data Archives - 51Australia & New Zealand News Center News & Information About SAP Thu, 28 Sep 2023 21:28:21 +0000 en-AU hourly 1 https://wordpress.org/?v=6.9.4 The Impact of Cyber Attacks on the Utilities Sector in Australia /australia/2022/06/20/the-impact-of-cyber-attacks-on-the-utilities-sector-in-australia/ Mon, 20 Jun 2022 03:00:25 +0000 /australia/?p=5443 Cyber Security risk is becoming increasingly difficult for Australian utilities and critical infrastructure operators to manage.

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Increase in cyber attacks in the last 12 months

I’m sure for many of us out there, the increase in online scams, phishing attacks, and just straight out shonks taking advantage of the non-technically literate is a real concern.

It turns out that this is just the tip of the digital iceberg. Entire nations can be the target of this growing industry.

has found itself severely compromised of late with hackers launching an unprecedented attack that affected 29 public institutions, including the ministries of finance, social security, meteorology, electricity, sciences, innovation, technology and telecommunications.

published earlier this year titled: “Cyber Attacks Increased 50% Year over Year” revealed in late 2021 there was an all time peak in weekly cyber attacks, averaging over 900 attacks per organisation. Just let that number sink in for a moment. Over 900 per week.

In the study, it revealed that Education and Research were the most attacked sector (average attacks per week 1605 – up by 75% from the previous year) with Utilities companies not far behind with a staggering 736 attacks per week – up 46% from the previous year.

Local Impact for on Utilities Sector

How does this impact Utilities organisations here in Australia? And more importantly how do they respond to these threats, particularly as many have infrastructure that falls squarely under the auspices of the

This is not a simple question to answer.

risk is becoming increasingly difficult for Australian utilities and critical infrastructure operators to manage. Digital transformation is accelerating with, IT and OT landscapes expanding as these new security threats are surging whilst the demand for IT and cyber skills in Australia is at an all time high. Maintaining in-house talent, process governance and eliminating human error is more challenging than ever before.

One significant step 51has taken is to establish the 51Critical Data Cloud a fully managed service capable of powering the operations of government and regulated industries across both Australia and New Zealand. This is designed to help protect the core business applications of governments and highly regulated industries including financial services, healthcare and utilities. The platform is designed to meet the Australian Government’s Official: Sensitive and Protected information standards.

Opportunity for Utilities Organisations

51Critical Data Cloud is a significant investment recognising the increased focus on improving whole-of-economy cybersecurity.

Leveraging its work with 51National Security Services (NS2), 51Critical Data Cloud is tailored for Australian and New Zealand legislative requirements. It empowers public and private customers to rapidly and safely digitise customer, citizen and employee services, while remaining current with legislation and policy.

Utilities organisations will be able to wrap an increased layer of security around their customer data, asset and employee information to help protect against the style of attack seen in places like Costa Rica.

Learn more about 51Critical Data Cloud visit our and download the report on

 

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The Art of Innovation and Data-Driven Enterprise /australia/2020/08/07/the-art-of-innovation-and-data-driven-enterprise/ Fri, 07 Aug 2020 07:03:12 +0000 /australia/?p=4264 Join SAP’s Data and Analytics Virtual Forum ANZ: Data To Outcome and you’ll be able to schedule one-on-one time with industry veterans to discuss how to renovate your data landscape

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On the Remarkable People podcast, I interview people such as Jane Goodall, Woz, and Stephen Wolfram who have changed the world. Their stories are inspiring, and I hope they encourage you, too.

This post has a different twist – let’s look at why and how you can foster change and the art of innovation in your company by driving your company with data.

Background: data is a good thing

We’ve been talking about being evidence-based, fact-based, and data-based for decades, but if you’re not up to speed with this, you aren’t alone. According to NewVantage Partners’ study, 69% of companies have failed to create a data-driven organization.

There is an avalanche of studies that support the business benefits, including this Forrester report indicates that data-driven companies grow at an average of more than 30 percent annually and are on track to earn $1.8 trillion by 2021.

Forrester did another study that concluded that businesses that rely on data management tools to make decisions are 58% more likely to beat their revenue goals than non-data driven companies.

Being data-driven isn’t only about revenue results. There’s also transparency and fairness. If everyone has access to the data driving decisions, we can establish reasonable data ethics policies that create even playing fields.

