Digital markets have experienced significant growth and dominance by a few companies and their platforms, raising concerns about competition, consumer choice, and data access. To address these issues, both the European Union (EU) and the United Kingdom (UK) have introduced regulatory reforms.
The EU has implemented the Digital Markets Act (DMA) and the Digital Services Act (DSA), while the UK has proposed the Digital Markets, Competition, and Consumer Bill (DMCCB) and the Online Safety Bill.
We’ll look at the regulatory approaches taken by the EU and UK, highlighting similarities and differences in scope, applicability, the importance of consent and how to get started with compliance.
Data privacy regulations in the European Union
The Digital Markets Act applies to companies designated as “gatekeepers” by the European Commission. Gatekeepers are the owners and providers of what the Commission identified as core platform services (CPS), such as search engines, social networking services, video-sharing platforms, and cloud computing services.
Companies designated as gatekeepers must carry out self-assessments to determine that they have met and continue to meet both quantitative and qualitative criteria. The list of gatekeepers may grow or change over time based on these criteria.
The quantitative criteria include a minimum annual turnover of €7.5 billion in the EU and at least 45 million active monthly users on the relevant platform or service in the last three financial years. Qualitative criteria consider the impact, importance, and market position of the CPS provider.
The DMA’s requirements are similar in many respects to those of the EU’s General Data Protection Regulation (GDPR), but are broader in some ways, addressing additional access to and uses of end users’ personal data.
Data privacy regulations in the United Kingdom
The Data Protection Act 2018 (“DPA”) covers the general processing of personal data in the UK and came into force on 25 May 2018, just before the EU GDPR took effect.
Following the end of the Brexit Transition Period, the EU GDPR became part of UK law through the European Union Withdrawal Agreement, and the Data Protection, Privacy and Electronic Communications Regulations 2019 (Exit Regulations).
The EU GDPR gave rise to the UK GDPR, which came into force on January 1, 2021, as the EU GDPR no longer protected UK citizens’ data. It includes the provisions of the EU GDPR with only minimal changes to the core principles, rights and obligations for data protection.
The UK GDPR and the DPA 2018 (amended version) are now the principal data protection regulations in the UK. They require businesses to protect individuals’ data, obtain consent to collect and use it, and protect data subjects’ rights.
The Privacy and Electronic Communications Regulations (PECR) implemented the EU’s ePrivacy Directive (Directive 2002/58/EC) and sets out privacy rights relating to electronic communications. The PECR came into force in 2003 and .
The “British DMA”: Enter the Digital Markets, Competition, and Consumer Bill (DMCCB)
In the U.K., Parliament has yet to pass the British equivalent of the DMA, the Digital Markets, Competition, and Consumer Bill, or the DSA equivalent, the Online Safety Bill.
The DMCCB applies to digital commercial operations in the UK or affecting the UK market, which are deemed to have Strategic Market Status (SMS). The definition of a digital activity is broad and includes any service provided via the internet.
To qualify as an SMS, a firm must meet criteria such as conducting a digital activity linked to the UK, having substantial market power, and holding a position of strategic significance. Turnover thresholds of £25 billion global turnover and/or £1 billion UK turnover are also considered.
Obligations and requirements
European Union: Digital Markets Act
The DMA imposes various behavioral obligations on gatekeepers. These include allowing third-party interoperability, granting access to user-generated data, promoting fair competition, and prohibiting preferential treatment of the gatekeeper’s services.
Gatekeepers must appoint compliance officers and submit annual compliance reports to the Commission.
Additionally, gatekeepers are required to inform the Commission about mergers (any “intended concentration” irrespective of whether they’re notifiable under the EU Merger Regulation or national merger rules. (DMA Art. 14.).
United Kingdom: Digital Markets, Competition and Consumer Bill
Strategic Market Status (SMS) firms in the UK will be subject to strict behavioral obligations under the DMCCB. These obligations revolve around fair trading, open choices, trust, and transparency.
The specific requirements will be tailored by the Digital Markets Unit (DMU) and the Office of Communications (Ofcom), the regulatory bodies overseeing the DMCCB and the Online Safety Bill, respectively.
SMS firms must also report proposed acquisitions meeting certain thresholds to the DMU.
EU vs. UK processes
European Union: (Digital Markets Act)
The EU’s legislative-driven model designates gatekeepers based on size and imposes behavioral expectations through regulation. The European Commission develops and enforces these requirements for compliance from gatekeepers.
