Is Social Media the New Television?

Is viewership moving further away from television to online? In today’s digital age, all signs are pointing to this current shift.

Year after year and day after day, businesses and marketers are finding that television events that had previously seen high viewership are now grossing lower ratings than ever before. For example, this year’s Academy Awards ceremony fell to only 26.5 million viewers nationwide when compared to the 2017 Oscars which had 32.9 million viewers. To put that into perspective, that is easily the least-watched Oscars in history, trailing the 2008 Oscars by more than 5 million television viewers.

“A typical day-in-the-life of regular people sees them wake up in the morning and tap their phone to read their emails before riding the 40-minute subway or tube to work. The carriage is always crowded. Every weekday, at roughly the same time, the average person stands with their mobile clasped in their hands; tapping, scrolling, escapingfrom the train around them.” London Business School reports.

Using the Oscars as a prime example, Viewership is now moving away from television to online, with this shift being particularly true with younger audiences, who are watching less and less traditional TV and spending more of their time on social media platforms. People are now spending large amounts of time on social media possibly because they are looking to constantly connected with the news, their friends, and family, or to update their social channels. In a true sense, we are hooked on being digitally connected; we need to know what is happening at all times of the day to satisfy our need to seek out instant gratification. Just think: A lapse in the conversation leads to the inevitable check-up on the social media on your smartphone or tablet, which is always never too far away.

The New Business Norm

With the rise of television in the 1950s, business marketers fervently gained access to this new medium that was growing rapidly popular with all ages across all of North America and the world. For the first time, people could gain access to information from across time zones with no wait or response time. With all eyes on the only screen in the house, business brands from all industries benefited from this wide reach to engage consumers at an unprecedented scale when compared to traditional media outlets such as newspapers. But, with the audience’s attention increasingly turning away from television and moving toward mobile devices and social media, this presents a huge opportunity for businesses to expand their reach in a way that they have never seen before.

This opportunity is in part of the invention of the smartphone. This generation is never without a smartphone, even when they are watching television. When doing so, they often switch from between both devices to not only watch TV but to also spend time on social networks to discuss the content they are watching or engaging with different people or content all over the world about various subject matters. With this opportunity, instead of having to work through multiple television schedules and the broader set of audience demographics for television programming, business brands can now share personalized messages whenever they want to consumers in any location through popular social media channels they know their target audiences are using.

Social Media: It is Needed Now More than Ever

By leveraging social behavioral data, businesses can target consumers with relevant messaging and interest-based marketing to bring their attention specifically to that brand in order to engage with them. Brands looking to strengthen their customer relationships in 2018 should start with the personalization of social media rather than television, which has demonstrated time and time again how vital it is in business strategy.

“Apart from the marketing of a brand, social media platforms have emerged out to be efficient customer support service providers for the brands. With 24/7 connectivity, the brand representatives can stay in touch with the customers on the go and resolve all their queries or complaints in the most efficient manner.” Laura West reports.

The new age of social media marketing brings tremendous opportunity to any business looking to gain new consumers and retain frequent ones. With attention on social media, a business’ attention needs to be there as well. Television is slowly becoming old-fashioned, and with social media slowly taking over business strategy, it is imperative that businesses learn from recent television ratings and makes the move to social in order to not only stay ahead of the competition but to remain relevant and successful in today’s market.

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How Are Retailers Preparing For Black Friday?

Thanksgiving is in a few days, which means more than turkey and mashed potatoes. It also means that another special holiday follows directly after. This holiday matters the most to retailers and shoppers alike.

This holiday causes mayhem in stores, influences retailers to target marketing plans towards it, change store hours, and the list goes on. Have you caught on yet?

We are talking about Black Friday.

Deals, Deals and More Deals

So, let’s cut to the chase. We all know what shoppers are anticipating. One word: deals. Black Friday is a unique chance to grab all the best deals from the stores of your choice. The best part is that experts weigh in on what deals are hard to miss, and just where to find them.

