2018 UNSW Business Society Bizzness Magazine: Disruption

CONTENTS 2018 Bizzness Disruption Magazine

BIG DATA SHOWPO: UX AND UI DESIGN

IS IT ALL ABOUT PROFIT?

AI: TRANSFORMING WORK AS WE KNOW IT

ENHANCING WORKPLACE CULTURE

CASHLESS SOCIETY

SOCIAL ROBOTICS WITH SCOTT BROWN

SHIFT IN SURGERY

PROMOTING POTENTIAL

BITCOIN: VIABLE OR A FAD

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User experience (UX) is the process of enhancing user satisfaction with a product by improving usability, accessibility and pleasure provided in the interaction of the product.

USER INTERFACE (UI) is the means by which the user and a computer system interact, in particular the use of input devices and software.

UX / UI Technology in E-Commerce with Felicity Leraci - UX Designer 1. What is the importance of using UX/ UI Design in E-commerce, and how has it impacted the growth of Showpo?

UX is incredibly important in ecommerce as everything takes place online.

Therefore, the experience needs to be seamless. Research constantly informs decisions at Showpo - we’re always testing designs and ideas via A/B testing, a method of comparing 2 versions of a webpage or app against each other.

2. How would you explain the UX Design Process?

UX design typically starts with a user or business problem to solve. Typically you would start with discovery: talking to stakeholders and customers to find out as much as you can about the problem they’re facing, then analysing your findings so that you can come up with potential solutions to the problem (these might include wireframing a new design for a certain part of a website). Once you have a design concept you would test it with your customers/target users and see if it solved the problem or if you need to come up with a new design and test again.

Basically: discover, design, test, iterate, repeat.

3. What does a Day in the Life of a UX/UI Specialist at Showpo look like?

No two days are the same. I could be putting together a research plan and interviewing customers, or designing a new function on the website, or more recently, designing an entire app from rough concepts to the final polished design.

4. What further opportunities or trends do UX/UI present in the E-commerce sector?

UX will always need to utilise new technologies and this is becoming even more apparent in ecommerce. Maintaining a really great customer experience and using tech such as AI and machine learning is definitely a trend not to ignore.

5. Any words of advice for aspiring UX/UI designers?

Start out trying everything! You never which part of user experience you’ll love the most (research, design, or pixel perfect UI). There are so many resources to keep you improving in any areas you love or want to learn about most. Starting out in a team environment will help you out a lot as well.

big data written by: lisa Tiu Big data. It’s a buzzword in the news and industry that is getting thrown around a lot. What is it really all about? Let us give you a quick tour of this newly constructed industry.

what is it ?

Big Data is quite self-explanatory, the term is used to describe large volumes of data.

Organisations get inundated with data, especially in this day and age with social media, websites, apps. The focus of the industry is on how organisations have used this data to make it matter.

Ok, back to the basics. Big data is considered big because of the 3V’s:

V V V

why should i care ?

You shouldn’t. Not until the data set has been organised and studied to produce something useful. Then, you can do something with it.

Analysts examine the data to fine trends, patterns and insightful answers which enables the organisation to target: Cost Reduction Time Reduction

VOLUME 1 ... data comes from many sources Smart decision making VELOCITY 2 ... data streams at high speed VERACITY 3 ... data comes in different forms

New product development and offerings Ultimately, it gives businesses power to make strategic decisions supported by evidence rather than gut feeling, or simply guessing.

The breadth of data collected means that this strategic business plan can span across all business functions, not just one department.

who uses it ? $$ banking $$: The banking industry has an ongoing challenge to minimise the risk of fraud whilst maintainng regulatory practices.

Furthermore, they aim to improve customer relationships by understanding their needs more accurately.

Big Data and the combination of Open Banking Data Standard has provided them with a means to do so with advanced analytics to gain more meaningful insights across the industry.

fighting diseases: Paul Kennedy and Dan Catenpoole are fighting the deadlist childhood disease, cancer. The ‘Tumor Bank’ is a pipeline which manages, measures and compares gene data from current cancer patients with data from previous cases. The UTS Data Arena has allowed them to focus on new patterns of change in denomic data. The most accurate diagnois is for lymphoblastic leukaemia and rhadbomyosarcoma.

Click here for a video.

retail: The biggest challenge for retail industry is improving customer relations and accurate marketing of products.

Big Data has enabled companies to: • Analyse customer behaviour • Personalise in-store experience • Increase conversion rates with predicative analytics • Improve operational and supply chain efficiencies However, there is some backlash in privacy concerns such as this case.

how can i get involved ?

TIP: Try and click each interactive tile!

