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Government Tech Trends 2019: Beyond the digital frontier

MD Staff

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Deloitte released its “Government Tech Trends 2019: Beyond the digital frontier.” The report explores how the convergence of new technologies with powerful technological forces is driving disruption across government. New technologies include advanced networking, serverless computing, and intelligent interfaces; and technological forces encompass digital experiences, cognitive and cloud.

“Many government organizations are finding that each individual advancement in technology—for example, blockchain, digital reality or serverless cloud architecture—is powerful, but that the real power emerges when they combine,” said Scott Buchholz, principal, Deloitte Consulting LLP and chief technology officer for its government and public services practice. “Finding ways to integrate a constellation of new technologies into a new operational paradigm is the next level challenge that’s unfolding in government right now.”

Government Tech Trends 2019, based on Deloitte Tech Trends, interprets the trends with a focus on government. The report also includes a score for each trend based on its relevancy to government and the government’s readiness to adopt.

The eight trends that are giving rise to new operating models, redefining the nature of work, and dramatically changing IT’s relationship with the business include:

Macro technology forces at work – The nine technology forces at work are: cloud, analytics, digital experience, blockchain, cognitive, digital reality, core modernization, cyber, and the business of information technology. These forces are critical for organizations—their controlled collision can compound the effect of a purposeful, transformational change.

Trend in action: A supply chain can be optimized with an integrated combination of technologies—next-gen core financial system upgrades, cloud deployments, AI predictive models, blockchain for tracking and more.

AI-fueled organizations – Leading organizations are harnessing AI’s full potential for data-driven decision making and generating valuable insights. To become a true “AI-fueled” organization, a department or agency needs to find AI’s place in the mission, rethink its talent, focus on human and machine interaction in its environment, and deploy machine learning across core business processes and enterprise operations.

Trend in action: Use AI and machine learning to help curb fraud, waste, and abuse by detecting invalid, improper or mischaracterized payments.

NoOps in a serverless world – Cloud providers have doggedly automated traditional infrastructure and security management tasks and are increasing the complexity and value of “as a service” capabilities. As a result, technical resources are interacting less and less with the underlying system infrastructure. Operations talent can shift to increasingly agile teams focusing on higher-order (and higher-value) activities that more directly support mission outcomes.

Trend in action: Pay-as-you-go models offer flexibility and cost-efficiency for seasonal demands like tax filings or health care enrollment. Look at piloting new application using container-based, function-based, or other new cloud computing models.

Connectivity of tomorrow – Advanced networking offers a continuum of connectivity that can drive the development of new products and services or transform inefficient operating models. From edge computing and mesh networks to 5G, satellite, and ultra-broadband, organizations across sectors and geographies are relooking at advanced connectivity options to design their networks of tomorrow.

Trend in action: Field-deployed personnel will soon have greater bandwidth on their mobile devices than they have at their desks today—rethink processes and systems to take advantage of the connectivity.

Intelligent interfaces – Intelligent interfaces combine the latest in human-centered design with leading-edge technologies such as computer vision, conversational voice, auditory analytics, and advanced augmented reality (AR) and virtual reality. Working in concert, these techniques and capabilities can transform the ways we engage with machines, data, and each other.

Trend in action: With AR, skilled technicians can move from one system to another without extra training. Inspectors can use facial and image recognition with speech capture interfaces. Indirect measures of activity time and personnel efficiency permit digitalization and analysis.

Beyond marketing—experience reimagined – Today’s citizens expect highly personalized, contextualized experiences. To deliver them, leading chief marketing officers are looking inward to closer partnerships with their own CIOs and a new generation of marketing tools and techniques powered by data-enabled emerging technologies.

Trend in action: Service programs can use advanced marketing techniques to engage the population, gauge reactions and adjust rollouts.

DevSecOps and the cyber imperative – To enhance their approaches to cybersecurity and cyber risk, forward-thinking organizations are embedding security, privacy, policy, and controls into their evolved IT delivery models. DevSecOps fundamentally transforms cyber and risk management from compliance-based activities (typically undertaken late in the development lifecycle) into essential framing mindsets that help shape system design from the ground up.

Trend in action: The National Institutes of Health and the Food and Drug Administration are working to standardize, automate, and virtualize processes using close-knit teams that integrate development, security and operations into to reduce human error, speed results and make difficult operations invisible to the user.

