Institute of Corporate Directors | Chami Akmeemana | Mar 14, 2022

Source: Convergence.Tech

New era, new capabilities

Modern, digital organizations are adopting new approaches to establish the capabilities needed to solve their most significant problems. They are using the power of these maturing emerging technologies coupled with advanced process engineering to design solutions with people at the centre, using anthropological techniques, such as behavioural science and human-centred design.

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We have defined 10 key capabilities that are essential for modern, digital organizations.

• Credential-based Digital Identity – the evolution of traditional centralized identity solutions, such as Identity Access Management (IAM), to enable a more decentralized, self-sovereign identity (SSI)-based solution. This is the new entry point for organizations that are increasingly aware of the risks and obligations of safeguarding personal information. It is also important for participation in the open ecosystems, marketplaces and platforms that make up web 3.0 and government identity frameworks that aim to empower their citizens with portable identities.

• Decentralized & Open Systems – as the world moves toward more open, transparent platforms, organizations will shift from closed, linear relationships to being a part of a broader ecosystem. To do this, they must adapt to a more decentralized model. This involves shared networks, distributed ledgers and finance, edge intelligence, and the extension and opening up of internal systems through open application programming interfaces (APIs) and industry standard protocols. This evolution requires change beyond technology, and calls for operating models, processes and governance structures to shift to more decentralized authorities and shared control.

• Digitized Assets & Services – traditional assets, services, products and experiences need to transition to a digital form, one that is codified, machine-readable and virtual. Through this transformation, new types of data are created, events and processes can be simulated at ‘real-life’ scale, new insights can be developed, greater assurance and authenticity can be provided, and new opportunities identified.

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• Augmented Digital Intelligence – the ever-expanding list of challenges modern organizations are facing requires a highly effective intelligence layer to improve operations, enhance decision-making, uplift functions, redesign processes, and deliver more relevant and meaningful interactions. In effect, this becomes a digital intelligence backbone running throughout the whole organization, designed to improve the decisions, tasks and interactions people perform every day.

• Complex Decisioning – although there is merit in pursuing a strategy centred on simplification, rationalization and cost efficiencies, leading organizations are realizing complexity is not something that will go away, and is in fact continuing to increase. Therefore, the need to have an ability to manage this complexity through a sophisticated decisioning capability becomes an essential part of a high-performing digital organization. These capabilities combine advanced knowledge systems with AI and machine learning, business rules and policy management, alongside modern governance approaches providing clear guardrails and parameters for execution.

As directors of Canada’s organizations, it will be important for you to understand the risks and opportunities that may be presented by these new technologies. Here are some key questions for directors:

• What are the opportunities? Are there ways to streamline operations, enhance new strategic initiatives, cut costs, build customer trust, develop new markets, and refocus and enhance employee development?
• What are the risks involved not only in implementing these new tools but also in not being aware of the opportunities and taking appropriate advantage of them?

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