#MillenniumLive on 2021’s Tech-Driven Marketing Trends with Ameex Technologies

#MillenniumLive is joined by Prathap Venkatesan, Chief Growth Officer and Head of Digital Solutions & Digital Analytics at Ameex Technologies. We dive into how AI and other forms of digital transformation are impacting marketing, what Google’s recent algorithm changes mean for marketers, and 2021’s top digital marketing trends. Venkatesan also shares how Ameex Technologies brings together content, commerce, and technology to deliver a meaningful omnichannel experience.

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Watch the video interview below, or listen on SpotifyAppleAmazon Music, Google Podcasts, or SoundCloud.

About Ameex Technologies

Ameex Technologies is a digital transformation and delivery partner helping clients ideate, design, build and deploy next generation, deeply integrated digital technology solutions. They bring together content, commerce, and technology to deliver an omnichannel experience for their clients. Their industry knowledge combined with their deep expertise in leveraging standardized processes, automation, data-driven analytics, and artificial intelligence/machine learning allows them to deliver a personalized experience across different platforms. Their flexible and cost-effective engagement models (project, FTE or outcome-driven) are bound to deliver high quality, highly scalable and on-time solutions that accelerate growth in the dynamically changing business environment.

Interested in learning more about their solutions? Go here!

 

David Sable on Why Wisdom-Sharing—Not Age—Makes a Leader

As originally published by David Sable on LinkedIn. Subscribe to the newsletter!

Many of my readers know that my late father was a Rabbi. Preacher’s kids issues aside, I grew up in an amazing community, founded in the mid ’50s and comprised of a multi-generational membership including Holocaust survivors, second (and more) generation Americans, young couples, families, singles, elderlies and a lot of kids running around.

For that reason, I had a plethora of mentors, young and old, to guide me. The most memorable of those were my father’s rabbinic mentors, many of whom were older survivors, and possessed a unique legacy to impart.

Given my upbringing, it comes as no surprise that I have always felt most comfortable in synagogues whose members were visibly and actively of mixed age groups. I love nothing more than being able to count my friend’s ages up 30 years and down 30 years from mine (although these days it’s mostly down).

When I joined Young & Rubicam in 1976, I was both surprised and happy to find a similarly broad spectrum of employee ages (though not a gender). The Madmen were still in place, but under them, a new wind was blowing. Computers were just being introduced for analytics, technology was transforming TV production, fax machines (round cylinders that spun around a page at a time) were starting to change the way we shared across offices—and training programs, like the one at Y&R, were few and far between and paid a pittance, but the training served the same purpose as grad school.

Experience was everywhere and everything. We had the opportunity to learn from the greats and from people who had themselves learned from the greats and from those who had learned from those who had themselves learned from the greats.

So, as I learned how to use a dial-up modem to access Y&R’s single computer a few floors down from my desk, I also learned how to write a memo, how to prepare and stage a presentation, how to develop a budget, how to staff a project, how to behave in a meeting (for example, we were not allowed to eat), how to take notes and always be ready to do so (still am), how to fold my cuffs up and under my sleeves to keep them clean and presentable, how to always send a note, quickly, after a meeting, thanking and confirming (still do) and on and on…

My teachers at Y&R belonged to every age group and some were only a year or two older than myself; however, all had specific professional expertise and had learned from each other. Alex, Sue, David, Mark, Barbara and Barbara, Michelle, Joe…and the list goes on, all having imparted lessons I still practice and pass on, and many are still friends, colleagues and mentors.

I was lucky that as I moved along in the business and shifted to other firms, I was able to find the same kind of mentorship. I sought out the experienced hands and sat myself down with them to soak it all in. Clients played a key role, too, as the industry icons I worked for on my side were equaled by those on the other. There were times when it felt like the Clash of the Titans, but I kept my head down and always listened.

And, I had the singularly blessed opportunity to work for and be mentored by two of the greatest legends in our industry: Harold Burson, founder of Burson-Marsteller, and Lester Wunderman, founder of Wunderman. Both now deceased, I miss them greatly, and during the 40+ years I knew them, I was in constant learning mode. Even after they (semi) retired, I continued our regular lunches and correspondence up until they passed, each well into their 90’s.

