Monthly Archives: February 2024

Accountancy & Accounts, Research

Risk cultures can make or break banks, reveals new report ACCA

  • 2023 banking collapses exposed weaknesses in risk governance that ultimately led to failures
  • Accountancy professionals should work collaboratively to raise risk awareness, promote new insights, and influence organisational culture and behaviours
  • ACCA UK members share their insights and experiences of risk culture in the workplace

 

A new special report by ACCA, the leading global professional accountancy body, examines the impact of risk cultures in the banking industry and how financial institutions can learn from what went wrong in the lead up to the banking collapses of 2023.

The report, Risk cultures in banking: Where next? sheds new light on the pressing need for the banking sector to adapt and innovate risk governance and culture. A key finding of the report was that finance and accountancy professionals should lead an image change around risk culture, framing it as something that allows many good opportunities to happen, rather than only mitigating bad things.

The report further suggests that factors of human behaviour currently do not have enough bearing when it comes to risk cultures in banking. Understanding the role of human behaviours when it comes to risk culture is complex, but with effective leadership, policy and management, many of the operational issues that have the potential to become much bigger problems can be mitigated earlier.

Head of risk management and corporate governance at ACCA, and author of the report, Rachael Johnson, commented: “The 2023 banking collapses underlined the importance of transparency in preventing operational losses and reputational risk at banks. A strong risk culture supports this, ensuring trust in information for resilience and prudent risk taking.

“Accountancy professionals can act as risk super-networkers, aiding teams in informed decisions and sharing knowledge. By sharing stories, they can raise risk awareness, promote new insights, and influence organisational performance, which is what effective risk cultures are all about.”

The report speaks to multiple ACCA members about their experiences of working within banking industries and attitudes towards compliance and the understanding of risk. Through discussion, the evidence highlighted that a lack of dialogue between banks and regulators underpinned many of the issues around building effective risk culture.

Rather than there being unwillingness to change how risk culture is approached and managed, the issue instead appears to be how to make a risk culture successful. The key issue from the UK members spoken to in the report appears to be one of disconnect between senior decision makers and those looking at the operational data, as well as being on the ground amongst staff and understanding their behaviours and attitudes.

An ACCA member who is an investment manager in the UK compared the accumulating operational risk losses at banks ‘like trying to extinguish forest fires’. He commented: “The fines and reputational damage in banking have been enormous in recent years. It is as if we know something needs to change about how we quantify these risks but, as an industry, we are not doing enough about it.”

Another ACCA UK member added: “We see time and time again that boards and senior management are more concerned with quarterly earnings and do not pay enough attention to strategic risks and how fast they materialise into something very costly.”

 

The role of behavioural factors in risk culture is a key takeaway from the report. It discusses the dynamics of risk being more about human behaviour than mathematical models or process design flaws, and it includes 10 action points for banks, highlighting how stronger partnerships between risk, support units, and accounting functions can make a profound difference.

Visit ACCA’s website for more information.

 

Manufacturing, Manufacturing Tech, News

Nuvonic Celebrates 100 Years in Business

The company has been innovating in UV technology since the 1920s and pledges ongoing commitment to customer-focused innovation

Nuvonic, a global UV technology solutions provider, commemorates its 100th year of unwavering commitment to excellence. Formerly known as Hanovia, the company has been a stalwart in UV science since its inception in the 1920s, and its century-long journey is a testament to innovation and adaptability.

Founded in Slough, Berkshire, U.K., in 1924, Hanovia started manufacturing UV lamps for medical applications. Since then, the company has consistently been at the forefront of UV science. Over the years, Hanovia evolved into one of the world’s leading UV lamps and systems manufacturers, contributing to industries such as food and beverage processing, pharmaceuticals, brewing, electronics, and aquaculture.

 

Over the decades, Nuvonic has undergone a transformative journey marked by strategic milestones and industry leadership. In 1981, Nuvonic became part of Halma plc, laying the foundation for future growth. The subsequent years witnessed important developments, such as Berson’s integration into the Halma family in 1986 and Berson’s groundbreaking introduction of the InLine model of UV systems in 1995. In 2017, Hanovia, Berson, and Aquionics united under a single management team, fortifying their position in the UV technology landscape. The year 2021 saw Orca joining Halma, further strengthening the collective expertise. In 2022, these four entities converged under the innovative banner of Nuvonic, reflecting a unified commitment to excellence.