Why companies haven’t succeeded at this data-driven change

In my upcoming keynote at SAP’s , I’ll give you real inspiration and tips so you can get started. That’s the hard part, right? A few sneak peeks:

1. This isn’t corporate altruism. The culture change, funding, and language start at the top. How do you do that? Attach your initiatives to real business outcomes. (No, “agility” is not a business outcome.) Here’s a highlight from McKinsey on how ShopRunner’s CEO made the change.

For tips on speaking the language of business, securing on-going funding, and getting buy-in from your executives, check out this free Data strategy master class.

In the end, this is a culture change. You need executives to model the right behavior, which requires you to get them analytics without days of manual assembly. You need executives to ask ad hoc questions of their analytics and brainstorm with other board members on innovative solutions. Are you there yet?

2. To understand what is possible, survey the current technology landscape for data and analytics offerings. Web searches are easy. The hard part is accurately assessing where you are now. Luckily, there are free assessment tools, including SAP’s Next Generation Database & Data Management Assessment, which offers a unique approach to enable best-in-class database & data management processes in support of strategic priorities.

3. Join SAP’s and you’ll be able to schedule one-on-one time with industry veterans to discuss how to renovate your data landscape, and even put your hands on some free software trials.

Therefore, what?

Your supply chain is challenged. Your revenue model is under pressure. Your employees are dealing with unprecedented challenges. Do you know what you need to solve all of those problems? Real-time data and data literacy to interpret that data.

All the supply chain optimization, new business models, collaboration models, and new markets require timely and intuitive access to data to drive innovative ideas. It’s a mistake to entrust these ideas to only data geeks.

The goal is to be able to answer a simple question and foster innovation to jump to the next curve. The question is, “Therefore, what?”

Data management is the “therefore” part. It enables you to see what’s happening to your organization, to see what trends are shaping the reality of your customers, and to read the tea leaves to understand what your opportunities.

Then you can take these insights and create the “what.” In other words, what new products, services, and practices will enable you to meet and exceed the needs of your customers and “dent the universe.”

I invite you to and the entire for inspiration, encouragement, practical tips, and advice from other customers. Ask me questions. Ask the other presenters questions. Come away in two days with a plan that will motivate and drive your business.

This blog originally published on

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Bushfire Recovery Victoria tapping into data to help bushfire-affected communities /australia/2020/07/15/bushfire-recovery-victoria-tapping-into-data-to-help-bushfire-affected-communities-2/ Wed, 15 Jul 2020 02:51:12 +0000 /australia/?p=4179 Bushfire Recovery Victoria is only just over 100 days old, but it has already figured out how crucial data is when it comes to assisting...

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Bushfire Recovery Victoria is only just over 100 days old, but it has already figured out how crucial data is when it comes to assisting bushfire-affected communities.

Speaking as part of an online 51event on Thursday, chief executive Lee Miezis said collating data into one place means relieving people of the need to “tell their story about their trauma over and over again”.

“They should be able to tell it once and all service providers can understand where that person is, but equally can understand what assistance that person has had in the past, what are some of the upcoming challenges or barriers that they’re perhaps going to have in their recovery journey so that we can then start proactively moving some of those barriers out of the way. To do that, data is absolutely key,” he said.

“We need to be able to bring together different sources of information, managed through privacy requirements to make sure that people are being treated with dignity through the process.”

He explained how part of that process has involved working with government and non-government organisations to generate relevant data points.

The need to access the right data has been particularly further highlighted by the current coronavirus environment, Miezis said, which has forced agency for a third of its existence to operate remotely.

“Those incidental conversations that you can have with people that give you valuable intelligence about where they’re at, where the community is at, what are some of the challenges, we’re missing out on that, so we’re even more reliant on data and raw information,” he said.

“I think this has forced organisations like mine, and I’m sure many others, to really think about how you bring data together in a fast, simple way to meet multiple purposes, but ultimately make sure the business that you run are targeted … we are absolutely reliant on good data for us to fulfil our organisational purposes.”

At the same time, the Victorian government agency has also had to battle with establishing an infrastructure that not only serves the organisation in the present, but in the long run too.

“We’ve had to stand up really quickly, leverage what we can across the Victorian government, in some cases bring disparate things together in the best way we can, as we build out the legacy systems that we will require as a permanent agency,” Miezis said.

This article first appeared on


Join our second forum in thevirtual series on August 6th, and hear from Industry experts on the risk and opportunity impact our core industries now face.

