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David Sable on How a French Aristocrat Can Help America Rediscover Itself

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

I don’t know about you, but I am tired of Apocalyptic talk…the endless blaming, the advice for the “new normal,” and the ten ways to look better on ZOOM.

My view is that we need to learn from what was FUBAR, understand the difference between Planning and Plans, gain human insight from the intense, all-in, focus group we have lived in the past few months, and orient ourselves towards a PEOPLE FIRST world, embracing ingenuity instead of our favorite buzzword (“Innovation”). Doing so, will become a critical component of our recovery, as you will see…read on…

As if our current predicament hasn’t presented us with enough challenges, we need to think about one other vital task: we need to ditch politics—partisanship of the worst order—and embrace our ability to come together as people with a common cause, without hate, without racism, without fear.

And, while I am writing this with an eye to the United States (apologies to all my non-U.S. readers), the basic lesson is true and powerful. Most importantly, I will argue that the unique and defining DNA of the United States has been lying dormant, awaiting an awakening call to continue its story.

This story has a beginning that takes us back to 1831 and a young French aristocrat, Alexis de Tocqueville, who arrived in the United States on a mission from the July Monarchy to study prisons and penitentiaries. Which he did…but more importantly for us he traveled all over, took copious notes and in 1835 published a book called De la Démocratie en Amérique, or as we call it in the U.S., Democracy in America.

de Tocqueville was obsessed with the economic, social and geographic forces that were transforming America, and he hoped that he could help his own country better navigate the rapids between the dying aristocratic system and the nascent democracy that was beginning to take form.

Much of the book is about liberty and equality. Government and politics. Democracy and tyranny…old and new. Yet, at a lecture I recently attended (via conference call, of course) de Tocqueville’s views on “Association in Civil Life” came to life, and I realized here was the core—the DNA—of our social and economic recovery.

In a heading titled, “On the Use that Americans Make of Association in Civil Life,” de Tocqueville writes:

“I do not wish to speak of those political associations with aid of which men seek to defend themselves against the despotic action of a majority…the political associations that exist in the United States form only a detail in the midst of the immense picture that the sum of associations presents here.” (I am quoting from the translation of his book by Harvey C. Mansfield and Delba Winthrop—amazingly only the second translation ever of this momentous manuscript.)

In my view, it’s that “sum of associations” that presents us with the biggest opportunity to triumph as we contemplate our world while we emerge from lockdown. And it is my fear that we have lost direct contact with our heritage and are in dire need of rediscovering it.

de Tocqueville’s words resonate across the centuries.

“Americans,” he wrote, “of all ages, all conditions, all minds constantly unite…if it is a question of bringing to life a truth…they associate.” He then says that in France, the government would lead, and in England, some lord might, but in the U.S., it would be an association that leads. To prove the point, we just witnessed how huge protests of associations of likeminded people over the past few weeks have already begun to spearhead change.

He then writes, “I often admired the infinite art with which the inhabitants of the United States managed to fix a common goal to the efforts of many men and to get them to advance it freely.” And, finally, “The science of association is the mother science; the progress of all others depends on the progress of that one.”

And there you have it. An admonition from our past calling out to us to unite—a Frenchman dispassionately observing what makes us unique. The way forward for us as a nation can come from de Tocqueville’s observation of our past, our roots.

We were a country that was founded on ingenuity. People who naturally coalesced to solve problems, who could focus on a common goal and make it happen. And, we seem to have lost our way.

Yet, this questing French Aristocrat, gave us the answer…listen:

“The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults”

We are standing at a unique moment in time. A time not to reset, but to rethink. A time not to yearn for a “new normal,” but to embrace constant and dynamic change in an inclusive and powerful way. A time to remember that it wasn’t partisanship that made America Great, but rather our ability to unite and create associations. A time for trust and truth and fixing.

Politics are a mere detail. Innovation is about technology. Ingenuity is about People First.

Welcome Our Keynote Speaker, Renee Wynn!

As our Digital Enterprise CIO, FSI and Data Transformation Virtual Assembly rapidly approaches, we are thrilled to announce our Keynote Speaker, Renee Wynn, Former CIO of NASA. With 30 years of federal service under her belt, Renee is sure to kick off this exciting virtual event with a truly unforgettable keynote! Click here to RSVP for free access to the virtual program.