 

“Reaching our hundredth year is proof that Nuvonic has stayed strong, adapted, and kept delivering for our customers,” said Alex Langston, Managing Director of Nuvonic. “Our legacy, strong brand, and trust show we’ve been consistent. Thriving for a century means we’re always innovating and changing with the times. As industry leaders, we’ve shared our progress worldwide, weathered changes, and made a positive impact on our team, customers, and the business world.”

“As Nuvonic approaches its centennial milestone in 2024, we remain dedicated to being a reliable, seasoned, and customer-centric partner. With a century of expertise at the forefront of UV science, we understand what it takes to meet customer needs across diverse industries and we will continue to explore breakthroughs in UV technology to improve people’s health and safety,” added Alex.

 

Nuvonic’s Timeline Highlights

  • 1924 The British Hanovia Quartz Lamp Co Ltd is founded in Slough, holding various patents and manufacturing rights across the British Empire.
  • 1925 The company starts manufacturing UV lamps for medical and other applications.
  • 1927 Hanovia extends its operations overseas, appointing distributors in Australia, India, and New Zealand.
  • 1928 UV ‘artificial sunlight’ receives significant press coverage and front page news due to the work Hanovia was doing for medical applications.
  • 1931 Hanovia starts publishing The Quartz Lamp, a quarterly journal reproducing the best articles in the field of actinotherapy.
  • 1934 The company acquires land in Slough and begins building its own office and factory premises, which are opened in 1935.
  • 1935 The company is renamed Hanovia Limited.
  • 1936–1939 These years see the development of an entirely new range of therapeutic lamps and a series of laboratory models based on a new UV ‘arc tube.’
  • 1939 The company introduces ‘low pressure’ mercury discharge tubes for bactericidal irradiation.
  • 1939–1945 Hanovia manages to retain its unique team of specialists and continues operation as an ‘Essential Establishment.’
  • 1942 The company designs ‘high pressure’ UV arc tubes for use in high speed photo printing.
  • 1949 By now, food, beverage and pharmaceutical manufacturers across Europe are using Hanovia’s UV technology for bacterial disinfection.
  • 1950 The ‘Biscayne’ domestic sunlamp is launched.
  • 1955 The company introduces a portable fluorescent UV lamp for actinotherapy.
  • 1960 A domestic room heater is launched.
  • 1981 Hanovia is acquired by Halma plc, a FTSE 250 company with subsidiaries around the world, focusing on hazard detection, life protection, personal and public health improvement and environmental protection.
  • 1983 Aquionics begins operation as Hanovia’s North American sales, marketing and service arm.
  • 1986 Berson becomes a Halma company and Aquionics incorporates the UV products from Berson.
  • 1995 Berson invents the InLine model of UV systems, the first of its kind.
  • 1998 Orca GmBH is founded in Cologne, Germany.
  • 2014 Orca GmBH begins production of UVpro systems.
  • 2017 Hanovia, Berson, and Aquionics combine to become a single operator under one management team.
  • 2021 Orca becomes a Halma company.
  • 2022 The four companies move under one innovative name: Nuvonic.

 

About Nuvonic: 

Nuvonic is a global UV technology solutions provider and part of the Halma Group. With a mission to support nature’s purity with science by protecting people and processes from harmful contamination while continuously innovating and improving, Nuvonic offers the most comprehensive range of UV-based solutions for water, surface, and air disinfection backed by a century of combined experience and expertise. Nuvonic’s four combined UV innovators offer chemical-free full-facility disinfection through the innovative application of UV technology, providing a unique value proposition for UV market professionals. For more information, visit www.nuvonicuv.com.

Cybersecurity, News, Tech, Technology

Crossword Cybersecurity Launches Trillion HarVista

Crossword Cybersecurity Plc, the cybersecurity solutions company focused on cyber strategy and risk, has launched Trillion HarVista, a new product in its Trillion Threat Intelligence platform that for the first time allows enterprise security teams to safely gather threat intelligence from multiple dark web forums, discussion channels, ransomware sites and messaging platforms, without leaving a trail of activity or risking malware infection.

As a groundbreaking threat intelligence tool, Trillion HarVista works by constantly scraping new posts, chats and replies, creating keyword searchable indexes and screenshots with automated alerts based on the terms defined by an enterprise, such as a company name, or a known exploit. It does this by creating ‘offline’ copies of forums and chats, stripping them of harmful content and attachments, before storing them on secure servers for a safe browsing experience.  This data can then be tagged, searched, and analysed.

