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The FinTech Market Affected by the Government Shutdown

“The shutdown is also starting to create serious problems for financial technology firms — slowing dealmaking, impairing supervision and casting a pall over the presumed pre-eminence of the U.S. as a FinTech superpower.” Roll Call writes.

Sadly, the consequences of the partial government shutdown for Americans including the poor, the environment, federal employees and those relying on government services or benefits have become evident, and are unfortunately getting worse as the longest shutdown in US history continues.

However, according to reports, the ongoing shutdown of the US government which was sparked by the disagreement over funding for border security is now starting to hurt the FinTech industry. With the shutdown, the FinTech industry is seeing problems in the latest developments in banking, derivatives, securities, online lending and more – casting a shadow over the prominence and influence of United States within the sector.

Although not every part of the sector is being impacted in the same way, the prolonged halt of most agency operations is impacting key issues concerning every aspect of FinTech business, especially when finalizing business deals. However, companies like Lyft and Airbnb that have been visibly affected are companies issuing securities to raise capital in wake of the shutdown. High profile IPOs planned for this quarter from the likes of Uber, AirBnB and Lyft will likely be postponed but it is also affecting some of the smaller flotations from FinTech startups via Regulation A+ that are often dubbed ‘mini-IPOs’ throughout the sector. Similarly, large technology firms planning to do initial public offerings aka IPOs could be affected with no one at the Securities and Exchange Commission (SEC) to process registration statements of firms seeking to sell stock to the public.

Not surprisingly, with the shutdown continuing with no obvious end in sight, it is worth wondering just how much damage the disagreement within Congress is hurting the reputation of the US as an attractive place to launch and do FinTech business. With other systems in Europe and as far as Asia working actively to add clarity and stronger innovations and protections in FinTech, a prolonged halt to government functions could spell trouble for America’s competitiveness in the sector in the long-term.

Now that he shutdown is now into its 22nd day making it the joint the longest in US history, surpassing the 21 day shutdown in 1995–96 . While the various government agencies responsible for delegating and supervising many areas of the FinTech market will face a size-able administrative backlog once the government does reopen, the greater concern is, as previously mentioned, the impact on the US standing in the highly competitive race to be the first choice for international FinTechs ventures in the upcoming future.

ABOUT THE FSI TRANSFORMATION ASSEMBLY

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.

2019 State of the CMO: Cut the Buzz, There is Only One Priority

Originally posted on conDati.

When you do a search for marketing trends in 2019, you get a plethora of buzzwords and themes, especially in the marketing technology space. By the end of 2018, we saw a record breaking 7000 tech products serving marketers and we saw MarTech become mainstream as a profession —all while the year has thrown a curveball to marketing with personal data protection regulations such as GDPR.

Here’s the reality: The world of the CMO has been digitally disrupted, the digital landscape is increasingly complex and your accountability has expanded to include tech investments, customer experience, compliance and more.

So, let’s cut through the noise. There is only one priority for the CMO, and it continues to be driving pipeline and revenue growth. Here we look at the impact of the challenges and tips on what we have seen CMOs do to embrace our data-driven, digitally-led world when it comes to sales and pipeline generation.

The What: Defining what goes on that executive scorecard, and balancing between keeping it to core top level KPIs without unintentionally creating blind spots in your pipeline and sales revenue.
- Tips: While it’s good practice to keep it simple and core for executive staff, data is still king. It’s important to have the ability to dive deep. For example, if a new product line is a key revenue growth driver, you’ll track sales performance for the product line by digital channel, by region, by ad campaign performance, by peak hour or day of sale, by sku, and slice and dice the data so you have the information to inform your executives rather than being caught off guard.
The How: The time it takes to create or update the scorecard. Do you or your ops staff spend hours manipulating manual data from spreadsheets, reports and analytics tools every time you need to update the executive scorecard? It’s scary to think a CMO would spend hours on a Sunday evening (a true story at a Fortune 500 company) updating the exec scorecard for a staff meeting.
- Tips: With the technology resources we have today, there is no reason any CMO or marketing ops team or digital analysts should spend hours or days manually pulling data to update an executive scorecard. Today, CMOs are looking for ways to unify omnichannel performance and show direct impact on revenue and sales as a first step, and then layer on predictive modeling for forecasting and optimization. Would you spend 1-2% of your marketing budget to transform this process, provide some governance and standards, and have your data science as a service readily available when you need it? The answer is often yes.
The Why: There isn’t a shortage of data when you open the flood gates. Take digital campaign data from inquiries to MQLs, web engagement, display ads or social performance as examples. The challenge is the narrative around your data points. Why was there a peak, or why was there a shortfall in pipeline or revenue, is just as important to prepare for your exec staff meeting, which is often overlooked because we are consumed with showing % performance to plan, conversion rates, etc.
- Tips: Knowing the Why gives CMOs confidence to clearly articulate the story behind a pipeline revenue dip or peak. Always be prepared with the narrative on your scorecard data before an executive staff meeting. Some CMOs have turned to leveraging AI-driven technologies to proactively alert on revenue or pipeline shortfalls and even provide intelligent recommendations to bridge any sales shortages. This changes your narrative completely. One intelligent recommendation example is to shift campaign ad spend to a specific channel that has proven to perform from past behavior learned. conDati is one such technology that can help.