I write not to be nostalgic, but to be prescriptive. I am afraid that we are losing our connection to heritage across the board and in many industries. My great fear is that this loss will cost us as a society—in forgotten learning, wasted failures and missed opportunity.

It amazes me when I read or hear of a “never before” offering or capability—when I know it isn’t. I find myself attending more and more bizarre meetings, where no one has any historic perspective or notion that a topic being discussed has a rich history in which to delve. And, worse, it’s absurd when people can’t or don’t know how to make links between ideas and occurrences that might not be obviously related but share the same basic DNA or legacy.

All of this, I should point out, is occurring in an age when researching a subject has never been easier, and fear of AI replacing us is always simmering beneath the surface. It is my belief we humans maintain our edge over AI through this mentorship—the passing down of knowledge, wisdom and information, the sharing of experience through the lens of serendipity is what has always distinguished humankind from any other species…and we are in danger of giving it up.

So, while we opine on digital natives and generation this or that, I share with you that Harold and Lester—both close to 100 years old when they left us—knew more about the workings of digital communications, the use cases and potential use cases, the dangers and the opportunities, the potential, and the waste, more than anyone else, no matter their age. I also point out that some of my mentors were no older than me but had specialized experiences, making them invaluable sources of learning.

Ageism, hubris born of “what do you know,” ignorance, jealousy, fear of being shown up etc.…I have seen it all and it saddens me. Humankind has progressed by virtue of wisdom and experience. Once it was about what to chase and what to avoid; what to eat and what to pass on and what path to follow and which to never take. Today is no different.

It’s not always about being wiser, but rather of having more experience in failure and learning from those failures.

Sir Isaac Newton said it best…listen:

“If I have seen further, it is by standing upon the shoulders of giants”

 Revised to fit my own experience: “If I have had any success, it is because I was able to stand on the shoulders of giants—who let me, invited me and encouraged me.” And I might add, “my greatest success came by the generations that joined me and shared their experiences with me.”

Leadership is about learning. And it’s also about sharing. Learn and share. Don’t waste the opportunity for yourself or shortchange the next generation.

How Data, Flexibility, and Empathy Make all the Difference

Contributed by Avantas

At any time, and especially during a crisis, there is one thing that can be consistently relied upon to be clear, unemotional, and ever-present: data. As the most esteemed academic medical center in the region, it is not surprising that Nebraska Medicine leverages data to ensure the right person is in the right place at the right time to deliver exceptional care. During the COVID-19 pandemic, this penchant for data-driven decision-making was put to the test as they had to staff up to meet all-time high demand, pivot to utilize staff from closed areas, as well as set up virus testing sites.

Planning for the Unexpected | Acting Quickly

For Nebraska Medicine, dealing with the extreme is nothing new. In 2014 they established a 10-bed Biocontainment Unit to treat patients with Ebola. Operational since 2005, this is one of 10 such units in the country equipped to handle an outbreak of this nature. With that experience, Nebraska Medicine charged forward to plan for COVID-19. By utilizing extensive talent scenario planning they were able to anticipate a number of if/then situations. The team ran simulations with staffing demands for a multitude of different census points across all active departments. This planning helped them realize they needed to be clever with the staff they had to be able to meet many possible outcomes.

Read the full report here

About Avantas

Healthcare Working Smarter

Healthcare labor management is not easy. Healthcare is not an assembly line, and one solution does not fit all. Getting the right person to the right place at the right time to care for patients is a huge responsibility, and doing it correctly, at the right cost, is a science. We’ve been helping provider organizations do this – and only this – for more than 20 years. We get it. And, we’ve been successful in applying what we’ve learned along the way to help others solve the same challenges. We’d like to share this with you.
We will help you reduce the chaos, unnecessary expense, and stress typically associated with staffing and scheduling in healthcare. We will partner to help you solve immediate challenges, like excessive overtime, then grow with you, when you are ready, to deploy more advanced strategies and tools to better manage your staff. Go here for more information.

