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The rise of the ‘business technologist’ and ‘hyperautomation’

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As we move into 2022, the trends we see emerging will increasingly be geared towards delivering improved user experiences and innovation at speed.

Unlocking data and harnessing digital capabilities will be the cornerstone of future transformation initiatives, with composable businesses set to take centre stage in the year ahead. MuleSoft has outlined the trends that will shape these emerging operating models and IT priorities in 2022.

The future of work will be built on connected, hybrid experiences

In 2022, hybrid working will continue to cement itself as the new normal. Creating frictionless hybrid experiences will be key to maximising productivity and retaining the best talent, as employees increasingly expect their work lives to be as connected as their personal ones. To make this a reality, companies will need to move beyond one-off investments in new collaboration platforms to initiatives that create fully connected workplace experiences.

To support this, IT leaders will look for new ways of empowering teams across their organisation, by giving them easy access to the apps and data they need to do their jobs wherever they’re working from. They will also look for ways to support greater collaboration between IT and business teams, by enabling them to access, unlock, and integrate data and apps in a secure and governed way.

The composable business matures

Today’s always-on digital economy brings huge pressure for organisations to get things right for the end user. To keep pace, driving agility will be front of mind for all. This will see the rise of the composable business in 2022 –  where digital capabilities can be composed from existing applications using APIs, rather than being built from scratch every time.  Composable businesses can turn their digital capabilities and data into secure and discoverable building blocks that employees can reuse to compose their own solutions.

To support this, organisations will increasingly move away from only using RESTful APIs. These will be supplemented by event-driven AsyncAPIs and data-driven GraphQL APIs, which are more flexible and extensible and support the fluid, real-time interactions that consumers expect today. The organisations at the forefront of this trend will lead the charge to a more agile, composable, and event-driven future.

The year of the ‘business technologist’

Business technologists – employees who sit outside of IT – will be empowered to drive their own digital innovation. This will help alleviate the IT bottlenecks and in turn freeing up even more time for innovation. Organisations will increasingly embrace low or no-code approaches and AI-assisted development tools.

With this approach, business technologists can create connected experiences without needing to learn how to code.80% of organisations already have a mature approach to enabling non-IT users to easily integrate apps and data sources through APIs, or are in the process of developing plans to. In 2022, this trend will gain momentum, and business teams will continue to work more closely alongside IT to accelerate innovation and drive greater value for the wider company.

The growth of hyperautomation

Over the next year, automation will be a fundamental driving force for the modern digital enterprise, rather than a capability to be rolled out in piecemeal projects. As a result, it will be scaled across the entire enterprise – leading to hyperautomation, where companies automate anything that can be automated.

However, the shift to digital-first customer and employee experiences has created more data from more systems, which makes it harder to achieve this level of automation. Companies now face the challenge of securely integrating, automating and managing workflows across multiple silos of data and systems at scale. To succeed, organisations will need to combine integration, API management, and automation, so they can scale and increase the speed of work through hyperautomation – from streamlining sales operations to speeding up customer case resolution

Security-by-default will become a must-have

The shift to the composable business comes with a natural acceleration of digital innovation. While this is central to driving success, it also invites cybersecurity risks. If managed incorrectly, organisations and their customers could be exposed to financial and reputational damage. Unfortunately, API attacks have become a frequent threat vector. As such, the technology platforms used to support and manage APIs in 2022 will be critical, and will need to be “secure-by-default”.

This means that, in cases where there are a range of configuration options, the most secure option will always be offered by default. Even in cases where users proactively choose the less secure route, these secure-by-default platforms will offer pop-up prompts and tips to explain the risks to the user as they go.

Hybrid complexity will need to be managed

Making the move to hybrid and multi-cloud provided many organisations with the flexibility needed to navigate the challenges of the pandemic. However, these environments have also drastically increased the complexity of modern digital ecosystems. In 2022, organisations will seek to efficiently manage the complexity and universal API management will be at the heart of this.

We will see a growing need for universal platforms that enable organisations to manage their APIs wherever they are created, whatever standards they are governed by, and whatever gateways they have. This will allow enterprises to run and catalogue their APIs anywhere, while centrally uncovering issues and enforcing policies – no matter the underlying environment.

A single source of truth becomes key to the data-driven business

For the last 18 months, the world has been witnessing a data explosion. Organisations looking to integrate, analyse, and act on this data have faced major challenges – from IT complexity, proprietary systems, and data silos to the sheer volume of data now available. To be successfully data-driven in 2022, organisations must break down silos across the enterprise to create a single source of truth.





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Saudi Arabia’s Most admired Companies in 2022

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Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.



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Bank of England raises base interest rate to 1.75%

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The Bank of England has raised the base interest rate by half a percentage point to 1.75 per cent, the biggest rise since 1995, in an attempt to combat runaway inflation.

The nine-strong monetary policy committee voted eight to one in favour of a 50 basis point rise, defying some market expectations for an increase by 25 basis points.

It is the Bank’s sixth consecutive tightening in monetary policy and follows in the footsteps of the US Federal Reserve and European Central Bank, which have begun aggressively raising rates by larger increments.

Interest rates are now the highest since 2009 as the Bank attempts to bring down inflation, which is running at a 40-year high of 9.4 per cent and is on course to exceed 11 per cent later this year.

These would be the worst inflation rates in the G7, caused in large part by rising global energy prices driving household bills higher this year. The UK economy is also heading for a slowdown this year as consumer incomes are squeezed more tightly than since the 1950s.

