or channel. As another example, patients could access health services and apply for a bank loan in the same application.
Decision-making tools are a key element of corporate digital transformation, and we will see such tools come to the fore in 2022. Leaders have little time, so actively seek solutions that provide them with accurate (and often, real-time) data to enable a more rapid decision-making process.
A corporate performance management software solution like MetrixPlus enables management to automate the company’s strategy and performance management processes. It makes it easier for management to present real-time data and adopt any management framework with evidence-based performance management and AI-enabled forecasting capabilities.
Data is the fuel
Data is the fuel for decision-making and digital transformation. Organizations need to wrangle this fuel to deliver the best possible business outcomes and insight.
Firstly, data must be cleaned, then wrangled, and analyzed to unlock the value of the data and its relations. Storing data at different locations creates silos and causes issues with inconsistency. Collecting data into one data warehouse unlocks greater opportunities to understand the data trends. A data trend then enables data modeling that delivers machine learning use cases or reporting that enables decision-making with required on-time insights.
Palmira Software House develops concrete plans that help entities in shaping the direction, mobilize organizations, build capabilities, and support execution throughout an organization’s digital transformation journey that ultimately brings sustainable results.