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Engage with Ted Talks in the area

Talk to industry professionals

Stay up to date with blogs & news

Learn the hard skills through workshops

Have a read

from the other side: Nick Lillywhite Westpac GroupTech Grad

The future of data is endless. Predictive analytics enables organisations to be proactive rather than reactive to their services and products. Your bank could solve your problems before they even arise. Such a powerful tool is developing at a rate which digital security cannot keep up with. There is a need for cultural change around this area as demand for such career pathways will arise. Furthermore, there is a fine line between privacy invasion and predictive problem solving which may deter customer. Organisations need to aim to provide relief rather than stress.

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payWave grew in Aus(2017-2018). rom cash cash to contactless card rom to card, card,then then tralia by 26%, this, with Despite it appears that even card payment payment, mobile smart watches, and contactless cardphones, payment, approximately milis 325.4 being superseded.

Now digital wallets have Technology has developed mobile phones, rings. The way we shop smart and pay has changed lion payments made in gained prevalence with smartphone further, with payment. wearable watches, and rings.

The drastically in the last decade, and continues to 2017. Westpac bank Pay, has Google Samsung Pay, and Apple Pay were technology like smart way weat shop and pay has stated that released contactless just weeks apart emerging during latein2015. evolve an ever-increasing rate as innovation watches 2017 changed drastically in the payment is now preferred Mobile payment which has grown rapidly by 26% propels the retail banking and financial utilise Apple Pay, last decade, and forward. contin- in 90% of (2016-2017). face-to-face Garmin, Samsung Pay, technology industries ues to evolve at an ever- payments. Despite this, it and FitBit Pay. In late 2017, increasing rate as appears that even card Technology has further,created with 3 developed major banks Just under 10 years ago, Visa introduced innovation propelscontactless the re- card payment is being wearable technology like smart ‘Beem watchesIt’ the co-venture payWave, allowing payment. tail banking and financial superseded.

Now digital emerging in 2017 which utilise Apple Pay,a app.

Beem It has joined Soon, Mastercard followed suit with payPass. technology industries wallets have gained Garmin, Samsung Pay, and FitBit Pay. In late vast array of other payFrom 2016 to 2017 Visa payWave grew in forward. prevalence 2017, 3smartmajor banks co-venture mentcreated appsthefighting for Australia by 26%, with approximately 325.4 with phone payment.

Sam‘Beem It’ app.

Beem It has joined a vast array of prevalence in the new million payments made in 2017. Westpac Just under 10 years ago, sung Pay, Google Pay, apps other payment for market. prevalenceIn and fighting growing bank has stated that contactless payment is Visa introduced payWave, and Apple Pay were in the newreand January growing market.

In January this year, Banknow allowing contactless card leased just weeks apart this year, Bankwest launched Australia’s first west launched Australia’s preferred in 90% of face-to-face payments. payment.

Soon, Mastercard during late 2015.

Mobile payment ring ‘Halo’, a ring which light-a first payment ring is‘Halo’, followed suit with payPass. payment has weight, grown waterproof, rapbattery-less, light-weight, ring which is light-weight, From 2016 to 2017 Visa idly by 26% waterproof, (2016-2017), battery-less, and affordable. waterproof, battery-less,

retailers in Australia alone, including its recent expansion into brickIs growing saturated with and affordable. Halo has and-mortar retail stores. retail banking technology. won twowon RFI Halo has twoAustralian RFI Australian Retail Banking In recent years, innovation in financial and retail Thishave may be a confusing reflective Retail Awards, Awards,Banking including Most Innovative Card Product, banking technologies created You may have noticed the of our ever-growing deincluding Most Innovative and Most Innovative Retail Banking Product. commotion which has disrupted retail and increase in AfterPay signs, mand Card Product, and Most Innopayment both online andinstant offline. gratification Society has as well as CBA’s EFTPOS and culture of efficiency, vative Retail disruptor Banking Product.

A major in payment includes swiftly transitioned towards a cashless society, tablet terminals allowing which in its essence, can be AfterPay. Founded as a fintech startup 2015, where technology is becoming integrated even small businesses to in the branding deciAAfterpay major enables disruptor in customers to purchase into our lifestyles,seen and the market is growing process contactless sions and slogans of sucpayment includes items instantly, but pay later. In less than saturated with retail banking technology. This payments as retailers cessful companies,demand such as payment includes 3 years it has already grown to 2.2 million may be reflective of our ever-growing struggle to keep up.

In reMastercard payPass’ AfterPay. Founded users and increased salesas processed by 289% instant gratification and culture of efficiency, centAfterpay years, innovation “Just can Tap,beand and a (2017 fintech startup 2015, 2018, FY-2018 FY). In January which in itsin essence, seenGo”, in the financial and retail bankAfterpay’s now.

Afterpay expanded overseas,enables and currently works with branding decisions and slogans “Shop of successful ing technologies have creEnjoy now.