In the midsts of my research, I realized that if you want to buy tech, this is the time to do it. Although Cyber Monday is a close second, Black Friday is a great chance to buy some tech gear.

Forbes compared stores like BestBuy, GameStop, Target, and Kohls. I discovered that Best Buy is offering great deals on video game consoles like Xbox, and the Sony PlayStation 4.

This leads me to wonder, how are retailers preparing for Black Friday?

Best Buy

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Best Buy Black Friday Advertisement

Best Buy is no stranger to Black Friday. Best Buy knows exactly how to combat this day, and one could even say they have become experts at it. With their immense amount of tech deals available to customers, Best Buy leverages this day in unique ways.

Best Buy has used the opportunity to advertise Black Friday well before the actual day. This has been done through advertisements and social media campaigns. Customers are given a detailed description of what deals will be offered to them through these advertisements, and they can be seen online and in print.

Kohl’s

In a similar fashion, Kohl’s has leveraged Black Friday through advertisements leading up to the day. Kohl’s advertisement is almost identical to Best Buy’s, outlining the different deals that will be offered to customers.

Amazon

Amazon took a different approach on Black Friday, with “Seven Days of Black Friday.” Amazon’s deals have gone live before Black Friday has even started, giving customers a chance to jump on deals as soon as they hit the (digital) shelves.

These deals include Amazon’s unique technology, like Amazon Alexa, Echo and CloudCam.

This unique spin gave customers the opportunity to make purchases earlier than most stores, which gives them an advantage.

What To Expect This Year

Black Friday this year, like most years, will no doubt cause shoppers to seek the best deals offered by retailers. It will give brands the opportunity to leverage different deals to draw foot traffic into stores, which is always one of the primary goals of the retailers.

What deals are you looking forward to the most?

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C-Level experts from across North America’s retail industry are coming together in Dallas in February to anticipate the highly complex digital retail environment that will develop over the next few years.

Through a cutting-edge program designed by the industry, for the industry, we will provide a fresh and up-to-date insight to help move your organization to the next level of digital leadership. A series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company sustains its competitive advantage.

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Constant Craving: Marketing to Someone Who is Constantly Online

As smartphones and other mobile devices have become more widespread, American adults now report that they go online “almost constantly,” with an overall 77% of Americans going online on a daily basis. This may not come as a shock to many, as individuals are relying more and more on technology to get through a normal day in their lives. A recent Pew Research study discovered that almost half of America’s teens are online all of the time, with most of the ages ranging from 18 to 29.

So, when they are online, what are they doing? Mostly, they hang out on social media platforms. The three platforms that were the most popular networks for teens were Youtube, Instagram, and Snapchat. The largest social network out of all of them, Facebook, landed in the fourth spot.

Given this information and as these teens approach adulthood, a looming question remains: How do you market to the growing and increasingly influential Gen-Z cohort?

Taking the Proper Steps

Even though Snapchat has noticeably lost its appeal to the masses, teens named it the second-most-used platform. Also, Facebook, the first network that comes to mind when adults and marketers alike talk about social media, took fourth place, which is very disappointing for the mega platform. With Facebook seemingly losing its target audience, it is essential for marketers to be where their customers are. 

So, if you are marketing to teens or want your company to stay “cool” with Generation Z, you have to be as adventurous and experimental as they are. This means, realizing that your audience knows best and following your audiences to every platform they try out. With more responsibility in maintaining social platforms and keeping them up to date, it is imperative for marketers to keep their content attainable and interesting so you do not lose the favor of the massively influential Gen Z-ers.

We Need More Content!

With that much time spent online, Gen Z-ers want to be entertained, educated and engaged every time they log on. Nowadays, businesses have to adopt a variety of media in their content mix in order to meet increased demands for personalized engagement.

“The social media environment among teens is quite different from what it was just three years ago. Back then, teens’ social media use mostly revolved around Facebook. Today, their habits revolve less around a single platform.” Research Associate Monica Anderson reports.

