We recently caught up with Synnovate’s CIO/CTO & Client Advisor in Ireland. We chatted about the Current Trends of 2024, and what we at Synnovate offer to capitalise on these. Talking AI, Importance of Partnerships, Sustainability and Services vs Staffing.
AI – What are the threats & benefits of Artificial Intelligence within Financial Services?
Derek: The threats of AI are still somewhat unknown, but it will increasingly take over some human roles, particularly in compliance, regulation, legal, and operational areas. While AI will bring changes, it’s more likely to support rather than replace human activities. Trust and experience with AI are still developing, but its ability to make fast decisions and operate 24/7 is promising.
In financial services, AI will serve as a support mechanism, aiding in data analysis and decision-making rather than replacing human roles. AI can quickly process information and identify opportunities, such as buy or sell signals in trading.
Overall, AI will provide significant support, not just threats. It’s already widely used in areas like content creation. The focus should be on leveraging AI to enhance business rather than replace it. AI is still in its early stages, and controls are being developed to manage its use, such as detecting AI-generated content in academia.
Importance of partnerships – How to have success from your partner?
Derek: Starting a company helps you meet many people, making it a small world. You need to constantly ask, “How can we make you successful?” This question helps foster important conversations with organisations you’re working with.
It will be crucial to determine if the organisation prioritises the customer and if the project, centered on technical transformation, maintains a customer focus and yields internal impact. The objective is to discern what is effective and to guarantee the success of the company, team, or manager. Success stems from the people, skills, culture, vision, and drive that are provided..
Sustainability – Why the priority on tech sustainability is so important in 2024 and beyond…How crucial is it for CIO’s to demonstrate reductions in carbon emissions?
Jon: There’s a distinction between discussing ESG broadly and focusing on sustainability within an IT department. We’ve developed a tool to help organisations achieve sustainability in their IT architecture, design, and processes. Given IT’s significant impact, including cloud computing and data centres, how crucial is it for CIOs and CTOs to demonstrate reductions in carbon emissions or carbon footprint?
Derek: When discussing sustainability within an organisation, it’s crucial to define it clearly, as it can mean different things to different teams. Technology often plays a significant role in this, offering numerous opportunities to support sustainable operations. Understanding the impact of technology infrastructure, such as data centres and devices, is essential for managing it effectively.
Sustainability should focus on creating value through efficiency, cost reduction, and future growth, not just environmental friendliness. Efforts should optimise processes and resource usage, such as reducing energy consumption in data centres and optimising device usage.
Technology leaders must engage with key stakeholders, including risk, finance, and executive teams, to drive sustainability initiatives. They need to present clear plans with short- and long-term goals, demonstrating how technology supports overall sustainability objectives. This requires strategic planning and collaboration to integrate sustainable practices across the organisation.
Services vs Staffing companies – Why finding individuals with the best talent goes a long way.
Derek: When you send someone into an organisation, they become the face of your brand. They represent not just themselves, but your entire organisation. If they don’t mesh well with the team or fail to embody the values of your brand, it reflects poorly on your organisation. It’s essential to find individuals whose character aligns with your brand ethos, but this isn’t always easy to determine in an interview.
Simply filling positions isn’t the ultimate goal; it’s about finding individuals who can actively contribute to the growth and success of the organisation. This involves more than just placing people in roles—it’s about fostering long-term relationships and providing ongoing support to help the organisation thrive. This commitment to success sets companies apart and is where Synnovate excels. It’s not just about filling seats; it’s about partnering with organisations to drive success together. This mindset is what truly differentiates Synnovate and ensures its clients’ success.
Jon: Innovative approaches stand out, especially in a competitive landscape like the Irish market, where reputation holds significant weight due to its tight-knit nature. In this environment, doing a good job can propel your reputation forward, while a misstep can have amplified consequences.
Building strong relationships and investing time to understand the nuances of each organisation’s culture and objectives are crucial. It’s not just about filling positions; it’s about aligning with the values and goals of the organisation and delivering the right services at the right time and price. Reputation matters greatly, and word of mouth can make or break a business, emphasising the importance of consistently delivering on promises and maintaining a stellar reputation.