Our August Transformational CMO & Retail Assembly: Here’s What You Missed

Last week, our Transformational CMO & Retail Virtual Assembly brought together C-Suite leaders to discuss the prevailing trends and challenges marketers & retailers are facing today. Participants discussed customer engagement, cause marketing, digital-first strategies, leading martech solutions, and more. Check out our event highlights below to get the full scoop!

Welcome Workshop

Day one kicked off with a welcome workshop featuring Santhi Ramesh on leveraging social media to fuel growth and customer engagement. Ramesh broke down social media strategies at each stage of the customer journey: 

  • Discovery: At this stage, uncovering your customers’ rituals is crucial. She suggests deploying a social listening plan for insight-driven social content – in Hershey’s case, these rituals pertained to the “eating experience”. 
  • Awareness: For Hershey’s awareness initiatives, Ramesh and her team developed a User Generated Content platform for recipe sharing across all markets. Not only did this boost awareness, but it uncovered insights on customer’s untraditional food interests and combinations.
  • Engagement: Creating a dialogue is vital for boosting engagement on social media. Ramesh shares that inviting customers to debate is a powerful way to connect with consumers in a meaningful way. 
  • Conversion: By using holistic full-funnel activation and Amazon advertising, her team was able to reach and convert customers.
  • Retention: Creating a community for brand loyalists, Hershey’s was able to increase sales with their existing customer base. Ramesh adds that her team bounced off new product ideas with this segmented group to better understand what consumers’ evolving needs and desires were. 

Santhi closed out the session with a final piece of advice: search for new ways to leverage social media at every stage of the consumer journey. And at each stage, you’re given the opportunity to gain insights to better understand and reach your customers.

Workshop Discussions

“Content remains constant,” says Harshavardhan Chauhan of Spencer’s Retail. With 70% of marketers actively investing in content marketing, the importance of community building and influencer marketing is only growing as time goes on. In this interactive discussion, our C-Suite attendees share their struggles with community building – Chauhan says that if you’re regularly sharing content, it becomes more likely to become “discoverable” for consumers through various platforms. He adds that it is crucial to find tools that assist with meta-data and meta-tagging. Chauhan concluded with a point on how community-led content has become a hot trend this year, and noted that it can be a powerful strategy for engagement.  

A Brand That Makes a Difference: Amy Wigler of PBS speaks on how it has become essential for brands to adopt a unique storytelling approach. She adds that it is important to strategize engagement-driven content, and the old saying rings true here: “promotion is demotion – the more you shout about something, the more consumers are turned away.” With engagement being the name of the game, her team has taken on these practices:

  • Create empathetic and aspirational messages for consumers
  • Share relevant content, and don’t over-promote
  • Capitalize on cultural trends like escapism, and build it into storytelling

Amy closed out her session with a final comment: marketing is around the utility you get from a brand, and always be a part of a larger conversation.

CMO Innovator Of The Year Award: Kevin Miller, CMO of Fresh Market, was awarded as our CMO Innovator of the Year! Miller’s team was dedicated to creating an emotional connection with their audience and wanted to meet them where they’ve been for the last year and a half: at home. This prompted them to create a gourmet food magazine featuring top culinary influencers and chefs, along with recipes and QR codes directing readers to their e-commerce platform. Using this “traditional” form of media, they were able to boost traffic to their site and built their subscriber base to 1,000,000+. Miller touched on how their e-commerce strategy changed with COVID-19 – they launched Instacart prior to COVID, but noticed the high demand for curbside pick-up and decided to roll that out immediately to meet their customers’ evolving needs. To refine this experience, they prioritized hiring the proper staff and digital equipment, owning the entire process internally. He stressed that big ideas are important, and it’s crucial to measure the impact, test, learn, and deliver on your promises for customers.

