NEWS
KM market to hit $1.1tn by 2026
A REPORT published by Global Indus- try Analysts Inc. claims the value of the Knowledge Management market will reach $1.1tn in the next five years. The report says the impact of Covid has forced organsiations to look at new ways of working, with more flexible teams needing improved access to organisational knowledge.
Cloud-based KM systems and tools, implemented to help transtition to home-working and hybrid solutions will also see more investment into the KM market helping to push the value beyond the $1tn mark. The current market value is estimated to be around $381.5bn. l
https://tinyurl.com/8e29upch
Guide to good KM in pharma sector
THE International Society for Pharmaceu- tical Engineering (ISPE) has released a new guide explaining how Knowledge Manage- ment best practice can improve results in the pharma industry. The guide is one of the first aimed specif- ically at the pharmaceutical industries, and report co-lead, Melanie Byrne says the guide “works to demystify KM and provides prac- tical guidance, templates, case studies, and references to related ISPE industry guidance to help organizations better understand what KM is, the benefits of effective KM, and how to deploy KM.” l
https://tinyurl.com/2jc49wfd
Black Cultural Archives webinar
CILIP is hosting a webinar with Ayshah Johnston and Hannah Ishmael from the Black Cultural Archives.
The pair will chart the journey of the Archives, which opened in a purpose built home in Brixton in 2014, are one of the few collections dedicated to Black cultural history. Hannah and Ayshah will also dis- cuss plans for the future as well as some of the archives’ current initiatives. Find out more and register at https://tinyurl. com/maf6xkp5.
Using data context to combat money laundering
A LONDON-based data analytics firm specialising in anti-money laundering has seen more than 100 per cent growth in the last year. The firm, Quantexa, said it’s Anti-Money Laundering sales rose by over 80 per cent but also said it had seen over 280 per cent growth outside of its core Financial Crime business in areas including government. Its software is used to join up a firm’s internal data with external sources. On its website the company says: “In fraud and financial crime, criminals intentionally manipulate their details with incorrect data, or provide as little information as possible to avoid detection. Our entity resolution was built to solve these key challenges from the outset – meaning that by design, it handles poor quality data.” In July 2020, during the pandemic the London-based firm, raised $65 million from new and existing investors includ- ing Evolution Equity Partners, British Patient Capital and ABN AMRO. It said it now operates in over 70 countries and has increased its workforce by 18 per cent in the last year to over 300 employees worldwide. Vishal Marria, CEO of Quantexa, said “This has been a year of major growth with continuing support from our global clients and alliances. Perhaps most pleasing is the significant expansion into new industries and markets amid a global pandemic.” Imam Hoque, Quantexa’s chief prod-
uct officer explained the impact of Covid on financial fraud to Enterprise Man- agement 360’s Tech Chat. He pointed to large handouts of cash from the gov-
ernment and added that there is “a lot more under-pressure activity – busi- nesses and individuals under pres- sure, and that pressure environment is something that fraudsters love. The sense of urgency, the lack of time... A bank that I was talking to said that they had given out as many loans in a month as they had in the last seven years. So you can imagine the pressure on the due diligence in such a situation.” He said: “Fraudsters are one step ahead. They come up with an innova- tion and the cyber world reacts in a cat and mouse game,” adding that “organ- isations have latency – you’ve got to go to the board for approval for a big data-oriented project and of course fraudsters are a lot quicker than that.” He said traditional models and machine learning capability rarely accounted for the series network structures of sophisticated fraudsters. He said Quan- texa is “not only taking your own inter- nal data… (but) enriching it with third party data like company structures, ownership, leaks that are out there, and offshore entities. But bringing active data together is a really hard prob- lem… This is what is called the entity resolution problem, that single view, not just individuals but companies, their structures, so you see how all the data joins and then how it connects into the network or relationships, who owns what company who is transact- ing with who. That is the first problem and that is what we help our customers do.”
Summer edition goes digital
THE next issue of Information Professional will be a Digital only edition – available through the CILIP app and online. The move is part of an ongoing publishing strategy that sees two digital two issues each year., helping to reduce the environmental impact of Information Professional. The digital version includes access to Pen&inc.
10 INFORMATION PROFESSIONAL
magazine, and is also more accessible as it works with screen reader technology. The app can be downloaded from Apples App Store and Google’s Play Store. An Open Access digital version will also be available on the CILIP website. Find out how to download the app at
www.cilip.org.uk/InformationProfessionalApp
June 2021
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