United Kingdom: Digital Markets, Competition and Consumer Bill (DMCCB)
The UK’s approach involves more regulatory discretion. The DMU and Ofcom determine if a company has Strategic Market Status and tailor specific remedies accordingly. This approach allows for a more flexible and tailored oversight of digital platforms.
Participatory regulation
In the UK, both the DMU and Ofcom adopt a participatory regulation approach. This means regulators work closely with target companies to develop behavioral expectations and codes that can be enforced. The companies conduct their own Duty of Care analysis, which is reviewed by regulators that provide guidance and work collaboratively to define behavioral codes.
This means that beyond what’s defined by the two regulations, gatekeepers and SMS are required to determine their own privacy requirements to apply to third-party businesses using their services.
The importance of consent management for EU, EEA and UK companies
While both the European Union’s Digital Markets Act (DMA) and the United Kingdom’s Digital Markets, Competition and Consumers Bill (DMCCB) emphasize the significance of obtaining user consent for data processing activities, there may be variations in specific requirements and implementation.
To address these differences and get ready for data privacy compliance, follow these steps:
1. Understand the regulations
Familiarize yourself with the specific consent requirements outlined in both the DMA and DMCCB. Identify any variations in terms of lawful bases for processing, explicit consent, and additional obligations.
2. Assess your website or online platform’s data processing
Assess your organization’s data processing practices and identify any areas of noncompliance. Scan your website and check its degree of GDPR compliance.
3. Implement a leading European consent solution
Choose a consent management platform that enables GDPR and ePrivacy-compliant user consent collection and signaling for DMA compliance. Ensure that the CMP provides features such as granular consent options, secure recordkeeping, and user-friendly interfaces.
The specifics of CMP implementation do depend on what platforms you’re using, like your CMS, as well as other tools, including Google Tag Manager and other services. Cookiebot CMP is flexible, has direct integrations with leading website platforms, and can be installed with just a few lines of JavaScript. There’s also a cookie WordPress plugin.
4. Customize consent banners
Tailor the consent banners displayed on your website or online platform to meet the specific requirements of each regulation. Provide clear information about data processing activities, purpose specification, and the ability to manage preferences.
5. Update your privacy policy
Review and update your privacy policy to align with the requirements of the DMA and/or DMCCB. Include details about the types of data collected, the purposes of processing, parties with access to the data, and how user consent is obtained and managed.
6. Train your team
Educate your staff about the nuances of both regulations and the proper implementation of consent management. Ensure they understand their roles and responsibilities in obtaining and managing user consent.
Final thoughts
The UK and EU regulatory initiatives are creating de facto global digital risk management standards, by taking significant steps to regulate digital markets and addressing concerns related to market dominance, competition, consumer choice, and data access.
While the EU has implemented the DMA and DSA, the UK is in the process of enacting the DMCCB and the Online Safety Bill. The approaches differ in some aspects, but there’s a shared goal of promoting fair competition and protecting consumer interests.
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- What’s the purpose of your project?
- What objectives do you want to achieve?
- What exactly are you looking to build?
- How much budget do you have to spend?
- What existing technology do you need to integrate with?
- What features and functionality do you need?
- What skills and expertise do you have in-house?
- Stick with your existing platform and update or build on to it
- Buy a custom, purpose-built, ‘out the box’ platform or piece of software
- Work with an agency to adopt a new platform and/or build something bespoke.
- Bespoke development
- Customisable design, features, and functionality
- Migration from legacy systems to a new platform
- Seamless scalability
- A secure infrastructure
- Performance in peak traffic volumes
- Integration with back-end systems like Salesforce, HubSpot, PowerBi, and more
- Ease-of-use in both the front and back-end
- Quick and easy editing capabilities
- Multi-site development for multiple languages across different countries
- Responsive or ‘headless’ design for web and mobile, enabling omni-channel customer experience.
- Brainstorming and ideation
- Assistance in research and information-gathering
- Writing copy
- Writing code
- Image and video creation
- Data analysis
- Automating manual processes.
- GPT-4 was released as an upgrade to Chat GPT. GPT-4 can understand images, process 25,000 words in one go, earn a top 10% score on complex exams, and even demonstrate some advanced reasoning capabilities.
