Leading Digital (LD)
“E-Business- Transforming Business from Manual to Digital”
Prof: Ashis K Pani
Batch: PGCBM 32
Poonam Patnaik/ SID: DB 17039/
SMS ID: 2235488
e-Business adoption and implementation
Technical and Social aspects.
Issues such as end user training, financial / technical support to adopters etc. can be covered.
Provide background on the history of the organization
Type of business, products/services provided, management structure, financial status (including annual sales), strategic planning, organizational culture,
Additional financial and organizational data.
Prior to Automation
the organization prior to initiation of the e-Business project
experience described in the case as well as the players involved, their role and status within the company
Detailed overview of the project/experience described in the case in terms of technology concerns
Related issues (e.g., cultural, philosophies, opinions, etc.) practiced within the organization that have impacted the ICT project, implementation and overall management.
Outcomes, Challenges, Problems
challenges and problems that the organization is/was
The financial services industry has seen the effects of digitalization earlier on the retail side – driven by changing client behaviors and needs – with crowd-funding of ventures, mass-customized services, smartphone banking, and new payments technologies emerging over the last few years. Investment banks have also been significant players in this digital ‘disruption’ through the advancement of client portals, electronic trading venues, and connectivity standards such as FIX. However, investment banks have been uneven in their overall response to potential disruptions by these digital technologies.
Much of the value provided by investment banks is still tied to a small number of historically important structural elements within this industry which digitalization could quickly overturn:
A concentration of resources
Aggregation of transactions
Narrow traditional sales and sourcing channels
A lack of price and transaction transparency
Northern Trust was founded in 1889 in Chicago. It has offices in 19 states in the United States of America including Washington DC. It also has a huge presence across the globe with offices in 20 international locations including Canada, Middle-East, Europe and Asia Pacific. It provides world class wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and high net worth individuals. As of March 31, 2016, Northern Trust had assets under custody of US$6.2 trillion, and assets under management of US$900 billion.
Prior to automation
Northern Trust invests in cutting-edge technologies and thoughtfully considers collaborations to create exceptional experiences, deliver leading capabilities and provide advanced protection. The company will explore expanding the new solution into other asset classes and jurisdictions based on success in its initial platform.
The solution developed by Northern Trust and IBM is based on the open source Linux Foundation Hyperledger Fabric. Northern Trust is also using IBM Block chain’s high security business network with its hardware assisted cryptography and key management to enhance the safety and scalability of these transactions on the IBM Cloud for cloud-based application development.
Key stakeholder, General Partner Board, praised the development: “By utilizing block chain technology, Northern Trust has provided us with an infrastructure which will enable the fund to be serviced in a digital environment, introducing a new collaborative ecosystem to the private equity market where all actions are undertaken on a common, open and transparent platform. It is exciting to be at the forefront of this new development for private equity.”
Northern Trust won the CIO 100 award in 2016. The award is given on an annual basis to organizations across the world who are the leaders in operational and strategic excellence in Information Technology.
Northern Trust was given this award for their in house client servicing analytics application that has interactive visual dashboards and data that has been cross referenced across the enterprise. This allows the users to gather a comprehensive view of the entire company and also obtain valuable insight into the growth and profitability of the company.
The features of the dashboard are as follows –
•Single window for cross functional data which provides accuracy of information and ensures that the correct data set is provided to the right audience
•Streamlining of time sensitive actionable data which is a fully automated process
•An “intelligent” user interface which provides excellent interactive visualizations which enables in quick decision making
“Delivering innovation and business value are top priorities for Chief Information Officers everywhere, and our CIO 100 awards program celebrates the leading IT organizations that excel at both,” said Maryfran Johnson, Editor in Chief of CIO Events. “Our 2016 winners are raising the bar even higher this year with their outstanding work in digital transformation, customer focus and IT-business collaboration.”
“We are proud of this recognition from CIO, which speaks volumes about the strength of our technology team and solutions,” said Scott Murray, Chief Technology Officer at Northern Trust. “Not only does the innovative dashboard empower our leadership team to make better strategic decisions, but it ultimately helps us serve our clients more effectively. Northern Trust’s technology team consistently examines options to improve our operations and positively impact our strategic goals.”
The Northern Trust executives were recognized at The CIO 100 Symposium and Awards Ceremony which was held on 16th August 2016 at Terranea Resort in Rancho Palos Verdes, California.
About CIO 100:
The awardees were selected through a 3 step process –
Companies filled out an online application form explaining their initiatives in the field of Information Technology
A group of external judges who were former CIO’s reviewed the applications in detail
The editors at CIO did a final evaluation and chose the final list of the awardees
CIO is the premier content and community resource for information technology executives and leaders thriving and prospering in this fast-paced era of IT transformation in the enterprise. The award-winning CIO portfolio—CIO.com, CIO executive programs, CIO Strategic Marketing Services, CIO Forum on LinkedIn, CIO Executive Council and CIO primary research—provides business technology leaders with analysis and insight on information technology trends and a keen understanding of IT’s role in achieving business goals. Additionally, CIO provides opportunities for IT solution providers to reach this executive IT audience. The CIO Executive Council is a professional organization of CIOs created to serve as an unbiased and trusted peer advisory group. CIO is published by IDG Enterprise, a subsidiary of International Data Group (IDG), the world’s leading media, events, and Research Company.
NORTHERN TRUST TO ACQUIRE TECHNOLOGY AND SOFTWARE DEVELOPMENT RESOURCES FROM CITADEL-OMNIUM
On January 11, 2018, Northern Trust announced that it has made an agreement with Citadel to bring Omnium Technology into Northern Trust for middle office operations.