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You have heard the terms digital transformation and cloud computing many times in the past decade, but now it has come to the insurance sector. Digital technologies have had a major effect on just about every industry from retail and manufacturing to healthcare and hospitality. The insurance industry is often slower to jump on any new trends. Insurance providers are set in tradition and don’t usually see much need to change.

For almost a decade now, global business leaders have heralded the beginning of the Fourth Industrial Revolution, which refers to how technologies like AI, robotics, IoT, autonomous vehicles and computer vision are blurring the lines between the physical, digital, and biological spheres. Industry 4.0 has paved the way for transformative changes in business, unleashing advances in business process automation in the front and back office, driving unprecedented productivity and growth.

Traditional approaches to enterprise IT – typically reliant on time-consuming, manual processes – have been overtaken in recent years by more agile, efficient, outcome-orientated models. And with that shift putting an emphasis on faster cycles of development for software products, DevOps and Agile methodologies are now essential for any business looking to succeed with a meaningful digital transformation initiative.

The amount of money invested in “Transformation Programs” is staggering. In the past 20 years we have seen Digital and Agile Transformation Programs grow and swell to $1.3 trillion dollars in 2020 alone. According to the HBR, 70% of that spend is wasted. Many companies miss a key component in their Transformation Program. How will a Product-Led Transformation be different?

The benefits of technology in the world of business are no secret. What is driving that technology today, however, is the use of APIs in areas like supply chain management. APIs are enabling the supply chain digital transformation from improved processes to forecasting and even being able to build better supply chain relationships. Being proactive versus reactive is the key to successfully managing your supply chain.

Composable business. APIOps. Hyperautomation. Open policy agent. These are among the themes we’re expecting to hear a lot more of in 2022. Here are 12 key developments we’re beginning to see in the world of digital transformation, APIs and the cloud.

The core theme at Sibos 2021 was digital transformation, its impact on the finance industry, and how financial institutions can drive this transformation. Digital transformation is wide-reaching and can mean different things for different industries. For financial services organizations, it’s about bringing technology up to par to meet client needs, adhere to regulatory requirements, and mitigate risk.

This year’s Sibos conference examined the theme of “recharging global finance.” Key focus areas included digital acceleration, transformative technology, managing risk, and diversity and sustainability. Financial services organizations of all sizes face the challenge of increasing volume, complexity, and velocity of change within their business.

If your business is in the process of digital transformation, IoT technology may be factoring into your plans. IoT gives organizations across industries new opportunities to foster a more direct connection with customers. It lets them collect new data, turn that data into insights, and then turn insights into action. IoT has become so prevalent that companies in most industries can’t afford to put off adopting it.

The benefits of digital transformation are potentially limitless, with nearly endless ways to keep us connected with technology that optimizes efficiency, cost savings and competitive advantage. But here’s the thing.