Revisiting Your Martech Strategy: Krish Dhokia, VP of Marketing at Fairway Independent Mortgage Corporation discussed tips on how to revamp your martech strategy. In order to have a successful martech strategy, it’s imperative to have a close relationship with IT, and run the team like it’s an IT group that does marketing relations. He adds that IT doesn’t want to be the last person to know about the initiatives because they may need to properly map data. So being inclusive from the onset, and including them in the conversation, is important for continued success. In martech, you have to be prepared to make decisions and take calculated risks. Always take action with the data and insights produced by your initiatives. He closes with this statement: “As hard as it may be, you have to prioritize your investments, because not everything you want to do is going to have the desired budget. Prioritize these initiatives by the level of importance, speed to market, and ROI.”

CMO & Retail Keynote Panel 

“The Balancing Act: What it Means to Be a Digital-First Business”

David Schweidel, a professor at the Goizueta Business School at Emory University led our Day 2 panel discussion on what it means to be a digital-first business. Panelists included Aldo Carrillo from Paramount Pictures, Hernan Tabah from Altria, Francesco Lagutaine from M&T Bank, and Naveen Seshadri from Foot Locker. The group shared their experiences and insights on what it means to adopt a digital-first mindset, and what the cookieless future means for marketers.

Some key takeaways:

  • Word of Mouth is crucial – people will always trust their peers over an influencer or advertisement.
  • Investing in the tools necessary for a responsive supply chain is imperative for building trust with consumers. It allows you to deliver on your promises! Focus your efforts on building a better supply chain based on data and digitization.
  • Digital-first is the way of the future, and it will ultimately create more customer value as time goes on
  • Companies that adopt an omnichannel approach are creating the most shareholder value, take Warby Parker for example. 
  • Focusing on customer behaviors & drawing actionable insights will take on new importance in the cookie-less future.
  • Human empathy is not something you can scale or something that can necessarily be augmented digitally. There is still a strong value in face-to-face interactions and relationship building in retail! 
  • The move from third party to first-party data is an adaptation of marketing – a positive evolution that marketers should prepare for. 

Check out what is new with our Solution Providers

Momentive    |    Moosylvania    |     Mavrck    |    Informatica

Until Next Time…

Don’t miss out on the next Transformational CMO & Retail Assembly. Go here to request an invite for the November 17-18 Assembly!

#MillenniumLive with Espressive on Employee Self Help & Automation’s Role in Training

#MillenniumLive welcomes back Pat Calhoun, Co-Founder & CEO at Espressive. This time we discuss the essentials of employee self help, including the top tools for collaboration and automation’s role in streamlining tasks. Why is an internal help desk so important? Calhoun shares that delivering a good customer experience is extremely difficult to attain when you’re constantly retraining your teams. According to a recent Gartner study, 41% of teams are cycling on an annual basis – meaning crucial “tribal knowledge” is leaving the door.

Espressive’s mission is to leverage automation to address the common and reoccurring questions that teams have. Work from home continue to prevail as we approach 2022, and the role of the virtual help desk has become an essential for businesses’ to train and educate their teams. Listen to this week’s podcast episode to get the full scoop!

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Find this podcast episode on SpotifyApple, Amazon Music, or SoundCloud.

About Espressive’s Barista

76% of help desk tickets could be automated.

Barista, Espressive’s AI-based virtual support agent (VSA), incorporates advanced NLP and conversational AI to automate resolution of employee questions, issues, and requests with personalized responses that result in elimination of 70% of help tickets, enabling you to recoup 1.2 weeks of productivity per employee per year.

  • Users experience 50 to 70% ticket deflection.
  • Barista delivers self-help across 14 departments and in 9 languages.
  • Espressive helps you address change management to ensure success with their Employee Adoption Program.

Interested in seeing for yourself? Go here to request a demo!

 

AKASA’s Annual Report on Automation

Contributed by AKASA

Automation Becomes a Future-State Mandate

Shifting business dynamics driven by the COVID-19 pandemic in 2020 have intensified the need for automation as organizations face massive financial pressures while abruptly transitioning their teams to remote work. When a hold on elective procedures and other early restrictions were put in place to slow the spread of the virus, many organizations had to furlough staff, operate with reduced capacity, and facilitate new work-from-home arrangements. When demand returned, hospitals and health systems had to bring staff back on campus and pivot operations once again. These challenges have many providers shifting their perspective of automation tools for the revenue cycle from nice-to-haves to future-state mandates. Organizations with robust automation solutions in place to fortify their revenue cycle operations were better able to mitigate the impact of these disruptions on their staff and their bottom line.