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Device Technologies’ plan to improve supply visibility using data /australia/2020/07/14/device-technologies-plan-to-improve-supply-visibility-using-data-2/ Tue, 14 Jul 2020 04:12:16 +0000 /australia/?p=4169 Device Technologies said it is currently considering how it can provide greater visibility to its supply chain for critical devices, such as ventilators, in light...

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Device Technologies said it is currently considering how it can provide greater visibility to its supply chain for critical devices, such as ventilators, in light of the.

Device Technologies business systems manager Tiina Kontkanen said one of those approaches is the implementation freight management platform that can be embedded into existing systems to track and report on the movement of these devices.

Another way the company plans on lifting visibility of its supply chain, Kontkanen said, speaking as part an online 51event, involves improving the company’s data strategy and providing “some insights to the customers and our suppliers on our products”.

“That’s something that I think you have to just collaborate on, and I think that’s the key to agility and breaking some of those silos that are in place at the moment,” she said.

Device Technologies CIO Graham Cronin agreed, pointing to how for instance, the company is accessing telemetry through its Da Vinci robot, a system that is typically used to assist surgeons during minimal invasive surgery.

“We have a direct link back with the manufacturer and on the telemetry of the procedures, on what the device is doing, how it’s operating, how it’s consuming its consumables,” he said.

“That is allowing us to give a better outcome to the surgeon and the hospital using that robot. And of course, better patient outcomes because we know that we’re making sure that the system is efficient and operating to the best level that it needs to.

“It’s also getting the telemetry back, and some of the diagnostics of those patient outcomes to improve the software that goes into them for future procedures.”

Additionally, as part of its digital agenda, Device Technology has developed a surgery booking portal, which Cronin believes will help “digitise the healthcare environment”.

“[It’s] more so that we can react quickly to those changing events, also help organisations, hospitals, clinicians, and surgeons to be able to deliver a better patient outcome quickly, so that they can get their hands on to the equipment they require for any procedure or event that’s occurring,” he said.

“It’s also about giving them a better understanding of that end-to-end supply chain, so that they can manage their patient lists, get patients out of hospitals a lot quicker with better healthcare outcomes.”

The company is further enhancing its booking portal by reorganising the way it catalogues its 70,000 SKUs from surgery theatre equipment to radiology equipment and surgical instruments.

“A lot of the teams are starting to get the clinicians to focus on helping us to catalogue on what’s required and speed that up so that when we come out of [the coronavirus pandemic], there’ll be a better array or catalogue digitally of what’s available across our systems,” Cronin said.

This article first appeared on


Join our second forum in thevirtual series on August 6th, and hear from Industry experts on the risk and opportunity impact our core industries now face.

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AFR Interview: 51Lays Out Back-To-Work Plans /australia/2020/06/10/afr-interview-sap-lays-out-back-to-work-plans/ Wed, 10 Jun 2020 01:05:56 +0000 /australia/?p=4082 Responding to the Morrison government’s “call to action” for new policy ideas to help Australia out of the economic crisis caused by the COVID-19 pandemic,...

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Responding to the Morrison government’s “call to action” for new policy ideas to help Australia out of the economic crisis caused by the COVID-19 pandemic, 51has released a Public Policy Paper, laying out new ways that technology could be used to speed up the nation’s economic recovery and transition to a “new normal” economy.

“The new normal should borrow techniques from the software world, where products are released early and then quickly “iterated” upon as flaws and insufficiencies appear,” said 51Australia President and Managing Director, Damien Bueno.

51suggests data should be utilised to inform policy in ways that was rarely used before the coronavirus crisis.

“Someone who’s in Melbourne who has the right skills could now do a job that’s based in Queensland, because the appetite to do things virtually now exists,” Mr Bueno said.

“The scale of SAP’s business and national reach means that 51can partner across the public and private sectors to provide insights into the functioning of the employment market,” the public policy paper said.

You can read more on the AFR website


Read the Executive Summary on how 51is helping Australians back to work

Read the full 51Public Policy Paper

 

 

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How NAB upskilled its staff through the COVID-19 lockdown /australia/2020/06/02/how-nab-upskilled-its-staff-through-the-covid-19-lockdown/ Tue, 02 Jun 2020 04:55:09 +0000 /australia/?p=4035 Records skills updated while on lockdown in SuccessFactors profile. NAB placed extra emphasis on having its 40,000 staff develop their data and digital skills while...

