Digital Lifescapes

The rapid adoption of Generative AI (GenAI) is the top-ranked issue during the next two years for Legal, Compliance, and Privacy leaders, according to the latest worldwide market study by Gartner. In a recent survey of enterprise business leaders, 70 percent of respondents reported rapid GenAI adoption as a top concern for them. "Increases in capability and usability have prompted rapid and widespread company adoption of GenAI," said Stuart Strome, director at Gartner . However, uncertainties and unforeseen risks abound. Leaders will have to contend with these challenges to ensure the ethical and legal use of this powerful technology. Generative AI Market Development Gartner industry analysts have identified four key areas that these leaders need to address. Limited Visibility into Key Risks -- The ease of adoption, widespread applicability, and the ability of GenAI tools to perform a range of different business tasks mean that assurance teams will have limited visibility in...

With the Fintech market gaining momentum across the globe, other markets -- such as Insurtech -- are now being examined to assess the disruptive potential of digital business technology. Regulatory compliance is one such area where IT innovation can transform the sector. More than $340 billion in fines have been imposed on financial institutions in the decade since the financial crisis -- one report estimates that the total is likely to top $400 billion by 2020. Increasing requirements for transparency and growing scrutiny of ethical practices means that the cost of regulatory compliance will surely increase. With an average of 10-15 percent of employee staff dedicated to compliance, banks and insurers are spending more each year to comply with government-imposed regulatory obligations. One solution to this growing challenge is better automation. Robotic Process Automation Market Development According to the latest market study by Juniper Research , insurers will spend $634 mil...

More C-level executives are positioning their enterprise for digital transformation, ahead of their competition. Moreover, the most effective CIOs are already reinventing IT capabilities by deploying new advanced service delivery platforms, while also modernizing their legacy systems. As traditional IT organizations evolve, IDC has outlined key trends for CIO leadership. According to the IDC assessment, these important predictions provide a strategic context that will enable CIOs to lead their organizations through a period of rapid innovation and disruption over the next five years. Ten Predictions for CIO Leadership By 2021, driven by LOB needs, 70 percent of CIOs will deliver agile connectivity via APIs and architectures that interconnect digital solutions from cloud computing vendors, system developers, startups, and others. Compelled to curtail IT spending, improve enterprise IT agility, and accelerate innovation, 70 percent of CIOs will aggressively apply data and Artific...