With new algorithms being adopted by social networks to decrease the chances of having the same content posted over and over again, the need to adapt and create a ton of content constantly and consistently is more important than ever.

The Bottom Line

With the new era of marketing disrupting the industry, it is time to throw everything you thought you knew about marketing out the window. Due to the face that new generations are more connected than ever, they are disrupting all the norms with their habits. Now, they are truly native in the digital space and have the power to research information and find what they need at the drop of a hat.

Therefore, experimenting with promotional strategies is the number 1 priority for marketers today. Because, without the right message and timing, you will not appeal to those constantly online and will ultimately miss out on the opportunities these people bring to you.

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Interview with Connie Weaver, Co-Founder and CEO of The Tracker Group

The Millennium Alliance was honored to have Co-Founder & CEO at The Tracker Group, Connie Weaver join our recent Transformational CMO Assembly in Denver last month. I had a chance to sit down with Connie at the event and discuss her distinguished career in Marketing, her thoughts on what it takes to be a marketing leader in 2018, where the industry is heading, and all things in between. Check out the full interview. 

[youtube https://www.youtube.com/watch?v=0asvC6F_hRk]

How to Combat the Long Lives of Zero-Day Vulnerabilities? Nir Gaist, CTO of Nyotron Has The Answers

Our Transformational CISO Assembly is tomorrow! In the run up to the event, Nir Gaist, Founder and CTO of Nyotron gave Digital Diary an exclusive look into “zero-day vulnerabilities.” Take a look below!


We’ve all heard stories about advanced nation-states leveraging zero days to exploit a previously unknown security vulnerability. Perhaps the most infamous example is Stuxnet (with its four zero days) that survived for an estimated five years prior to being discovered. However, that does not mean the ability to develop exploits for zero-day vulnerabilities is reserved only for well-financed state-sponsored actors.

According to RAND Corporation research, “…any serious attacker can always get an affordable zero-day for almost any target.” Worse, the data suggests that the time between vulnerability discovery to public disclosure and patch availability is almost seven years, a big red flag indicating that companies are dramatically underestimating their exposure.

The term “zero-day vulnerability” is a bit of a misnomer, because it might convey that an attacker tries to quickly get in to victims’ computers, exfiltrate data or launch malware and get out. But just the opposite is the case, as some of the key findings from that RAND report illustrate:

  • Long life: Zero-day exploits and their underlying vulnerabilities have a 6.9 year life expectancy, on average. That’s 2,521 days after the initial discovery. 25 percent of those zero days will survive more than 9.5 years, according to the research.
  • The bad guys work fast: When it comes to the time required to create a working exploit, almost a third are developed in a week or less, with the majority being developed in approximately 22 days from the point an exploitable vulnerability has been found.
  • Bargain price: Although in certain cases for very unique targets and/or environments, the costs may reach millions (i.e., “unicorn exploits”), most zero-day exploits can be purchased for anywhere between $30,000 and $100,000 on the gray or black markets.
  • Walking dead: Declaring a vulnerability as alive or dead can be too simplistic. There are vulnerabilities that are quasi-alive (like zombies) because due to code revisions they got removed from a product without being disclosed, but can still be exploited in older versions. There are also “immortal” vulnerabilities – those that will remain in a product in perpetuity because the vendor no longer maintains the code or issues updates.

A vulnerability’s long life span means that even organizations with industry-leading vulnerability management and patching processes are still exposed. This is true even if you go through the pain of immediately testing and rolling out all critical patches. If you have ever managed patch management tools and projects, you know how difficult it is to consider change control policies, rollback requirements, off-line and remote systems, rollout issues and more. Moreover, we are not talking about just patching Windows operating systems, but all third-party applications in use within an organization, firmware and all operating systems including those powering mobile devices.

The RAND report comes to a grim conclusion: “Defenders will always be vulnerable to zero-day vulnerabilities…” Chances are your organization may already have undetected malware leveraging zero-day vulnerabilities.