About Renee Wynn:

Renee P. Wynn recently retired as the NASA Chief Information Officer. Wynn joined NASA in July 2015 as Deputy Chief Information Officer and became the Chief Information Officer in September 2015. She came to NASA from the Environmental Protection Agency where she had served as the Acting Assistant Administrator for the Office of Environmental Information and Chief Information Officer since July 2013. Ms. Wynn had 30 years of federal service and 25 of those years were with EPA. Ms. Wynn had worked in the federal CIO world since 2011 and has been able to bring her experience working on environmental policy, budget formulation, and analysis plus program management to her role as CIO.
Ms. Wynn holds a Bachelor of Arts in Economics from DePauw University, Indiana.

Blockchain’s Move Into Financial Services

Last year, we looked at the changing nature of payments, specifically by identifying a number of emerging partnerships and processing companies. Altogether, the piece presented a picture of a world moving toward faster and more secure digital payments, both for individuals and within the financial services industry. And in the year since, it’s become clear that there’s another important factor to consider in this conversation, as blockchain technology moves increasingly into financial services.

To introduce the idea for those who are less familiar with blockchain, it’s worth noting that this technology has already become fairly popular beyond its initial circles. Blockchain was first introduced as a digital ledger that could verify and log cryptocurrency transactions, both enabling a transaction system and providing a layer of incorruptible transparency. The technology can be used in relation to other markets and assets, however, and this is something we’ve seen a great deal of in the last year or two.

The forex trade is one example some might recognize. This is actually a market that has been modernized in a variety of ways of late. It’s now easy for people to trade via CFDs, rather than buy and sell currency pairs in the traditional manner. And the availability of advanced forex trading tools have allowed investors to take a more strategic approach, say by implementing stop-loss and stop-limit orders that can protect against losses and preserve earnings. On top of these developments though, some forex brokers have also begun to use blockchain technology in their operations. This allows trades to be executed faster and with more transparency, and it’s also helping to eliminate some of the fees that are usually associated with trading.

In addition to forex, commodity trading is seeing some very similar changes. CFDs and advanced trading tools have helped to bring this market into the modern era, and have also made it more accessible to newcomers. Meanwhile, though blockchain’s entry into forex has generated more attention, there are some examples of trading platforms handling commodities taking an interest in the technology.

Changes like these helped to establish the idea that blockchain could be more widely useful in the world of finance and investment. And now we’re hearing more about the technology being applied to more traditional financial services.

The biggest name attached to this new development, at least in the United States, is perhaps Bank of America. The long-established financial institution had filed nearly 50 blockchain-related patents as of the summer of 2018, setting it up for significant, ongoing entry into the blockchain world. As of now, the bank’s actual uses of blockchain are few and far between, and some counterparts (like Western Union) have seemingly opted to pursue the tech in a significant way. Nevertheless, dozens of patents indicate major interest, and we expect to see Bank of America pushing further into this space in the near future.

Wells Fargo is another major name that has been attached to blockchain tech of late. In this case, the handling of internal settlements has been the main focus. The company has been testing its own digital currency option (“Wells Fargo Digital Cash”), which it can use to complete internal, cross-border payments over a blockchain network. Early reports indicated that the Wells Fargo Digital Cash option is faster than some digital processing alternatives (like SWIFT), which could well lead other institutions to try similar methods.

These are two of the bigger names to keep an eye on, but the truth is that dozens of banks are using blockchain at this point — or at least considering doing so. The extent to which blockchain usage in financial institutions will affect customers remains unknown at this point. But it’s quite clear that as blockchain continues to move into numerous spaces beyond its initial purpose, it’s now being used to improve financial services as well.

Companies Worry about Security Amid COVID-19

For the past few months, stay-at-home orders have extended nation-wide. As a result, companies from Amazon and Google to small local retail stores have embraced working from home. To some, it sounded like an easy solution to work from home in order to stay safe, but many companies had to scramble to prepare their employees for remote work. They faced a major challenge: security.

