CILIP Conference 2020: KIM: the edge of the next normal
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Stephen Phillips, Founder, SmartIM Ltd Stephen Phillips will use the findings of Information as an Asset: today's board agenda and the FT Edge of Intelligence research to signpost the priorities for KIM professionals as they begin to navigate the next normal. 2020 was a year like no other and whilst 2021 promises more of the same, organisations are beginning to settle into the rhythm of the next normal. This presentation will highlight priorities for KIM professionals, followed by breakout groups to discuss the delivery of key initiatives. #CILIPConf20 #thenextnormal
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CILIP Conference 2020: KIM: the edge of the next normal
- 1. © 2020 SmartIM Ltd KIM: the edge of the next normal The continuing evolution of knowledge and information management to adapt to the next normal Stephen Phillips, founder SmartIM Ltd November 2020
- 2. © 2020 SmartIM Ltd Outline Introduction Information as an Asset: today’s board agenda The Edge of intelligence COVID-19 The next normal Discussions
- 3. © 2020 SmartIM Ltd Introduction • I am an information management leader with 30+ years experience in the financial services industry • In 2020 I founded SmartIM Ltd • I was Global Head of Business Information Services at a large investment bank. I led a team of 100+ researchers & managed an extensive portfolio of services and suppliers • I am an SLA fellow, 2021 European Conference Chair, vice chair of CILIP’s Knowledge & Information Management Group and CILIP Trustee from January 2021 • I am a trustee of two schools, a keen golfer, vacation in Portugal, and enjoy walks with Reggie (my Airedale terrier) when we discuss life, the universe & everything • https://www.linkedin.com/in/stephen-phillips-infopro/
- 4. © 2020 SmartIM Ltd 2019: the new board agenda IK SpringBoard https://cilip.org.uk/informationasset
- 5. © 2020 SmartIM Ltd 2020 The Edge of Intelligence https://intelligence.ft.com
- 6. © 2020 SmartIM Ltd Data led decision making: perception
- 7. © 2020 SmartIM Ltd Why market intelligence?
- 8. © 2020 SmartIM Ltd Strategic benefits: confidence
- 9. © 2020 SmartIM Ltd Gap analysis
- 10. © 2020 SmartIM Ltd Data without democracy
- 11. © 2020 SmartIM Ltd Most effective sources of intelligence
- 12. © 2020 SmartIM Ltd High quality intelligence: barriers 1. The skills, experience and platforms to manipulate data to effectively interpret and contextualise data and information 2. Sufficient investment in new sources of data, information and intelligence 3. Authoritative sources to cross check and verify data, information and intelligence
- 13. © 2020 SmartIM Ltd
- 14. © 2020 SmartIM Ltd The workplace https://www.thebcfa.com/bcfa-covid-19-impact-survey
- 15. © 2020 SmartIM Ltd The workplace https://www.thebcfa.com/bcfa-covid-19-impact-survey
- 16. © 2020 SmartIM Ltd McKinsey: COVID response Center https://www.mckinsey.com/about-us/covid-response-center/home
- 17. © 2020 SmartIM Ltd McKinsey: COVID Response Center
- 18. © 2020 SmartIM Ltd Dell Digital Transformation Index https://www.delltechnologies.com/en-us/perspectives/digital-transformation-index.htm
- 19. © 2020 SmartIM Ltd Dell DTI: Key findings 80% participants have accelerated digital transformation initiatives 29% unable to extract valued insights from data/information overload 24% lack the right skills to deliver initiatives, incl. data analytics 48% investing in knowledge sharing, up from 19% in 2016 57% claim to be making business decisions based on data in real time 46% regard being competitive as being “always on”
- 20. © 2020 SmartIM Ltd Next normal: KIM priority management Supporting accelerated decision making Extend your horizon scanning Addressing the superabundance of information Upskilling the workforce Democratising data, insight, intelligence, knowledge Information ethics & integrity
Editor's Notes
- By 2017 the Hawley Report had fallen into obscurity. Despite our best efforts, we could not locate a copy of the report, until KPMG supplied a copy from their archive. In 2018, A new partnership emerged between CILIP, KPMG, CIO Connect and Stuart Ward of IK SpringBoard to update and reinvigorate the report. Which was launched in February 2019 In addition to the original recommendations of Hawley, the group highlighted the need for the modern organisation to be aware of new developments in information management, resources and tools. Perhaps by appointing a board representative to own this responsibility, whose primary purpose being to develop a long term strategy to “identify, harness and protect information assets”. In recognition of: The increasing capability of information systems to derive value from information assets; enabled by tools like AI, text/data analytics, machine learning & robotics; The rapid growth in the volume and range of information assets The accelerating capability to share or transfer those assets between platforms The need to protect information assets in a more connected and open world The socio-political context that recognises the value of personal data, resulting in new regulation and legislation to prevent misuse