Keeping safely ahead of the threat actors

Security defenders know that monitoring the dark web can provide insights that could make the difference between being in front of an attack or being a victim, but accessing and tracking this underground information can be challenging, and the locals hostile. It requires time and deft skill to avoid detection, which can place a company at higher risk of attack.

Stuart Jubb, Group Managing Director from Crossword Cybersecurity Plc said, “For the first time, Trillion HarVista gives enterprise security professionals a new level of proactive threat intelligence, and a safe way to secretly monitor the channels used by criminal communities and stay one step ahead in the race to keep organisations safer from attacks and data breaches.  Trillion HarVista takes the pain, risk, and endless hours out of monitoring the dark web, allowing security professionals to focus on analysis and action.”

 

Key features of Trillion HarVista

  • Safe access to a wide range of sources – Immediate, anonymous, and safe access to closed and difficult to access forums.  Hacker chat channels from popular messaging apps like Telegram can also be searched.
  • Data pivoting – Search results within Trillion HarVista are parsed and presented in a meaningful data model, making the information easy to navigate and drill through.  With a single click analysts can jump from a high level search into detailed discussion threads or even alternative topics posted by a specific threat actor.
  • Keyword searches and alerts – Allow security professionals to easily search topics, as well as be alerted to topics of interest when they are being discussed.
  • Original screenshots – Get complete context by seeing what was being said and by who through stored screenshots.
  • Private tags – Easily make other members of an enterprise security team aware of key discoveries by applying private tags.

 

Trillion HarVista is part of the Trillion platform, Crossword’s dark web credential monitoring service, which monitors the billions of account credentials passing through dark markets and criminal forums, and alerting customers when leaked credentials are discovered.

 

Accountancy, Business, Business News

Quantum Advisory secure £9m full scheme buy-in for Birmingham Chamber of Commerce with Just Group

Quantum Advisory, the leading independent financial services consultancy, has brokered a £9m full scheme buy-in with Just Group for the Birmingham Chamber of Commerce Pension Fund. The transaction provides improved benefit security to around 100 pensioners and 40 deferred members and opens a new chapter for the sponsoring employer, Birmingham Chamber of Commerce & Industry, who can now concentrate their resource on commercial activities for the benefit of businesses in the surrounding area.

After much work and due diligence, Trustee Corporation Limited (acting as Sole Trustee) signed terms with Just Group towards the end of last year, a significant step towards full scheme buy-out where all members’ benefits will be secured with, and paid by, Just Group for the lifetime of the Fund.

The lead transaction adviser, investment adviser and Scheme Actuary are Quantum Advisory and the Trustee legal adviser for the buy-out project is Gateley. The longstanding Trustee of the Fund is Trustee Corporation Limited, represented by Vivien Cockerill.

Adam Cottrell, lead transaction advisor at Quantum Advisory, said: “To complete a £9m transaction so seamlessly at an extremely busy time for the market was very satisfying. Knowing how this enhanced level of pension security will benefit members over the long term, at a time when everyone’s finances are so stretched, also makes this a particularly rewarding end to a successful project. The Trustee and the Chamber put their trust in us to make the right moves, at speed, at key stages of the transaction, something which is so often critical in getting this size of deal over the line.”

Joanne Eynon, partner and scheme actuary at Quantum Advisory, said: “We have worked diligently with the Trustee and Chamber since 2010 and so it was very fulfilling for us to see them achieve their long-term strategic objective as planned, providing additional security for Fund members and a new chapter for the Chamber. We are very proud to have helped them reach this key milestone on their journey to buy-out.”

Vivien Cockerill, trustee director at Trustee Corporation Limited, said: “The Chamber of Commerce and the trustees, including Trustee Corporation Limited, identified buy-out as their long-term aim many years ago. Trustee Corporation Limited moved to become the sole trustee more recently and the team is delighted to have achieved the important step of a full buy-in significantly more quickly than expected. The careful planning and good teamwork with the Chamber and the advisers in implementation have worked well.”