Pay later.”. customers to purchase over 18 thousand retailers in Australia alone, companies, such as Mastercard payPass’ ated a confusing items instantly, pay into including its recentbut expansion brick-and“JustcommoTap, and Go”, and Afterpay’s “Shop now. tion which has disrupted later.

In retail less stores. than 3 years mortar Enjoy now. Pay later.”. continuing rapid The The continuing rapid retail and payment it has already grown growth both in financial technologies retailto growth makes itand difficult online and offline.

Society technology makes it difficult to toYou 2.2 usersthe and maymillion have noticed increase in AfterPay and banking imagine the future of retail has swiftly transitioned to increased sales processed signs, as well as CBA’s EFTPOS tablet terminals imagine the future of retail and payment in 3 and payment in 3 years, cashless where by 289% even (2017 FY-2018 allowing small businessesa to process society, years, let alone a decade. let alone a decade. Detechnology becomFY) In January contactless payments 2018, as retailers struggle to is spite this, we can expect a ing integrated into our Afterpay expandkeep up. of aopportunities Despite this, wemyriad can expect myriad of lifestyles, and the market ed overseas, and curfueled byby thetheincoming disrupopportunities fueled is growing saturated with rently works with ov tions tothe industry, busito industry, businessthe world, retail banking disruptions technology. ness world, and society. society.

This may be and a reflective

Written by Eezu Tan

Homelessness. Climate change. Rising inequality.

A traditional mind would view such social issues as the responsibility of the government and social sector. A modern mind however, tackles such issues through the private sector.

The premise of businesses as ‘change makers’ has always been met with scepticism. Myths such as social enterprises implying low returns continue to turn away jobseekers and investors alike. But what does social entrepreneurship and innovation really mean? And what value can it bring to humanity?

Social innovation is the use of business processes, such as technological innovation and market distributed mechanisms to address unmet social needs and create positive social outcomes. It may involve the implementation of a ‘triple bottom line’ - a concept which broadens the focus from the financial bottom line to also include social and environmental progress indicators.

Emergence of corporate social responsibility, social enterprises and social impact investing has been disrupting the status quo of business. An example is STREAT: a Melbourne franchise of cafés which provide vocational training to marginalised homeless youth. Since its inception, it has equipped over 230 youth with job skills, whilst also increasing their selfconfidence and sense of purpose.

which includes providing updates on your own portfolio of work. As the Australian team is a remote office, a lot of our work here is focused on supporting the Indian and Nepali operations by raising additional funding and increasing awareness for our model.

According to Forbes, ‘disruption uproots and changes the way we think, do business, learn and go about our day-to-day’. How is Pollinate Energy disrupting the way that people contribute to social impact?

Pollinate Energy is an international social enterprise founded in 2012 by 6 young Australians (including UNSW students) seeking to improve the lives of India’s marginalised urban slum residents.

They are renowned for selling solar lights to marginalised urban communities in India where electricity is often inaccessible, and by empowering local Indian entrepreneurs who are trained to interact with these communities in the process. To this day, their impact has reached over 130,000 people and served more than 1000 communities.

The following is an interview with Luke Barbagallo, the Partnerships and Programs Manager of Pollinate Energy.

What does a typical day look like working for a social enterprise?

Pollinate Energy is a collaborative and participatory needs driven organisation. When we launched in 2012, our only product was a solar lantern, and this was based on a verified and understood need in the communities we work with. I think as a social impact business, what sets us apart is that communities that we work with, but rather allow our customers to guide us towards the solutions they’re seeking.

However, the major disruption that we are creating in the social impact sector is rooted in the communities that we work with. Our customers earn $2-3 per day on average, and we offer our products on accessible and affordable repayment plans, however there is a prevailing, incorrect perception that our customers are not trustworthy enough for this kind of business model, and that they would not have the disposable income or money management skills.

A typical day differs from person to person, but a common theme across all of our staff is the need to be agile and collaborative. Pollinate Energy is an enterprise with a footprint in 4 countries (India, Nepal, Australia and the USA), and with so many different time-zones and objectives, approaching our work with positive attitude and collaborative mindset is key.

As the business has several arms, almost everyday starts with a quick briefing on what is happening in other parts of the organisation,

Photos by Pollinate Energy

We’ve shown that not only are our customers extremely trustworthy (our default rate on repayments is less than 2%), but that they are also extremely financially literate consumers.

Overall, the most disruptive thing that Pollinate Energy does is treat our customers as customers and by doing so give them agency, whereas other agencies and businesses would ignore these people as a potential market.

Do you have any personal stories regarding how Pollinate Energy’s solar lights have impacted the lives of the disadvantaged in India?

I’m going to quote one of Pollinators, Raj, who is based in Lucknow, Uttar Pradesh.

