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NEW STUDY: AI HELPS ORGANISATIONS GROW PROFITS 80 PERCENT FASTER

ORGANISATIONS

Global research highlights how organisations are capitalising on emerging technologies to enhance finance and operations for competitive advantage

 

Organisations that are adopting Artificial Intelligence (AI) and other emerging technologies in finance and operations are growing their annual profits 80 percent faster, according to a new study from Enterprise Strategy Group and Oracle. The global study, Emerging Technologies: The Competitive Edge for Finance and Operations, surveyed 700 finance and operations leaders across 13 countries and found that emerging technologies – AI, Internet of Things (IoT), blockchain, digital assistants – have passed the adoption tipping point, exceed expectations, and create significant competitive advantage for organisations.

 

AI and Digital Assistants Improve Accuracy and Efficiency in Finance

Organisations embracing emerging technologies in finance are experiencing benefits far greater than anticipated:

  • Errors in finance organisations have been reduced by 37 percent on average.
  • 72 percent of organisations using AI have a better understanding of overall business performance.
  • 83 percent of executives believe AI will completely automate financial close processes within the next five years.
  • Digital assistants increase productivity by 36 percent and accelerate financial analysis by 38 percent.

 

AI, IoT, and Blockchain Drive More Responsive Supply Chains

AI, IoT, blockchain and digital assistants are helping organisations improve accuracy, speed and insight in operations and the supply chain, and respondents expect additional business value as blockchain applications become mainstream.

  • Organisations using AI in their supply chains have seen order fulfillment reduction by an average of 6.7 business days.
  • Applying IoT data to supply chain processes helps organisations reduce fulfillment errors by 26 percent on average.
  • AI is helping organisations reduce fulfillment errors by 25 percent, stock-outs by 30 percent, and manufacturing downtime by 26 percent.
  • Organisations using digital assistants in their supply chains have increased employee productivity by 28 percent and the speed of analysis by 26 percent.
  • 87 percent of organisations using blockchain have achieved or exceeded ROI expectations; 82 percent expect to see significant business value within the next year.
  • 78 percent of executives believe the ability to verify supply chain monitoring with blockchain will reduce incidents of fraud in their supply chain by 50 percent or more over the next five years.
  • 68 percent of respondents see increased business intelligence as a key advantage of emerging technology in supply chain operations.

 

Emerging Tech Equals Competitive Advantage

The vast majority of organisations have now adopted emerging technologies and early adopters (those using three or more solutions) are seeing the greatest benefit and are more likely to outperform competitors.

  • Emerging technologies have become mainstream and 84 percent of organisations are using at least one of these technologies (AI, IoT, blockchain, digital assistants) in production.
  • 82 percent of organisations using three or more emerging technologies are ahead of competitors, compared to only 45 percent of organisations using none.
  • Organisations using multiple emerging technologies are 9.5 times more likely to have market-leading financial and operational accuracy.
  • Organisations are 2-3 times more likely to purchase prebuilt emerging technology solutions than build them on their own (percentage varies depending on technology solution).
  • Almost all respondents (91 percent) considered SaaS applications to be a key enabler of emerging technology.

 

Supporting quotes

“AI, IoT, blockchain and digital assistant capabilities enable organisations to innovate faster, creating significant competitive advantage and driving increased profit for companies embracing those technologies more decisively than their competitors,” said Juergen Lindner, senior vice president, SaaS product marketing, Oracle. “The research finds that these technologies have become mainstream and organisations that sit on the sidelines risk their business relevance. To help our customers outpace change and consequently the competition, we continuously infuse emerging technologies directly into the business processes to ensure they can harness these business-changing technologies.”

“This study makes it clear that emerging technologies have passed the trial phase and are moving toward a state of widespread adoption,” said John McKnight, EVP of Research and Analyst Services of Enterprise Strategy Group. “The business case for these technologies in areas such as finance and operations is maturing at a rapid pace – and in most cases benefits exceed expectations. Furthermore, the research shows that emerging technologies complement and amplify the benefits of one another, which underscores the importance of taking a holistic approach.”

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CORONAVIRUS PANDEMIC, STORE CLOSURES, SHIFT CONSUMER BUYING BEHAVIOUR LEADING TO ACCELERATED DIGITAL TRANSFORMATION FOR MERCHANTS

Forter Issues First In A Monthly Series of Coronavirus Special Reports 


Forter, the leader in e-commerce fraud prevention, today announced the release of the Forter Special Report on the Impact of Coronavirus on Consumer and Fraudster Behaviour. The report provides merchants across industries with insight into trends seen within the $150B in transactions that Forter processes annually.

As the Coronavirus pandemic sweeps across the globe, government responses have included enforced social distancing and financial support to beleaguered economies. Merchants who sell non-essential goods have responded by closing physical stores, and in some regions also their online operations. Consumers have begun to shift their purchases, even those of essential items such as groceries, online.

The Forter Special Report tracks trends and spikes in consumer behaviour as well as innovative methods that opportunistic fraudsters take to prey on consumers during this unprecedented and unpredictable time.

“Merchants are scrambling to cut costs, reduce the impact of fraud, scale efficiently, and deliver a consistent customer experience to meet rising consumer online buying behaviour,” said Michael Reitblat, CEO and co-Founder of Forter. “The aftermath of the pandemic will accelerate digital transformation among merchants as consumer shopping habits adapt.”