Challenges of Deploying New Technologies in a Pandemic

Traditional approaches to deploying automation or other technology tools typically require consultants to shadow employees to document workflows and processes. The new work-from-home environment and social distancing requirements for staff working on-site significantly limited the ability to shadow staff. As a result, implementation timelines slowed or projects were paused altogether, especially for solutions that rely on tandem work with consultants to develop and maintain them. As a result, revenue cycle leaders are prioritizing the ability of technology partners to deploy their solutions rapidly and entirely remotely.

Read the full report here

About AKASA

Be a Better Steward of the Healthcare Dollar

AKASA has pioneered Unified Automation™ to provide health systems with a single solution to efficiently, accurately, and autonomously navigate the complex state of medical reimbursement in the United States, enabling health systems to decrease their cost of care and be better stewards of the healthcare dollar. They evaluated modern automation approaches from some of the most complex domains in the world, and we derived core principles – like the best ways to monitor existing workflows, learn from workflows at scale and quickly adapt to change. They then built proprietary technology from the ground up to apply these core principles to the unique challenges of healthcare revenue cycle management. Unified Automation™ offers revenue cycle leaders at health systems and providers of all sizes a powerful new tool for doing more with less. Unified Automation™ can help restore trust in healthcare, by bringing together the best of people, data, and technology to address financial complexity in the U.S. healthcare system. Go here for more information.

#MillenniumLive on Healthcare’s Trends & Challenges in 2021

#MillenniumLive is joined by Jeff Immelt, the former Chief Executive Officer at GE and currently a Venture Partner at New Enterprise Associates & Stephen Liguori, former Executive Director for Global Innovation and New Models, and currently the Co-Founder at Ligouri Innovations. Our Healthcare Providers & Payers Assembly opened up with a discussion on healthcare 2.0. Some major topics of discussion are next-generation drugs, advanced AI, unbundling of services, improving value-based care, and physician enablement. Jeff notes that in a lot of ways, healthcare is complex, and leadership thinking should take a long-term approach because change happens slowly, then all at once.

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Listen to the podcast episode on SpotifyAppleGoogle Podcasts, or SoundCloud.

About Jeff Immelt

Jeff Immelt joined NEA in 2018 as a Venture Partner on both the technology and healthcare investing teams. He is the author of HOT SEAT, a memoir of leadership in times of crisis. 

Jeff served as chairman and CEO of GE for 16 years where he revamped the company’s strategy, global footprint, workforce and culture. During his tenure, he led several innovative transformations that doubled industrial earnings, reshaped the portfolio, re-established market leadership, grew a strong share position in essential industries, and quadrupled emerging market revenue.

Jeff has been named one of the “World’s Best CEOs” three times by Barron’s. During his tenure as CEO, GE was named “America’s Most Admired Company” by Fortune magazine and one of “The World’s Most Respected Companies” in polls by Barron’s and the Financial Times. He has received fifteen honorary degrees and numerous awards for business leadership and chaired the President’s Council on Jobs and Competitiveness under the Obama administration. 

Jeff earned a B.A. degree in applied mathematics from Dartmouth College and an M.B.A. from Harvard University. He currently serves on the board for NEA portfolio companies Bloom Energy, Bright Health, Cleo, Collective Health, Desktop Metal, Formlabs, Radiology Partners, Tri Alpha Energy, and Tuya. In addition, he is on the board of Sila Nanotechnologies, Hennessy Capital, and Twilio. Jeff is a member of The American Academy of Arts & Sciences. He and his wife have one daughter.

About Stephen Liguori

Steve is the Founder and CEO of Liguori Innovation. As GE’s Executive Director – Global Innovation through 2014, Steve was instrumental in major efforts to re-invigorate GE’s organic growth including launching their Internet-of-Things “Industrial Internet” digital transformation and deploying Lean Startup principles across GE through the “FastWorks” initiative. The firm specializes in helping organizations rapidly transform their leadership practices so they can enable new sources of growth.