Beyond the digital frontier – Digital transformation has become a rallying cry for business and technology strategists. Yet all too often, organizations anchor their approach on a specific technology advance. Developing a systematic approach for identifying and harnessing opportunities born of the intersections of technology, science, and business is an essential first step in demystifying digital transformation, and making it concrete, achievable and measurable.

Trend in action: Cashierless stores could serve as models for the Department of Defense Exchanges. Government health providers can use health care insurers’ AI-enabled verification of eligibility for medical procedures. Organizations are increasingly using AI and other digital techniques to screen recruits.

“These trends are actively shaping strategic and operational transformations today, redefining IT’s role within government and forcing leaders to reimagine what it means to govern and serve against the backdrop of a global, digitally driven economy,” said Buchholz.

Reports

Post-Brexit UK will continue to offer significant opportunities

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PwC’s new report, Brexit and beyond: Assessing the impact on Europe’s asset and wealth managers, outlines the chief findings from qualitative interviews with senior executives at more than 20 global asset and wealth managers (AWMs) covering both the preparations for Brexit made by AWMs so far and their views of what the future holds for their businesses and the industry as a whole.

As the political and economic climate around Brexit continues to provide uncertainty across the globe, many AWMs feel confident that they are prepared for Day One following the UK’s departure from the EU – deal or no deal. But for them, this is only the beginning of the story. AWMs are now beginning to think hard about what comes next – above all, about how to best position their businesses for future growth and profitability.

“We received a clear message that the UK will remain a very important part of Europe’s finance ecosystem beyond Brexit. To this end, and to prevent further fracture, uncertainty and costs for business and investors, there is a strong desire among our clients for close alignment based on regulatory equivalence between the UK and the EU27,” said Andy O’Callaghan, Global Asset and Wealth Management Advisory Leader.

The report details the position of AWMs on Day One after Brexit, how they anticipate their operating models changing further in the months and years that follow, and how they see the long-term outlook for the industry as a whole.

Five key takeaways from the report:

More than three years after the referendum, there is still little clarity about the future relationship between the UK and the EU. While the EU’s equivalence regime offers a potentially powerful insurance policy against future uncertainty, AWMs may suffer collateral damage if trade negotiations become politicised.

Most AWMs we interviewed say they are ready for Brexit, helped by the interventions of Europe’s supervisory authorities, and should be able to continue operating largely seamlessly, even in the case of no deal. However, market and economic volatility is a concern.

The future for the UK’s AWM sector is now unclear. Policymakers and the AWM sector will need to focus on cementing the UK’s status as a centre of excellence for portfolio management while deciding the extent of tax and/or regulatory alignment is a viable option for driving funds growth.

EU27 centres such as Ireland and Luxembourg now have an opportunity to consolidate and grow their substantial funds industries, but fragmentation and domestic competition pose a potential risk to the industry.

EU27 AWMs are still unclear about the best way to access the lucrative UK market.

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Reports

Emerging East Asia Bond Market Growth Steady Amid Global Slowdown

MD Staff

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Emerging East Asia’s local currency bond market posted steady growth during the third quarter of 2019 despite persistent trade uncertainties and a global economic downturn, according to the latest issue of the Asian Development Bank’s (ADB) Asia Bond Monitor.

“The ongoing trade dispute between the People’s Republic of China (PRC) and the United States and a sharper-than-expected economic slowdown in advanced economies and the PRC continue to pose the biggest downside risks to the region’s financial stability,” said ADB Chief Economist Mr. Yasuyuki Sawada. “However, monetary policy easing in several advanced economies is helping to keep financial conditions stable.”

Emerging East Asia comprises the PRC; Hong Kong, China; Indonesia; the Republic of Korea; Malaysia; the Philippines; Singapore; Thailand; and Viet Nam.

Local currency bonds outstanding in emerging East Asia reached $15.2 trillion at the end of September. This was 3.1% higher than at the end of June. Local currency government bonds outstanding totaled $9.4 trillion, accounting for 61.8% of the total, while the stock of corporate bonds was $5.8 trillion. A total of $1.5 trillion in local currency bonds were issued in the third quarter, up 0.9% versus the previous three months.

The PRC remained emerging East Asia’s largest bond market at $11.5 trillion, accounting for 75.4% of emerging East Asia’s outstanding bonds. Indonesia had the fastest-growing local currency bond market in the region during the third quarter, boosted by large issuance of treasury bills and bonds.

A special theme chapter examines the relationship between bond market development and the risk-taking behavior of banks. The analysis finds that well-developed bond markets reduce the overall risk of banks and improve their liquidity positions. This suggests bond market development can contribute to the soundness of the banking system.