- Adobe released Firefly, which is a programme with a range of new generative AI features. It can create outstanding new content using simple language, with almost-unlimited creative options like turning 3D compositions into photorealistic images and automating advanced video editing processes.
- GitHub launched CoPilotX, which can supposedly boost coding speed by up to 55%. CoPilotX has similar features to Chat GPT, but will be used by software engineers and developers to boost productivity and time-to-market.
- And, just last week, Stability AI released its Stable Diffusion XL model, offering photorealism through an intricate editing interface. It’s reportedly built with around 2.3 billion parameters.
- Innovation
- Creativity
- Clear strategic thinking
- Effectiveness
- Tangible results.
- Make a critical client engagement process increasingly efficient and effective
- Provide each user with a personalised experience that includes tailored investment information and updates
- Obtain more data about user engagement and leverage that to improve other services
- Accelerate and increase investment in client funds, driving significant commercial growth for the firm
- Use an industry-first digital tool to gain significant competitive advantages.
Latest from agency
8 December, 2022
Sam Phillips and Will Newland interviewed by Cloudways
Technical Director, Sam Phillips and Managing Director, Will Newland were interviewed by Brent Weaver at Cloudways.
SoBold has been working with Cloudways since 2019 to help host development environments for all of their clients.
You can learn more about Cloudways, Managed Cloud Hosting services by visiting their website here.
See what they had to say in the video below.
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Digital Business
8 March, 2023
5 Women To Shape the Design and Tech Worlds
March 8th is still an important date to remind us of the brilliance of being a woman in our society. Even though it can be a struggle every day, we know that women are capable of anything and we are very proud to celebrate the achievements of these creative and intelligent women.
Hedy Lamarr
Who can live without Wi-Fi nowadays? In 1942, Hedy invented the technology that later helped the creation of wireless signals.
Rear Admiral Grace Hopper
If you’re not in the programming world, you may not have heard of COBOL. This programming language created in 1952 is still used on business applications to this day. Grace was one of the first ever compilers and her work led to the creation of COBOL.
Margaret Calvert
Even in the age of Sat Nav, you’ve probably relied on a road sign at some point, right? Either driving or walking down the street, the reliable signs are a source of comfort when technology fails. Margaret was part of the team that redesigned the whole UK road sign system. It all started in the late 1950s and her work still guides us even to this day.
Carolyn Davidson
‘Just do it’ – the famous tagline from a brand you might have heard of, called Nike. The tick logo was first developed by Carolyn when she was just starting design and the idea behind it to represent speed and motion. Even though the Nike tick is now one of the top 10 most recognised logos worldwide, Carolyn has only made $35 from her design.
Susan Kare
We all know Apple. We all know that they’ve conquered the world of technology by consistently presenting unique designs with both their hardware and software. What you probably didn’t know was that Susan was the designer responsible for developing all the typefaces, icons and other elements that serve as the core for what we now know as the Apple brand.
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Digital Business
31 October, 2022
Understanding and Evaluating Enterprise Options for Bespoke Web Development
Evaluating and selecting the best option for a bespoke web development project is an important decision, with a lot riding on it. But with so many technology providers, platforms, and agency partners out there today, that decision can be overwhelming.
In this article, we’ll guide you through this evaluation process, explore the options available, and help you choose the right technology platform for your own web development project.
We all know that a large business or enterprise relies on technology to function. With dozens of sites across different countries, hundreds of employees, and thousands of customers, technology is the heartbeat of your organisation.
You need sophisticated technology to facilitate mission-critical digital assets like your website, mobile applications, staff portals, communications channels, and various other systems. Many businesses also leverage technology to facilitate processes or capabilities that are entirely unique to the organisation, like internal training platforms or bespoke tools for certain departments.
With that in mind, it’s important to find a platform that can meet your specific requirements and enable you to accomplish your strategic objectives.
Modern enterprise systems need to be dynamic, scalable, and intuitive, and achieving that involves some complexity behind the scenes. For that reason, it’s often necessary to take the route of a bespoke development project to ensure your business gains exactly what it needs in terms of both functionality and capability.
A content management system (CMS) is the most common technology platform for businesses to deliver these projects, with almost two thirds (63%) of all sites on the Internet powered by a CMS today. This is a type of software used to build websites and similar systems, allowing you to easily create, edit, and publish digital content across a range of online channels and devices. But determining the best CMS, let alone choosing the right one for your own bespoke development project, can be a daunting challenge.