- The survey took place in Q3 2019 and captured insights from almost 550 FT Subscribers. The respondents we largely drawn from the UK and Europe, from a wide cross section of industries. 50% were senior management and almost 25% from the c-suite and 12% were at Chairman/CEO level Over 50% of participants were in organisations of over 500 employees, and 27% had over 10k employees
- 84% of the c-suite believe that credible, decision ready intelligence has a growing influence of decision making – but this sentiment is not so strong in the other management echelons The c-suite and middle managers believe the management and use of intelligence is a high priority for the board, but not shared by lower management Around 50% of management believes there is a significant need to upskill the workforce, not so strongly felt by the c-suite. Knowledge is power vibe or are people already skilled in this work? Only around 35% believe their strategy for exploiting intelligence is not aligned closely enough to their business strategy. Again, lower management is not quite so confident
- The overwhelming view on the benefits of intelligence focus on client service and revenues. Which reflects a rather transactional view of the world. Top 5 responses Anticipating client needs Attracting new clients (marketing) Improving profitability Increase market share Adapt to new business models Interesting that the lowest priorities were: Retain knowledge/expertise of current employees Attract new talent It might be interesting to survey the same cohort on their commitment to KM?
- These responses demonstrate a broad lack of confidence when it comes to horizon scanning. Clearly, most organisations are very confident articulating the benefits of good intelligence when it comes to their own sector. That confidence falls away very quickly when it comes to these adjacencies Most notable is the lack of confidence around supply chains and knowing your client, and their clients. This value of knowledge has been brutally exposed over the last few months, examples include the resilience of supply chains for PPE and medical equipment, the £14mm contract to provide ferry services post Brexit to Seaborne, a company that didn’t own any ships or have any experience and recently went bust, or the modern slavery issues that surfaced in Leicester that embroiled Boohoo (a company that was highly rated as an ethical business and had a significant investments from responsible investment funds who subsequently sold off their holdings). This wiped 50% of their share price, £2bn off their value and lead to calls for the Chairman and CEO to resign MORE
- 5 key themes are the biggest concerns for the organisation provision of information and intelligence: Competitor information Client information Clients’ customers/suppliers/partners Disruptive factors Threats to their business
- There was widespread recognition across over 50% of participants that they need to do more to improve access to information. This includes communications tools, infrastructure and frameworks designed to facilitate dissemination. All classic facets of KM
- Participants were asked what they consider to the be the most effective sources of information. I found this to be particularly interesting because it speaks directly to a discipline long regarded as a core function of information management. Market research from industry experts is by far and away the most cited in the survey. But news, opinion and data from media outlets, primary research, proprietary data, trade news, CRM systems and research consultancy also figure large. At the time, alt data and sensor based data (IoT) were comparatively unimportant, but I wonder how this chart might look if we reran the survey now?
- With the advent of COVID19 so soon after the release of the Edge of Intelligence, I began to wonder if it was still relevant. So, I began to look for evidence to support the claims made in the report and determine if the next normal we are moving towards was elevating or diminishing the importance of the report findings I divided my attention into two key themes: The workplace and the behaviours it engenders and technology.