An annual liquidity survey in the report shows increased liquidity and trading volumes in most regional local currency bond markets in 2019 versus 2018. It also highlights the need for a well-functioning hedging mechanism and diversified investor base for both government and corporate bonds.

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Job Quality in Cambodia is Improving, but New Policies Are Needed to Benefit from Global Markets

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The diversity and quality of jobs available in Cambodia is improving, yet new policies are needed for Cambodia to benefit from the opportunities available in future global markets, according to a World Bank report, Cambodia’s Future Jobs: Linking to the Economy of Tomorrow, released today.

Of the 8 million jobs in Cambodia, 37 percent are wage jobs, many of which offer higher earnings and more protections to workers. However, the other 63 percent of jobs remain more traditional. Such jobs on family farms or in household enterprises are weakly integrated in the modern economy and offer workers lower earnings.

“The diversity and quality of jobs in Cambodia has gradually improved,” said Inguna Dobraja, World Bank Country Manager for Cambodia. “But global trends, such as the growing Asian middle class, shifting trade patterns, and automation require that Cambodia re-think its jobs strategy as it advances to the next stage of export-led development.”

Foreign-owned firms have been significant contributors of higher quality jobs in Cambodia. By 2015, one-third of all wage jobs in Cambodia were in foreign-owned firms. During the period 2010-2015, the garments industry was the fastest-growing occupation sector, increasing its share of employment by 1.1 percent per year.

Domestic firms are more numerous than foreign-owned firms, but they do not contribute as many jobs. Domestic firms employ an average 8 workers, compared to 124 in foreign-owned firms. A key concern is ensuring Cambodian workers are equipped with the skills to compete with workers from other countries for jobs in foreign-owned firms. In 2016, 37.6 of exporters cited an inadequately educated workforce as a top business obstacle.

The report recommends a four-pronged strategy to securing more and better jobs in the future: diversify exports into higher value-added production; create a domestic business environment that supports local firms growth; strengthen linkages between the domestic and export sectors of the economy; and invest in workers’ skills and education. The report further details seven policy recommendations that would advance these strategic goals:

Diversify exports and foreign direct investment (FDI) into higher value-added value chains. Most current jobs are in low-value segments of global value chains. Simplifying processes, providing incentives to foreign investors, and creating quality assurance facilities will encourage diversification of exports and FDI into higher value-added value chains or segments of value chains.

Streamline procedures and reduce the costs of establishing and expanding small- and medium-size enterprises (SMEs), which have considerable potential to create jobs. Such policies would include reducing the cost of doing business for local firms, increasing firm contributions to worker skills development, increasing access to financing through grant programs and fiscal incentives, and providing support to firms to hire more workers.

Help household enterprises enhance their productivity and create better jobs. Household enterprises account for one out of every five jobs in Cambodia and this will grow with increased urbanization. Information technology, for example, can help household enterprises improve their basic business practices and access broader markets.

Support the development of links between exporting FDI firms and domestic input-supplying firms, by, for example, providing incentives to foreign firms to source their inputs from local SMEs, creating a directory of local suppliers with the capacity to partner with foreign firms, and establishing local supplier development programs.

Build a skills development system that will attract higher-value FDI and increase productivity across the economy. Cambodia’s workforce is getting by with only 6.3 years of education on average. Policymakers should focus on reforming today’s education system to help the tomorrow’s workers acquire the broad range of skills needed to work in a knowledge-intensive economy andengage enterprises in the design, financing, and support of a technical and vocational training system to serve today’s workers.

Promote efficient labor mobility and job matching by opening formal international migration channels and supporting programs that encourage circular migration, and by disseminating information about job opportunities inside and outside of the country to students, jobseekers, education and training institutes, and employers so that skills development choices are aligned with the changing labor market demand.

Regain macroeconomic independence and exchange-rate flexibility. US dollar fluctuations have a significant impact on Cambodia’s trade and commodities sectors, which are responsible for most of the country’s jobs. As Cambodia begins to export to a broader range of countries, macroeconomic and fiscal stability will help shield existing jobs from factors related to the US dollar.

“The success of Cambodia’s job strategy will depend on the participation and cooperation of stakeholders across the economy, not only policy makers and government leaders, but also entrepreneurs, investors, development partners, and, of course, workers themselves,” said Wendy Cunningham, Lead Economist and a lead author of the report.

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