Helen Bates, chief financial officer at Birmingham Chamber of Commerce & Industry, said: “Birmingham Chamber of Commerce & Industry is pleased to secure its members’ benefits following the sale of its premises in 2020 and significant investment in the fund. The Chamber has worked closely with the trustee of the scheme Trustee Corporation Limited and scheme actuary Quantum Advisory to secure the future of the fund, and we can now focus on our mission to connect, support and grow businesses in Greater Birmingham.”

 

Rosie Mills, senior business development analyst, Just Group, said: “We completed this transaction in such a short timeframe, and in a particularly busy market – which illustrates that there’s a vibrant bulk annuity market for schemes of all sizes. We’re very pleased to have helped secure the future benefits of 140 members and assist the Trustee on its journey towards buy-out, while freeing the Birmingham Chamber of Commerce and Industry to focus their resources on commercial activity in their local area.”

 

Awards, Business, Business News, Wales

GS Verde Group lead M&A rankings for another year

GS Verde Group, the award-winning multidiscipline corporate advisory firm, has been named the most active dealmaker in Wales for both financial and legal categories in Experian’s Market IQ full-year report for 2023. This remarkable achievement solidifies the Group’s position as a leading force in the UK M&A landscape, further fuelled by its record-breaking growth in 2023 and exciting plans for 2024.

Unlike any other firm, GS Verde Group is the only one to secure the top spot in both the legal and financial categories. This highlights the Group’s unique advantage – a powerful synergy created through its multidiscipline team; offering legal, finance, tax, and communications services under one roof. This end-to-end approach streamlines the dealmaking process for clients, delivering unparalleled efficiency and expertise to optimise the process and secure successful outcomes.

Nigel Greenaway, CEO of GS Verde Group, commented on the placement: “Being named the most active dealmaking team in Wales by Experian for the third year in a row is a great honour,” said Greenaway. “It validates our relentless pursuit of excellence and the effectiveness of our multidiscipline advisory model. Topping both the legal and financial categories truly demonstrates the value our team delivers to clients seeking seamless, efficient transactions.“

While the UK’s M&A landscape cannot seem to recapture the record heights experienced post-pandemic, Experian’s report highlights Wales as the only UK region to show an upturn in deal activity in 2023, the highest levels recorded in the region in the last decade. This growth mirrors GS Verde Group’s busy year, with consistent deal activity across various sectors that delivered a £2m increase in revenue for the Group in 2023. This exciting growth has continued in 2024 as GS Verde Group has been admitted to prestigious share-dealing platform, JP Jenkins, and appointed a new Non-Executive Director, James Lewis.

With momentum already strong, GS Verde Group is poised to capitalise on this pivotal moment and continue its upward trajectory by implementing its ambitious 2024 growth plans, making strategic senior hires, and building additional expert teams. The Group’s unique multidiscipline approach, combined with its proven track record, positions it as a trusted, in-demand advisor for businesses looking to complete a corporate transaction.

News, Technology

Provide Community Transforms Clinical and Community Care with RealWear Smart Glasses

RealWear has announced that Provide Community, an employee-owned community interest company with headquarters in Essex, UK successfully deployed RealWear smart glasses. The unique smart glasses enable real-time communication between community care clinicians and Podiatrists for clinics dispersed across the region.

Provide Community, which employs over 1,200 people across Essex, the East of England, Dorset and the North of England, serving a population of 11 million people, delivers a broad range of health and social care services and works from a variety of community settings, such as  community hospitals, community clinics, residential care homes and primary care settings, as well as within peoples’ homes.

Through its internal Innovation Tree initiative, Provide Community encourages ideas from across the entire workforce with an emphasis on service transformation. Through the innovation tree a clinical member of the team presented an idea for wearable technology to support real-time communication between individual staff and wider teams to support delivery of care in communities. Further exploration with the clinical teams established opportunities within Community Nursing to reduce two person and repeat visits.

Prior to deploying RealWear smart glasses, following a preliminary visit and patient assessment, team members had to schedule a follow up appointment with a more senior clinician to accompany them. The new solution enables clinicians to video stream appointments in real-time with colleagues and receive immediate support from them. While primarily used as a two-way video collaboration solution with a front-facing camera to let the remote person see through the eyes of the smart glasses’ wearer, the hands-free solution also has the ability to take photos of the patients by simply saying, “Take Photo.” Once taken the photos are transferred immediately to the remote clinician’s computer for further analysis and advice.