The security industry still hasn’t figured out an effective approach to patch management. And then all those pesky fileless attacks that exploit legitimate scripting and administration tools (e.g., PowerShell) have become popular in the last few years. In reality, the majority of commodity malware and opportunistic attacks rely on already known vulnerabilities.

Defending Against Zero Days

It’s simply unrealistic to prevent all zero days from gaining access to your system, but you can stop the damage they try to inflict by building a Defense-in-Depth system that combines the negative and positive security models.

Traditional solutions focus on identifying the “bad” and allows everything else. This model is commonly used in anti-virus, host intrusion prevention system, next-generation antivirus and data loss prevention products, among others. But these solutions struggle to identify fileless and unknown threats. The SANS 2018 Survey on Endpoint Protection and Response survey revealed that while antivirus is the most commonly-used tool for detecting the initial vector of attack, it only managed to detect about 47 prevent of attacks.

However, don’t believe the “AV is dead” hype. It remains an important component of detection and prevention against common threats, but because it cannot protect against today’s most advanced unknown threats, some enterprises are implementing or at least purchasing the next-generation antivirus solutions. Even though the efficacy of Machine Learning-powered NGAV solutions is higher, the fact is that they are still applying negative security models by looking for the “bad” and are trained on known malware samples, thus struggling to identify and block truly unknown, evasive and fileless malware.

If we keep focusing on “badness”, then indeed we’ll always be behind. There will always be another zero day, another new attack vector (e.g., Spectre, Meltdown), another previously unimaginable way for the bad guys to break in. No machine learning model will be able to predict completely new attacks.

What if we turn things on its head and focus on the good instead? Then this constant cat-and-mouse game may actually turn in our favor. “Good” can come in a form of a list of applications (e.g. Whitelisting or Application Control) or in a form of behavior (whether user behavior or the OS behavior).

While the amount of “bad” is infinite (and the number of applications is nearly there as well), the valid and legitimate behavior is finite. From the OS perspective, it is possible to create a map of all legitimate OS behavior, because there are just a handful of operating systems out there, and they change infrequently, especially in the way they operate with the file system and networking.

Of course, no single solution on its own would be sufficient. That’s why defense-in depth has become the gold standard in security. It enables you to build a layered approach to better protect against zero-day exploits, even if attackers are able to bypass one or more layers. True defense-in-depth should not just rely on the “next-gen” version of a well-known technology that is slightly better than the original, but layer different types of protection technologies to create the strongest possible defense.

Nir Giast is the founder and CTO of Nyotron.

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How Finance Can Transform Marketing

Marketing and finance are two of the most powerful sectors in a business. With marketing on the creative side attracting and retaining customers to their brand and with finance responsible for the cash flow, the two parts are strategic to the maintenance and development of an organization.

“If you’re interested in business performance you’re interested in marketing effectiveness. My belief is that the expertise and credibility and influence of marketers can be matched also by finance – and the combination can be transformational.” Fran Cassidy, Marketing Consultant.

Between marketing and finance, it is vital that both sectors have a strong effectiveness in their, culture especially language and communication. The relationship between the two sectors can be difficult, even when both teams are inside the same company and working for the same goals. However, the cooperation between these two different parts of the organization is very important to the success of the business.

Marketing costs are constantly changing and usually going up. This next year, it is predicted that marketers will be spending billions to keep up with the latest trends in technology. Even a small business needs a marketing budget for a proper campaign on their product or service, so how can the finance department and the marketing team work together to make sure that money is spent well?

“Marketing people are just as essential to a company as the financial people,” says. The two types, while using different skill sets, can work together as a successful team under the right conditions. This collaboration is something we look for before we fund a new company because it can really make a difference in terms of a business’s financial success.” Douglas Haddad, CEO of Advance Funds Network, a business loan facilitating company.

According to most experts, the only way marketers can really have a productive conversation with finance is by using common language. “If you can’t talk financial literacy you are irrelevant, you’re not influential,” Fran Cassidy advises, “That terminology needs to be agreed within an organization.”