Steve is an expert at applying startup-related techniques that stress leadership, speed, and improved customer outcomes in complex organizations. His signature expertise focuses on the area of “Disruptive Innovation – Doing it and Leading it!” He is sought out for applying innovation leadership to large firms and startups alike.

Steve is on the Mckinsey Advisory Board, has taught at Columbia Business School as an Adjunct Professor, and served as Chairman of the ANA’s Business Marketing Association, the world’s largest organization of business-to-business professionals.

Named Marketer of the Year, Harvard Business Review author, Chairman’s Award winner at both Citigroup and GE. Additionally, he launched the original Super Bowl Halftime show with none other than Michael Jackson.

David Sable Shares: Why Succession Planning is Vital to Securing Your Company’s Future—and Your Professional Legacy

As originally published by David Sable on Linkedin. Subscribe to the newsletter!

Your success as a leader is not only defined by your current actions but is engraved in your legacy. And to me, legacy means the viability and longevity of what you’ve left behind, the ability of the next generation to take the company to new places, to build on what you created and make it even greater—all of which begins with Succession Planning. Your lasting value will be measured not only by what you’ve done today, but by your succession.

Succession planning, in any public company, is a board sized and agonized on issue. But in my view, succession planning, in any business or enterprise no matter the size, is critical. In fact, I’d argue, that the basic premise of succession planning is critical for all relationships—families included (a discussion for another time).

Succession Planning pretty much aims to address the issue of, “what happens if you, our leader, gets hit by a bus?” Not sure that’s necessarily how the issue is framed in Harvard MBA classes, but it does get to the point quickly. Too often the principals involved don’t address or want to address that thorny question, and when the need arises, when the bus hits so to say, many institutions are caught flat footed having to scramble with interim leadership and the chaos that inevitably ensues from such unpreparedness.

I have seen many boards struggle with the issue, reluctant to confront CEOs, and I have seen senior managers ignore requests for such planning, even though their companies were nowhere near prepared to contend with a sudden leadership change.

Worse yet, I have seen instances where succession planning becomes a way for individual executives to ward off internal competition, identifying multiple potential contenders and playing them off each other to keep them focused on each other and not on the current leadership.

The truth is that all of us are replaceable. Some more readily than others, true, but in the end, the engines keep rolling, the work keeps flowing, and hopefully, the enterprise keeps growing. If it doesn’t, my thesis is not that you were the only one who could make it work, but rather, you didn’t do your job, part of which is building a company capable of moving forward and meeting new challenges without you.

Harsh? Not at all! The business graveyards and trash heaps are full of such companies and enterprises. That is, failed or jury out companies that were linked to one person who controlled it in ways that allowed no one else in (see: WeWork), just as the list of successful, ongoing businesses is equally full of the opposite (see: VMLY&R).

For those of you who do not know, VMLY&R is the company I turned over to my successor, John Cook, and I am extremely proud of its continued growth, new ground broken and incredible achievements since I left. I celebrate VMLY&R’s success everyday as both its former CEO and as a shareholder of WPP in general.

So, what are the key lessons in planning for the future of your company as relates to leadership?

  • Succession Planning should begin with your first job, even if it’s entry level. Get used to thinking about how you move on by thinking about who takes your place. A rising tide lifts all ships, and if you leave your job, move on and up, and the next person tanks because you haven’t paved the way for them to succeed, you are a failure—not a hero who triumphed while others could not.
  • Think about the skills you lack, the expertise you don’t have, or sensibilities that you haven’t developed that may be useful in the future. Choose your successor with those in mind and make sure they have at least one of them already, while helping to train them/get them ready for the rest.
  • Include your identified successor in your future thinking. Get their view and buy in. Secure the foundation of your vision for the future by allowing room for theirs.
  • Actively think about how you keep your successor or replacement engaged and motivated. Salary and bonus help. So does inclusion.
  • If they turn out not to be right, and you feel you chose wrong, part ways quickly and identify a new person. Don’t let them linger.
  • Never appoint two people to replace you with shared accountability. You aren’t so important/irreplaceable that it will take two people to do the job you did as one. It’s confusing and can create a power struggle.
  • Own your choice and make sure others do, too. No damning with faint praise. Stand behind them and make sure the rest of the team does as well.
  • Make it a thoughtful, gradual, and well-communicated plan to achieve a no-drama transition.
  • Remember that if your company can’t be great without you, it’s not a great company at all.