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Records skills updated while on lockdown in SuccessFactors profile.

NAB placed extra emphasis on having its 40,000 staff develop their data and digital skills while on lockdown, converting thousands of training programs to run online in the process.

Chief people officer Susan Ferrier told SAP’s virtual Sapphire Now conference that the bank saw an opportunity for staff to “upskill and learn”, and for the bank to ultimately develop a more flexible workforce.

Staff were asked to review skills recorded against their staff profile held in 51SuccessFactors.

“We really pushed the skills inventory that sits in Successfactors and said, ‘Here’s an opportunity to brush up your internal CV,” Ferrier said.

“We asked everybody to also go in and review what they had in that tab in SuccessFactors and to update their skills.

“We’ve really been pushing things like skills and mental health [during lockdown], and [that] now’s the time for you to double down and think about the future, particularly on things like digital and data skills.”

At the same time, Ferrier said that NAB had digitised most of its existing training programs so they could be run remotely.

“We’ve definitely used [COVID-19] as an opportunity to push harder into ensuring that we’ve got a really strong and valuable digital learning footprint,” she said.

“We’ve pivoted a lot of our face-to-face training to now be delivered via Zoom or Teams.

“That actually in some cases is working better than it did before. In other cases, I think face-to-face learning is probably more impactful, but we’ve experienced significant take-up.

“I think we’ve changed something like 3000 of our courses from what they were before to digitise and reinvent them in a way in which they’d be able to be delivered remotely.”

NAB has several active streams of work underway to effectively redesign its operations for a post-COVID world.

Ferrier revealed last week that, with desks now only available via a booking app, presumably to provide some sort of traceability should it be required (rather than a full hotdesking environment, where it may be immediately unclear who was sat at what desk and when).

At Sapphire Now, Ferrier detailed at least three other work streams.

One of these focuses on making skills and teams more “fungible” – in other words, able to be shifted internally to fulfil resourcing requirements at short notice.

During COVID-19, the bank – like many other large organisations – retrained people from across the business to join its frontline and work through a spike in inbound enquiries from customers.

The effort involved about 800 NAB staff, and appears to have given the bank a taste of what it would be like to have a more flexible and re-assignable workforce.

“One of the things that we realised through this is that we can train people fast to go do other jobs that are different to the ones that they were doing up until COVID-19 hit,” Ferrier said.

“In the past we would have said,’Oh, it’s going to take us three weeks to repurpose these people to be able to go and do this job rather than that job’.

“But we’ve been able to move so rapidly, we’ve taken a three week training course and condensed it into two really intense days, with a lot of on-the-job coaching.”

Having staff from other parts of the business pitch in had been “very energising and engaging for our frontline”, as well as for NAB more broadly.

“I think that’s one thing that we really learned is that skills, in some cases, aren’t so particular to one job, and you can rapidly retrain and mobilise,” Ferrier said.

“That fungibility idea is going to be something we carry forward.”

Another work stream is focused on enabling “a truly flexible workforce, where people come in and out of our office buildings, work from home [or] work from wherever in a truly flexible way.”

“We’re rapidly looking at how we can hold onto the habits and practices that we’ve created in the last few months,” Ferrier said.

Yet more work is aimed at determining what the bank of the future will look like, particularly as a larger portion of customers gravitate to digital channels and shun physical branches.

“One of the things that we’ve noticed is our customer behaviour … and customer habits have changed,” Ferrier said.

“They’ve really mobilised much more rapidly to digital, online and on-demand or self service type platforms such as our app.

“Customers are moving away from needing to physically be in our branches. So we’re trying to work out what that means for the future of banking.”

Hear more of NAB’s story at Effect 2020. Join Susan Ferrier in discussion on 17th September.

This article first appeared on


To read more about how organisations are working with 51to be best run businesses,

Registration for SAPPHIRE NOW Australia and New Zealand is now open. To get your free access today, .

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Rapid Response and Lasting Changes Post-COVID-19 /australia/2020/05/26/rapid-response-and-lasting-changes-post-covid-19/ Mon, 25 May 2020 23:12:08 +0000 /australia/?p=4022 If you couldn’t tune into the 512020 Adaptive Strategies in a Changed World Virtual Industry, therecordingsavailable on demand here.However, I’d like to take this...