“Yes, many organizations plan for crises- maybe even a pandemic- but I’d guess there isn’t a single one that envisioned an event that could unfold so quickly and completely shut down offices, forcing employees to work from home instantaneously”- Forbes

Many companies raced to create secure networks such as VPNs or password-protected files and applications that worked outside of the office space. Of course, this transition to remote work was easier for companies that already enabled employees to work from home, but they had to focus on securing their networks for a higher volume of workers.

The greatest threat to company security is phishing. Phishing is the process in which scammers or hackers will send emails pretending to be a reputable source with important information. During COVID-19, many emails have come through in which hackers pose as health organizations with important information. The good news is employees can easily avoid being victims of phishing if they pay attention to email addresses, URL links, and do not reply to emails with personal or confidential information.

Not all phishing emails have bad grammar or simple language. Many are written professionally and sound legitimate, so everyone should be aware.

Next, employers should only be allowed to access company servers or websites through safe networks. Public and shared networks should be avoided as much as possible. Examples of shared networks would be a library, coffee shop, or other public locations. Hackers have the ability to get into a shared network more easily than a private one. As restrictions are loosening, but workers continue to telework, it is likely possible that people will begin to go out to public places for a change of scenery, so employees should be made aware of this possible threat.

Creating a blame-free culture is important. Of course, it is possible for an employee to fall into a phishing trap or use an unsecured network, so they should know who to contact if there is a security issue. Assure employees that speaking up right away will not get them into trouble, but rather help fix an issue possibly before it happens. It is important to educate employees on possible cyber scams, and don’t underestimate how much they do or do not know. The more information shared, the lesser the risk.

So now that we have been working from home for months, what is next?

The cybersecurity experts that were once behind the scenes are now pushed to be leaders and be front and center for their companies. This has proven how important their roles are but also placed new responsibilities on people that may not have the proper leadership skills. So, management will need to spend time nurturing and educating these new leaders, while continuing to support employees that are at home.

Spending more time on securing networks, fixing or recreating emergency response plans and communicating with employees new protocols and methods is extremely necessary. Much like the beginning of COVID-19, there are many unknowns to what our next normal will be. However, with the right leadership and the cooperation of all employees, companies will adapt and thrive in the post-pandemic world.

#MillenniumLive Talks Consumer Spending with Dani Cushion from Cardlytics

This week on #MillenniumLive, we’re joined by the Chief Marketing Officer at Cardlytics, Dani Cushion. As a digital ad platform rooted in analytics, Cardlytics offers first-party data insights into $6 milion in consumer spending every minute, that’s $2.4 trillion in spending annually and represents over 20 billion transactions in total. Their platform allows brands to see where their customer is shopping, what they’re buying and how to build campaigns using this data to drive conversions. With Cardlytics’ interesting view of how consumers spend their money, Dani sheds light on the product categories that are seeing a dramatic increase, recovery indicators for how and when overall spending is coming back and emerging consumer trends during COVID-19. She also uses these insights to provide data-driven advice for her network of fellow C-Suite marketers.

Go here to watch the video interview

Go here to listen to the podcast episode

Cardlytics’ State of Spend Report

With insight into 50% of US transactions, Cardlytics is committed to helping marketers understand and respond to current trends that are impacting their industries. They put these purchase insights into action every day through precisely targeted campaigns that drive measurable sales. This report highlights important shifts in consumer spend and tracks early signs of recovery. To isolate the impact of COVID-19, we’re evaluating recent changes in spend compared to the year before.

Go here for free access to the report

Our Thought Leaders Share COVID-19 Recovery Tips for Cyber & Marketing Executives

The narrative is changing day-to-day, but the world is starting to see the light at the end of the tunnel. As the U.S. approaches the beginning stages of COVID-19 recovery, leaders across all industries face nuanced issues brought on by a drastic change in consumer behavior, an influx of digital consumption, a rise in telehealth, and a workforce that shifted to remote seemingly overnight. We reached out to our thought leaders in marketing & cybersecurity to hear their insight on these topics and how C-Suite Executives can prepare themselves for a somewhat uncertain future in a post-COVID world.