However, the finance sector will also need to understand the language of customer decision-making as well in order to transform marketing. The finance professionals have other super powers that a marketer needs. They think analytically and they think logically. But most importantly they think about strategic business issues like “does this investment make financial sense?” This is why having a strong finance team is needed in order to make marketing budgets work for the advantage of a business.

“To enhance alignment in finance-led organizations, marketing must become more revenue and profitability-focused, operationally efficient and customer experience-centric.”

Good marketers have to think about what makes sense for the business, and the finance team has the DNA to make that work. As financial services begins to invest more into its digital foundation, digital leaders, especially in marketing, are ahead of the pack. By working together, finance has the power to help marketing’s transformation and give their teams the extra boost they need to succeed.

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The Digital Marketing Transformation Assembly will bring together North America’s most prominent digital marketing technology and business leaders from all major consumer-driven industries to discuss the latest technology, innovations, and strategies driving digital marketing in 2019 and beyond.

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America’s Best Hospitals Have These Positive Qualities In Common

In the healthcare industry, a good hospital is important. It represents the efforts that professionals make in this industry in order to effectively reach patients and give the best care possible.

Every year, Healthgrades create a list of hospitals that have proven to be the best in America. Out of all 50 states, hospitals are ranked and judged based on performance, following a unique set of guidelines.

“What are the measurements that demonstrate this exceptional quality? Simply put, patients treated at America’s Best Hospitals have a lower risk of dying and are less likely to experience in-hospital complications than if they were treated at non-recipient hospitals.” Healthgrades reports.

Transforming Organizations Stand Out

All in all, the organizations that have been most likely to transform their structures receive a higher rating than those who have not. Of course, patients who are put in the center of the hospital also stand a better chance at receiving a high rating on the list. A model in which “quality and safety” are top priorities for hospitals is a model that will strive to the top of the list.

So, what exactly does this list mean? According to HealthGrades, the hospitals listed as top 50 include hospitals that “are in the top 1% of hospitals in the nation for providing overall clinical excellence across a broad spectrum of conditions and procedures consistently for at least six consecutive years.”

The top 100 hospitals listed by Healthgrades are the hospitals who have scored a spot on the list for at least 3 consecutive years.

“America’s Best Hospitals is Healthgrades highest distinction. These hospitals exhibit exceptional, comprehensive, and consistent quality year over year. Simply put, patients are more likely to have a successful treatment without major complications—and have a lower chance of dying—at America’s Best Hospitals.” HealthGrades reports.

The top four characteristics that each hospital has to possess is patient-centered care, evidence-based decision making, collaboration, consumer and patient engagement.

But that is not all, c-suite representation also plays a role in the quality and strategies of the hospital because they determine the data that is provided throughout the hospital and play a core role in the structure of the hospital. With a weak c-suite, the hospital is met with issues, and most likely a low rating on the Healthgrades report.

Having the ability to make evidence-based decisions plays a huge role in hospital’s placement. Healthgrades uses an example of Delray Medical Center as a hospital who has implemented important initiatives like electronic order sets, and daily huddles that determine the clinical care. This also goes hand in hand with the hospital’s ability to collaborate with all payers in the structure.

“America’s Best Hospitals emphasize the importance of collaboration. Creating an environment of accountability with highly-engaged physicians, nurses, board members, and patients and their families will drive impactful cultural change both inside and outside the organization.” Healthgrades reports.

Collaboration creates active roles in patients journeys. It means that all members of the organization are on board with making sure that patients receive the best quality of care, which is the ultimate goal after all.

America’s 50 Best Hospitals

Among many more. You can find the full list here

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Fractal Industries Offers an In-Depth Look into Leveraging Decision Platforms for Meaningful Analytics in Latest Whitepaper

The world is evolving to become more digital. With digital processes taking over, moving away from human intelligence to adapt to data-driven platforms is becoming more common.

