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ME PoV Summer 2022 issue
Dynamic evolution
Dynamic evolution
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It’s time to wipe our lenses and take a glimpse into the future. We are evolving, and dynamically so. As the world accelerates into an exciting and promising new era, the possibilities in technology and business are seemingly endless. Whether the focus is on data-sharing capabilities that continue to advance, or on artificial intelligence expansion that will alter how we live and conduct business, there is no doubt that the next few years will prove to be revolutionary.
From advances in digital technologies that could reshape entire industries and sectors, to the ever so relevant issues of cloud security and data-backed decision making, come Securing the move to cloud by Simon Rohan Chandran and Demystifying insights through analytics by Bhavna Lakhani, Vivek Sam Abraham, and Krutika Ramwani. In the first article, Chandran explains how “As with many unknowns, the move to a virtual data centre and hyperscale global networking sees many organizations try to reinvent their IT strategy. They expect not just IT operations, but also security and privacy to adapt rapidly to this new way of digitalization…” Touching on the subject of data analytics, the next article discusses how “Now more than ever, at a moment when data, science, and facts have been challenged from many quarters, becoming a data-driven organization really does matter.”
This dynamic evolution also echoes in the chambers of healthcare, an area that will continue to transform with new business models and emerging technologies over time. “The pandemic required widespread fundamental change in the healthcare industry as well—from operations and supply chains, to consumer engagement and future strategies. As healthcare shifts away from an inpatient hospital revenue focus, finance chiefs have an important and growing role,” explains Haseeb Akram In Dynamics in healthcare post COVID-19. As time goes on, healthcare organizations will have no choice but to decide what role they want to play from here on out.
Looking towards the future, it is evident that the global economy, the financial sector, and society as a whole will take shape according to the many forces taking effect. Considering how inflation and international taxation have become such pertinent topics in our interconnected world, we have Trials and tribulations of international taxation: The impact of BEPS Action 5 and the recent introduction of a global minimum tax on Middle East-based special economic zones by Abi Man Joshi and The high inflation impact: Higher prices… yet lower equity values by Muhammad Faiq Khalid in this summer issue. They discuss how the international tax landscape has changed dramatically in recent years in addition to how the impact of inflation on investment valuations will vary across businesses, industries, and geographies.
The issue would not be complete without touching on the evolution of sustainability, climate change, and governance frameworks as well. Building a sustainable future: Leading the discussion in Egypt and the UAE at the COP 27 and COP 28, written by Damian Regan, reflects on how attention will be on North Africa and the Middle East as the international community takes numerous major steps over the next few years to reduce the impact of climate change and work towards building a more sustainable world.
In Governance frameworks: One size does not fit all by Wael Kaafarani and Melissa Scully, they express how “The challenges facing governments nowadays are not easy…” and how “Alongside these challenges comes increased scrutiny of performance, and a need to enhance governance practices that help government organizations navigate these complexities and uncertainties.”
All in all, it remains to be seen how the world will evolve as we move forward and what elements and areas, long thought to be unattainable, will become within our grasp. It clearly is an exciting and dynamic evolution in time which we are here to witness.
ME PoV editorial team
Demystifying insights through analytics
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Building a sustainable future
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The high inflation impact
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Securing the move to cloud
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Dynamics in healthcare post COVID-19
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Governance frameworks
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Trials and tribulations of international taxation
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Demystifying insights though analytics
In a Deloitte study which examined 1,048 senior executives who work with data at large companies (501+ employees), it was highlighted that there was an extremely strong correlation between culture and business performance. Organizations that reported having the strongest cultural orientation to data-driven insights and decision-making are twice as likely to have reported exceeding business goals in the past 12 months. Forty-eight percent of these businesses say they outperformed their target versus just 22 percent of those with a more diluted analytics culture.