When you do finally pull the trigger and put the wheels in motion to leave, get out of the way. It is the hardest part of the process, and it’s where so many fail. But if you’ve done your job right, your replacement will take the company to new places, just as you once did. No one needs two of anything, and no one needs anyone looking over their shoulder or second guessing their plans. Remain a cheerleader—but from the sidelines, not the center field.

My final thought on the matter is an admonition to both planner and successor: if you have both done your jobs well and are aligned on the future, maintain respect for each other and watch the company thrive.

To that end, I share the following thought from Nicholas Copernicus…listen:

“Every light has its shadow, and every shadow hath a succeeding morning.”

 Your light is powerful, as will be theirs. Remember that.

Here’s What You Missed at the Transformational CISO Assembly

This week, cybersecurity’s leading CISOs, academics, and thought leaders came together for our Transformational CISO Virtual Assembly to discuss digital transformation and security’s evolving threat landscape. In case you were unable to join us, check out our event highlights below!

Opening Keynote Address

Day one kicked off with an opening keynote on CISO best practices. Some of the key points discussed were:

    • When things go awry: Admitting something bad happened takes professional courage. Thoroughly describe why it happened, and work on cultivating a relationship of trust with your board members.
    • To pay or not to pay? The answer to that question depends on the impact the attack has on the business, its reputation, and the risk of data loss. It’s crucial that you deeply understand how ransomware works.
    • How can you 100% protect yourself? In short, you can’t. You can mitigate risks by hardening your systems and knowing your endpoints, but 100% protection just isn’t realistic.
    • Relationships and trust go a long way: Building relationships with your industry peers is a crucial aspect of leadership, and it can preclude a “bad day” in cyber. Connections give you the valuable knowledge of better understanding your industry’s evolving threat landscape (hint hint…our next Transformational CISO Virtual Assembly is the perfect opportunity to build these relationships!)
  • Cyber’s future relies on growing the candidate pool: It all starts with the younger generation, and investing in STEM education for K-12 is crucial. But what can we do today? Security leaders should become more flexible with their job requirements, and perhaps tap into non-traditional sources for recruitment.

Workshop Discussions

On Zero trust Implementation: For some, Zero trust can mean starting AT zero. Mike Novak, CISO and VP of IT Security at HardRock Seminole, noted “It’s a marathon to get there.” But where can we start? Novak shared that a great way to jumpstart implementation is with your identity access management. It’s important to audit who has access to what, understand who is coming and going, and to thoroughly segment your network. Having “too many cooks in the kitchen” can often be the demise of a security framework, and it’s important to not become overwhelmed with the “shiny, new technology” that is constantly being released. A key security measure is to implement the use of MFA (multi-factor authentication) and SSO (single sign-on), as Zero trust does not work well with shared accounts. When it comes to passwords, Novak recommends that as tedious as it may sound, they should be changed every 60 days. 

Mike closed out his session with these points: 

  • Invest in cyber posture instead of potentially paying out a ransom one day.
  • Gather peer and executive support as it will always serve you well in the long run

If you are interested in implementing a Zero-trust framework into your business, Mike references Forrester’s guide as a good resource to rely on when starting this journey.

Improving Board Communication: Troy Wilkinson, Global Director of Cybersecurity Operations at Interpublic Group shares, “To accomplish security, we need to get our financial stakeholders on our team, and in order to do that, we must learn how to communicate with them effectively.” Wilkinson understands that being able to translate technical information for your board is one of the most challenging, yet crucial, aspects of the CISO role. 

