The Lloyd’s building, London. Credit: https://unsplash.com/@diklein Lloyd’s of London’s CEO John Neal is leaving the insurance marketplace this year – and it’s rattled some members as a consortium continues with a “thorny” mission to ditch mainframes and paper processes under a troubled and delayed “Blueprint 2” digital transformation programme. The insurance marketplace has promised to publish a “heritage services exit plan” by this February – late last year it stripped back a group testing the delivery of new digital services to just four brokers and four carriers. An initial “go live” target of October 2024 for a new digital system meanwhile has been delayed, with “target dates” swapped for “target phases.” Under the overhaul, all insurance brokers will need to adopt new Digital Processing Services (DPS) to continue trading in the market. This post is for subscribers only Subscribe Already have an account? Sign In

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By Aaron Patrick, Head of Accounts, Boffix As the pace of digital transformation grows, small and medium-sized businesses are grappling with both unprecedented challenges and opportunities. From navigating economic uncertainty to meeting evolving customer expectations, the ability to adapt quickly has never been more critical. Technology is at the heart of this transformation, with financial management systems (FMS) emerging as essential tools for enhancing efficiency and resilience. Yet, despite the clear benefits, many SMEs remain hesitant to adopt these solutions. The 2024 Intuit QuickBooks Accountant Technology Survey underscores this urgency by revealing a striking contrast: despite a significant share (63%) of respondents weighing clients’ use of technology in assessing whether they’d be a good fit for their business, half of SMEs are still not utilising FMS. This reluctance persists even though 82% of businesses recognise that those leveraging FMS are better equipped to weather economic storms. By championing the adoption of digital tools like accounting software, accountants can play a pivotal role in helping SMEs harness technology to secure their future. There are some practical strategies for SMEs that I’ve used to help them get tech savvy, such as offering demonstrations and providing tailored solutions for certain sectors. I […]

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Above: The cover of the Digital Transformation Ministry’s strategy document. BitDepth#1493 for January 13, 2025 The Ministry of Digital Transformation (MDT) published its National Digital Transformation Strategy for 2024 – 2027 and it is, in a word, an embarrassment. Listen to Mark read "Concepts of a transformation plan" Mark Lyndersay 00:00 Listen to Mark read "Concepts of a transformation plan" – Mark Lyndersay Under the title BOLD (Building Our Lives Digitally) the MDT proceeds, over 88 pages that manage to be both verbose and vague, to rehash the talking points it has been spewing with great enthusiasm ever since it began communicating with the public. It’s notable that the document includes not a single photo or chart to support even a single project undertaken by the ministry since its formation under Hassel Bacchus in August 2020. In his introduction, Minister Bacchus restates his ambitions for a “Digital Government that collectively offers a new way to address the end-to-end consumption and delivery of goods and services to customers using appropriate digital technology.” He goes on to revisit previously stated notions of how this is to be achieved via the concepts of a digital society, digital economy and digital governance. The […]

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Michael Hill Forrester, Amazon Business, WEF – PEX Network PEX Network ’s weekly news bulletin rounds up the latest research, reports and publications in operational excellence (OPEX), digital transformation, artificial intelligence (AI) and automation, business process management (BPM), process mining and process intelligence and more. This week includes : Businesses increasingly adopting process intelligence tools AI still a “novelty” for UK Ministry of Defence Digital transformation, AI & data analytics revolutionize procurement processes Process mining’s transformative impact on manufacturing efficiency Almost half of businesses plan AI-driven workforce cuts by 2030 Don’t miss any news, updates or insider tips from PEX Network by getting them delivered to your inbox. Sign up to our newsletter and join our community of experts. Businesses increasingly adopting process intelligence tools Research and analyst giant Forrester published The State Of Process Intelligence, 2024 report , examining the current landscape of process intelligence tools. The firm analyzed around 2,000 survey responses from technology leaders across industries, geographies and company sizes. It found that organizations are increasingly adopting process intelligence technology to improve their processes with many using federated models and centralized centers of excellence for efficiency. Businesses reflected a preference for embedded offerings but skill shortages […]

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Article by Fernando Florez , Chief Revenue Officer at Making Sense Today, more mid-sized companies are embracing digital transformation to improve efficiency, productivity, and customer experiences. A recent Deloitte survey of tech leaders in mid-market enterprises revealed that over half identified “efficiency” and “productivity” as their primary goals, with 34% also prioritizing “innovation” and “growth.” Key technologies driving this shift include cloud computing and AI tools designed to streamline operations and scale businesses effectively. The potential of these technologies is enormous. PwC data shows that 60% of senior executives believe digital transformation is essential for growth, while according to a study conducted by the Digital Marketing Institute , one in three companies view it as a matter of survival. However, digital transformation is not without challenges, companies must carefully navigate obstacles such as outdated systems, insufficient data quality, and unclear ROI strategies. Let’s dive into these challenges and how successful companies overcome them. Key Challenges in Digital Transformation The Importance of High-Quality Data AI tools are only as effective as the data they analyze. High-quality, diverse, and unbiased data is critical to achieving meaningful insights and operational improvements. Yet, many companies adopt a reactive approach, layering AI onto outdated […]