- In terms of the workplace, there have been a number of studies assessing the impact of COVID19, these include the CIPD, The McKinsey COVID Response unit and British Contract Furniture Association. Some key findings of the BCFA are reproduced above, but it is important to bear in mind the context of this survey and the nature of the commissioning organisation. Clearly they are vested in people returning to the office! The ONS has reported that around 50% of people were working from home during lockdown and CIPD found 61% doing the same Despite some high profile press reports about organisations allowing permanent remote working, McKinsey, reported that 20% of UK executives said at least 1/10th of their staff could work remotely at least 2 days a week, up from around ~8% pre pandemic. Varies by industry and organisation with information, technology, finance and insurance showing the highest levels of commitment @ ~34% McKinsey also reported that 80% enjoyed working remotely and <80% said they were as productive or more productive when remote Highly likely that these individuals will have high levels of “social capital” built up pre pandemic. How will new entrants build this without the interactions of an office environment? Truth is some form of hybrid is likely to prevail
- In terms of the workplace, there have been a number of studies assessing the impact of COVID19, these include the CIPD, The McKinsey COVID Response unit and British Contract Furniture Association. Some key findings of the BCFA are reproduced above, but it is important to bear in mind the context of this survey and the nature of the commissioning organisation. Clearly they are vested in people returning to the office! The ONS has reported that around 50% of people were working from home during lockdown and CIPD found 61% doing the same Despite some high profile press reports about organisations allowing permanent remote working, McKinsey, reported that 20% of UK executives said at least 1/10th of their staff could work remotely at least 2 days a week, up from around ~8% pre pandemic. Varies by industry and organisation with information, technology, finance and insurance showing the highest levels of commitment @ ~34% McKinsey also reported that 80% enjoyed working remotely and <80% said they were as productive or more productive when remote Highly likely that these individuals will have high levels of “social capital” built up pre pandemic. How will new entrants build this without the interactions of an office environment? Truth is some form of hybrid is likely to prevail
- McKinsey highlighted the need to develop the talent pool and to upskill workers to be more effective in the next normal. This echoed the findings in The Edge of Intelligence which identified talent as a potential issue preventing organisations for leveraging information and intelligence. Post pandemic it seems reasonable to assume that organisations will invest in talent in the immediate future and c-suite players have probably moved up from the 43% who originally shared a need to upskill their workforce. I have highlighted four of these skills as they pertain to knowledge and information management: namely automation, data and analytics, intranet and collaboration and digital learning and training.
- According to McKinsey, 85% of respondents reported the acceleration of digitisation initiatives and 67% reported the acceleration of automation and AI initiatives. Organisations are using to AI/automation to displace previously outsourced and offshored functions. No doubt the scope of these technologies will expand to a broader cross section of tasks. Colleagues report that as more people were compelled to work from home their digital literacy skills improved significantly, but there is universal agreement that information literacy needs to improve if remote workers are to get the best from the remote platforms. Additionally, the digital transformation has led to the creation of more data and given rise to a number of challenges in the governance of information – including copyright, licensing and GDPR. As it is applied to proprietary information and the material acquired from third parties. Reinforcing key messages from Hawley.
- Dell recently released their own digital transformation study
- 80% (Dell) compares directly to McKinsey – 85% have accelerated digital transformation. 24% (Dell) or 48% (FT) recognise the need to upskill their workforce to leverage high quality information and intelligence. 48% investing in knowledge sharing is a 150% increase in 2 years and called out by Dell as a massive shift. Yet the FT report found that 50% of respondents already recognised a need to invest in these platforms pre pandemic The last two points reflect that the state of flux or change is now constant and BAU. At a transactional level, colleagues report that they are busier than ever; recording YOY increases in demand by up to 50%, compounded by shorter deadlines and turnaround times for requests.
- So, the evidence supports: Businesses are always on and operating in real time and data driven. Information pros report more transactional demand than ever – both self serve or offline Horizons are constantly expanding, creating/accentuating knowledge gaps: esp: clients, competitors and disruptive threats. They need secure, reliable sources of information and intelligence + continuing focus on new and emerging sources The amount of information is proliferating, e.g. COVID19. Organisations value experts to cut through noise to identify voracious information, often using legacy suppliers Digital literacy has grown exponentially in 2020, but not matched by information literacy. McKinsey identified the role of analytics translator to bridge the gap between the business, technology and data. Collaboration and KM are really taking off (Dell: +48% and McK 50%) as organisations gear up to support the next normal, a hybrid operating environment with low context culture, needing concise, easy to find documentation & asynchronous comms Governance will become particularly important, copyright and GDPR. But also the integrity of the information – purpose, who and how. Focus on doing the right thing