So, let’s explore the situations in which it’s wise to adopt a CMS to deliver a development project. We’ll then walk you through the next steps, giving you the confidence to make the best decisions for your business along the way.
Enterprise Challenges with Technology
There are plenty of situations in which a marketing team might be struggling to identify the right technology platform for a project like this.
Perhaps you need to find a way to deliver something very niche, like building a new website or internal system from scratch. Maybe your project requires you to build a website on a new platform, and that platform needs to integrate with your internal systems like Salesforce, HubSpot, PowerBi, and other back-end applications.
Or, you may be trying to solve a challenge, like finding a suitable way to replace your current legacy systems. If, for example, your current website is built on a CMS like Drupal, and it’s no longer capable of meeting your requirements, you’ll need to find a new platform and migrate everything over.
A CMS is an ideal solution in each of these scenarios, and many others. Of course, with such a vast technology landscape to navigate, finding the right CMS is no easy task. It’s even difficult to know where to begin for most enterprise marketers.
So, let’s take a look at how you can approach this evaluation process in a cost-effective, efficient way.
How to Approach an Enterprise Web Development Project
Firstly, as an aside, it’s important to regularly review and reassess whether your CMS is fit for purpose, even if you don’t have an immediate requirement for something new.
Modern technology is advancing so rapidly. With that, your users’ expectations – both employees and customers – are evolving as well. You need to keep up with the pace of change and ensure your technology can still meet the current demands it faces from those users.
Back to the task at hand, though. Before you begin looking into different CMS, you should try to define exactly what it is you need from them.
Whether you’re building a bespoke website or migrating an existing site to a new platform, make sure you know exactly what you want to achieve by doing so.
Start by asking questions like:
Make sure you have a very specific brief and clear set of requirements to take to whichever solution providers and agencies you’ll be speaking to. If you don’t, you’ll struggle to fully understand whether the platforms you’re evaluating can actually deliver what you need.
Once you’ve got that, you can decide which approach is the best for your project. This could be:
It’s worth noting that most web development projects for large businesses will have complex requirements that are almost impossible to achieve without strategic guidance and ongoing support from an experienced partner. An agency partner will work closely with you to understand your strategic objectives and requirements, then provide you with platform-specific skills, tools, and expertise to achieve those. We’ll look at this in more detail later in the article.
Defining Your Requirements
As mentioned above, it’s important to have a specific set of objectives for your project and know what requirements are necessary to achieve those. These will also ensure the partner or agency you work with understands your brief and is able to deliver the exact finished product you’re looking for.
When scoping this out, there are some common capabilities and qualities most enterprise-grade platforms should have in order to meet expectations. Here are some things you should ensure your new platform – and the agency you work with, if you decide to go that route – can provide for your business:
Your Options for Enterprise CMS
Drupal
Drupal is popular among enterprises because it’s a highly secure platform. It’s also great if your team contains technical resources with good coding ability, as it’s very intuitive for people that have more advanced content management skills.
On the other hand, Drupal can be very difficult to get up and running, and is lacking in terms of simplicity. Because of this, your agency costs will also likely be higher than with other CMSs if you take that route.
Even if you do have that technical skill in your team, however, the platform itself is somewhat limited with customisation. It’s also worth noting that the version of Drupal most businesses currently use (Drupal 7) is soon reaching end-of-life. This has caused many Drupal users to migrate their existing sites to new, more intuitive platforms, such as WordPress.
Sitecore
Sitecore is a robust CMS that provides more capabilities than the average platform. It’s popular because it actually offers a fully-managed ‘digital experience platform’ that delivers most of the qualities mentioned in the previous section.
Sitecore comes with a good level of personalisation and is well suited for bespoke development projects. However, it’s an expensive system, requiring the procurement of licenses to begin using it. It also restricts certain capabilities unless you progress to higher tiers (and costs) of your licenses.
From a practical perspective, Sitecore operates on quite hierarchical, complex workflows, which may not suit more agile or smaller teams.
Umbraco
The scalability of Umbraco is great for large organisations, as it allows you to manage a high volume of pages and build out your website to meet the changing needs of your business.
Similar to Drupal, Umbraco is mostly suitable for users with more advanced content management skills and some development experience. This makes it difficult to use for the average marketing team, which increases the likelihood of higher costs, either through more expensive agency projects or even the need to hire someone in-house.
