| IAOP On Location: Industry Leaders Converge in NYC to Explore Digital Innovation, Governance, Workforce Challenges, and Social Impact | |
IAOP On Location: Industry Leaders Converge in NYC to Explore Digital Innovation, Governance, Workforce Challenges, and Social Impact
Industry leaders explored the rapidly changing landscape of digital technologies, the future of work, collaborative supplier governance, and social impact at IAOP’s On Location in New York City.
The event was a platform for fostering collaboration and knowledge sharing among outsourcing professionals. It kicked off on Nov. 6 with an in-depth workshop on strategies to bolster effective governance at the offices of Synechron, featuring an inspiring tour of its Innovation Lab, FinLabs.
“The energy, innovation, and commitment to excellence that Synechron demonstrates align perfectly with our vision at IAOP,” said IAOP CEO Debi Hamill. “The team’s dedication to pushing boundaries truly inspires us.”
The following two days, Nov.7-8, were filled with dynamic interactive sessions at Kirkland & Ellis that delved deep into the latest industry trends and pressing challenges at the intersection of technology, compliance, governance, social impact, and employment challenges. The discussions advocated for a collaborative approach to tackle these complex issues.
A highlight of the event was the launch of IAOP’s Healthcare and Life Sciences Center of Excellence (COE), a new initiative designed to address the unique challenges and opportunities in these vital sectors. The COE aims to provide a platform for industry professionals to share insights, discuss best practices, and collaborate on solutions through targeted sessions, specialized workshops, and expert-led panels.
Kirkland & Ellis partner Robert Kantrowitz welcomed attendees to the firm’s conference space, which offered stunning skyline views. He emphasized the significance of the COE in fostering insight-sharing and initiatives that benefit IAOP members.
Against the vibrant backdrop of New York, the event united diverse voices around a shared commitment to harnessing technology’s power while prioritizing social impact. Participants left with newfound knowledge, valuable connections, and a collective determination to shape a better future in their respective areas.
Themes and Takeaways from IAOP On Location: NYC
IAOP on Location in New York united industry leaders and innovators to explore the transformative impact of digital technologies and AI through discussions on regulatory challenges, data integrity, workforce dynamics, and the imperative of social responsibility in building a more inclusive future.
Key themes included:
- Transformation through Technology: The role of fintech in boosting operational efficiency, especially in financial services, was underscored. Generative AI emerged as a transformative force, with discussions around the crucial need for data accuracy to prevent biases.
- Challenges in Regulatory Compliance: Participants explored the increasing regulatory scrutiny in sectors such as private equity healthcare, focusing on issues like heightened antitrust investigations and changes to HSR regulations that complicate mergers and acquisitions.
- Supplier Governance Complexity: The intricacies of multi-supplier governance were a central topic, with an emphasis on effective compliance, quality control, and communication. AI tools were suggested as valuable assets to help monitor these areas.
- Transformational Outsourcing Trends: The shift of legacy systems to cloud environments was recognized as essential for enhancing operational efficiency. Discussions highlighted the complexities of sourcing contracts and the risks associated with long-term agreements, reaffirming the need for clear communication and adaptable contracts.
- AI’s Impact on the Workforce: The potential of AI to improve recruitment processes and its implications for workforce dynamics were discussed. The introduction of 'agentic AI' pointed to the necessity for adaptable workforce models.
- Social Impact and Community Empowerment: A panel discussion emphasized the importance of partnerships to address the challenges faced by refugees and marginalized communities, focusing on education and job training efforts by organizations like Foundever.org, Tent, and Project Rousseau. The conference stressed the need for collaboration between businesses and nonprofits to promote social good and inclusive hiring, urging participants to engage in ongoing dialogue to support meaningful initiatives.
IAOP on Location NYC: Speaker Highlights on November 7
AI Transformation in Financial Services
IAOP Hall of Fame member Alpa Inamdar, a transformation leader at AIG, presented via Zoom, passionately discussing how fintech innovations and AI could reshape operational efficiency, drawing parallels to previous technological revolutions.
