Colm Lyon, CEO and founder of fire.com, was the guest speaker at the FTI Consulting Leaders Breakfast in the Merrion Hotel on Thursday 23 March. On the agenda was how data-driven transformation holds the key to long-term survival and success in financial services and the three main forces driving change in this sector; rising consumer expectations, the emergence of fintech providers, and changes to the regulatory environment. Colm was presented with the FTI Consulting Recognition Award for Industry Disruption by Mark Higgins, senior managing director, FTI ConsultingPerformance Analytics, which specialises in advanced analytics to drive client company performance.
Colm Lyon, CEO and founder of fire.com, was the guest speaker at the FTI Consulting Leaders Breakfast in the Merrion Hotel at which he was presented with a Recognition Award for Industry Disruption by Mark Higgins, senior managing director. Photo: Peter Houlihan.
Colm Lyon, CEO and founder of fire.com, was the guest speaker at the FTI Consulting Leaders Breakfast in the Merrion Hotel at which he was presented with a Recognition Award for Industry Disruption by (left) Mark Higgins, senior managing director and Ian Duncan, managing director. Photo: Peter Houlihan.
Along with social, mobile and cloud, analytics and associated data technologies have earned a place as one of the core disruptors of the digital age. 2016 saw big data technologies increasingly leveraged to power business intelligence. Here's what 2017 holds in store for the data and analytics space.
John Schroeder, executive chairman and founder of MapR Technologies, predicts the following six trends will dominate data and analytics in 2017:
Hadoop distribution vendor Hortonworks predicts:
DataStax, which develops and supports a commercial version of the open-source, Apache Cassandra NoSQL database, predicts:
An international business that predicts future sales patterns through artificial intelligence is set to expand into Ireland as the company looks to boost its presence in EMEA markets.
InsideSales.com also announced it had secured a round of investment from the Irish Strategic Investment Fund (ISIF) and had also entered into a partnership with the Insight Centre for Data Analytics.
The Insight Centre for Data Analytics is a joint initiative between researchers at Dublin City University, NUI Galway, University College Cork and University College Dublin. The partnership aims to help advance data science and machine learning.
InsideSales is scouting the country for locations, with the firm expected to hire up to 120 new staff over the next three years.
"As an early leader offering AI-fueled tools in the workplace, we're excited to use this new investment to bring InsideSales' technology to new geographies, new platforms and to foster smart growth for companies of all sizes," said ceo Dave Elkington.
"Over the past year we've seen the buzz around AI reach a fever pitch. No other business based in Ireland has a focus on machine learning and data science like InsideSales.com does."
"We're not only looking to hire some of Ireland's best and brightest technology graduates, but also to help build a new, highly skilled industry in the region," Mr Elkington added.
InsideSales.com confirmed the close of a $50m (€46.8m) growth equity round, led by returning investor Polaris Partners with support from Microsoft.
New investors include QuestMark Partners and the Ireland Strategic Investment Fund.
Existing venture investors Kleiner Perkins Caufield Byers, Hummer Winblad, US Venture Partners, Epic Ventures, and Zetta Venture partners also participated.
The round brings the company's total venture capital funding to over $250m.
"We are pleased to welcome InsideSales into Ireland's flourishing technology community," said Eugene O'Callaghan, Director of ISIF
"This investment is well-aligned with the ISIF's mandate with the key benefits to the Irish economy being the targeted creation of more than 120 high-quality jobs over the next three years in addition to the collaboration between InsideSales and the Insight Centre in Ireland fostering growth of this important specialist sector," Mr O' Callaghan added.
PwC have today released their latest Irish HR Directors' Survey which shows that over three-quarters (77%) of Ireland's HR leaders are experiencing skills shortages, up from 61% last year. The greatest skills gaps was found to be in the areas of IT, data analytics, risk and finance.
At the same time less than half (45%) plan to increase headcount in the year ahead - substantially below last year's plans (75%). This may point to organisations focusing on retention and skilling-up internally in order to deal with a very challenging war for talent.
HR leaders recognise the skills challenge as developing and retaining key skills (45%) is their top HR priority over the coming year. Around the world, 77% of global CEOs are concerned about the availability of key skills at an all-time high.
The lack of appropriate skills (38%) is also a top barrier preventing the HR function from driving value in its organisation. Key skills gaps within the HR function are HR analytics (53%), data analytics (38%), reward strategy development (27%) and talent management (24%).
Over a third (39%) of Ireland's HR leaders reported that they do not have an analytics capability embedded in their HR function right now, up from 25% last year.
The survey suggests that data analytics is yet to be used to its full effect by HR, largely due to a skills deficiency. However, this capability deficit may be in the process of being addressed as the majority (62%) plans to increase their spend on HR technology in the coming 18 months.
According to the survey, well designed employee mobility programmes can be an effective way of attracting senior leadership talent and ensuring organisations have the right skills for their businesses.
Fifty five per cent of respondents identified income tax levels as potentially inhibiting leadership/ specialists relocating to Ireland. The cost of living (50%) and accommodation costs (41%) were also cited as key factors.
Commenting on the research, Director at PwC People & Organisation, Gerard McDonough said, "The survey highlights that Ireland's HR leaders need to rethink some of the key areas of recruiting, retaining and rewarding their people. Some improvement is needed so that organisations can strive to develop a solid pipeline of future leaders, who are well-prepared to tackle the challenges of today's changing world."
He added, "With the high costs of replacing key individuals, it is important that companies really focus on ensuring they identify their key talent, engage with them and reward them appropriately. The survey shows that there is more work to be done in operating a truly effective reward and talent management programme, encompassing greater engagement right across the organisation. It is proven that a highly engaged workforce will be a happier workforce and will be more productive."
38/39 Fitzwilliam Square, Dublin 2, Ireland
38/39 Fitzwilliam Square, Dublin 2, Ireland