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If you couldn’t tune into the 512020 Adaptive Strategies in a Changed World Virtual Industry, therecordings.However, I’d like to take this opportunity to explore some of the ideas and themes that were discussed during theevent andprovide a perspectiveon how these learnings might help usemerge from this crisis in better shape than we went into it.

The Public Services virtual forum began with introductory remarks from President and Managing Director of 51ANZ, Damien Bueno, who noted the impressive pace and ways businesses are adapting. He expressed how 51has been working from home for nearly two months and while this is a time of uncertainty for many, businesses and governments alike should have licence to be bold and use this opportunity to evolve digitally in order to remain stronger.

Damien also expressed the importance of optimismduringa time like this –andthe importance of understandingwhat could becomenew ways of working.Adapting under crisis is givingbusinesses new skills and perspectives andthe chance to emerge more prepared and resilient to future shock events.

A Test of Fire and Pandemic

Next,I was fortunate to facilitatea discussionwithLee Miezis,CEO ofBushfire Recovery Victoria, and Simon Bush,GM Policy and Advocacy at AIIA and Managing DirectorofBush-Consulting.

Simonwas encouraged by the speed of adaptation, noting how rapid digitalisation is occurring across the legal sector, healthcare, government, and more, at a pace that’s taking weeks instead of years. As part of businesses moving boldly, there hasbeen positivefeedbackas businesses have been able to respond to changing circumstances at scale, adapting to added strains on resources and services.

Leegave the audience a run through his first 100 days on the job, from the development of Bushfire Recovery Victoria in response to Australia’s severe bushfire season 2019-2020.He noted how the past six months have beenacontinualadaptationto drastic changes, which has required significant co-ordination between governmentjurisdictions,businesses, and communities in order to keep people informed and safe during the bushfire season and subsequent COVID-19 crisis.

A key challenge Lee mentioned was offering targeted support those who’ve undergone tragedy and displacement. The damage cause by bushfires was widespread and the ability to serve those impacted requiredaggregating a lot of data from organisations – both public and private – to gather insights into people’s situations, the support they require, and their eligibility for specific schemes and services.

Hisorganisation was forced to work quickly,leveragingthe availabletechnology and data toprovide that targetedsupport.Lee noted thevitalimportance of being able to gather disparate data and verify it,in order to co-ordinate the right response at the right time.He emphasised thatdata is critical to providing the right services.

Lee commented on the importance of existing relationships, enabling themto connectrapidlywithothergovernment agencies andbusiness’s with relevant capabilities. He noted that they were overwhelmed with offers of support inthe initial stages and the existing relationships were the quickest way to leverage the support needed.

In terms of building staff resilience,Leeobservedthe need to nurture staff relationshipsand engagementespecially in abrand-neworganisational structure who were suddenly workingremotely. Thisentailedfocusing onregular, frequent communicationsandhe gave an example of mailingcare packages.

The adage ‘never waste a crisis’ was expressedwithboth Simon and Leenotinghow this challenging period could still offer people and organisations a learning opportunity to better connect with one another, discover best practices foradaptation, and find a way to deepen trust amongst customers, partners, employees, and other stakeholders.

The Value of Communication and Support

Connection was a key theme of the discussion as the need to keep staff connected to the organisation’s purpose, expectations, and customers are all critical – whether during or outside a crisis.

When facilitating work-from-home staff, there were three key take-aways. First was the need to balance collaboration with productivity – ensuring staff have the technology and support they need to stay connected with the organisation, collaborate with colleagues, and stay safe during this period of change.

The second point regarding work-from-home is the value of company culture – not only in terms of camaraderie, but in making allowances for adjustment, understanding the disruptions that are occurring, and normalising those practices that will benefit the organisation beyond COVID-19.

Third was the importance ofmental health. It can be challenging for many to logoffanddisengagefrom work when they’re homelives and work now share a roof. The ability toreengage socially, get outside and exercise, or simply step away from the computer is paramountasthefirst prioritythroughout this crisishas beenthe health and wellbeing of everyone.

Asignificanttakeaway for me in facilitating thisdiscussionwas thevitalimportancethatconnections,combined with insightfuldata,canplayinhelpingorganisations torapidlyadaptandthenrespondto changes in their environment.It certainly suggests thateffort spentbuildingmorerobustengagementstructureswithstaff, customers, other agenciesand relevantbusinessescreates astrongeradaptivecapability. Combiningthiswith better data insightsderived froma more comprehensivetreatment of, and focus on, dataasa valuable assetallowsrapidand more targeted responsesin times of change.