Provide Community currently has deployed 35 RealWear Navigator® 500 smart glasses. Users can navigate the device without the use of their hands, with no tethered wires for safety. The device offers third-party apps and other cloud-based services with a rugged and comfortable design. The voice-controlled user interface includes unique noise-cancelling technology for high-noise environments, enabling seamless communication between teams of healthcare professionals.

Improving Patient Care through Virtual Education with RealWear 

This initiative led to collaboration with Provide Community’s podiatry team to primarily focus on supporting recently qualified podiatrists and junior team members. Recruiting or attracting experienced podiatrists is a challenge and prior to the RealWear deployment in-person supervision for junior / recently qualified team members was necessary.  Experienced podiatrists being required to physically travel to a site to offer the direct support for less experienced podiatrists was fraught with practicality issues, including the potential need for clinic rescheduling and cancellations, This realisation prompted the idea of utilising headsets, enabling them to provide virtual support. This eliminates the need for in-person presence and reduces the requirement for an additional appointment for the patient. Anyone could join a call from any location, ensuring clinics ran smoothly.

The introduction of RealWear smart glasses has expanded the podiatry team’s skill set with the majority of new learners now being supported through the use of smart glasses and speaking with experienced professionals via a video call. The deployment has resulted in an increase in reach and capacity of experienced podiatrists in the team by 50%, and the same level of care can be provided while maintaining safety, effectiveness, satisfaction and avoiding delays.

The initiative received recognition as a regional winner in the NHS Parliamentary Awards 2023 and supported Provide in winning the Business Culture award for Building a Culture of Innovation in 2023

Kez Spelman, Director of Innovation and Community Resilience at Provide Community, emphasised the criteria for selecting the technology: “RealWear’s simplicity, durability and ruggedness meant that its devices stood out from a clinical perspective. It’s important to note that this solution is not about replacing people or the human touch that’s so central to compassionate care; it’s about facilitating on-the-job learning through a communication system, creating an experience that closely resembles having an experienced professional in the room.”

“I’ve gathered feedback from users who have tried the headsets, and aside from my own observations, there’s been particularly intriguing input from those who simply explored the device out of curiosity,” commented Steve Woodford, Digital Innovation Project Manager at Provide Community. “They’ve expressed genuine admiration for two key aspects—the impressive view provided by the viewfinder and the surprisingly intuitive nature of the voice activation feature. It’s noteworthy how quickly people catch on to using it, and the voice commands have garnered quite a bit of positive attention. I’ve even had instances where observers were sceptical at first but were pleasantly surprised when they took control and the device responded promptly to their commands.”

“There is a realisation that people recover better in their own homes and the emphasis now and as we move into the future includes maximising care delivery to people in their homes. People are more comfortable at home and this preference contributes to better outcomes with Realwear tech offering support for this principle of care,” added Kez Spelman.

“Our smart glasses are taking off as a cost-efficient way to support the NHS’s digital transformation efforts to provide improved and faster patient care at a much lower cost,” said Dr. Chris Parkinson, CEO and Co-Founder of RealWear. “We encourage the NHS Trusts and others to bring RealWear smart glasses into its standard offering for its professionals.”

For more information, visit www.RealWear.com.

Eyecare, Fashion

Sunglass Hut Continues Growth Through Marketing Pushes

In late 2023, Sunglass Hut orchestrated a triumphant festive pop-up activation in the heart of London. The event featured a dynamic arcade game where visitors could test their skills and vie for the chance to win exclusive prizes. This engaging setup was an integral part of Sunglass Hut’s #ShadesofHoliday campaign, designed to immerse consumers in a world of festive fun and unveil exclusive sunglasses styles.

The success of this event was not an isolated achievement but a culmination of several marketing strategies prepared for the event itself and the brand’s previous initiatives. Sunglass Hut’s relentless efforts have contributed to building its name and reputation on a global scale. Below, we take a closer look at how the retail eyewear giant has created engaging marketing campaigns over the years.

Blending online and offline presence

With a legacy dating back to 1971, Sunglass Hut has evolved into a global powerhouse with over 3,000 retail outlets worldwide, from the shopping centres of Westfield or West Quay in the UK to the vibrant metro of Herald Square in the United States. However, the brand didn’t rest on its laurels as a brick-and-mortar giant. Sunglass Hut has made sunglasses available online since 1998, offering an array of online-exclusive eyewear such as Ray-Ban’s RB4408 or Burberry’s BE4415U to cater to customers seeking a purely virtual shopping experience. More than presenting a simple catalogue of eyewear, Sunglass Hut also introduced innovative technologies like the Frame Advisor, which identifies frames that complement facial features, to enhance the consumer experience.