This fundamental and necessary shift is resulting in exponential growth in data production, with increasingly different data types from vastly different sources. In Fractal’s new whitepaper Leveraging a Decision Platform for Meaningful Analyticsit all starts with an entirely new innovative approach that prioritizes up-front effort to process and implement data to benefit companies looking to leverage decision platforms for meaningful analytics.

Click to Download the Whitepaper by Fractal >>>

In their latest whitepaper, Fractal discusses 5 key points when looking to leverage decision platforms for meaningful analytics:

  1. Decomposing Data for Analytics
  2. Modeling Data to Extract Meaningful Insight
  3. Legitimate Integration of Disparate Security Data
  4. Extending Security Data Models to the Business
  5. True Competitive Advantage in a Digital World

Click here to see these 5 key points more in-depth.

By diving into these 5 points, Fractal ultimately offers a decision platform that
is truly an end-to-end solution to executives and professionals in the tech space searching for an answer to data-optimization for their businesses growth.

Contextualized information can now be presented in a way that enables Human+AI
collaboration to optimize decision-making and performance, at scale, to any domain.

Using this platform, users will become familiar with key available use cases that include and are not limited to:

  • Asset management, identification, & enumeration
  • User behavior analytics
  • Data loss prevention
  • Incident response enablement

Leveraging Fractal’s data management, simulation modeling, and machine learning technologies is an innovative approach to drive sales and optimize profitability in the growth of business strategy not only towards the end of this year, but when looking at 2019. These new pillars of business will emerge for the companies that are innovative and insightful enough to embrace the full spectrum of capabilities available in Fractal OS.

That being said, as a business executive looking to expand technological capabilities through understanding meaningful analytics through innovative approaches in the future, you should not miss out on the opportunity to take an exclusive look into the latest whitepaper by Fractal.

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Why 2018 Has Been the Year of the Voice in Healthcare

We are all too familiar with the greetings “Hey, Siri” or “Hey, Alexa” in our modern tech lives. If you haven’t, where have you been? Voice technology has been one of trends that has been constantly brought up and heavily discussed this year. In 2018 alone, voice technology has taken off and changed the way we hear and receive information – all within seconds of asking for it.

As voice technology becomes a bigger part of our daily lives, will we see it move beyond managing our playlists to managing our health? The answer is yes. 2018 has been the year of the voice in healthcare for many reasons, but is has been apparent as to voice technology is being adopted faster than any previous technology.  By presenting opportunities for healthcare organizations to connect with patients and caregivers like never before, voice technology is a driving force behind transformation throughout the evolving sector.

The Impact of Voice

Although most major voice tech products are not HIPAA compliant as of now, within these limitations, developers both in and out of the Amazon have already made remarkable strides toward making healthcare more efficient and accurate.

Following this example, several hospitals and health systems have embraced the Amazon app-like approach to the expansive world of voice assistants, creating their own ‘Skill’ in Amazon’s Alexa Skill store that users can download on their Echo devices to better connect with their audience:

Taken off of Phase2’s blog “Understanding Voice Technology and How it Can Impact Healthcare“, here is a list of hospitals and health systems that have taken the step towards implementing voice technology:

  • Northwell Health created an Amazon Alexa skill that offers wait times and direction to nearby hospitals and urgent care locations.

  • Boston Children’s built KidsMD , a voice-enabled symptom checker that parents can use to get answers to medication dosing questions, or questions about symptoms their child is experiencing.

  • Libertana Home Health Care has been using Alexa voice assistants to check in on patients and remind them to take medication or about upcoming appointments.

Medical and hospital centers are using Alexa and other platforms to transmit routine medical data to patients in the comfort of their homes. Also, these systems are using voice technology to help with everyday processes normally performed by human intelligence such as surgical note taking or record keeping. That being said, it is cleat that voice technology has a crucial role to play in helping people become more involved in their own healthcare, something which has be a burning theme within the industry these past couple years.

Looking Ahead

Amazon, Apple, Google and Microsoft are all aggressively fighting over voice because it fits their business models, promises more content and context, creates convenience and delivers an intimate experience to users.