Covering industries including travel, fashion and beauty, food and beverage, marketplaces, and more, The Forter Special Report uncovers consumer buying trends such as:

  • The travel industry has been extremely hard hit. Regional variations are appearing, in particular an increase in purchases of inbound international travel to China in the weeks before the country closed down inbound travel on 26 March. Data in the last month points to “optimistic travel” in which the travel date is 120 or more days following booking. Such bookings now account for 65% of travel purchases.
  • The food and beverage industry has seen a dramatic increase in online purchases. New accounts now represent 15-25% of all customer volume, compared to 5-7% prior to the pandemic. As merchants struggle to manage the increased volume and meet expectations of new customers, we are seeing an increase in service chargebacks.

Fraudsters are exploiting confusion and uncertainty caused by government and corporate policies:

  • As people adjust to working from home, Forter sees a marked increase in social engineering fraud, associated with fake emails purporting to be from HR and corporate addresses. Here fraudsters invite people to click for more information, instead taking victims to malicious sites.
  • With a shift to online shopping in Apparel and Accessories, we see an increase in gift card purchases. While a higher number of legitimate buyers usually means that fraud rates drop, gift card fraud rates have not. Fraudsters have noticed an increased demand of the completely virtual merchandise that is easy to monetise.

In its recent report, “Mitigate Coronavirus (COVID-19) Business Impacts With Digital Commerce (March 2020),” Gartner asserts that “the COVID-19 outbreak will negatively impact business performance in the short term as offline activities are cancelled and online orders overwhelm delivery capacities. Application leaders can mitigate the impact and ensure continuity of operations by accelerating digital commerce initiatives.”

 

“With more consumers experiencing buying online, we expect merchants who hadn’t considered e-Commerce as a viable platform to now try it,” continued Reitblat. “Merchants that had already adopted e-Commerce struggle to meet this increase in demand. Working collaboratively from home and hiring to meet the volume create obstacles for those who manually review transactions for fraud.”

Forter’s integrated fraud prevention platform delivers real-time decisions at every point of the customer journey from account sign up and login, to purchase, and to returns. The system is tailored for each merchant based on its unique business requirements, pairing merchant feedback with Forter’s expertise.

Forter’s growing Global Merchant Network includes over 620 million consumers globally and 97% of online US consumers. Links among known consumers and those new to the network allow the platform to infer trust, resulting in higher accuracy without the need to manually review transactions and interactions.

With the Forter platform merchants can expect an up to 90% reduction in false declines, recapturing otherwise lost revenue and delivering the best possible buying experience to their consumers, with an up to 90% decrease in chargebacks due to fraudulent activity. Forter allows merchants to scale and accelerate their digital transformation strategies even in an uncertain time.

“Rules based systems by their nature look at the past and adapt to it,” said Reitblat. “New consumer behaviours, which we’re seeing across industries, as well as new fraud behaviours, are missed by these systems until they can adapt. Forter’s identity-based system authenticates the buyer, not just the behaviour.”

Together with the Special Report, Forter has also issued its Eighth Fraud Attack Index, highlighting industry trends and innovative fraud vectors, showing the evolution of fraud, comparing H2 2019 to H2 2018. The report features the continued evolution of fraud attack vectors across all customer touchpoints, demonstrating the need to protect merchants’ digital offerings at all interactions in the customer journey, from account abuse to payment abuse to policy abuse.

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BTON FINANCIAL PARTNERS WITH GENESIS TO AUTOMATE TRADING FOR ASSET MANAGERS

BTON Financial, the independent outsourced dealing desk for asset managers and genesis, the Low Code Application Platform for Capital Markets, are pleased to announce their partnership to automate trading workflows, which in turn drives greater trading performance.  The partnership helps drive front office transformation, bringing together genesis’ ability for agile software development and BTON Financial’s independent technology and data driven approach to outsourced dealing in the form of their award winning ‘Smart Broker Router’.

Following a competitive due diligence process, covering both vendors and consultancies, BTON Financial selected genesis as their technology partner because of their deep market expertise and Low Code Application Platform built specifically for capital markets. By using the genesis Low Code Application Platform, BTON are able to create solutions quickly without having to write substantial lines of code, making the development and deployment of these solutions much faster, simpler and much easier to support. 

With BTON Financial, asset managers are able to maintain a significant  edge over their peers, implement trading strategies effectively, ensuring that investment intentions are not undermined by poor execution quality as a result of inadequate legacy technology. 

BTON Financial’s award winning, proprietary Smart Broker Router, built on the genesis Low Code Application Platform, supports asset managers in taking advantage of the emerging liquidity and execution opportunities. The Smart Broker Router improves trading performance automatically by selecting the most appropriate broker with the most appropriate execution algorithm, while at the same time ensuring full regulatory compliance. 

The BTON Smart Broker Router is fully integrated with the other genesis trading solutions built on the platform, allowing orders to flow securely from the Smart Broker Router through to the receiving broker and into the trading workflow – all in real-time.

Commenting on the collaboration, James Harrison, Chief Operating Officer of genesis, said: “We are very excited to partner with BTON Financial. The machine learning driven Smart Broker Router is unique to the market and has been built using the genesis Low Code Application Platform. This powerful combination has allowed us to maximise the very latest in technology to fully optimise an asset managers’ trading performance while minimising costs.  We look forward to a long-lasting relationship”.

Dan Shepherd, CEO of BTON Financial, said: “We’re delighted to partner with genesis for the benefit of the asset management industry. By harnessing the genesis low code platform and its modular & agile development approach we can respond and adapt to market developments at speed. This is in stark contrast to legacy systems that often require whole platforms to be re-engineered. We very much look forward to continuing our collaboration with genesis and bringing new, innovative solutions to the asset management industry.”

Dan Shepherd concluded: “The FinTech ecosystem is now becoming more essential in helping firms manage their business continuity plans by automating more procedures, which is where our collaboration with  genesis will bring immediate benefits in the current climate. “

 

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