In her engaging talk, she highlighted the potential for AI to streamline manual processes through large language modeling. However, she struck a cautionary note about the risks associated with data input, emphasizing the critical importance of the sources, regional differences, and demographic representation of the data used to train AI systems.
Calling for a thoughtful approach to data curation and analysis, she noted the current lack of regulation and the expectation for governance frameworks to emerge. She underscored the necessity for accurate fact-checking and a balanced perspective in the data driving AI to avoid biases and ensure effective outcomes. Data privacy and ethical concerns also were discussed.
“We have to be very, very thoughtful in how we input the data and how we analyze that data,” Inamdar said.
Inamdar shared how AIG is using AI to enhance the underwriting process by analyzing historical data related to climate impacts, such as hurricanes in Florida.
The insurance company also has implemented AI chatbots for customer engagement and claims processing. While these bots have significantly sped up the information collection process during incidents, achieving data collection 60 percent faster than humans, she noted the bots lack the “empathy factor,” highlighting the importance of human connection despite the efficiency of AI.
Inamdar addressed the urgent need for a comprehensive regulatory framework for AI in the U.S., drawing parallels to the EU’s proactive approach to regulatory consistency. Through her insights, she made it clear that the path forward demands a balance of innovation and ethical responsibility.
Healthcare Outsourcing Investments: Recent Development and the Road Ahead
Lindsay Borgeson and Dennis Williams, partners at Kirkland & Ellis, analyzed the current healthcare outsourcing deal landscape. They discussed the cautious recovery following years of rapid deals, sharing insights on recent significant acquisitions and antitrust developments amidst increasing filing complexities.
Multi-Supplier Governance in the Health and Life Sciences Industry Presents Unique Challenge
Jim Lee, Principal, Global Lead Governance Risk & Compliance at Avasant, addressed the challenges of multi-supplier governance in healthcare, emphasizing the necessity for clear communication, quality control, and regulatory compliance.
Transformational Outsourcing Trends
Peter George, a partner at Baker McKenzie, provided an in-depth look at transformational outsourcing. He presented compelling case studies of organizations moving to cloud environments, advocating for proactive strategies and collaborative approaches.
Accelerating Supplier Selection and Time to Value
Todd Hintze, Partner, Wavestone, proposed a framework inspired by Formula One racing, highlighting that team captains focus on context and conditions to achieve speed. Key factors affecting speed in racing include engine power, aerodynamics, and tire performance.
Similarly, in sourcing, elements such as location, technology, process maturity, and scalability impact capability and efficiency. He expressed hope that the framework provided would offer valuable insights for attendees as they navigate their sourcing challenges and aim to capture sustainable value while responding to the persistent call for increased speed in their operations.
Balancing Risk Against Emerging Technologies
Thought leaders sharing their insights were Frank Wadsworth, Founder & Managing Partner, Hatfield Advisory; Michael Wheeler, Partner & Global Supply Chain Practice Lead, Avasant; and Frances Cruz, NA Head of Strategy, Transformation & Architecture and Client Lifecycle Management, Senior Director, Synechron.
The panel emphasized the need for organizations, especially in financial services and healthcare, to balance the push for innovation with effective risk management. The discussion highlighted the significance of data governance, supplier integration, and collaborative partnerships in driving successful innovation.
Impact and Challenges of AI on the Global Workforce
A panel featuring Pam Sands, Vice President, Chief Diversity Office at Kelly OCG; Anupam Govil, partner at Avasant; and Zinaida Charalambous, Director Workplace Advisory at Colliers, explored AI’s role in shaping the future workforce. Their discussion highlighted AI’s potential to improve recruitment, especially for underrepresented communities, while stressing the importance of ethical implementation and inclusivity.
CXforGood: Empowering Communities Through Education
Najet Tenoutit, Managing Director, Foundever.org; Bethany Thorne, Chief of Staff and Secretary to the Board, Project Rousseau; and Scarlett Cronin, VP of Global Strategy & the Americas Tent Partnership for Refugees, passionately discussed their commitment to transforming lives through education and employment for refugees. Their collaborative efforts illustrate how businesses can address labor needs while embracing social responsibility.