Perhapsboththe public and private sector shouldconsiderusingthiscrisis toimprove communicationswith each other, better express needs andexpectations, andenablethese improved connections through data – using data insights to understand our situation, our responses, andhow we emerge from this crisis in better shape than we went into it.

Tolearnmoreyou can access a full recording from the session.

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Bushfire Recovery Victoria Tapping Into Data to Help Bushfire-Affected Communities /australia/2020/05/15/bushfire-recovery-victoria-tapping-into-data-to-help-bushfire-affected-communities/ Fri, 15 May 2020 01:43:40 +0000 /australia/?p=3973 Bushfire Recovery Victoria is only just over 100 days old, but it has already figured out how crucial data is when it comes to assisting...

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Bushfire Recovery Victoria is only just over 100 days old, but it has already figured out how crucial data is when it comes to assisting bushfire-affected communities.

Speaking as part of 51Virtual 2020 on Thursday, chief executive Lee Miezis said collating data into one place means relieving people of the need to “tell their story about their trauma over and over again”.

“They should be able to tell it once and all service providers can understand where that person is, but equally can understand what assistance that person has had in the past, what are some of the upcoming challenges or barriers that they’re perhaps going to have in their recovery journey so that we can then start proactively moving some of those barriers out of the way. To do that, data is absolutely key,” he said.

“We need to be able to bring together different sources of information, managed through privacy requirements to make sure that people are being treated with dignity through the process.”

He explained how part of that process has involved working with government and non-government organisations to generate relevant data points.

The need to access the right data has been particularly further highlighted by the current coronavirus environment, Miezis said, which has forced agency for a third of its existence to operate remotely.

“Those incidental conversations that you can have with people that give you valuable intelligence about where they’re at, where the community is at, what are some of the challenges, we’re missing out on that, so we’re even more reliant on data and raw information,” he said.

“I think this has forced organisations like mine, and I’m sure many others, to really think about how you bring data together in a fast, simple way to meet multiple purposes, but ultimately make sure the business that you run are targeted … we are absolutely reliant on good data for us to fulfil our organisational purposes.”

At the same time, the Victorian government agency has also had to battle with establishing an infrastructure that not only serves the organisation in the present, but in the long run too.

“We’ve had to stand up really quickly, leverage what we can across the Victorian government, in some cases bring disparate things together in the best way we can, as we build out the legacy systems that we will require as a permanent agency,” Miezis said.

This article first appeared on

All sessions from the Virtual Industry Forum are available to watch on-demand online. To watch a replay,

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Consumer Data: Creating Confidence & Trust /australia/2020/03/19/consumer-data-creating-confidence-trust/ Thu, 19 Mar 2020 03:29:30 +0000 /australia/?p=3600 Consumer Data Rights (CDR) are looming for the Australian banking sector. CDR is comparable to GDPR in Europe. At a high level, three key challenges come to mind when contemplating the path forward for Australian banks in how to create confidence and trust in working with consumer data.

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Consumer Data Rights (CDR) are looming for the Australian banking sector. CDR is comparable to GDPR in Europe. At a high level, three key challenges come to mind when contemplating the path forward for Australian banks in how to create confidence and trust in working with consumer data.

The first challenge is technical, since most banks have a myriad of systems containing customer data. A key challenge lies in orchestrating customer data across these disparate systems, reconciling datasets to ensure accuracy across the organisation and enabling customers with self-service controls. Imagine the overhead of customers contacting a call centre to execute CDR requests. Furthermore, data insights cannot be actionable if they’re unreliable, so financial service providers need to take a most holistic approach to how they orchestrate and govern consumer data.

The second key challenge comes from an institution’s own staff and their confidence in how their day-to-day roles comply with consumer data rights – particularly with marketers. Customer-facing teams that aren’t confident about the compliancy of their consumer data will fear the implications of misusing customer data, which impacts their ability to connect with and service customers.

The third challenge is to be prepared for the future. As technology evolves, expect continuous changes in data usage, data sources, and data rights. These evolutions are frightening because however any bank solves for today’s requirements, ideally the same capability must also be agile enough to support the removal and addition of data sources, features, and connectivity over time.

As consumer data rights evolve – potentially with updates to legislation and further scrutiny – banks will need to respond to customer expectations, compliance requirements, and market-service levels. The agenda will be forced by legacy free nimble neo-banks, fintechs, and potentially digitally savvy market leaders, so consumer data confidence solutions must be mindful of how to respond to future change.