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The Politburo and the Party Central Committee’s Secretariat held an online national conference in Ha Noi on Monday to implement the Politburo’s Resolution No. 57-NQ/TW dated December 22, 2024 on breakthroughs in science and technology development, innovation and national digital transformation. Party General Secretary To Lam, State President Luong Cuong, Prime Minister Pham Minh Chinh, National Assembly Chairman Tran Thanh Man, and Permanent member of the Party Central Committee’s Secretariat and Head of the Inspection Commission Tran Cam Tu co-chaired the conference. The Da Nang broadcasting bridge point saw the attendance of Party Committee Secretary Nguyen Van Quang, Standing Deputy Secretary of the Party Committee Nguyen Dinh Vinh, Chairman of the People’s Committee Le Trung Chinh, and Chairman of the People’s Council Ngo Xuan Thang. Party General Secretary To Lam delivered his concluding speech at the conference. Photo: VNA Sci-tech development, innovation, digital transformation is a strategic task In his closing speech delivered at the conference, Party General Secretary To Lam highlighted that the Party and State always considered science and technology as the decisive factor and foundation for the sustainable development of the country. Since the fourth National Party Congress, science and technology have been identified as a […]

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678508e09a43aca77b54dcc1 Dreamstime M 107744935 Digital transformation among manufacturers is healthy, and the Industry 4.0 era is well underway, but automated processes and upgrading the factory floor through technological advancements still face notable hurdles going into 2025, according to the results of the late summer and early fall Smart Industry audience survey that formed the basis of the State of Initiative Report 2024, our latest whitepaper. Download and read the State of Initiative Report for 2024 See also: State of Initiative Report for 2023 While last year’s SoIR cited “a return to optimism,” optimism reflected in this year’s survey was tempered by some big unknowns heading into 2025—the economy and U.S. government instability, for starters, now that Donald Trump is taking up residence in the White House again. In our survey, a third of the respondents—33.94% to be precise—felt “general economic uncertainty” was a significant challenge to advancing their businesses and digital transformation projects. Open to responses up until Nov. 1, 2024, almost until Election Day in America, respondents to SI’s survey answered the 20-question poll amid the heated federal campaign, which returned Trump to power and handed total control of the U.S. government—the House and Senate joining a Supreme […]

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Driving Innovation in the Oil and Gas Industry Published on: In this modern era, digital transformation is revolutionizing industries worldwide, and the oil and gas sector is no exception to this shift. Rajeshwar Guggilla, an expert in energy systems, explores advanced digital solutions transforming this vital industry. By focusing on innovations like predictive analytics, IoT, and blockchain technologies, his insights provide a comprehensive roadmap for boosting operational efficiency, driving sustainability, and building resilience in challenging market conditions. Transforming Operations with Advanced Technologies The implementation of cloud computing, IoT, AI, and blockchain in the oil and gas industry has been a transformative approach toward operational process enhancement. All these technologies are facilitating real-time data collection, processing, and analysis, significantly improving decision-making capability and minimizing inefficiencies. For instance, predictive analytics maximizes resource usage and maintenance schedule efficiency, resulting in up to 25% lower operation costs and productivity improvement of up to 30%. These improvements not only improve competitiveness but also ensure compliance with environmental and regulatory standards, thereby adding value up and down the supply chain. Sustainability Management: Reducing Environmental Impact Sustainability has become a basic goal in the oil and gas industry, with digital technologies being instrumental. Advanced energy management […]

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National Health Service (NHS) Concept. Medical Care Insurance Public Department. As the NHS enters a transformative year, 2025 promises groundbreaking advancements in AI, patient care and health equity. Discover how technology will shape a more efficient, inclusive and proactive healthcare system by hearing what some of the leading lights from the healthtech industry think. Kavita Parmar, Co-Founder, Word360 said: This year marks a critical turning point in the transformation of interpreting and translation services within the NHS. As highlighted in Lord Darzi’s 2024 report, there is an urgent need for a ‘tilt towards technology’ and for systems to become more interoperable, particularly in addressing health inequalities and improving patient care. Trusts will increasingly seek AI-driven, clinically safe translation services that can integrate seamlessly with their existing infrastructure, and ultimately improve productivity. However, the demand for traditional face-to-face interpreting services will remain essential, especially as communities continue to diversify. With initiatives like CORE20plus 5 pushing for more equitable access to healthcare, NHS Trusts will face growing pressure to allocate larger budgets to meet this rising demand. As healthcare becomes more inclusive, ensuring effective communication across all languages will be crucial to improving patient outcomes and achieving the imminent NHS Long-Term […]

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AccessPay has explored finance and the state of transformations and development in corporate teams through the launch of its new Finance Trends 2025 report. Following this announcement, the report explores finance and treasury teams’ digital transformation status, ISO 20022 preparations, and approach to fraud management. It also presents a deep dive into the financial services, legal, and retail sectors. The company also focused on understanding the state of finance transformations in corporates and FIs, while also determining how and where they are focusing on digitalisation efforts at the beginning of 2025. Access Pay releases its new Finance Trends 2025 More information on the release of Access Pay’s Finance Trends report Included in the key findings from the report are account name verification topping firms’ technology prioritises, minimal action taken for new ISO 20022 mandatory data requirements, as well as invoice scams ranking as a top fraud concern. For multiple companies, finance transformation is a work in progress. According to the official press release, just 13% had fully digitised, while 69% stated they were in the midst of digital transformation with a combination of manual and digital processes. Financial services firms also accelerated their finance transformation efforts, with legal firms […]

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