Marketing

What do you think advertising, media, and consumer behavior will look like post-pandemic, and what can marketers do now to prepare for this shift?

“The rate with which consumers return to some sense of normalcy will be disrupted not only by lingering concerns about COVID-19, but also by the income shock that the economy as a whole is currently experiencing. For these reasons, the recovery will likely be slow and most importantly, highly variable from customer to customer. Now more than ever, companies will need to account for this in their tactical decision making by embracing these differences across customers, identifying who it is who is continuing to buy, what it is that makes them special, and how the firm can reposition itself to better cater to those people.”

– Daniel McCarthy, Thought Leader, Assistant Professor of Marketing at Emory University – Goizueta Business School

“As we move to the next stage of the pandemic, consumer behavior will appear variable. Consumers are balancing concerns about safety, their natural inclination to “return to the familiar”, and will shed or continue to embrace new virtual and contactless interactions (such as telehealth, online banking, meal ordering apps, virtual site visits, and customer events, curbside grocery pickup) that have over last 11 weeks simplified their lives. Marketers need to mirror this balancing by engaging closely with their customers to ensure they are meeting their current needs and innovating to support customers’ changing expectations and concerns. This will require agility and faster decision making, increased use of digital (or contactless) tools, and more effective use of analytics. Marketing leaders need to assess their organization’s capabilities to do this and quickly reallocate investment to improve and focus their resources where necessary.”

– Nicholas Caffentzis, Thought Leader, Senior Fellow & Adjunct Professor at Northwestern University – Kellogg School of Management

Cybersecurity

How do you expect COVID-19 to change the risk management landscape in the coming years, and what should CISOs do to pivot their strategy?

“Risks will increase in the face of the global economic recession. Don’t forget, we’re not in a bubble; there are 7B+ people connected to the ‘net. Telehealth has happened, 40 years after it was feasible! This is a big plus. Many more people are online in new scenarios. So the threat surface has gotten much bigger. I think continued awareness training is critical. Also, COVID totally breaks the central security perimeter concept (it was already on life support). Cloud security platforms, and cloud, will continue to grow like crazy. I’m also excited about new collaboration platforms and how they can improve productivity for security and other teams. We need to continue to do more, with the same resources.”

– Fredrick Scholl, Cybersecurity Program Director & Associate Teaching Professor at Quinnipiac University School of Engineering

“Some CISOs may wish to lower the risk of sensitive information being leaked by sending out new laptops with strict security settings to some employees with instructions to move all information about their organization to that machine and do all work for their organization (and nothing else) on that machine. They could even take the opportunity to provide with the laptop an easy-to-read handout for family members and other occupants about simple cybersecurity precautions. They should also be familiar with (or check with counsel or a consultant on) laws like GDPR, CCPA, HIPAA, and FERPA and how they are being interpreted today.”

– Lance Hoffman, Professor at The George Washington State University

“In terms of the shift to telehealth and the change for risk management continues to rely heavily on ensuring employee virus software is up-to-date, phishing filters are installed, employees are trained to understand the need to be skeptical and prioritizing your resources. As a CISO, besides these, it is important to understand your threats (usually based on your environment and customer base) and determine the potential damage if there was a loss. What would your potential impacts be and then quantify the damage in order to develop a model prioritizing your resources. Risk management and security need to come first, not last in order to be ahead of it or prepared for it as much as possible. It is also important to re-evaluate every 3-6 months depending on the nature of your organization, as technology and cyber threats continue to evolve.”

– Michelle Moore, Professor of Practice at University of San Diego

Supporting Small Businesses with Facebook Shops

Small businesses are the heart and soul of our communities, but with storefronts closed indefinitely and retail shifting almost entirely online, the struggle to stay afloat continues to intensify. Internet usage is at an all-time high, and eCommerce is thriving, but it is difficult for small and medium-sized businesses to compete with retail giants like Amazon and Walmart. In an effort to expand its influence into eCommerce and ease the pandemic-induced stress on small business, Facebook announced the launch of Facebook Shops.