Financial industry shortcomings
Financial services organisations are generally highly regulated, highly visible, and often reactive to the changes and trends of customer experience and legislation. I’ve yet to observe any visionary industry innovation. Most banks are investing in digital and there is some added convenience, but mostly it is just traditional banking via a digital channel. Professionals from outside the industry could easily observe the barriers between banks and customers in terms of relationship building, potentially offering straight-forward solutions the financial sector is yet to see.

For example, have you tried to subscribe to product updates, or a bank’s blog, or even a simple and informative market update? You can’t do it unless you do a full application and identity check to actually open an account.

For example, download an app for any bank that you do not have a product with. Can you sign up for the app without opening a product? No. It’s quite uncommon and begs the question, ‘why would you want to download a banking app if you weren’t a customer’. If the app were a useful source of information, such as being able to easily find out their home loan interest rates, or had good articles on how to manage my money that I could share with my friends, then why not download the app.

Banks launch new products regularly, a recent common example being home-loan offers with cash back. Since I’ve just re-financed – now might not be the right time for me, but I’d sure be interested in a regular update and would happily to give my consent to a forward-thinking bank to keep me alerted of their rate changes or product changes. First-mover advantage, anyone? Alas, at this time, a bank won’t let you start a relationship with them unless you open an account. I imagine many must be the same, but I’d also guess most people don’t want to have bank accounts all over the place.

It just takes a little rethinking in terms of how banks utilise customer data to demonstrate value, add convenience, remove friction, and create new benefits for customer and employees alike.

Learning from Other Industries
From my perspective, the media industry is a leader in this kind of customer-centric approach that creates value from customer relationships. If you think about a typical media company, they often have multiple brands with unique brand identities across the market. Customers want to engage with those brands, so media companies give customers the opportunity to have micro-level control over their relationship in terms of how often they will hear from the company and the kind of content they’ll receive.

A potential customer may not purchase anything initially, but the media company welcomes the opportunity to connect and establish a relationship to remain in the potential customer’s mind, so one day the potential customer willingly converts their relationship into a paying customer.

in the 51Customer Data Cloud to build detailed customer profiles and create personalised user experiences based on segmented data, such as demographics, interests, and onsite behaviours. The media company saved up to 12 months’ development time on tasks such as managing social networks, APIS, and maintaining privacy relationships while switching from its internally built customer data platform.

This digital transformation resulted in NewsLifeMedia utilising customer data to send personalised emails and relevant content directly to users who’d already given explicit consent, while also giving customers low-friction authentication options, such as re-using social media credentials. Intelligent use of data not only streamlined various backend processes but put the user experience at the heart of improvement. Banks must do the same.

Offering transparency and value
I opened an account with a mobile only neo-bank recently. This particular neo-bank does a good job of engaging their customers to crowdsource improvements to their digital experience. There is so much value for financial services providers to pilot changes that make customers’ lives easier. One of the real benefits of modern cloud-based digital tools is that it’s much easier to take a hypothesis, test it, measure the results, and then either expand, iterate, or pivot.

It’s a commonly held understanding that customers are happy to share more data with brands if they can see the value they’ll get from sharing, such as removing friction from a process. For example, hands up if you were initially hesitant to share your personal details, payment information, and location with ride-sharing platforms such as Uber? However, most of us soon realised how this capability removed so much friction from the experience of ordering and paying for rides, that we willingly shared our data with them.

I believe the ultimate solution for consumer data confidence comes back to truly solving all the friction points and blind spots in a customer’s journey. To alleviate friction points and illuminate blind spots, banks must build trusted personal relationships with their customers. If banks can find ways to remove friction from the banking experience while being transparent and explicit on how data shared by customers will improve a customer’s knowledge or experience, then banks will begin to earn that trust and see the benefits of customer loyalty that comes with increased trust.

Furthermore, when employees have confidence in the quality and compliance of consumer data, they feel more empowered to do their jobs and deliver great experiences for your customers.

Learn more about the trust equation and how Financial Services providers can take the .

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The Digital Revolution One Step at a Time /australia/2020/03/06/the-digital-revolution-one-step-at-a-time/ Fri, 06 Mar 2020 03:38:18 +0000 /australia/?p=3506 Laying the right technology foundation is key for better customer outcomes, says icare general manager, financial management and treasury Fehraz Fallil. It is said that...

