The worst thing that can happen to any business is for their creativity and innovation to become stagnant. Even the strongest companies cannot afford to rely on established products or services over the long haul unless those products have been transformed or improved. That makes supporting an innovation culture so important for any type of business if they want to grow or continue to sustain a long period of success. The problem is, so many companies simply do not know how to go about nurturing an impactful innovation culture.
The company says that there are many challenges facing the banking and finance sectors in the coming decade. It cites examples such as the rise in cybercrime, analysis of vast quantities of data, the opportunity of using artificial intelligence, and many others. The company says that each opportunity and threat pose unique challenges to overcome. The reason large institutions such as banks and other financial behemoths are slow to respond to market changes is that they are mired in regulation and red tape that slows down momentum when it comes to responding to the changing landscape.
By subscribing to the EarlyBirds platform Innovators become part of a global open ecosystem consisting of three pillars: startup, scaleup and mature Innovators, Early Adopters private and public sector businesses and Subject Matter Expert consultants. When an Innovator joins the EarlyBirds platform they not only have a choice of subscription options, but they also gain visibility to other subscribers and users of the platform.
SME’s can join Early Bird Marketplace as consultants and become part of the Early Birds open innovation system. For those who are passionate in helping their customers with disruptive innovations, Early Birds will bring startup, scaleup and mature solutions including a framework to deliver their Explorer and Challenger © programs.
The real challenge is in identifying key pain points in a sector and coming up with innovative solutions that challenge or upend the status quo. The aim is to move fast and to have a product that fits the needs of the market as soon as possible. The early mover advantage has proven to be the kingmaker in many industries. Any delay in being the first out the door with a working solution can mean the difference between barely surviving and thriving. Being the first to market lets a company set an example for the quality of service. It becomes the barometer with which to judge all future entries in the space.
A lack of information can lead to a company unintentionally hiring unsavoury individuals and unqualified personnel, which in turn can lead to unforeseen (and unwanted) events. 60% of all cyber attacks are committed by insiders, and while a portion of these incidents are caused unintentionally, the majority of insider attacks are deemed to be intentional in nature. 25% of data breaches are not caused by accidental keyboard presses, bad links and poor training but by the intentional actions of malicious employees. Statistics also show that 81% of non-grocery retail shrinkage, 59% of department store shrinkage and 50% of supermarket shrinkage is due to theft by employees, often even trusted members of a company’s team.
The EarlyBirds Insight Report and webinar into Australia’s Hydrogen future is a timely reminder of the importance of bilateral and multilateral collaboration between Innovators, Early Adopters and Subject Matter Experts. The recent agreement announced by the Australian Government on the 19 November 2020 states “academia and industry experts will team up to advance the future development of a hydrogen supply chain between Australia and Germany”, highlights the importance of tapping into and using an open ecosystem of key players to solve significant business challenges in a timely manner.
“The release of EarlyBirds’ explorer subscription in AWS Marketplace will help customers preferring to procure quickly through AWS Marketplace to accelerate their innovation agenda promptly” said Kris Poria, Co-founder of EarlyBirds.
Through the Agreement both ThinkPlace and Early Birds will act as a service provider to each other and join forces to develop combined value propositions incorporating service design enabled by innovative technology.
The goal of the Agreement is for the parties to join forces, develop combined value propositions and, where needed, intellectual property, and promote those in the form of digital transformation offerings extended through the UAB to its members leveraging economy of scale and reusable assets to achieve further competitiveness.
Despite this urgent need for cybersecurity innovations for a business enterprise, most companies don’t have the resources, such as money, skills, and ability for investing in cybersecurity for an enterprise. Many companies would have to depend on the products and services of innovative companies that have established as their mission the development of cybersecurity innovations to counter the rising threat of cybercrime.
- In traditional risk management, the quantity of risk reporting may crowd out quality, denying executive decision makers actionable insights about what is happening in the business.
- Today, the dynamic and unpredictable nature of both internal and external business environments requires an ‘intelligence-led approach’ to risk management.
- An intelligence-led approach is less about the efficient operation of the risk management function and more about informing strategic conversations and executive decision making.