“The Pollinators are the true champions and connectors within our business model, and so the impact as seen through their eyes is most rewarding and relevant.”

Raj recently told us that his favourite aspect about working for Pollinate is that the instalment plans are tailored

towards disadvantaged communities, and he finds it rewarding to find young children studying in the communities at night due to a light sale he has made.

If you had one piece of advice to someone considering starting up/joining a social enterprise, what would it be?

Before starting a social enterprise, identify if there is a gap, or whether there are other organisations working in that space. There are so many charities and social enterprises competing for slices of the ‘donor pie’, so sometimes rather than launching a new enterprise, and it is better to hone and develop your skills in existing social businesses. Often, you will find your ideas will mature and variate in this context, so when and if you do launch an enterprise in the future, you will have had a broad range of experiences.

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transforming work as we know it

The world is a scary place.

Climate change, global terrorism and antimicrobial resistance could lead to our extinction before this century is up. But there’s something else at play. It’s growing more rapidly, is self-replicating, exists in the cloud, and – according to Elon Musk – poses greater danger to the future of humanity than all other threats combined. You might have already guessed it.

Artificial intelligence (AI) is hard to define. In essence, AI is the ability of machines to learn from prior experience and adapt to new problems in order to perform general, human-like functions.

Although they lack our intuition

and creativity, AI isn’t limited by instinct or irrationality and can make quick, cold calculations without room for error.

Many of our greatest thinkers have very real concerns about the implications of AI for humanity. It makes for scary reading.

For 95% of recorded history, nearly all humans have engaged in agricultural work.

This was how it had to be.

From the 1600s, innovations such irrigation, crop rotation and fertilisers changed the agricultural landscape.

Productivity skyrocketed, supporting the booming urban population.

More people could spend their time

Written by Lachlan Berry in universities and in factories, paving the way for the Industrial Revolution. Textiles, iron, steam, chemicals, glass and paper would all spread across Western civilisation, changing life as we know it.

Then, starting in the late 20th century, the advent of digital logic circuits spawned the Digital Revolution, which has created computers, smart phones and the internet.

Throughout this process our jobs - the activities and tasks that we undertake each and every day - have undergone profound transformation. This evolution is directly attributable to the advancement of our technology. It does not seem unreasonable to conclude that

“We can’t wait ten years to the point where something is dangerous to do something about AI. It will be too late.”

Elon Musk

<Google’s Go-playing AI AlphaGo computes hundreds of millions of possible moves, considering strategy more than 12 steps ahead of its opponents instantenously. The US military currently spends US$4bil per year on artWWificial technology research.

China invests three times that sum.

“[AI] would take off on its own, and re-design itself at an ever increasing rate. Humans... couldn’t compete, and would be superseded.” Steven Hawking 90% of jobs today did not exist in 1918. Given the accelerating pace of technological change, it isn’t far-fetched to state that the jobs we are being trained for today will become unrecognisable over the course of our careers.

point at which technology becomes capable of selfreplicating and improving itself at an ever-accelerating rate.

Super intelligent AI will grow exponentially and beyond our control, signalling the end of the Anthropocene - the ecological epoch characterised Where does AI factor into all of by consequential human this? impact – and perhaps the Last year, in the midst of beginning of the Autozoic era. theMa, FBI’s investigation into Jack founder and executive chairman Chinese retail Russian of hacking of the US This is an extreme view shared colossus believesPutin AI by a minority of public figures election,Alibaba, Vladimir “will kill many of our jobs.”

Ma’s said something alarming. and academics, although violent choice of words is quite some individuals such as Musk “Whoever becomes the deliberate. Whereas previous make compelling cases. On the leader [in revolutions artificial intellitechnological have other side of the debate, many gence]” said the Russian taken decades, even centuries, more influential voices take an toPresident, transform“will the become nature of the optimistic view of AI and our employment, won’t have shared future, of which Mark ruler of the we world.” the luxury of time once the Zuckerberg is counted. “AI There is still much debate AI revolution occurs. The is going to unlock positives, about how much power AI impact of AI will occur quickly, whether that’s helping to technology and will ityield inget the identify and cure diseases, to unexpectedly, could future.

Economists, futurists, very messy. help cars drive more safely, to This is related to the idea of help keep our communities the singularity: the tipping safe,” the Facebook CEO

stated in May. Some envision a radical, alien picture of transhumanism in the AI age, like Ray Kurzweil.

Within two decades, Kurzweil predicts that we will have nanobots monitoring our bloodstream and connecting our consciences to the cloud.

“We will be funnier; we will be more musical; we will have more wisdom” the Google futurist says. By that point, it seems immortality would be within reach.

Economists, futurists, software engineers and politicians all have quite different aspirations and concerns.

