HOW COMPANIES CAN UNLOCK THEIR DIGITAL POTENTIAL AND ACHIEVE QUANTIFIABLE RETURNS

Shanaka De Silva, Principal of EY Technology Consulting Sri Lanka, shares insights into how the consultancy is helping businesses harness rapid technological advances and execute successful digital transformations. According to Shanaka, technology offers numerous benefits to businesses, including enhanced efficiency, cost reduction through task automation and streamlined workflows, improved customer experiences, creation of new products and services, access to new markets, and optimized supply chains. By leveraging technology, businesses can equip themselves with the tools and capabilities necessary to survive economic downturns and emerge stronger. In the interview, Shanaka outlines how EY Technology Consulting can help businesses unlock the full potential of technology.

How is EY Technology Consulting empowering Sri Lankan companies to fast-track their digital transformations and generate sufficient returns amid the current economic crisis?

EY Technology Consulting provides guidance and support to Sri Lankan companies looking to accelerate their digital transformations. We offer expert advice on a range of technology-related issues, from developing digital strategies to selecting the right technology solutions and managing change during implementation.

One of the ways we help companies realize returns on their digital investments is by identifying opportunities to improve efficiency, cut costs, and boost revenue using technology. For instance, we look for areas where automation can streamline processes, or data analytics can provide insights that inform decision-making.

In times of economic turmoil, technology becomes even more vital as businesses seek ways to stay competitive and adapt to changing market conditions. By embracing the latest technologies and adopting best practices, companies can position themselves for long-term success.

However, it’s important to note that each company’s digital transformation journey will be unique, and there is no onesize-fits-all solution. Achieving a successful digital transformation requires careful planning, collaboration, and a willingness to adapt to changing circumstances.

What strategies and initiatives does EY Technology Consulting employ to help Sri Lankan companies optimize their businesses through technology, scale their operations, and drive growth in a downturn?

EY Technology Consulting works with companies to develop digital strategies that align with their business objectives. This includes assessing current technology infrastructure and creating a roadmap for implementation.

Once a digital strategy is in place, EY helps companies select and implement appropriate technology solutions, including software, hardware, and cyber security. The team specializes in ERP/Core System Implementation, process automation, IT programme and project management, cybersecurity, IT audits, and data analytics.

ERP/Core System Implementations involve analyzing a company’s business processes, standardizing and re-engineering these, and providing training and support to ensure the effective use of the systems. Process automation can improve efficiency and reduce costs, and EY can help identify areas for automation, such as intelligent automation. IT programme and project management is another area of expertise, with EY setting up effective PMOs and providing skilled project management professionals to oversee IT projects and manage risk.

Cybersecurity is also a key focus, with EY developing strategies, conducting risk assessments, and implementing security solutions to protect data and systems. IT audits cover areas such as network security, data backup and recovery, application controls, system development, and change management. EY’s IT audit report includes recommendations for addressing any deficiencies or weaknesses identified during the audit.

Finally, EY Technology Consulting assists companies with data analytics to provide valuable insights into customer behaviour and market trends. The overall aim is to help companies optimize their operations, increase efficiency, and drive growth through technology, positioning themselves for success in challenging economic conditions.

EY technology consulting provides guidance and support to Sri Lankan companies looking to accelerate their digital transformations. We offer expert advice on a range of technology related issues, from developing digital strategies to selecting the right solutions, managing cyber risks and achieving successful implementations with ongoing compliance

What role do you see in developing the technology leadership function in Sri Lankan companies?

In the modern digital era, technology is no longer just a supporting function but a critical driver of business success. As a result, the role of the Chief Information Officer (CIO) has evolved beyond that of a mere technical expert to that of a strategic business partner who comprehends the organization’s goals and can leverage technology to achieve them.

The CIO has a responsibility to develop and execute technology strategies that are aligned with the business objectives, drive innovation, and enhance operational efficiency. They are also accountable for ensuring the security and resilience of the organization’s technology infrastructure.

Given the crucial role of technology in driving business success, the CIO must have a seat at the leadership table. By being actively involved in critical business decisions, the CIO can provide valuable insights into the potential impact of technology on the organization’s strategy, operations, and customer experience. This, in turn, enables the organization to make informed decisions and remain competitive.

Building the technology leadership function requires investment in the right talent, the creation of a culture of innovation and continuous learning, and the provision of necessary resources to support the technology strategy. It is also crucial to promote collaboration between the technology team and other departments within the organization to ensure that technology is integrated into all aspects of the business.

In the current business landscape, where there is a growing demand for quantifiable returns on digital technology investments, how does EY Technology Consulting ensure that the solutions they provide deliver business outcomes?

In today’s ever-changing business landscape, businesses demand quantifiable returns on their digital technology investments. To meet this demand, EY employs a range of strategies and methodologies to ensure that its solutions deliver business outcomes. These include the following.

Aligning Business Values: EY works closely with clients to identify key business drivers and develop Key Performance Indicators (KPIs) to measure the business value of technology investments. This ensures that technology solutions are aligned with business objectives and that outcomes can be measured.

Data-Driven Decision-Making: EY helps clients leverage data analytics and other technologies to make informed decisions about technology investments. This ensures that investments are focused on areas that are most likely to deliver concrete business outcomes.

Risk Assessment and Management: EY works with clients to identify and mitigate risks associated with technology investments, such as economic uncertainty, inflation, and digital sovereignty issues. This ensures that investments are made in a way that minimizes risk and maximizes returns.

Agile Methodology: EY uses an agile methodology to deliver technology solutions iteratively and incrementally. This approach ensures that solutions are developed quickly, tested, and refined to ensure that they meet business objectives.

Post-Implementation Monitoring: EY conducts post-implementation monitoring to ensure that technology solutions deliver expected business outcomes. This enables clients to make necessary adjustments and ensure the technology solutions provide the expected return on investment.

As technology continues to evolve, the cybersecurity landscape becomes increasingly complex. How do you manage this and make organizations more resilient?

To manage the constantly evolving and complex cybersecurity landscape, a proactive and comprehensive approach involving several key components is necessary

Risk Assessment: Regular risk assessments are critical for identifying potential vulnerabilities and threats to the systems and data of an organization. This process may involve analyzing IT infrastructure, processes, and policies and assessing the possible impact of a cybersecurity breach.

Cybersecurity Framework: Organizations should adopt a cybersecurity framework, such as the NIST Cybersecurity Framework, which provides guidelines for managing and reducing cybersecurity risks. The framework includes identifying, protecting, detecting, responding, and recovering from cybersecurity incidents.

Continuous Monitoring: Real-time monitoring of systems and networks using tools like intrusion detection systems, security information and event management (SIEM) systems, and threat intelligence feeds is essential for identifying potential threats.

Security Awareness Training: Regular cybersecurity training for employees on the latest threats and best practices, such as password management, social engineering, and phishing, is crucial for protecting against cybersecurity threats.

Incident Response Plan: An incident response plan should be in place that outlines the steps to take in the event of a cybersecurity incident, including reporting, containing the damage, investigating the cause, and restoring normal operations.

Cyber Insurance: Considering the purchase of cyber insurance to cover the costs associated with a cybersecurity incident is wise. Cyber insurance policies can cover expenses such as legal fees, data recovery, and business interruption.

By implementing these measures, organizations can improve their cybersecurity posture and become more resilient against the complex and evolving cybersecurity landscape. Regular review and updating of cybersecurity policies and practices are also essential to ensure they remain effective and aligned with emerging threats and technologies.