Modernization
Architecting the Future of Your Business
November 1, 2022 | New York
Business and technology executives, including those whose companies have made strides in modernization without hampering innovation and creativity, gathered for the latest Bloomberg Modernization Roadshow to describe the concrete solutions that have helped them tackle challenges in their information environments. They offered insights on the value of open, integrated hybrid-cloud strategy, and on emerging technologies that will disrupt the status quo to create additional value.
Click here to view the Nov 1 briefing.
Speakers included:
- Nicole Brown, Senior Vice President, People and Culture, Mediaocean
- Joe Gimigliano, Vice President & Chief Technology Officer, Mount Sinai Health System
- Carrie Jaquith, Global Head of Product, Abaxx Technologies
- Aref Matin, Chief Technology Officer, John Wiley & Sons
- Marc Murphy, Head of Market Operations, Strategic Programs and Share Trading Services, Product Management, NASDAQ
- John Napoli, Head of CTO & CDO Strategy, Governance and Execution, JPMorgan Chase
- Ashish Parmar, Chief Information Officer, Tapestry
IBM participant:
Jamie Thomas, General Manager, Systems Development, Delivery & Enterprise Security, IBM
Bloomberg participants:
- Shawn Edwards, Chief Technology Officer, Bloomberg
- Lauren Kiel, General Manager, Bloomberg Green
- Mandeep Singh, TMT Team Lead & Senior Analyst & Host, “Tech Disruptors”, Bloomberg Intelligence
- Janet Wu, Anchor & Reporter, Bloomberg
Event Highlights:
Opening Remarks
Jamie Thomas, General Manager, Systems Development, Delivery & Enterprise Security, IBM, said that in addition to the advances in productivity that businesses have attained from new technology architectures, “everyone expects, as well, operational resilience, fidelity, data, security and privacy.” Security is a big issue, she continued, with the average ransomware event costing more than $4 million to remediate. That has spurred governments to think about how to protect industries, potentially, with regulations.
Recruiting the Talent You Need to Thrive
Joe Gimigliano, Vice President & Chief Technology Officer, Mount Sinai Health System, said the greatest impact of tech modernization on the workforce has been in efforts to eliminate “soul-crushing work–back office administrative tasks that are demoralizing. Things that people wished they could get off their plates. If you look at all the inventory associated with medication, there’s a tremendous amount of workflow and manual tasks.” If he had to pick one area in which to focus further development, he said, it would be eliminating the manual tasks associated with hiring new employees, which would expedite filling workforce gaps.
On a workforce buying into new solutions for faster adoption, Nicole Brown, Senior Vice President, People and Culture, Mediaocean, said it’s important, from a tactical standpoint, to identify stakeholders. “Once you have a good sense of who’s going to be impacted by this new system, or new direction, you want to be more consultative in your approach. Really think about ‘What is it that we’re trying to solve for?’” She follows up by working with marketing on a communications strategy and “baking it into everything” as change that has a fun element, not something that’s going to prove disruptive.
John Napoli, Head of CTO & CDO Strategy, Governance and Execution, JPMorgan Chase, spoke about the need to secure AI-generated data when migrating to the cloud. Putting the risk into context, he described it as the data equivalent of 25,000 years of high-definition video. In addition to protecting the data, Napoli said, “it’s also a balance. We focus on things like having data-use councils, and making sure it’s leveraged in the right way,” while creating systems that ensure that data analysts have timely access to information.
IBM Sponsor Spotlight: Cybersecurity Secrets of Highly Effective Organizations
Jamie Thomas, General Manager, Systems Development, Delivery & Enterprise Security, IBM, expanded on her opening remarks, describing the opportunities and challenges modernization brings. Every day, she said, IBM sifts through 150 billion events within its own systems, using AI to determine what requires response. “Our view is you need to respond in less than 30 minutes. Otherwise you’re going to have a problem from a cyberattack.” Thomas described a framework that applies across operations and management, ensuring effective execution across the enterprise.
Most of the opportunities for cyberattacks come from human error, she continued, not handling passwords properly and downloading malware. “During the pandemic, we actually saw more affected malware as parents tried to help their kids with homework. Many of those education packages were affected.”
Managing Global Complexity
Shawn Edwards, Chief Technology Officer, Bloomberg, highlighted a few of the many recent innovations aimed at augmenting customer experience, including expanding on a long-term investment in machine learning in a very focused way in news products and giving customers tools within the terminal to deal with the vast flow of information. For 15 years, “the name of the game was getting more data,” he said. Now, Bloomberg is working on tools to distill an unwieldy amount of information, such as sophisticated natural language ML search. “My dream is to be able to walk up to the terminal, ask any question, and get the answer,” Edwards said. “We’re not quite there yet, but you can ask questions, and our customers are responding very positively to that.”
Panel Discussion: Modernizing the Enterprise by Embracing Cloud
“You’re already in cloud, even if you don’t already know it,” said Carrie Jaquith, Global Head of Product, Abaxx Technologies. “All of your systems, if they’re not in cloud, they’re connected to cloud, and anything new that you’re building, you’re building it in cloud.” She compared running workloads on public cloud vs. legacy environments. “One of the challenges as companies migrate to cloud is, you have to pull alongside your existing, so you do see a spend kick out, and then you see it contract.”
Aref Matin, Chief Technology Officer, John Wiley & Sons does not anticipate ever being 100% in the cloud, although Wiley is at 80 percent now. “What would happen is that most of the stuff that’s not in the cloud would get retired before the switch-over, because some are applications we don’t need to migrate.” Process, timing, investment and talent are things holding Wiley back on further transition, he said.
Marc Murphy, Head of Market Operations, Strategic Programs and Share Trading Services, Product Management, NASDAQ talked about being active on cloud with data analytics for about 10 years and then announced a major expansion: on Nov. 7, NASDAQ will go live with AWS Outposts, running an exchange workload for the first time on cloud. Setting the right pace is important, Murphy said. “That comes down to the clients, and regulators, most importantly, which is why we’ve gone to an outpost version of moving to the cloud for our U.S. options exchange.”
Ashish Parmar, Chief Information Officer, Tapestry, described an acceleration program started more than two years ago with three key goals: consumer-centricity, embracing a digital-first mindset and being a leaner and more responsive organization. Tapestry has invested $500 million in five years in technology capabilities. “The spend has gone. At the same time, more than 33 percent of cost takeout has happened,” Parmar said. “We’ve acknowledged the elasticity in scale that’s come through. So, the spend has to be in contrast to the investment.” He added that Tapestry’s digital business is now three times what it was, and close to 30 percent of all business.
This Bloomberg briefing was Proudly Sponsored By
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