In a recent blog about IT and innovation, the point was made that there are numerous untapped opportunities for IT to become an enabler of the business as opposed to just a cost center to be tolerated. The examples in the blog emphasized that real time intelligence is king: For instance turn a mundane activity at an insurance company such as client's address change into new selling opportunities by putting the information in context and pushing correlated information to other applications that could drive new sales opportunities. IT becomes an enabler, not just a cost center.
To enact this example, some significant effort would be required to consolidate client data, demographic information, and other sources which would contain polices and sales information per region. It would also include process changes, and alterations to applications to accept real time updates of client information. Undoubtedly a large insurance company would want to trend such movements, making projections about potential sales opportunities. In the current economic climate, such a project might not be viewed favorably despite the potential because the directives from the business are cost cutting.
The approach necessary to enable real time correlation of events for the above example starts with a foundation that includes Information as a Service which requires a strong data federation base. Having a strong data federation base will reduce data redundancy due to the proliferation of database copies. This will in turn reduce the amount of data movement that overwhelms the network during night time operations. Data Federation and Information as a Service also provide the basis for better consolidated views, helping executives to better understand their client base.
Cost cutting and investing in the future are not mutually exclusive, it is a matter of broadening the business perspective followed by articulated strategy and definitive execution. IT has the opportunity to broaden that view with the emerging set of technologies that enable feasible data federation, while supplying enough bandwidth, and correlating events in real time for distribution to subscribers, and this is just one example.
IT must engage the business asking about how leveraging information in real time could help drive revenue, cut costs, defray risk. Every business has a wish list, projects focused on that list can be structured to cut costs while increasing agility. The recession is here, but the need to differentiate cannot be deferred. Real time intelligence will be the tool of those who emerge from the current downturn.
Sheppard & Tony
Tony Bishop is CEO, Adaptivity. He'd previously served as SVP and chief architect of Wachovia's Corporate Investment Banking Technology Group, where his team earned numerous awards for its SOA and utility computing infrastructure. Tony has 19 years' experience and is the recipient of 40 under 40 Most Innovative IT Leaders, Premier 100 IT Leaders as selected (by ComputerWorld in 2007) and a member of Wall Street Gold Book 2007.
Sheppard Narkier is chief scientist and co-founder of Adaptivity. Prior to that, he was head of software portfolio management and IT governance for the Wachovia Corporate Investment Banking Technology Group. Sheppard has more than 29 years of experience in the IT industry. He focuses on cost-effective IT systems and is an acknowleged expert at reusable components (frameworks, programs, architecture), the realtime enterprise, SOAs, messaging and legacy system integration.
Jim Houghton is the Chief Technology Officer and co-Founder of Adaptivity. Jim was the SVP of Architecture & Strategy for the infrastructure organization at Bank of America, where he drove legacy infrastructure transformation initiatives across 40+ data centers. Prior to that he was the Head of Wachovia’s Utility Product Management, where he drove the design, services, and offerings for SOA and Utility Computing for the technology division of Wachovia’s Corporate & Investment Bank. Jim has also led leading-edge consulting practices at IBM Global Technology Services and Deloitte Consulting.
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