Some hope the technology will eliminate disease, others fear it will eliminate jobs. The only certainty is that the AI revolution will have disruptive impacts in all corners of the globe and throughout all facets of life.

Social Robotics

with Scott Brown Associate Lecturer and Kaspar Innovator This photo is credited to the UNSW Disability Innovation Institute

1. Can you give us a brief summary of your background?

2. What is the most challenging aspect when working on a project?

I took the long way round to academia. When I left high school, I started studying Business, and while I found the field interesting (I still do), I wasn’t ready for university and instead took a few years away from study. In that time, I was drawn to DJing and found myself taking photos and designing flyers, websites, and all the materials required to promote music events. This is how I became interested in design and ended up studying Digital Media at UNSW Art & Design (then COFA). During that degree, I developed interactive ‘toys’ for an autistic girl to express her interests in sensory play. This was very successful and led me to begin a PhD project looking at similar ideas in spatials contexts. I was fortunate enough to find myself in the Creative Robotics Lab (CRL) at this time, where I still work today. At CRL, we take a broad approach to social robotics, which includes projects like my PhD research into ‘smart’ spaces.

When I began research into autism and interaction design, I found it difficult to engage therapists and educators, because I was working from a different field. Fortunately, this has changed a great deal in the last 5 years. Many research grants now preference interdisciplinary projects and creative practices are being engaged earlier in the development process (not just added at the end to make something more aesthetically pleasing).

This can still be a very challenging aspect of research, because practitioners have different values and expectations in any given project, depending on their own field and modes of practice. However, I now take the perspective that it is an important and rewarding step in understanding the views of others.

3. How has your project, Kaspar, challenged traditional pathways to autism therapy?

The freedom to be self-directed in my PhD research was exciting but, at times, daunting.

This process taught me a lot about my own values and skills as a researcher and gave me the opportunity to engage directly with the people I am designing for - most importantly, autistic children and their families. As a designer, it’s important to challenge your own assumptions. My understanding of design has changed in ways that I didn’t expect through my conversations with the people I am working with. Recognising the importance of another person’s experience has strengthened the ‘human-centred’ aspect of my work and made me a better designer and researcher.

4. Which project has been the most rewarding, and why?

The Kaspar social robot was developed at the University of Hertfordshire to assist autistic children who have difficulties with social communication and interaction. Our early use of Kaspar in a therapy context suggests that social robots could be a useful scaffolding tool for children that are not yet ready for interacting with their peers. Human facial expressions and interactions can be ambiguous and intimidating for an autistic child. Our work is looking at whether the reliability and repeatability of interacting with a robot could be a helpful first step for learning social cues and interactions and a useful tool for therapists working through these activities with children.

Installation: Institute for Multi-Sensory Education Sunrise

5. When working on projects in teams, what departments/skills/ backgrounds do you work with?

In the Creative Robotics Lab, we have a strong connection to computer science and engineering for their understanding of developing systems and embodied objects. My own work ties in with education and therapeutic fields and I have a collaborative relationship with the Autism CRC (the UNSW partnership is based in the faculty of Medicine). I am certainly open to working alongside any practitioner on project which we have a common goal. As a researcher, I think it’s important to continue learning and understanding different skills and perspectives.

6. What further opportunities do Interactive Media and Robotics present for future generations?

We’re already seeing massive uptake of interactive technologies, including robotics, in schools and services that work with people of all abilities. I see the most success for these technologies when they are used as a tool for bringing people together and advancing human-to-human interactions. I expect to see more interest in assisting and augmenting human activities through the use of these technologies, hopefully recognising the broad spectrum of abilities and ways of engaging with the world.

7. Any words of advice for aspiring social changers?

Engage directly with the people you want to represent or support. First-hand experiences are invaluable in identifying core problems and opportunities for real change, and the source of much inspiration. Continue to participate in dialogue with these communities and recognise that you are one voice amongst many. I aim to always be mindful of the disability advocacy maxim, ‘nothing about us without us’.

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promoting potential R-Ladies: An interview with Steph de Silva R is a programming language and environment for statistical computing and graphics.

What is R-Ladies about?

R-Ladies is about supporting gender minorities in the R programming community. It can be hard when you don’t see yourself in the community that surrounds you! R-Ladies exists to support all gender minorities.

What motivated the conception of the global network? Has the mission evolved over the years?

Programming, science and STEM in general can all be very maledominated industries. R-Ladies was motivated by the realisation that gender minorities can support each other, if we put some infrastructure in place to help them connect. It’s a very diverse network with many chapters in many different countries. It’s definitely evolved – what started out as a way of supporting women in the community has now expanded its aim to support all gender minorities.

What has been the most recent challenges faced by the community?

Many of our members face challenges in the form of every day sexism in their workplaces, by supporting each other – with advice, with safe spaces, with meets where early career speakers can develop their confidence – we can help change that, one step at a time.