However, hospitals and tech developers should anticipate and plan for some stumbling as proofs-of-concept fizzle out and pilot programs fail to make it into production.

“I think there are going to be a lot of flameouts in healthcare,” said Peter Durlach, SVP of healthcare at Nuance Communications, on new tech in healthcare. “People are throwing a lot of money at it, but this is not an easy problem.”

Even though there are many challenges to implementing voice technology, there is no better time to start the conversation about incorporating voice in your healthcare organization, especially since it had such a great run in 2018. In order to stay ahead of the turn of the year and the next new trend involving voice, keep yourself in tune with how you can best build an effective and robust voice strategy that connects your organization to current and prospective patients, and their families, it will help your organization in the long run!

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Let’s Think: Why Would an Innovative Company Want to Work with a Bank?

Almost every financial institution says it’s looking for young, creative and innovative minds to help develop the ‘next big thing’. However, the question is, how do banking providers overcome the biggest obstacle when trying to attract talented innovators, especially if they are a bank?

The Role Banks Play in Your Life

Banking careers are being disrupted every day due to the confluence of technology and competition. The traditional career path of being hired and automatically moving up through an organization due to mutual loyalty between a company and the workforce no longer exists.

Not only does this effect how banking is done, but it is enough to scare innovative brands away – even if they are going through innovation themselves. However, the big thing that turns off innovative brands is there lack of budget. With the lack of budget exposing itself as a current issue throughout the industry, another question looms: How can banking innovate with innovative banks if they do not have a R&D budget?

The Future of the Banking Partner

To be prepared for the future of banking requires an ability to embrace the change that is upon us, a willingness to take intelligent risks and the internal commitment to disrupt yourself. The marketplace is no longer moving in incremental steps, but this means that opportunities for growth are everywhere.

When reflecting upon this, it is best to note the 5 most common mistakes that banks make when searching for innovative partners.

  1. They do not know who they are. Innovators want to partner with an institution knows what is going on with not only themselves, but with their customers.
  2. They have limited budgets. An innovator wants a partner that has money, as well as the change mandate to invest in that business.
  3. The process of innovation is dragged out. Banks like to get everyone involved, so with banks looking for ways to drag this process out, it almost ensures that nothing gets done, deterring innovators from pursuing partnerships with those banking systems.
  4. The tech is not aligned with the business. Innovators want a slick tech capability that is aligned to the business.
  5. They are not keeping up with customer trends to keep things updated and easy. Innovators want a partner that will go-live with services that will make a real, positive difference for their customers, something which Financial Services and banks have been none to stretch out.

When looking at this list, it is easy to identify the common theme: You should not impersonate a vibrant home for potential innovators.  It is not only a waste of time, but it takes effort and costs money. But worse so, it is insulting to the innovators you want to attract into your space. With that being said, it is better for banks to be upfront about their own innovation before they start searching partners to innovate with.

The Key Takeaway

To move forward at the speed of change, it will require doubling down on providing a culture of innova­tion throughout your banking organization that is combined with a will­ingness to embrace change, take appropriate risks and disrupt what has been the norm in the past. By getting out of our comfort zone and finding a way to serve the consumer more efficiently, banking and other financial institutions will have an easier (and better!) time getting innovators and industry disruptors to partner with them.

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Yup, we are already thinking of 2019.EVENT BANNER FSI8

Digital transformation has set its sights on the financial services and insurance industries. CIOs from North America’s top institutions are working to leverage new technology such as Artificial Intelligence to deliver products and services that answering changing customer needs.

While financial services and insurance CIOs will deal with many challenges in the coming years, one particular technological challenge raises to the top – dealing with the complexity of data. The massive explosion in data is creating unprecedented manageability issues for firms around the world. As firms expand customer touch points through the use of digital platforms like social media, CIOs are dealing with an overwhelming volume of structured and unstructured data, resulting in an increased need for tighter security.