The brand effectively balances its online presence with creative drive-to-store tactics, exemplified by collaborations like Ready Player Me’s avatars and digital sunglasses, which link virtual merchandise to physical locations. This engagement strategy not only keeps Sunglass Hut at the forefront of industry trends but also drives foot traffic to brick-and-mortar stores, reinforcing its position as an eyewear trendsetter.

Embracing the latest technology

Sunglass Hut has always been at the forefront of embracing novel technology to enhance the customer experience. From the Frame Advisor to the Virtual Try-On, the brand has seamlessly integrated augmented reality technology into its online platforms. The Ready Player Me collaboration also marked a significant leap in merging virtual worlds with physical retail.

Another standout example of Sunglass Hut’s tech-driven approach is its partnership with Emperia, which gave rise to the virtual reality store Sunglass Hut Utopia in 2022. This cutting-edge concept combines gaming and try-on technology, offering an immersive experience for customers to explore and virtually try on exclusive summer eyewear from renowned brands. By continually pushing the boundaries of technology, Sunglass Hut ensures that its customers stay engaged and excited about their eyewear shopping experience.

Collaborating strategically with brands and influencers

Sunglass Hut’s commitment to innovation extends beyond technology to intriguing collaborations. Alongside partners like Emperia, the brand strategically collaborated with marketing powerhouses such as Jackleg Studio to amplify the brand’s message. In their 2021 campaign, Jackleg Studio crafted the bespoke track “Don’t Stop The Feeling” for Sunglass Hut, a creative collaboration that resonated with audiences, accumulating over an impressive 37.4 million views. The success of the campaign not only bolstered Sunglass Hut’s visibility but also highlighted the brand’s knack for selecting collaborators capable of creating content that captivates and resonates with a broad audience.

Moving beyond collective ventures with marketing entities, Sunglass Hut has also ventured into collaborating with individual artists such as Dua Saleh and Shekhinah. These collaborations bring a unique and personal touch to the brand’s marketing efforts, tapping into diverse and authentic perspectives while aligning itself with artists whose individuality mirrors the brand’s commitment to celebrating personal style. These help enrich the brand’s identity, positioning it as a dynamic and inclusive force within the fashion and eyewear landscape.

 

With these marketing pushes, it is clear that Sunglass Hut’s growth story is more than about selling sunglasses — it’s about creating a brand experience that transcends traditional retail. As the retail eyewear giant looks toward the future, it remains clear that its growth will be fueled by a combination of creativity, technology, and strategic partnerships.

For more insights on business news in the UK, check out our other posts on Business In the News.

 

AI, Data & Analytics

Study Reveals: Only 4% of Private Equity Execs Lead the Data Revolution.

Smart AI platform Planr.com highlights a profound gap in an industry that thrives on data-driven insights for value creation. The study paints a clear picture of a significant, yet largely unaddressed, problem: the underutilisation of advanced data analytics in private equity.

The study, which canvassed opinions from over 150 leaders and business heads from private capital firms across the UK and USA, depicts an industry hesitant to embrace the digital revolution.

The findings paint a clear chasm as 73.96% are willing to adopt AI tools to enhance data-driven value creation yet only 4% of PE executives believe their firms are highly effective in employing data analytics.

This chasm between desire and adoption demonstrates a very clear risk to slow-moving firms as data analytics and AI emerges not merely as a tool, but as a potential game-changer for firms seeking a competitive edge.

The distrust in data analytics is a well-understood industry struggle with 83% of respondents noting difficulties in acquiring consistent data formats and sources, vital for deriving significant insights whilst 85% observed that manual and laborious data analysis processes impede efficient data utilisation. 

Such bottlenecks decelerate decision-making and hinder capitalising on real-time market shifts and prospects. 

47% of executives surveyed highlighted a disconnection between the insights gleaned from data and their firms’ overarching strategic objectives. 

Historically, this mismatch would lead to missed opportunities, as properly integrated data analytics can considerably influence strategic decisions, risk management, and operational efficiency.