Do you have any upcoming events in October? If so, what can attendees gain out of it?

We do have an event scheduled for October – date is TBA but it will possibly be an event on machine learning. Members can come along and learn from some of the best in the field, while being supported. All levels of experience are welcome.

What is the best or most rewarding experience about being involved in R-Ladies?

I’ve made a lot of friends in R-Ladies. Being a woman in STEM can be isolating at times and having a support network can help you be resilient. Realising that you are part of somebody else’s support network is very empowering!

Can you elaborate on your background?

Iâ&#x20AC;&#x2122;m a data scientist at PwC. Previously I was in data science consulting as an independent contractor and way before that I consulted for four years for the World Bank. My PhD is in theoretical econometrics, but these days I work on applied problems. I never know what theyâ&#x20AC;&#x2122;re going to throw at me and that is tremendous fun.

What is one thing you wish you knew going into Data Science?

I wish I knew how quickly the must-have expertise comes and goes. Data science is constantly evolving and changing very quickly.

The methods and models that everybody thinks are essential today will be replaced by something else tomorrow. But our core mission is to always find and communicate insights, no matter what.

Do you have any resources you would like to suggest?

There are loads of resources for anybody wanting to jump into R, or data science. Datacamp.com has some great resources for students, #rstats twitter is incredibly friendly and welcoming and of course you can always join us at our R-Ladies Sydney events!

This means focusing on concrete performance management activities, such as clarifying work expectations, providing an environment that supports their development and promoting positive co-worker relationships during and outside of work.

Creating a great workplace culture that has star employees, who know how to win new customers, is about making employees content and organisations falter when they think otherwise.

It is true that enthusiastic and energetic employees feel better about their work and feel more engaged and valued. Measuring workers’ contentment and happiness levels, as well as catering to their needs, often leads businesses to achieve their underlying goals - improving the bottom line.

Many businesses have now realised the potential of a supportive workplace that caters to its employee’s needs.

The majority of the Australian workforce (51%) is not engaged, according to BusinessInsider.

These employees are indifferent and neither like nor dislike their job. They represent a risk, and that risk can tilt either way - good or bad.

Employers say they are ‘having difficulties’ in finding the right people to fill jobs. Many employers report problems filling jobs due to lack of available “talent”. Yet Australia’s unemployment rate edged higher to 5.6% in February 2018 as the number of part-time jobs fell while participation in the labour force rose to its highest in seven years.

The best answer: The traditional hiring process could use a disruption.

Many new hiring processes include assessment centres, online quizzes or interactive boardroom pitches which despite seeming intimidating, provides recruiters a fair chance to showcase their ability to perform in a team as well as under pressure.

SIG Susquehanna is one of the companies embracing these new approaches to the workplace, demonstrating the influence of a supportive workplace.

“My internship with SIG was the first time I was exposed to the concepts, technology, and environment of a fast paced trading firm. Though I felt overwhelmed at first, I quickly became comfortable and confident as I started SIG’s educational program. The teachers, who were also my co-workers, covered topics such as options theory, history of the markets, and technology training. As an intern, SIG gave me the tools and knowledge to contribute to my team in a faster and more meaningful way. As a current full time employee, I now have the opportunity to share my knowledge with each new class of interns as an instructor teaching Excel VBA and SQL.” – SIG Index Options Operations Analyst

One of these new approaches lies within their trading philosphy and game theory.

The firm is by poker players, which has had a strong influence on SIG’s trading approach with respect to risk management and situational awareness.

“The game of poker is valuable in more ways than you may think. We use poker to teach new traders about decision making under uncertainty. Our traders go through similar thought processes while evaluating the expected value of a given trade and deciding how to price risk.”

- SIG Susquehanna

Technological disruption isn’t new within the trading industry. Artificial Intelligence and Machine Learning can be used to optimize trade with automation. AI and the use of algorithms can make trading systems smarter, with machines that analyse a wide array of data to decide the best strategies for entering the market.

SIG Susquehanna has “experts in almost every discipline” and builds “some of the most powerful trading systems in the financial industry.” SIG is one of the leading firms that takes advantage of AI in assisting and optimising their business operations.

“ Game theory rings true in everything we do. We’re big on strategy and managing risk - just like great gamers are.”

- SIG Susquehanna

Written by Samantha Lau

T

he world of surgery has evolved. In recent decades we have witnessed the development of safe open surgery, then laparoscopic surgery, to where we are now - Robotic Surgery, an exciting but potentially risky new direction in the medical industry which has presented itself due to rapid advancements in surgical technology. In 1757, Hevin from the Royal Academy of Surgeons declared that (kidney) surgeons who were “honest”, and “religious would not undertake” surgery. However, with its continual advances, we have seen that surgery heals patients with lifethreatening illnesses and recovers them in ways that allow them to regain function early. Robotic surgery, like other forms of surgery, continues to evolve and is already showing benefits over current techniques.