He shared these tips on building a strong relationship with your board:

  • Create a two-way dialogue with board members, and foster an environment of trust.
  • Ensure that your message reaches members with technical AND non-technical backgrounds.
  • Always illustrate how you are reducing risk in a monetary sense.

The Difference Between Compliance & Readiness: Alvin Plater, CISO at the Department of Navy described compliance as “meeting various controls to protect the confidentiality, integrity, and availability of your data”. Whereas readiness is the “ability to securely deliver business information to the right hands at the right time”. Plater weighed in that cybersecurity leaders must invest in Zero-trust principles, and make cybersecurity a priority within their organizations. At the core, cybersecurity is a commitment to readiness for reducing the likelihood and severity of an attack, which consists of two critical elements: cyber intelligence and cybersecurity strategic alignment.

CISO Keynote Panel 

“2021’s New Normal: Adapting in the Face of Evolving Workforce Conditions”

Eric Johnson, Dean at Vanderbilt University Owen Graduate School of Management led our Day 2 panel discussion on how CISOs are adapting to the new workforce in 2021. Panelists included Sujeet Bambawale from 7-Eleven, Stephen Davis from Revlon, Gary Eppinger from CSX, and Elizabeth Ogunti from JBT Corporation. The group shared their experiences and insights on hiring processes, response plans, third-party security, and awareness education. 

Some key takeaways:

  • Rank your vendors by risk factors and implement testing and validation techniques
  • Start treating the risk of your vendors the same as the risk in your own organization
  • Instead of having response plans focused solely on IT, develop plans that go wider into internal business.
  • Visibility is key, understand where your data is and the impact it has on your business.
  • Educate your organization’s customers on your security measures. Give them a platform to ask questions about what you’re doing to keep their data safe, and manage expectations for both security and privacy.
  • Covid-19 has inspired collective intelligence, which means you should share with the community what behaviors you’re flagging. Holding back this information is not going to help you or anyone else – cybersecurity leaders are all fighting a common enemy. 
  • Hiring from the industry is inorganic, whereas supporting development for in-house talent is organic. We should assess for actual interest and follow the talent instead of staying within confined perimeters. 

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A Buyer’s Guide to Automation

Contributed by AKASA

THE AUTOMATION PROCESS

Digital transformation efforts in healthcare are driving the demand for automation in revenue cycle operations, especially as organizations seek to efficiently capture revenue while lowering their cost to collect. Shifting business dynamics driven by the COVID-19 pandemic in 2020 have only intensified the need for automation as organizations face massive financial pressures while abruptly transitioning their teams to remote work. Social distancing practices have also made the ability to deploy new technology quickly and entirely remotely essential.

The scale and scope of healthcare in the U.S. means automation tools have to handle massive complexity and constant change.

Over the past two decades, revenue cycle leaders have been forced to cobble together a patchwork of solutions that often don’t integrate with one another and only automate a portion of revenue cycle processes. Other general solutions, such as robotic process automation (RPA), may work for simple, discrete tasks, but often fail quickly in the highly complex and dynamic nature of healthcare. This leaves hospitals and health systems stuck with a trail of broken bots and blown budgets. In fact, a Forrester research report from July 2019 indicated that for every $1 spent on RPA technology, an additional $3.41 is spent on RPA bot creation and maintenance.

Read the full report here

About AKASA

Be a Better Steward of the Healthcare Dollar

AKASA has pioneered Unified Automation™ to provide health systems with a single solution to efficiently, accurately, and autonomously navigate the complex state of medical reimbursement in the United States, enabling health systems to decrease their cost of care and be better stewards of the healthcare dollar. They evaluated modern automation approaches from some of the most complex domains in the world, and we derived core principles – like the best ways to monitor existing workflows, learn from workflows at scale and quickly adapt to change. They then built proprietary technology from the ground up to apply these core principles to the unique challenges of healthcare revenue cycle management. Unified Automation™ offers revenue cycle leaders at health systems and providers of all sizes a powerful new tool for doing more with less. Unified Automation™ can help restore trust in healthcare, by bringing together the best of people, data, and technology to address financial complexity in the U.S. healthcare system. Go here for more information.