WordPress
WordPress is the platform that powers almost 45% of the world’s websites. It’s so popular because it’s affordable, flexible, dynamic, and very easy to use.
There is a common misconception that WordPress isn’t robust or scalable enough for large businesses. However, this continues to be proven as a myth, as some of the biggest brands in the world are now using WordPress for their CMS, from Nike to Bloomberg.
We’ll provide a detailed breakdown of the benefits and advantages WordPress offers in the next section.
Which is the Best Option?
It’s important to remember every web development project will be different, and each of these platforms are good options in their own way. That’s why you should make your decision based on the solution that best aligns with your objectives, requirements, budget, and other factors.
One common point related to all these platforms that’s worth noting is that each of them are exponentially easier to use, and will deliver far greater return on investment (ROI), if you have the support of an experienced specialist partner to guide you. An agency with platform-specific skills and expertise will ensure your business gains the maximum value from the platform you select, and help you leverage it strategically to harness its full potential.
Business Benefits and Opportunities with WordPress
Using WordPress is an excellent option for any business. For large organisations in particular, there are a number of qualities that make it particularly beneficial.
Scalability and Agility
The WordPress platform is highly scalable. This means that the size and complexity of your website, and the amount of traffic passing through it, won’t be a concern. WordPress can also grow with your business and easily adapt to continue meeting your changing needs. Scalability is one of WordPress’s most prominent advantages for enterprises.
Low TCO and Strong ROI
Of all the options listed above, WordPress comes with the lowest total cost of ownership (TCO). Unlike most platforms, you won’t need to bolt on new features or capabilities with WordPress, nor will you have to worry about costly extra work to manage platform upgrades or updates. Additionally, because WordPress is so flexible and rich with dynamic features and capabilities, it’s proven to deliver strong ROI.
Flexibility and Customisation
WordPress is ideal for a bespoke development project because it’s highly customisable. You can use its flexibility to build bespoke features and functionality into your website or create an entirely unique system.
Fast Time-to-Market
Because of its great usability and simplicity, WordPress allows for a very fast time-to-market, meaning you can deliver your project quickly and efficiently. However, it should be noted that most businesses will need the support of a skilled agency to be able to achieve that.
Integration
WordPress is very easy to integrate with other systems, such as HubSpot, Salesforce, and others. This means your business will experience minimal disruption due to integration, whether migrating to WordPress or starting a new development project from scratch.
Usability
In the back-end, WordPress is renowned for its usability. As a CMS, it’s extremely easy to use, meaning you can get up-to-speed quickly and share responsibilities across more members of your team.
Performance
The performance, speed, and ease-of-use with WordPress are all enterprise-grade when building websites on the platform. This means user adoption and retention will be high, ensuring the success of your project and driving greater ROI.
Long-Term Value
When working with WordPress, you’ll also gain advantages that will deliver added value to your business, especially if you have the support of a specialist partner who can help you unlock the full power of the technology.
The project doesn’t stop with the initial implementation of WordPress, either. As your requirements change, or your project evolves, WordPress is the best platform to adapt with you and deliver value to your business in the long-term.
Why WordPress is the Future of the Enterprise
WordPress is the most popular and widely used CMSs in the world today. And that popularity has been consistently spreading into the enterprise market over the past decade or so.
This is no coincidence, either. It’s unsurprising to see how quickly WordPress is growing in popularity, as more and more businesses realise the vast potential of the platform and the benefits it can deliver.
When taking into account its unprecedented scalability, flexibility, and usability, not to mention its low TCO, WordPress is one of the leading options for bespoke web development projects for large organisations.
When it comes to evaluating the options for your own project, remember to carefully consider how each platform aligns with your requirements and objectives. Once you’ve identified the CMS that is most suitable to deliver what you’re looking for, consider the value that could be added to your project by working with an agency partner who specialises in that technology.
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Industry News
25 April, 2023
The Changing Roles of Web Design and Development in the Age of AI
Summary
In the first few months of 2023, generative AI has burst on to the scene and begun to change our relationship with technology forever. Already, there’s plenty of evidence to suggest that people in a wide range of jobs will have to adapt quickly or risk being replaced. In this article, we explore the impact AI is having on the web design and development industry, as well as how businesses, and people, should approach working with this innovative technology.