Facebook Shops allows businesses to set up a single shop that can be accessed from both the business’ Facebook and Instagram profiles, as well as through stories and ads on both apps. It is free to set up, and allows businesses to choose which products to feature and even customize the theme to match their brand. They also have the option to enable the checkout feature, which customers can use to make purchases directly from the app instead of being redirected to the company website. If a customer needs assistance, they can ask the business directly through one of Facebook’s subsidiaries, WhatsApp, Messenger, or Instagram Direct. The user-friendly platform is meant to streamline the user experience for online businesses, but more importantly, to bring some businesses online for the first time. According to a Facebook survey,

“One-third of U.S. small businesses have stopped operating, while another 11% expect to fail in the next three months,”

and the tech company is hoping to use the new platform to rescue as many of these businesses as possible.

Facebook Shops launched last week and will continue to expand availability throughout the coming months. After the platform’s Facebook debut, Shops will make its way to Instagram, too. Instagram Shops is set to launch this summer, taking inspiration from @Shop, the Instagram-run account that has been promoting small brands since May 2019. Instagram Shops is designed to make online shopping a truly enjoyable experience: users can browse collections from brands and influencers, filter by a category, and make in-app purchases. To make things even easier, the tech giant announced plans to launch a shop tab in the navigation bar. Facebook also has two features currently in the testing phase. Live Shopping, a feature in which creators and brands can tag products in their live streams that can be accessed by clicking the links at the bottom of the video, will be released soon. In addition, Facebook will release a feature that connects loyalty points to your Facebook account, which will hopefully forge a stronger connection between customers and small businesses.

With any new technological innovation, there are always questions regarding privacy and information security, but Facebook was fairly transparent about what information is collected and shared. According to Facebook, your shopping activity will not be shared with your profile or friends, although you have the option to share your purchases through Messenger or even through your Instagram Story if you want to spread the word on a brand or product you love. When using Facebook Pay- which can only be done in the US and if the business enables the feature- Facebook collects payment information, but will “securely store and encrypt your payment card numbers”. The information that is actually shared is comparable to any other online shopping experience. Business insights such as shop performance and traffic are shared with the brand, but this does not include information that personally identifies the customer such as names, email addresses, or any other information that would enable the brand to contact the customer without permission. Shop activity will also be used to personalize app experience, so don’t be surprised if your Instagram feed or Facebook ads show content similar to a recent purchase.

Facebook is certainly not the only platform that small businesses can use to sell their goods online. Small businesses, entrepreneurs, and artists have been using Etsy to sell their goods for years, and Facebook’s own marketplace platform has been around since 2016, so why is Facebook Shops any different? For one, Etsy serves a particular niche market for vintage and handmade products, and Facebook Marketplace is for second-hand products. The real draw to Facebook Shops, however, is the worldwide reach, unlike any other platform. Business owners can build off of the social media following they already have and interact with their followers directly. During this unprecedented time, many Americans want to help small businesses, but don’t know how.

The easily accessible online shops bridge the gap between businesses struggling to sell and customers with pent up demand.

Of course, while this new platform will certainly help small businesses in a time of need, the venture is not entirely philanthropic. Facebook will take a small portion of all transactions, but the real profit will come from advertising revenue. Facebook has reportedly seen a drop in ad sales as a result of COVID, but also a drop in share value due to several factors involving the vulnerability of its revenue stream. For one, the majority of revenue comes from Facebook itself, and not its subsidiaries. Facebook Shops is not only a ploy to drive more traffic to ads, but also an opportunity to diversify the business by driving users to Instagram, Messenger, and Whatsapp. This is also a strategic move to further infiltrate the tech space into eCommerce, threatening to dethrone Amazon’s reign as an industry leader. Amazon and Facebook both have access to a tremendous amount of data and have the tools to use it to their advantage, but there are key differences in their business models. Amazon has a subscription service in addition to other resources that result in the hard-to-beat prices that have made the company the go-to for all things eCommerce. However, Facebook has the opportunity to bring a sense of community to online shopping in a world where people crave human interaction and personal connection more than anything. Facebook also appeals to the public’s willingness to help the small businesses that are the most vulnerable during this time.