What is robotic surgery?

Robotic surgery is a minimally invasive procedure that allows operations with subcentimetre incisions. It involves multiple, usually , robotic arms and a magnified highdefinition 3-D camera that the surgeon controls in the operating room. It was originally developed by NASA and the US military with aims to stabilise injured soldiers in war zones without the medical team having to physically be with patients.

Every movement made by the surgeon is replicated precisely by the robot, and thus the robot is definitely not autonomous and the doctor is in full control. However, not unlike driverless cars, robotic automation has the potential to come to surgery in the future. The current applications of robotic surgery include the fields of urology, gyenocology, general surgery, cardiac, thoracic, head and neck surgery.

Advantages and Disadvantages of Robotic Surgery When weighing the pros and cons, we can see that the advantages generally outweigh any negatives about robotic surgery when compared to regular open surgery.

Advantages: 1. Less pain.

2. Faster recovery - patients are known to return to work and sport activities within 2 weeks post-surgery.

3. More accurate and precise.

4. Less post-surgery blood loss.

5. Reduced scarring.

6. Reduced fatigue of surgeons due to improved ergometrics.

Disadvantages: 1. Expensive - each machine costs $3 million, with $3 thousand in disposables for each operation. 150 operations are needed in order to be cost effective.

2. Surgeons require a lot of training.

3. Not available at low-budget centres.

Interview Professor Howard Lau is a leading Australian urologist who has performed 6 years of robotic surgery. Using the Da Vinci Surgical System, he performed the first series of robotic kidney transplants in Australia.

What do you think this means for surgeons coming into the industry?

Incoming surgeons will need to embrace technology and be ready for change. It is critical that monitoring of outcomes and determining whether uses of technology will truly benefit patients and that they are not using technology just for the sake of using technology. In most applications of robotic surgery currently used, the benefits are clear but effort must be directed towards ensuring the safety and standard of care for patients. Younger surgeons will also need more years of training, as the advancements in technology are difficult to master in the same space of time which is usually 10 years.

They must also learn traditional open surgery as well as other forms of minimally invasive surgery such as laparoscopic and robotic surgeries.

How do you think the surgical industry will change as a result of these robots?

More applications of technology will occur throughout the world, as 50 robots are currently being used in Australia, with 40000 robots around the world and numbers rapidly increasing.

Robotic surgery will be more widely accepted as people become familiarised and are educated about its benefits. Additionally, costs of the robots and its disposables will come down as more manufacturers enter the arena of surgical robots.

Even companies such as Google are entering this field of surgery.

- LOVE YOUR WORK -

“One of the biggest things I’ve learnt is to be myself”

Megan Mackay Graduate ShineWing Australia is a different kind of accounting firm. For graduates and students, ShineWing Australia represents a chance to be part of a new era in accounting. Here you’ll enjoy a whole new world of thinking, culture and experience, matched with total support and guidance.

Amazing careers start here.

Visit shinewing.com.au/graduates to discover the opportunities.

A DAY IN THE LIFE OF A MANAGEMENT CONSULTANT

My name is Nina and I’m a 25 year old Management Consultant. I studied Law and Commerce, with First class Honours in Marketing and was awarded Bain and Company’s True North Scholarship in 2015.

Therefore, the work is incredibly diverse and for someone that gets bored easily, that’s exactly what I love about it.

Why did you become a Management Consultant?

1. Constant learning: the learning curve never ends because the work is never the same. The skills you develop range from building Excel models to how to present and speak in front of your client’s CEO

While I thoroughly enjoyed studying [some of my] legal subjects, I knew practicing corporate law wasn’t for me – I am ‘action-oriented’ and have always sought a broader career in business, not limited to the law.

To me, management consulting sounded like the perfect industry for those who were ambitious, hard-working, creative and passionate yet had no idea what they wanted to be when they grew up.

I applied for consulting because it enabled me to develop and cultivate a diverse array of skills and capabilities that you can transfer to other industries and workplaces while gaining exposure to a range of different industries. Plus, I applied to Bain because the people were so passionate, genuine and down-to-earth!

What do you do as a Management Consultant?

Our work is client and project based and our office is primarily dependent on where our client is located (which could be interstate or overseas). The type of work we do reflects the toughest challenges the company is facing, meaning the work could be strategy (e.g., how do we increase market share or expand into a new market?), performance improvement (e.g., how do we reduce costs while increasing efficiency?) or customer advocacy (e.g., what initiatives can we implement to increase the number of customers who refer us to others? How do we measure it?).

In my time at Bain I have worked on a range of projects.

