Change is always a good thing, so the saying goes. In a market obsessed by transformation, and driven by disruption, the change-or-die attitude infiltrating the Global markets appears stronger than ever.
But amid a rising tide of industry opinion, those stepping back from the rat-race to observe the market from afar are finding success. Because change for change’s sake is at times dangerous, on occasions difficult and usually downright delusional. Refusing to run down dead-ends in the pursuit of perceived transformation, rather staying true to core capabilities in a bid to capitalise on the advancements of technology.
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“We’re making decisions based around invest, build or partner,” observed Lynn Kraus, managing partner of Advisory, EY. “This is the philosophy we have. If it complements our core skills then we will look to either invest or build in that capability.
“But if not, and there is a party in the market providing that skill-set already, then we would look to form an alliance with that company in some capacity.” That has come from a long time of understanding business and business processes.
“To be successful we believe we need to stick with that and we don’t feel an obligation to go outside of our core capability.”
Despite acknowledging that the consultancy giant essentially plays “across the board” in terms of technology, Kraus said data, analytics and digital constitute the beating heart of the business.
Technology is a key
These key technologies, blending established and emerging capabilities, operate within the framework of cyber security, recognised as a key component of the EY armoury.
“This hasn’t been a flick of a switch overnight,” Kraus added. “Technology has always been there in some capacity within EY, but clearly during the past three or four years, this has seen a significant shift.
“Our core, especially in the context of management consulting, is about understanding business transformation and you cannot do that in today’s world without a true understanding of technology. Everything is underpinned by digital.”
With businesses today now digital by default, and design, organisations of all sizes are becoming more vulnerable to risk, as cyber attacks across the world explode at a devastating pace.
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The World Economic Forum now rates a large-scale breach of cyber security as one of the five most serious risks facing the world today.
And the scale of the threat is expanding drastically: by 2021, the global cost of cyber security breaches will reach US$6 trillion by some estimates, double the total for 2015, according to Cybersecurity Ventures’ Cybercrime Report 2017.
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