WHAT ARE THE BENEFITS OF DIGITALISATION? For energy and commodity trading organisations and those in the financial markets, with whom we work, the use of advanced data analytics tools in market risk management, contract creation, logistics and complex networks have manifold and long-term benefits in terms of providing new opportunities for delivering business value and improving transparency.
For example, digitalisation and resultant new technologies can improve profit margins, save traders time compiling data for contracts. In addition, digitalisation converts data to market intelligence, giving the business the means to respond to changes in real-time and thereby mitigate risk.
The speed at which organisations can access data, extract the maximum value from it and act on it is foundational to success. In fact, in the case of commodities trading, digitalisation has caused a data explosion where access to real-time and near real-time data is widely available, where once it had only been the preserve of the few. The democratisation of this data through self-service access has levelled the playing field. Digitalisation and the innovation it effects is the key to building and maintaining competitive advantage.
IAN MURRIN Founder & CEO, Digiterre
ianm@digiterre.com
HOW TO SUCCEED
• Know that digitalisation is always more about the people and organisation than it is about technology.
• Focus on end-to-end workflows, processes and capabilities, to shape the definition and vision of a future state.
• Get domain experts on your team who have a deep understanding of your particular market niche as well as exemplary technical skills.
• Combine these with agile ways of working, which surface value to stakeholders early and continuously within short timeframes (e.g. “sprints”) and you have the golden combination.
• One of the hardest problems in digitalisation, is to correctly define the problem(s) you are trying to solve, the order in which to solve them and the optimal point of entry into that problem space.
• Only consider using non-domain rich engineering teams once you have defined your point of entry into the problem, the architecture, development environment and security model and started scaling your digitalisation programme. Throwing bodies at the problem at the start will not end well.
• Don’t throw the baby out – you may find building microservices around legacy systems achieves the same transformational aims at lower cost, risk and disruption to the business.
• Be prepared for a continuous programme of improvement – being agile in all senses of the word will lead to successful digitalisation outcomes.
• Start small and deliver value, everybody likes to get behind a win.
6 | ADMISI - The Ghost In The Machine | Q3 Edition 2022
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40