These include: procurement for a logistics company (how do we “buy and sell” better); full potential strategy for a telco (where should we play and how do we win); marketing return on investment (ROI) for a telco (how do we optimize our marketing spend); due diligences on a currency trading platform and a Japanese phone insurer (should the private equity fund invest in/sell this asset).

What else do you love about consulting?

2. The people: as your project changes your team changes meaning the [brilliant!] people you work with are constantly changing and you are learning something new from them every day

How do you think management consulting prepares you for your future career?

Due to the diversity of clients and projects, consulting provides you with real-world exposure to an array of workplaces and types of work - you learn what you do and don’t like, and therefore what you may want to do in the future. Given you are helping CEOs solve their toughest challenges, consulting also equips you with the problem-solving abilities required to lead an organisation. These are transferrable skills that you will lean on throughout your career!

What are some of the opportunities you get at Bain?

The support that Bain provides not only enables you to succeed across all aspect of your career, but also ensures you have a great time in the process! Some of the opportunities include: • Global training with your start class every 12-18 months: the most ‘structured’ fun you can have • International case demand opportunities: complete a project overseas and get to go exploring in the process • Externship opportunities: work at a different company for 6-12 months • Social impact externships: work at a charity / NFP for 6-12 months • Bain World Cup: a worldwide soccer tournament where you compete against other Bain offices globally

Interested? Visit bain.com/careers to find out more.

BItcoin: VIABLE

A mong recent attempts in the past decade to

develop a safe, secure and stable electronic system of payment, Bitcoin was synthesised. It is a digital, decentralized and open source peer-topeer currency, making it unique in comparison to other similar currencies.

Written by Leighton Vuong

Clashing Opinions on Cryptocurrencies Billionaire investors, such as Warren Buffet, disclaim putting money into bitcoin, claiming that it is not an investment. In an interview with Yahoo Finance Buffet says: “If you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything … You’re just hoping the next guy pays more.

You aren’t investing when you do that, you’re speculating.”

“[Bitcoin is] Perhaps infamous for its rampant basically a volatility, fluctuating from a record high of $19,551 USD in December mirage.”

18th 2016 to losing more than half its

value due to increased government Traditional investing experts such -Warren Buffet oversight, susceptibility to hacking as Kevin O’Leary, Tony Robbins and and fears of price manipulation, there is a grow- Jim Cramer, also seem to agree with Buffet’s ing concern that Bitcoin may be just a “bubble.” point of view, that investing in cryptocurrency is a gamble – much like going to Las Vegas. Indeed, There are many clashing opinions on the future O’Leary says that, “as long as you can afford to of cryptocurrenciesand there are very few who lose everything you put in it, go with it.” Thus, the main argument against cryptocurrency is its lack truly understand the workings of these “coins”. of intrinsic value, and how eventually its value should drop to zero.

OR

JUST A FAD

Crypto Start-ups with 8x Protocol

What are some of the challenges that 8x has faced as a startup?

At 8x, we are grateful for all the challenges we have faced as they enable our greatest opportunities for learning.

What made you choose cryptocurrency as the core concept for your company?

We all know there has been incredible hype around the blockchain cryptocurrency space over the last year. However, upon further research, our team came to understand that blockchain represented an ideology shift from traditional Web 2.0 startups to one of Web 3.0.

This model is built on the idea of collaboration sustaining global economies. We are fortunate enough to have found our passionate team at 8x Protocol all striving towards building this vision.

Ambiguity and technological strategic decision making have primarily been our key challenges faced. With limited resources and a large task ahead, we needed to effectively break down larger goals into smaller bitesized activities each one of us could tackle.

We found that that working collaboratively together and communicating our thoughts simplified the decision making process on how best to proceed forward. Learning hurdles of the new technology are also a factor which we overcome together as a team.

In todayâ&#x20AC;&#x2122;s society, the concept of money exists as a representation of the exchange of value from one party to another. Cryptocurrencies behave in the same manner whereby tokens hold different valuations and may be exchanged for other assets or services. The mechanism for these exchanges of value may occur either as a single transaction or in a recurring manner e.g.

Subscriptions. In the world of crypto-currencies, there is currently no solution which supports recurring cryptocurrency payments to be made.

As such, we at 8x are passionate to build the technological foundations to make this happen.

The theme of ambiguity and strategic decision making further extends beyond what we do day to day. Through-out our current runway, we have met many funding opportunities and setbacks. The key learning here is that there will always be more opportunities however the key is to not get too excited over any opportunity or in other cases persevere no matter the setback.

The 8x team.

From left to right Kevin Zheng, Kevin Lu, Andy Chen-Fang and Kerman Kohli

The ability to remain calm through ambiguity in order to make strategic decisions remains to be the core learning from our experience thus far.