Caption: Example of a digital marketing scorecard for an eCommerce division showing real-time sales revenue results from digital ad campaigns.

While the web will give a very wide range of marketing trends, themes and priorities for 2019, from content strategy to customer experience to account based marketing, at the end of the day, the consistent #1 priority we’ve heard time and time again from marketing executives across large and midmarket B2C and B2B is figuring out how to create pipeline and revenue growth first while navigating through all the digital complexities.

For more information on conDati, visit www.conDati.com

ABOUT THE DIGITAL MARKETING AND DIGITAL RETAIL TRANSFORMATION ASSEMBLIES 2019

C-Level experts from across North America’s marketing and retail industries are coming together in Dallas this February to anticipate the highly complex digital marketing and retail environments 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.

Are you a Marketing or Retail executive interested in attending this event? Enquire here today to find out if you qualify for Millennium Membership >>

Download the Sponsorship Prospectus to find out if your eligible to sponsor our event >>

2019 Is Bringing In New Trends For Marketers

A new year means new beginnings and a fresh start for your business. It is a chance to transform start new projects and make a probably much needed to revamp and change to business operations.

The best way to do this is to be up to date with all the trends that are predicted to take over your industry. Staying informed is the key to success here, and it is vital that business leaders understand what is relevant, and what is not.

When it comes to marketing, staying relevant is part of the battle of the brand and consumer relationships. In 2019, these relationships are predicted to change when a few important trends take off.

Marketers Will Continue To Try To Build Trust

2018 was the year of brands building trust, and 2019 won’t differ much from this. When it comes to sending a message through marketing campaigns, CMOs will focus on the “trust trend” that has made its stride through campaigns that were popular last year.

Because of this, experts predict that CMOs will have an added pressure on them to send positive messages that support all kinds of causes – giving more of a purpose behind a message.

We can reflect on Nike’s “Just Do It” ad last year, featuring Colin Kaepernick, NFL’s very own outspoken and progressive player speaking out about injustice in the black community. Although bold, Nike made a choice to have a purposeful message behind a campaign that builds trust within the community. This will continue to occur well into 2019.

“CMOs tapping into purpose might help them rebuild trust with consumers, but the same can’t be said for digital platforms which, after a year of being battered by negative headlines, could see regulatory crackdowns.” MarketingDive reports.

Data Will Create Forward-Thinking

Creativity is a talent, but what if you want to take it to the next level? One word can help with this: data. According to experts, data will create new ideas in 2019 for marketers, in order to effectively reach new levels of engagement.

“Creative teams should bring their data/analytics counterparts into the process early on.” Cmo reports.

Data combined with collaboration will help marketers understand consumer’s patterns that are constantly changing, both online and offline. Without data, marketers do not stand a chance of having the insight into their consumers.

To take it one step further, once marketers have data lined up, personalization will come next. Personalization was a huge trend we saw in 2018, and this will only grow more true for 2019. Marketing strategies must combine both factors in order to see success.

2019 is going to be quite an interesting year for marketers and Digital Diary will be the first to report the disruption that these trends cause in the scope.

ABOUT DIGITAL MARKETING TRANSFORMATION ASSEMBLY

With 53% of Marketers planning on adopting Artificial Intelligence in the next 2 years, the digital marketing revolution is just getting started. CMOs and CDOs alike are seeking new ways to maximize their digital reach to attract new business to, as well as deliver enrich, personalized experiences to existing customers.

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.