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Building a sustainable future
In November 2022, Egypt will play host to the 27th annual gathering of countries seeking to tackle the global challenge of climate change, the United Nations Framework Convention on Climate Change’s (UNFCCC) Conference of the Parties (COP 27). Then in November 2023, the United Arab Emirates will host the 28th annual gathering, as they continue to develop frameworks and further position the critical roles that the public and private sectors play. All eyes of the world will be on these two regions, North Africa and the Middle East, as the international community takes several major steps over the next few years.
What can we expect of these conferences, and how do we anticipate Egypt and the UAE to help demonstrate the steps needed to be taken?
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The high inflation impact
Inflation has recently hit new highs across the globe; for most European and American countries, prices are rising faster than they have in the past 40 years. The Dean of Valuations at New York University, Professor Damodaran, recently commented: “The good news is that the culprit behind the volatility in current markets is easy to identify, and it is inflation, but the bad news is that inflation remains the most unpredictable of all macroeconomic indicators to factor into stock prices and value.” But why is that so?
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Securing the move to cloud
The route to a successful and secure cloud transformation can be a journey strewn with obstacles and potential pitfalls. Here are some top tips to smooth the way forward.
Nowadays, more and more organizations are relying on cloud. Recent figures show that by 2023, worldwide public cloud spending is expected to reach US$600 billion, contributed by organizations that are driving digital transformation across their ecosystem. In the Middle East, we see digitalization agendas high across key sectors, such as financial institutions and government. In Saudi Arabia, for example, one of the Kingdom’s key efforts under the Vision 2030 plan is to deliver on digitalization across public services and banking processes (such as “Know Your Customer” (KYC) procedures) through the use of emerging technologies such as cloud. But in order to do so, it is imperative to understand the risks of operating in the cloud with a new approach to security and the necessary privacy.
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Dynamics in healthcare post COVID-19
The coronavirus (COVID-19) pandemic changed the world as we know it, and people were obliged to change the way in which they live their lives while considering the dynamic factors continuously emerging. The pandemic required widespread fundamental change in the healthcare industry as well—from operations and supply chains, to consumer engagement and future strategies. As healthcare shifts away from an inpatient hospital revenue focus, finance chiefs have an important and growing role. Digital technologies such as virtual health (68%), and core technologies such as revenue cycle management (57%), are top areas of capital spending, according to surveyed CFOs.
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Governance frameworks:
The challenges facing governments nowadays are not easy. Such challenges include, but are not limited to, geopolitical tensions, macroeconomic factors (inflation, recession, cost of living crisis, etc.), climate change, robotics, and disruptive technology. Alongside these challenges comes increased scrutiny of performance, and a need to enhance governance practices that help government organizations navigate these complexities and uncertainties. To add to this, citizens and taxpayers are becoming more skeptical; they want to know how public money is being spent, about the quality of services provided, and about the overall value derived vis-à-vis the taxes being paid.
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Trials and tribulations of international taxation
Since international tax rules were written decades ago, there have been fundamental changes in the worldwide landscape due to globalization and digitalization of the modern economy. For this reason, it has been imperative for tax authorities and international organizations to address the issue of double taxation, profit shifting, and tax evasion. The international tax landscape has changed dramatically in recent years, so with the political support of G20 leaders, the international community has taken joint action to increase transparency and the exchange of information in tax matters, and address weaknesses of the international tax system that create opportunities for base erosion and profit shifting (BEPS).
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Smart security for smart grid
Smart grid is a highly cohesive integration of mechanical and electric components supported by Information Technology (IT) aiming to enable intelligence within the grid and allowing two-way traffic of power where electricity can be both consumed and generated and sent back into the grid by the end consumer.In order to realize the economic value of a fully deployed smart grid, select power companies are taking the necessary steps to implement smart grid networks, taking the leading edge within their industry.
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Adapting capital program delivery with organizational agility
The delivery of complex capital projects is fundamental to economic diversification in the region and currently there is a US$3.5tn pipeline of awarded and planned capital projects in the GCC.
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