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Laying the right technology foundation is key for better customer outcomes, says icare general manager, financial management and treasury Fehraz Fallil.

It is said that the truest measure of a society’s greatness is how well it treats its most vulnerable people.

New South Wales has for many years had schemes to help people severely injured at work, or in road accidents, or stricken with diseases caused by harmful workplace dust. By 2015, no less than seven such organisations were in place to fund care and compensation.

In 2015 the NSW state government brought these organisations under one umbrella, icare NSW, to improve the efficiency of the schemes and transform the experience of scheme participants.

“We wanted to change the way people thought about social insurance, which is what we do in government. We also wanted to have uniform ways of processing all insurance-related matters within the NSW government,” Fallil, said.

“Each scheme had their own business teams, finance teams, and front and back offices. We wanted a standardised approach and have uniform customer experiences.

“The outcome of that was a uniform customer experience at a reduced cost – although reduced cost was not the primary driver – it was about a better experience for our customers.”

But icare is not only responsible for injury claims, it also carries the insurance of more than $190 billion in NSW state assets – including the Sydney Harbour Bridge and the Opera House.

icare acknowledges that such precious assets are prudently re-insured, spreading the risk.

Two other state assets insured by icare, public schools at Bobin and Wyataliba north of Sydney, were burned down in the bushfires that have raged across parts of New South Wales since November.

The Grattan Institute estimated in 2016 that it cost about $15 million to build a relatively standard primary school and more than twice that for a secondary school.

Fallil says that with $35 billion in assets under management (AUM), icare is probably bigger than most commercial insurers in Australia.

Although it is a not-for-profit enterprise, icare must ensure it is a viable concern. “We say that we have ‘a social heart and a commercial mind’.

While the focus is not solely on commercial benefit, we still have to make sure that we manage commercially viable schemes.”

True partnership

icare’s biggest scheme is the NSW Workers’ Compensation Scheme, which protects 3.2 million workers across more than 320,000 employers.

The Workers compensation scheme was outsourced to several commercial operations, each with its own systems and processes before icare was created.

“We had limited visibility of what was going on – it just made it harder to make the right decisions at the right time, “says Fallil.

“There were seven different schemes, with three general ledgers. The finance systems architecture across them all resembled a spaghetti diagram more closely than anything else.”

With seven reporting entities the reporting and finance teams were siloed, a problem compounded by the fact they were located across multiple sites.

“Just to give you an indication, reporting would sometimes take up to 45 days after month-end.”

Falill notes that “What we decided by creating icare, was to back ourselves to build our own insurance platform. In April 2016, the icare team settled on 51S4/HANA to be the core of icare’s systems.

We wanted to build a uniform 51platform across all our schemes to support our insurance platform – Guidewire to ensure that people could have trust in the numbers.”

“Implementing 51S4/HANA effectively meant that we could integrate all the data on our insurance system with 51and have full visibility over every transaction.

Reconciliations would also be largely automated. “We were 10 months out, didn’t have a ledger, had three different systems and multiple teams. In December 2016, eight months later, we had a fully functioning 51S/4 HANA ledger.”

We say that we have ‘a social heart and a commercial mind’. While the focus is not solely on commercial benefit, we still have to make sure that we manage commercially viable schemes.”

Fallil notes from there it took a huge effort by the team and a major change management program to implement the HANA technology.

“In the change management program, we undertook to say we really weren’t going to just pick up the existing processes and retrofit them into S/4 HANA.

“We were going to use 51standard processes as our operating model and would change our processes to suit the system, as opposed to the other way around.

“By doing that, I think it was one of the fastest implementations of its time,” Fallil says, noting that no other entity in the Australian market appears to have managed a similar achievement.

He acknowledges that even an implementation that went as smoothly as this one can still encounter challenges, such as difficulties with data migration.

“However, 51themselves have been helping us through that and will be helping us in the coming years – a true partnership approach,” he said.

A major ambition for the project was to ensure that icare had a robust finance system that reconciled to the Guidewire insurance engine, and to make sure Fallil’s finance team had no loss of financial control.

“A key risk in implementing new systems is the possible loss of financial control. There were no audit points [accounting issues that must be corrected] to note when we did our financial audit post 51implementation in 2017. That’s a great thing, not just for icare but the team that manages 51as well.”

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