Are you a CMO interested in attending this event? Enquire here today to find out if you qualify for Millennium Membership >

Let’s Be Brief: The 2019 Trends Executives Need to Consider

The revelation of the yearly trends impacting businesses is what makes every new year exciting – and nerve-racking. Even though it feels like yesterday we were wondering about the impact of the technology and strategies that were poised to shape 2018, the new year is here to be bigger and better than ever for industries across all sectors.

To help stimulate better results in the future, it’s equally essential that you monitor the trends that could affect your industry — and the business world as a whole — in 2019.

1. Data, data, and more data

This year, consumers will want more control over their data. GDPR has come into effect, so businesses have to be extra careful with how they use their customer’s data. However, there are ways in which companies can overcome the worries over data protection. With interactive content being all the rage among consumers, the one-to-one personalization of business channels has been made possible by data tied to specific customers – one solution to make sure consumers are sharing the data they want to have shared.

2. Personalization will be personalized

Anything that can be personalized will be personalized in 2019. Most importantly, 2018 showed us that the supermajority of consumers prefer to work with brands that offer personalized experiences. Communication strategies are changing, so it is up to executives to determine how to effectively reach their costumers and keep them engaged this year.

3. Embracing AI

Artificial intelligence really started to enter the mainstream in 2018, with chatbots and virtual assistants making their presence felt in a wide range of industries. With the use of AI, businesses will be better equipped to handle more customer service tasks than ever before to better facilitate the customer journey. As the year progresses, we can expect astonishing breakthroughs as well as continued excitement from businesses fully implementing AI in business strategy this year.

4. The increase of social responsibility

Corporate social responsibility has been gaining momentum for years, but 2018 saw a star-studded justification of the movement. From movements like #MeToo to methods of environmental conservation, in 2019 and into the future, executives should anticipate that social duty should be at the table stakes of business as it continually impacts the culture and lives of people across the globe.

Even though this short list of trends can be challenging for executives to consider this year, part of what makes a business’ New Year’s resolution fun is the prospect of that anticipated challenge. By making a year-long commitment to something that is sure to come true with the right mindset and the right amount of work, it will be easy for businesses to adapt to obstacles blocking their path to success this year.

All in all, it is inevitable that change is going to happen. The world turns and we get on with our lives, but recent events can be unsettling or exciting depending on your perspective. Business should remind customers of the convenience, safety, or excitement of changes in policies, practices, or products or how business will manage change. That being said, the companies that are open to development and are willing to innovate will be the ones that will be the champions of 2019.

DIGITAL ENTERPRISE TRANSFORMATION WEST

Thanks to the success of our Digital Enterprise Transformation Assembly series, in 2019 The Millennium Alliance in partnership with our Advisory Board, we are adding more events to the list! Digital Enterprise Transformation West Coast will be heading to Nevada in February.

This exclusive Assembly will bring industry experts and the best solution providers to our Senior Members based on the West Coast.

Are you a CIO or CTO interested in attending this event? Enquire here today to find out if you qualify for Millennium Membership >>

Predictions 2019: The Year Transformation Goes Pragmatic

The Millennium Alliance is proud to partner with Forrester at several of our assemblies each year. With its world-class analysts and research teams providing thought leadership, throughout the year we collaborate to ensure our content is relevant in the world of digital transformation.

At the end of each year, Forrester puts together its prediction guide to help firms see around the corner to where the market is going. This year Forrester identified 14 major dynamics that will impact organizations across multiple sectors in 2019. We sat down with multiple analysts at Forrester to discuss some of the transformational shifts that The Millennium Alliance members will be focusing on for the new year. For the full 2019 Forrester Research Predictions Report Guide, click here.

Digital Transformation

In order to stay ahead of customer demands and competition, how can organizations successfully transform their digital portfolio while increasing profitability and efficiency?

First, digital leaders need to recognize that “big bang” approaches are generally failing. Leaders need to work with individual business areas to identify digital quick wins. They must prioritize investments where there is double-leverage – the opportunity to improve both the customer experience and the cost of delivering that experience, like via a new mobile app or storefront for business customers. Second, organizations need to pair new technology with the training and cultural reinforcement of the need to build for change and embrace an insights-driven, agile mindset. But bottom line, leaders need to ensure the core parts of their portfolio are generating near-term ROI, that allows new innovation to be funded primarily through operational efficiency gains. Allen Bonde, Vice President & Research Director

Marketing

How can CMOs refocus their company’s marketing strategy towards remaking and revitalizing their brand?