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AI tools are nothing new. We’ve all been using them for years, from chatbots to predictive text to voice-controlled assistants like Siri and Alexa. But the recent mainstream adoption of AI tools such as Chat GPT, and the rapid advancement of the technology itself, has caused huge disruption across a number of industries.
Many assumed that people like marketers, software developers, and UX and UI designers would be some of the last ones at risk of having their jobs taken by AI, due to their need for creative skill and use of human emotion. Ironically, these roles have been some of the first to come “under threat” over the past few months.
AI’s speed and efficiency is already forcing us to ask questions about the future of the web design and development industry. With that in mind, one question in particular has dominated discussion online so far this year:
Are our jobs in danger of being taken by AI?
By now, you’re almost certainly aware that AI offers incredible value by accelerating workflows and augmenting skills. Some of the most beneficial use cases lie in:
AI can also devise entire business and marketing strategies, solve complex problems, and even create its own AI-powered applications from scratch. Perhaps most importantly, it can do all these tasks in a matter of seconds, when most of them would take a human several hours, days or even months.
The Latest News and Tools (at the Time of Writing)
Over the past few months, there are more and more AI-powered tools being released on an almost daily basis.
The number of AI tools that have been released recently is staggering, and the capabilities of some of them is truly mind-blowing. Just last month, in March 2023:
It’s both exciting and terrifying to think these highly intelligent tools are just the tip of the AI iceberg. When you consider how common it’s now become to use AI to develop even more advanced AI, it seems that the rate of evolution will only continue to increase exponentially from here.
How is AI Transforming Design and Development?
While these AI tools are extremely impressive, it’s not as straightforward as simply plugging them in and sitting back while they literally do your work for you. It’s possible we may get there one day, but right now we believe we’re a long way off.
These tools are highly sophisticated and intuitive, and their adoption is probably going to change the way we all work forever. However, this should be seen as technology that will augment and enhance people’s ability to do their jobs, or create new jobs entirely, rather than “steal” them away from us.
The current use cases for AI are mostly just ways for you to do your work, much faster and more effectively. This could either be done by automating processes to save time, or by supplementing your existing skill-set with new capabilities with the help of AI. For example, if you wanted to convert your code from one language into multiple languages, you would be able to do this with the help of Chat GPT.
When it comes to user experience (UX) design, one crucial thing AI will always be missing is human empathy, emotion, and understanding. A company looking to create a high-performance website that supports their strategic business goals and engages their target audience will fail if they don’t take into account human understanding and collaboration between them and their web development agency.
Outlining the What and the How is important, but the Why is arguably what drives great UX and UI.
“Design is not just a visual experience, it’s an emotional one. It should make people feel something.”
Nathan Shedroff, Author and Professor of Design Strategy
UX design is a nuanced, collaborative process, focusing on the specific requirements of the business and the specific needs of the target audience. You can save a lot of time using AI to produce a high volume of early conceptual designs or accelerate your copywriting process. But without the human element, none of these things will be authentic or anywhere near the required standard.
Potential Concerns and Risks with AI
Of course, we’ve not even mentioned the rising concerns and risks associated with AI yet. Just last month, over 1,000 technology leaders and influencers signed a petition to halt the development of generative AI until more governance can be introduced to ensure its safety.
There are still some serious grey areas regarding the use of this technology in business as well, from regulations and legal implications to the copyright of creative work like logos and images. These are providing opportunities for a wide range of new forms of cyber crime, phishing, and “deep-fake” imitations which could spiral out of control if left unchecked.
There are also plenty of moral issues surrounding AI that we must consider. For example, what implications will there be for our society if global businesses do begin replacing humans with AI on a large scale?
A key concern is that Generative AI is also having a significant impact on the environment, which is a conversation most people seem to be avoiding for the time being. With the global fight to reduce carbon emissions intensifying, and more businesses placing sustainability at the core of their values, there needs to be some action taken to balance those priorities with the efficiency and speed enabled by AI.
The SoBold Perspective
From our perspective, as a leading design and development agency, we believe that people will always want and need to work with other people. Personable relationships, real-life experience, and critical thinking are all essential parts of our work. In many cases, that’s also what many of our clients value most about our services.
Granted, we’re always looking for innovative new ways to push the boundaries, and AI is an incredible tool that will help us do that. But it won’t replace crucial human characteristics like empathy, emotion, and subjective opinions.
