SCIENCE + BUSINESS = INNOVATIONS

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1 KAUNAS 2018: INOVACIJŲ SANTAKA SCIENCE + BUSINESS = INNOVATIONS prof. dr. Edita Gimžauskienė KTU School of Economics and Business

2 Next to technology adoption, a data mindset and analytical capabilities will be the most significant factors in determining future success 27% Percentage of processes digitalized by incumbent industry companies. 50% Percentage of processes digitalized by industry disruptors. Source: The World Economy Forum 2018

3 MINDSET CULTURAL SHIFT IN APPROACH AND WAYS OF WORKING Imperatives for the data-driven organization include: Top-down mandate, with leadership themselves actively using data, driving its improvement and extending data as DNA to every member and structural component of the organization Exponential insights aided by data science and a real-time data system across every function and role within the company Centrally facilitated and seamless flow of data across business models, functions and project teams Obvious, rapid decisions based on a single version of the truth, driven by undisputed facts; time to action is reduced by a factor of ten. Source: The World Economy Forum 2018

4 STRUCTURES FUNDAMENTAL CHANGES IN SHAPE AND EXECUTION Best practices for open data sharing include: Define data-sharing agreements that recognize comparative advantage, and optimize total ecosystem value, while protecting individual interests Outline data governance for appropriate use, including compliance with local regulations Build integrated technology platforms that support data interoperability, as well as protect data security. Source: The World Economy Forum 2018

5 GOVERNANCE: What s Changed? Agile/ decentralized/ accelerated decision-making Refers to the organizational accountabilities, the critical decisions that need to be taken, and the forum in which they will be decided Data-driven decisions, Top-down decision-making, guided by experience vs individual empowerment with clear decision guardrails all the way to the front line Source: The World Economy Forum 2018

6 PROCESS: What s Changed? Integrated, outcome-focused/ ongoing innovation Defines how work will get done within the organization and between partners, outlining the key activity steps, roles and responsibilities Functional groups, managing dependent but separate activities vs Functions merge to deliver outcomes, enabled by combinatorial technology Source: The World Economy Forum 2018

7 ORGANIZATION & WORKFORCE: What s Changed? Flatter, liquid and intrapreneurial/ converging teams Includes the structure of the organization and its approach to accessing and managing talent Defined as an independent, individual company; maximizing company financial value vs Porous organization with plug-andplay platform supporting selforganizing project teams focused on driving outcomes; multiple internal/external employment models Source: The World Economy Forum 2018

8 TECHNOLOGY: What s Changed? Continually renewing disruption/ technology awareness across the company Outlines the underpinning technology, digital and analytical requirements to support business capabilities and processes Enterprise IT, with focus on standardization; shadow IT addresses specific business needs vs Technology roadmap developed with intentionality continually renews scan and integrate new technologies, creating business opportunities; AI and automation simplify activities Source: The World Economy Forum 2018

9 CULTURE: What s Changed? Bias towards action/ incorporation of new stakeholders /society s values Reflects the core values of the organization and the behaviours they drive Tradition and excellence; valuing experience and historical knowledge; focus on preserving and building on legacy; value of leaders is determined by size of team and book of business managed vs Disrupt thyself and learn by doing; risk tolerant; prizes individual intrapreneurship; student leadership; value of leaders is determined by impact to the business Source: The World Economy Forum 2018

10 METRICS & INCENTIVES : What s Changed? Forward-focused/ real-time data and analysis Addresses the KPIs measured by the company, their usage, and their ability to drive behaviours Premium placed on stability, longevity, predictable growth and profitability; standardization across businesses vs Consumer value and forwardlooking metrics; different metrics for different business models Source: The World Economy Forum 2018

11 CASE OF KTU SCHOOL OF ECONOMICS AND BUSINESS Key success factors: Technology Data-driven thinking Analytical skills BLOOMBERG FINANCIAL MARKETS LAB FOR RESEARCHERS, STUDENTS AND BUSINESS

12 FUNCTIONALITY UBIQUITY COMMUNITY

13 FUNCTIONALITY Built around Analytic functions; The greatest breadth and depth of data on any vendor ( functions); Platfom of the principles of finance; Stock pitches; Certificate program; Maps to the CFA program; Wonderful teaching tools.

14 UBIQUITY Professional hardware; Used to entice enrollment; Most users on Wall Street; Product heavily featured in Hollywood movies: Big Short, Billions; Margin Call.

15 COMMUNITY Great possibility you to join a global, rich, vibrant community of business; Community together in premium locations around the world; Professors; Syllabus integration conferences.

16 INFORMATION ON THE BUSINESS SECTORS Communications Advertising & Marketing; Healthcare Biotech; 3,62% Entertainment Content; Disease Groups; Internet & etc; Large Pharma & etc; Consumer Discretionary Industrials Airlines; Aerospace & Defence; Luxury Goods; Machinery Constructions; Restaurants & etc; Rail & etc; Consumer Staples Basic Materials 0,00% Beverages; Agricultural Chemicals; Tobacco; Containers & Packaging; Household Products & etc; Forest & Paper Products & etc; Utilities Electronics; Gas; Utility Networks & etc; Financials Banking; Investment Banking; Life Insurance & etc; Technology Data Networking; Application Software; Infrastructure Software & etc; Energy Integrated oils; Biofuels; Oil & Gas Production & etc; 3,62%

17 BLOOMBERG PROFESSIONAL BENEFITS FOR BUSINESS LIBRARIES Corporate Commodity Test Relationship Hypotheses Forecast Security Economic

18 UNIVERSITY PERSPECTIVES BUSINESS PERSPECTIVES

19 INTERNATIONAL BLOOMBERG MARKETS CONCEPTS CERTIFICATE AN ENTREPRENEUR ADVANTAGE Economic Indicators Currency Market Bloomberg Market Concepts Equity Fixed Income Certificate