Andrew Bailey, the Bank’s governor, has hinted that it will also announce how it intends to begin unwinding the £850 billion of government debt pumped into the economy since the financial crisis, offloading bonds worth between £50 billion and £100 billion from as early as next month.

The Bank will also deliver its quarterly outlook, with Bailey expected to forecast that inflation will rise beyond 11 per cent and remain in double digits into next year. The Bank’s target is 2 per cent.

Commenting on today’s Bank of England interest rate rise, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: “This rise is the clearest signal yet of the Bank of England’s intention to get inflation under control. Spiralling prices are cited by businesses as by far and away the top concern right now.

“However, given the extremely precarious state of the economy, this decision is not without risk for businesses and consumers that are exposed to banking or overdraft facilities.

“There are many causes of the current inflation crisis – global supply chain problems, trade barriers, soaring energy costs, increased taxes, and labour market shortages. Interest rate rises alone will do little to address these.

“Worryingly, our research indicates strongly that most small businesses are not investing for growth, and that longer-term confidence is beginning to wane.





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Opinion: OSC appointment fuss is a tempest in a teapot

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Jeffrey MacIntosh: The government has the legislated right to have a say in the agency’s course

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Ed Waitzer’s recent op-ed (“The issue at the OSC is integrity, not debate,” July 14, 2022) expresses surprise and disappointment in my recent op-ed (“Conflict at the OSC: Why the regulator needs to make room for dissent,” July 7, 2022). In that op-ed, I argued that lawyer Heather Zordel’s appointment as non-executive chair of the OSC in March of this year should be met with open arms, as it introduces new points of view into what seems to be a rather intellectually closed shop. I don’t suppose it will come as a shock to Ed Waitzer or anyone else that I am surprised and disappointed at his rebuttal.

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To begin with, it contains a number of inaccuracies. It states that Ms. Zordel was denied reappointment to her earlier position (2019-2021) as part-time commissioner. In fact, given her busy legal practice, she took herself out of the running. This puts a rather different complexion on the matter.

And I never stated or implied that Ms. Zordel was not reappointed as part-time commissioner because of two dissenting opinions that she wrote as commissioner. My point was that for Ms. Zordel’s critics the dissents were a factor in opposing her appointment as chair of the board.

The nub of my argument was that the OSC could benefit from greater variety of viewpoints among its brass as to what investor protection and other aspects of the OSC’s mission entail. By contrast, Mr. Waitzer argues: “the importance of debate and dissent is not the point here.” I beg to differ. As I indicated, some prominent accounts of Ms. Zordel’s appointment have put a pejorative cast on her disagreements with her fellow commissioners. That puts the issue of debate and dissent front and centre.

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I certainly agree with Mr. Waitzer that the independence of administrative agencies is a cornerstone of our democracy. But does that mean that every administrative agency should be entirely divorced from any government oversight whatsoever — a little fiefdom unto itself and in no sense answerable to its political masters? Not a whit. It is the government that creates the agency, defines its mandate, gives it the powers that it needs to carry out that mandate and defines its organizational structure. And it is entirely within the purview of the government to enlist its legislative power to re-define that mandate, powers, and organizational structure if it chooses.

We don’t have to look into the distant past to find an example. On the advice of a non-partisan blue ribbon panel — the Capital Markets Modernization Taskforce (“CMMT”) — the Conservative government has recently substantially reorganized the OSC via the Securities Commission Act, 2021 (declared in force in April). That legislation splits the adjudicative function (the “Capital Markets Tribunal”) from the regulatory function. Moreover, where before the reorganization the OSC Chair and CEO were the same person, the two offices are now split. As expressed by the CMMT, “The Board of Directors, led by the Chair, (will) focus on the strategic oversight and corporate governance of the regulator,” while “The CEO (will) be responsible for the overall management of the organization and execution of the OSC’s mandate.” The directors, including the chair, are all government appointees.

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This new structure, recommended by a non-partisan committee, gives the government of the day the power to influence, at the highest level, the strategic direction of the OSC. But why should it not? If the government is dissatisfied with the strategic vision or regulatory philosophy of the regulator or the manner in which it is being implemented, it would be profoundly anti-democratic — and at odds with the rule of law — to forbid the government from seeking to alter the agency’s course.

Indeed, the Ontario Securities Act states “The Commission is an agent of the Crown in right of Ontario.” The key word here is “agent.” It is not “hegemony,” “fiefdom” or “satrapy.” At the end of the day, the OSC is a government creation performing regulatory functions ceded to it by the government.

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Do Ms. Zordel’s conservative connections compromise the independence of the institution of which she is now head? Absolutely not. In the making of such appointments, the twin issues of competence and integrity will take up a lot of shelf space. But why should the government not also consider, if it chooses, whether potential nominees share the government’s regulatory philosophy

The true worry about political interference is that the government might attempt to dictate or influence the result of particular cases. But the new legislation builds in the important protection of ceding no operational powers to the board of directors. Thus, aside from the government’s power to approve or decline proposed rule changes (a longstanding feature of securities regulation), its sole discretionary avenue of influence lies in its power to appoint directors and hence influence high-level strategic direction.

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What is left of the argument that there has been inappropriate political interference over the OSC? Only the assertion that Ms. Zordel and three other part-time commissioners were appointed without the government having consulted the OSC, as has customarily been done. Yes, it would have been better if the government had consulted the OSC. In all likelihood, however, the outcome would have been the same. The OSC might not like not having been consulted but at best this is a foible not a fiasco.

In the end, this tempest easily fits within a standard-issue teapot.

Financial Post

Jeffrey MacIntosh is a professor of law at the Faculty of Law, University of Toronto, and a director of the Canadian Securities Exchange.

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