Yet, the report isn’t entirely pessimistic. It illuminates a prospective path to solve data problems that executives have never truly been able to resolve. 

We can quickly analyse large, complex data sets to produce insights aligned with strategic aims by utilising AI-enabled data analytics platforms.

In an industry where slight advantages can lead to substantial returns, the significance of data is paramount, by utilising AI-enabled data analytics platforms, we can now very quickly transform the landscape of data analytics in private equity by tackling the industry’s most pressing data challenges:

Inconsistencies in Data Formats and Sources (83% of respondents): AI’s machine learning algorithms standardise varied data formats automatically, creating a unified dataset from diverse sources. This capability ensures data consistency and reliability, streamlining the decision-making process.

Manual and Time-Consuming Data Analysis Processes (85% of respondents): AI-driven tools automate the analysis, rapidly sifting through large data volumes to highlight key insights. Such automation speeds up decision-making and allows analysts to concentrate on strategic considerations that demand a deeper understanding.

Disconnection Between Data Insights and Strategic Objectives (Nearly 47% of executives): Tailored AI systems ensure analyses perfectly align with a firm’s strategic goals. The insights provided are actionable and strategically relevant by training AI on specific business outcomes and priorities, aiding in informed decision-making.

Missed Opportunities Due to Mismatch in Data Analytics Integration: AI platforms seamlessly integrate with existing business systems, embedding data analytics into a comprehensive business intelligence strategy. This integration ensures that insights directly apply to strategic actions, enhancing risk management and enabling firms to adapt rapidly to market dynamics.

This embrace of a data revolution necessitates a cultural shift within firms. It involves transitioning from perceiving data as a mere by-product of business operations to regarding it as a core asset. 

The crux lies in recognising the value of data as a strategic resource and embedding it into every aspect of decision-making processes, the question lingers: will more firms join this revolution and harness the full power of data analytics, or will they remain spectators, observing a select few redefine the game’s rules?

AI, Autism, Neurodiversity

AI Models can be trained to become your Chief Neurodiversity Officer – Will 2024 finally be the year of D&I for all?

  • The New Neurodiversity Champion: AI in 2024 is set to Transform D&I in all business sizes.
  • Breaking D&I Barriers: AI makes diversity strategies accessible for every business from Day 1

BrightHR.com The HR platform that transforms your people management, suggests Artificial Intelligence (AI) models can be trained to enable neurodiversity initiatives in the workplace by providing the tools to offer personalised and scalable solutions for individual needs – thereby democratising diversity and inclusion efforts for companies of all sizes.

In an age where it’s commonly understood that 1 in 7 of the UK & US are neurodivergent, diversity and inclusion have become cornerstones of progressive business practices, the concept of AI as a Chief Neurodiversity Officer presents an intriguing approach. 

Neurodiversity, the concept that neurological differences are to be recognized and respected as any other human variation, includes conditions like Autism Spectrum Disorder, Attention Deficit Hyperactivity Disorder, Dyslexia, and others. 

Embracing Neurodiversity with AI

Traditionally, managing neurodiversity in the workplace has been a complex task, requiring a deep understanding of various neurological conditions and the unique needs of neurodivergent employees – leaving small and medium-sized enterprises who often view the implementation of comprehensive diversity and inclusion (D&I) strategies as inaccessible, primarily due to resource constraints. 

However, the advent of AI as a Chief Neurodiversity Officer is revolutionising this landscape, making it feasible and more efficient for all companies to embrace these values.

AI in the hands of business owners can enable them to design a more inclusive workplace from day 1 by collecting and analysing larger amounts of data during the recruiting and onboarding stages of staffing. 

This data can be fed to AI Models to enable them to provide individualised support and use tools like Bright Lightning AI as a sounding board for all things neurodiversity.

The Role of AI as a Chief Neurodiversity Officer (CNO)

Imagine it’s Day 1 at your forward-thinking startup. You, Sarah, the founder, are laying the foundations of your business and have just taken a groundbreaking step: hiring AI as your Chief Neurodiversity Officer (CNO). With this innovative move, you’re dedicated to creating an inclusive environment, particularly for neurodivergent employees.

Your first challenge is to onboard Mark, a talented graphic designer with Autism Spectrum Disorder. He’s incredibly skilled but faces challenges with social interactions and is sensitive to sensory overload. Here’s where your AI CNO steps in. It recommends setting up Mark’s workstation with noise-cancelling technology and a schedule that allows for flexible work hours, using an AI-powered scheduling assistant.

