Moving to 'intelligent operations' will help businesses thrive, says report

Vantage point: Insights from cutting-edge research

Organisations that leverage intelligent operations to make decisions and act in real time will be best placed to thrive in future, according to a report from HfS Research and Accenture. Based on survey research of 460 respondents across the globe, the report found that organisations which harness the combination of innovative talent, diverse data, and applied intelligence will be in the best position to overcome digital disruption and utilise data-driven insights to drive superior business outcomes and enhance the customer experience.

The move towards intelligent operations is fast becoming a make-or-break proposition for organisations, with 80 per cent respondents saying they are concerned with disruption and competitive threats, especially from new digitally savvy entrants. The report says most organisations are unable to make data-driven decisions due to a paucity of skills and technology to process data: in nearly 80 per cent of organisations, 50 to 90 per cent of the data is reported as unstructured and largely inaccessible. Half of the organisations also say their back office is not keeping pace with front office requirements to support digital capabilities and meet evolving customer expectations. “To win in today’s market and ensure future viability, it is essential that organisations capture value quickly, change direction at pace, and shape and deliver new products and services,” said Debbie Polishook, group chief executive, Accenture Operations.

New imperatives for financial security

Individuals, employers and governments must work together to ensure financial security for all, as innovation, technology, new ways of thinking and cultural adapting all play a part in reinventing expectations to meet new realities, according to research by Mercer. The survey report titled “Healthy, Wealthy and Work-wise” shows that people are not confident of having enough money to retire. With personal savings not enough, research demonstrated that one-quarter of pre-retirees are confident that they will save enough for retirement. The study covering 12 countries included senior decision makers from private and public sectors.

“The current state of financial security calls for revolution,” said Renee McGowan, global head of individual wealth, Mercer. “The good news is that if action is taken now, there are opportunities to address the financial savings gap and put us on a path that runs concurrently with today’s cultural norms. Society is changing — and our approach for savings and financial security should change right alongside it.” The results from the research call for significant and immediate action to resolve the current, global financial savings gap. “The existing expectation to retire at a certain age no longer applies. As people live and work longer, it is time to retire the concept of retirement as we know it. To live well later we need to act now — and responsibility to act is incumbent across the private sector, public sector and individuals,” added Rich Nuzum, president, wealth, Mercer.
 

Among other findings, the study showed 81 per cent adults feel personally responsible for their retirement income, yet many do not take requisite actions. Various factors (stress, affordability, access and confidence in investing, age, gender and stage of life) affect people’s ability to save and invest. One-third of the respondents indicated they had not made any retirement savings financial calculations, and the largest workforce segment (millennials) change jobs more frequently which also has a big impact on savings. Women face a gender gap in salary inequity and career continuity; and “gig” or informal economy workers are virtually on their own.

Survey results also demonstrated that people highly trust their employers, with 79 per cent claiming they trust employers to give sound, independent advice on planning, saving and investing. This data point demonstrates opportunities for employers to play a crucial role in addressing investment roadblocks for individuals. By comparison, only one out of six respondents said they had consulted a financial adviser to calculate retirement savings, with merely 56 per cent indicating that they trusted financial advisers.