The full extent of COVID-19’s impact remains to be seen, but global tech companies and small businesses alike have the power to make the most of unprecedented times. Facebook is just one example of a company that is using the panic of the crisis to not only make a difference for others but to also strengthen and grow its own business. Facebook has big plans for Shops: Zuckerberg intends for this venture to extend well beyond pandemic times and into our “new normal”, but the climate created by the virus might just be the perfect storm to turn this business opportunity into a success.

Doctor.com on the Future of Healthcare: Patient Perceptions, Preferences, and Adoption of Telemedicine

While the COVID-19 crisis has brought telemedicine into the limelight, 83% of patients expect to use virtual appointments after the pandemic resolves. Learn how patient sentiment toward telemedicine has shifted during this global healthcare emergency and why it will become a critical part of healthcare in a post-COVID world in Doctor.com’s free report on the state of healthcare in the post-COVID world.

Go here to download the full report!

“I knew telemedicine was ‘having a moment’ but I wasn’t anticipating it would affect patient behavior so quickly. Doctor.com’s study really gives you something to think about, especially as we start to reopen our doors.”

About Doctor.com

Doctor.com built their telehealth technology from the ground up to function as a holistic and robust customer experience platform- and not another point solution. Today, they have the only offering in the industry that seamlessly integrates web-wide listings management, reputation insights, universal online scheduling, patient communications and provider data warehousing. These services are enhanced by 50+ integrations with the most prominent healthcare directories, search engines, social media platforms, and EHR/PM systems. As a result, thousands of healthcare organizations of all sizes have been empowered by the Doctor.com platform to enhance their digital presence and credibility, increase patient trust, and grow their business.

Cardlytics State of Spend Report

Click here for the full report

High Retail Discounts May Lead to High Returns

The global pandemic, COVID-19, has greatly affected the U.S. economy, as many businesses are trying to stay afloat and find ways to bring in revenue. The retail industry is one major example.

As many retail stores shut their doors in March, and people all over the country stayed home to quarantine, online shopping began to increase. To compensate for an expected decrease in sales, many brands started offering online sales. Discounts for some retailers are so great, many are comparing it to Black Friday or Cyber Monday. Companies such as Adidas began offering 30% off for their entire site, as well as Levi’s at 40% off. Nordstrom had a sale on clearance items with some pieces marked at an additional 60% off. Shoppers are more likely to impulse buy with discounts so high online.

Another additional perk retailers have added for their customers is extended time to return items. Gap announced any purchase made from January 1 to March 31, 2020 can be returned up until July 1. Sephora extended its typical 30-day return window to 60 days. So while these discounts and larger return windows are great for buyers, they have created a higher risk for loss for the retailers.

Americans returned about $400 billion in merchandise in 2018, with Optoro estimating $100 billion worth of returned goods in the US during the last holiday season. Online returns are 25% of gross US retail sales, while traditional store returns are 9 percent, according to Forrester.

During normal times, according to Forrester, shoppers return around 40% of what they buy online. Sucharita Kodali, a Forrester retail analyst, says retailers can incur up to $10 per item from online orders.

“We are thinking of COVID as another Black Friday for returns — after the market opens,” says Eduardo Vilar, founder and CEO of Returnly.

It is likely that many shoppers will feel a bit hesitant to shop inside stores once restrictions are lifted and retail stores reopen, so there may not be a rush in to return. Although, due to the extended return windows, people may want to go out and get their money back.

Additionally, retail stores may face a larger financial loss from returned merchandise than usual due to the virus and the way it spreads. It’s highly likely that many shoppers will not want to buy items that have been handled and returned by other shoppers because the virus can remain on surfaces. For some retail stores, it may be possible to wipe down and sanitize the returned merchandise, but for items such as clothes, it can be more tricky. And although stores may promise items have been sanitized, convincing shoppers that is true, may be tough, which would leave numerous items as waste.

So what’s the solution?

Unfortunately, there is not yet one. Much like how many researchers were unaware of the extent to which this pandemic would affect enterprise before it hit, there is little data to show what will happen when restrictions lessen and the country begins to resume normal activities. Retailers are bracing for the impact of returns, but hoping their sales will even out in the coming months. People may just want any excuse to go out when the restrictions are lifted!