It will, however, help us spend less time on low-value tasks, and more time to focus on building stronger relationships and gaining a deeper understanding of our clients’ needs. That will only result in improving the work we deliver, which is something we’re always striving to achieve.
The Verdict on AI (for Now)
This year will probably be looked back on as a turning point in history when AI was introduced to the world. But this technology won’t replace too many jobs just yet. Instead, it will enhance our ability to work smarter, faster, and more efficiently.
For now, the only people at risk of losing their jobs to AI are those who fail – or refuse – to adapt to this new way of working and embrace the change. Similarly, if you’re using AI because you’re being lazy or complacent, that will also cause problems. You should never use work produced by a generative AI tool without checking its quality and accuracy, and you’ll always need to add a human touch before considering it finished.
On the other hand, if you’re forward-thinking and agile, embracing AI will make you exponentially better at your job. Here at SoBold, we’re personally most excited by how AI has the potential to help us vastly improve the service we deliver for our clients.
Of course, this technology is evolving so fast that it’s difficult to predict where we’ll stand a year from now. We’ll be discussing this, and lots of other important trends, in our new monthly newsletter.
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Announcement
23 May, 2023
SoBold Selected as a Finalist for The Drum Awards for Marketing for Digital Transformation
We’re thrilled to announce that SoBold has been nominated as a finalist for an award at The Drum Awards for Marketing.
We’ve been nominated for our team’s outstanding work developing RedeWire, a unique, “game-changing” online portal for global financial services business Rede Partners LLP.
The Drum Awards for Marketing
The Drum Awards for Marketing are intended to highlight agencies and marketing teams that truly understand their clients. Focusing on outcomes, not outputs, these awards are designed to celebrate teams who have demonstrated the measurable value their work has delivered for their clients.
We’ve been nominated as a finalist in the transformation category. This category rewards creative and innovative thinking from agencies who have created a change in model or product to enhance experiences for their clients and their end-users.
The criteria on which the finalists were selected for this category included:
We’re incredibly proud to be named as a finalist for this award, especially since innovation, creativity, and strategic thinking are qualities that we actively strive to put into every project we work on for our clients.
“Game-Changing” Innovation – the RedeWire Platform
Global private equity (PE) fundraising advisory firm, Rede Partners, has a mission-critical process of keeping a large network of limited partner investors (LPs) updated with relevant, timely information about opportunities to invest in client funds.
The previous method of communicating this information to LPs was a large static PDF doc, produced once per quarter, shared with LPs via email. That approach is standard within the fundraising advisory industry, with many of Rede’s competitors using a similar approach.
But the Rede team recognised this needed to become more engaging for their clients, and our team here at SoBold provided an opportunity to innovate and transform this process.
We worked closely with Rede’s stakeholders to understand their challenges and define a clear set of strategic objectives. This allowed us to identify a way to remove this long-winded, one-way communication process with LPs and create a dynamic, interactive online portal.
RedeWire is the first of its kind, and has been identified as a “game-changer in the industry” by Rede’s LPs.
RedeWire successfully met Rede’s complex set of requirements, allowing them to:
The portal has already exceeded expectations for adoption, as it has made one of Rede’s critical points of communication with investors more efficient, effective, and engaging.
Check out our case study to learn more about the RedeWire platform here.
What they Had to Say
Gabrielle Joseph, Head of Due Diligence and Client Development at Rede Partners LLP, said:
“Originally conceived as a game-changer within our industry, we are thrilled with the outcome of RedeWire and have had several clients highlight how intuitive and easy to use the platform is.”
“Throughout the project, SoBold clearly understood our vision and provided thoughtful solutions to our needs. Choosing to partner with this team was one of the best decisions we’ve made, and we couldn’t be happier. We look forward to continuing to work with the team as the site evolves.”
One early adopter of the RedeWire platform also provided highly positive feedback, saying:
“This is a massive time-saver for everyone. I can’t believe how fluid and user-friendly it is. It will be a useful tool in 2023. We’re super impressed.”
Waiting for the Results
The results will be announced at the live awards show on June 15, 2023, in London. Congratulations must also go to our fellow finalists, Yodel Mobile, Braze, and Coterie Marketing.
Please keep your fingers crossed for us until then, and keep an eye out for the results this time next month!
In the mean-time, you can discover how financial services businesses should approach bespoke web development projects to successfully embrace digital transformation here.