The greatest shift in approach in today’s marketing environment is understanding how to build emotional connections in a world of experiences that are overwhelmingly digital. The power of emotional connections elevates a product or service offering to an inextricable part of a person’s life. Projecting a brand personality is the starting point. Marketers must then navigate a space of emerging technologies like mobile, altered realities, and voice interaction to deliver these brand experiences. CMO’s must entangle their customers in a web of digitally fueled experiences that create meaningful and sustained value – enough value to render the relationship unique and irreplaceable. Keith Johnston, Vice President & Research Director

Advertising

As digital transformation becomes even more personalized, what technologies do brands need to focus their advertising budget on in order to reach consumers?

This is the age of the customer. Consumers are equipped with a variety of devices which they use to access the content they prefer at the time of their choosing. Successful marketers recognize that customers are in control and invest time, money, and talent in learning about and identifying their customers and best prospects in order to deliver relevant marketing messages that include advertising, email, search, and social engagements, all in support of a consistent brand positioning. To do this, marketers will need to buy and/or partner with a host of companies and technologies to collect, aggregate, and analyze as much data as their customers are willing to share and they are otherwise able to access, including second and third party data for greater precision and scale. This combination of data will inform their abilities to confirm the identities of their customers as well as their media buying through demand-side platforms and exchanges. Because consumers are increasingly informed about advertising, successful marketers will partner with creative ad tech vendors to customize their advertising messages. They will use email vendors that can integrate with their data resources and social engagement vendors that can extend their presence into social platforms in a brand consistent manner. They will require the services of technologies that monitor and verify that they have the appropriate consumer permissions and that their adds are being delivered to and are viewable by human beings. And they will require attribution companies to determine that they are pursuing the proper blend of initiatives to sell their products. Susan Bidel, Senior Analyst

Healthcare

In an environment with regulation changes, nontraditional companies disrupting the industry and an ever-changing landscape, what do healthcare leaders need to do in order to provide more personalized experiences?

Due to the disjointed care delivery landscape in the US, the healthcare industry has struggled to deliver a personalized experience to consumers. To course correct in 2019, HCOs will need to embrace tools to capture the real-time voice of the consumer and voice of the employee metrics, and advanced health analytics tools to blend that data with existing organizational data assets to create personalized insights. In 2019, because of the regulatory environment, Forrester expects HCOs to minimize traditional approaches such as consumer assessment of healthcare providers and systems (CAHPS) and star ratings — and use them differently. HCOs will leverage VoC and VoE — and take a more data-driven approach — to drive the changes that customers and employees desire. Jeff Becker, Senior Analyst

Digital Enterprise

As organizations become digital-first, how should the CIO navigate the complex technology landscape to transform their business strategy to success in 2019?

We are in a period of constant change and accelerating disruption. This places significant pressure on today’s CIO; however, it also creates a significant opportunity for those CIOs that can successfully navigate these waters. First, CIOs need to ensure that they are making the appropriate investments in their technology foundations (e.g. cloud and big data) and delivery capabilities (e.g. agile) to create the proper environment for accelerating the benefits of future emerging technology investment. Second, CIOs need to be the central source of technology knowledge and teach the rest of the business how technology can drive innovation. At the same time, these CIOs must not fall prey to businesses who want to chase shiny objects or do not understand how to move innovation ideas to production commercial value. Last, they need to help their C-level executives anticipate technology trends, customer changes, and competitor moves so that they are one step ahead of the customer. In this vein, the CIO becomes a true business partner creating value for customers and the enterprise. Brian Hopkins, Vice President & Principal Analyst

Cybersecurity

Given consumer privacy, data usage concerns and stricter regulations such as GDPR, how will CISOs prepare their cyber defense in order to regain trust and confidence?

There are two major ways of privacy, data usage concerns, and regulations will change security. It comes down to 1) CISOs must take an active role in securing the products and services their company sells and 2) those external forces make cybersecurity a board-level issue which requires CISOs to step up their C-level skillset. The first of those initiatives will help CISOs contribute to gaining customer trust and confidence because building products and services with major security flaws are now seen as a quality issue that can lead to damages to the brand and reputation of a firm with their customers. The second initiative has more to do with the fiduciary responsibility of Board members to protect shareholders. Given the legal and regulatory environment firms operate in, ignoring security issues can result in massive fines and high legal costs which impact revenue and earnings and eventually…share price. This will require CISOs to develop better metrics, better vocabulary, and better communication skills when speaking to the Board of Directors about security, risk, and privacy. Jeff Pollard, Vice President & Principal Analyst

2018 has been a year of meeting the reality of large-scale strategies, increased consumer awareness, adapting to external forces in many industries, and that doesn’t even factor in the internal organizational challenges that executives face each day! We at The Millennium Alliance are excited for 2019 as we continue to provide the highest level of education, transformation, and leadership for all of our members.