Next, you have Emily, who has dyslexia and finds written communication challenging. The AI CNO suggests integrating text-to-speech software into her computer, allowing her to better understand written briefs and emails. It also recommends using Grammarly’s AI-powered writing assistant to help her with writing tasks, making her more confident in her role.

For team meetings, the AI CNO introduces an AI-driven transcription service, ensuring that all discussions are captured in text in real-time. This is particularly beneficial for Jacob, who has ADHD and sometimes finds it hard to follow long discussions. With transcripts, he can review the meetings at his own pace, ensuring he doesn’t miss important details.

Behind the scenes, the AI CNO continuously analyses workplace dynamics, providing Sarah with insights on how to improve processes and work environments for her neurodiverse team. It also regularly updates her on new AI tools and technologies that can further aid in creating an inclusive workplace.

In this scenario, the AI CNO has not only made Sarah’s business more neurodiverse-friendly but also enhanced the productivity and well-being of her team, showcasing the powerful role AI can play in fostering inclusivity.

Challenges and Considerations

While AI presents a very promising solution, it’s not without challenges. Privacy concerns and  the need for human oversight, and ensuring the AI’s algorithms are free from biases are critical considerations. It’s also essential to maintain a balance between technology and human touch, as empathy and understanding are crucial elements in managing neurodiversity.

Conclusion

Alan Price, CEO of BrightHR touts – the concept of an AI-driven Chief Neurodiversity Officer will be a game-changer in democratising D&I strategies across businesses. It will never replace trained professionals but it improves overall efficiency and offers an innovative, efficient, and scalable solution that could lead to more inclusive, productive, and diverse workplaces.

AI shouldn’t replace people, and it doesn’t have to. But you’d be wise to see these tools as a helping hand in creating a more neurodiverse workplace.

News

UnderOne Festival Unveils a Pioneering 2-Day Diversity, Equity & Inclusion Extravaganza

UnderOne Festival, a transformative global two-day event dedicated to fostering diversity, equity, and inclusion, has announced that its highly anticipated 2024 festival will take place at the University of Northampton. Scheduled for July 24th – 25th at the University’s £330 million Waterside Campus, the hybrid-event is set to mark a pivotal moment in the Diversity, Equity, and Inclusion (DEI) space.

The festival will feature a stellar lineup of world-class speakers, immersive experiences, and thought-provoking discussions, redefining the landscape of Diversity, Equity, and Inclusion (DEI).

According to recent research by Deloitte, 74% of millennial employees feel that their organisation is more innovative when it fosters a culture of inclusion and highlighted the importance of creating a safe and inclusive space to elevate the discussions around DEI. By bringing together diverse individuals, organisations, and communities, UnderOne Festival aims to deliver a transformative experience that catalyses meaningful change.

The festival’s advisory board comprises global leaders including, but not limited to, Asif Sadiq, Warner Bros. Discovery, Henrique Zanin, eBay, Professor Anne-Marie Kilday, Vice Chancellor of the University of Northampton, and spoken word artist Amerah Saleh.

Highlighting the festival’s potential for impact, Professor Anne-Marie Kilday, Vice Chancellor of the University of Northampton, said, “We are delighted to host such a groundbreaking festival on our campus. It is both a privilege and an opportunity to convene a global gathering of diverse minds to drive real change in the workplace.”

The festival will feature inspirational keynotes, panel discussions, skill-building workshops, wellness activities, and a business expo, showcasing over 60% of businesses with majority diversity ownership. DEI Innovators will have the opportunity to enter an Innovation Challenge, with a cash prize available for the most promising idea. As it is a hybrid event, a virtual pass is available for those unable to attend in person. The gala awards evening will recognise global organisations and individuals for their outstanding contributions to advancing equity and celebrating diversity.

Asif Sadiq, Chief Diversity Officer at Warner Bros. Discovery, and Headline Sponsor of UnderOne, expressed his excitement about the festival’s unique approach: “We are looking forward to UnderOne Festival showcasing the latest trends, innovations, and solutions in the DEI space.”

Delegates from various disciplines, including Global DEI Practitioners, industry leaders, HR professionals, entrepreneurs, non-profit organisations, educators, public sector representatives, artists, and creative professionals, are invited to participate in this inclusive event.