Thank you to the Forrester team for sharing its expertise with us and our members. In need of some holiday reading? Click here to download the Forrester 2019 Predictions Guide.

See You in 2019!

These Are The Moments That Shaped Retail In 2018

The year 2018 is almost over, which means it is the perfect time to reflect on all the great moments that happened in the year. It is also a time to look forward to the future of 2019, and all the great things that will come.

For the retail industry, we have seen quite some exciting things happen in 2018. From bankruptcies to innovative tech, the retail scope has undergone many changes that have affected companies and business professionals alike.

The Retail Apocalypse Emerged in America

Shopping malls became increasingly empty in 2018, as e-commerce and online sources became popular (and more preferred) shopping tools among consumers. Because of this, retailers had no choice but to shift the way they thought about the priorities of their business. Brands started to incorporate new retail tech into business operations. This included making sure that online components were offered to their audience.

When there is an empty mall, you can bet it began when stores started to become increasingly barer. Stores like Sears and Toys R Us struggled with bankruptcy this year, resulting in dozens of stores to close.

“Toys R Us foreshadowed a tumultuous — and ultimately fatal — year with an announcement in January to hire a liquidator and shutter at least 180 stores in bankruptcy.” Retail Dive reports.

All of these factors lead to the retail apocalypse, which shaped the retail industry in a major way in 2018.

Amazon Made Strides in Retail

Although not classified as a traditional retailer, Amazon had quite the year in 2018, proving they can really do it all. Firstly, this powerhouse company shook the world with the announcement of its partnership with Berkshire Hathaway and J.P. Morgan for new health initiatives.

Amazon proved retail is not dead in 2018. The corporation rolled out new tools that can be incorporated into retail initiatives, such as the Amazon Alexa. It also dived into brick and mortar retail, taking a different approach from e-commerce and online action.

Amazon partnered with Whole Foods, establishing a brick and mortar concept that allows customers to shop Amazon products through the store. Now, Amazon announced just this month, that there are plans in the works that will put Amazon Go in places like hospitals and airports, making Amazon accessible in more places.

Companies Lost Some CEOs

In 2018, we saw many CEOs leave companies, sometimes even after only after a year or two. We saw this with J. Crew, who lost their CEO, James Brett, after a little more than a year.

The CEO of Lululemon as also left the company in 2018, after being ousted for misconduct. Nike’s CEO went through the same situation, which also led to the departures of many more executives after being accused of having a negative company culture.

The departure of these executives led the retail industry to conduct internal reviews when it comes to making a change when it comes to cultural transformation.

…What Will 2019 Bring?

ABOUT DIGITAL RETAIL TRANSFORMATION ASSEMBLY

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.

Are you a Retail executive interested in attending this event? Enquire here today to find out if you qualify for Millennium Membership >>

Download the Sponsorship Prospectus to find out if your eligible to sponsor our event >>

The State of Cybersecurity in the C-Suite

“Complexity is the enemy of security.”

When it comes to cybersecurity, no one gets a hall pass. This is especially true when it comes to the C-Suite. Cybersecurity is viewed as a cost center, especially since many people do not know how to deal with cybersecurity effectively.

Cybersecurity should be seen as a growth enabler or differentiator for the C-Suite, by allowing the type of innovative investments that allow the company to scale into new markets and protect their data at all costs – all while leading their organization through its successes and pitfalls.

It could potentially be a disastrous mistake for executives with non-technical backgrounds to assign responsibility to the chief security officer, chief information security officer or IT team to keep cybersecurity practice in check. If C-suite executives of other departments see trouble ahead, but do they really understand the size of the problem below the surface? In order to the see the problem, the C-suite must take steps to ensure that cybersecurity is always on their radar.

What Can We Do?

Taken off his recent Forbes article, Gaurav Banga, Founder and CEO of Balbix, lists question cybersecurity professionals can ask to get the ball rolling in important meetings with senior executives regarding safety and security within the organization.

Do we have a real-time inventory of our assets, including mobile devices, unmanaged assets, cloud services and IOTs?
Are we able to continuously observe all relevant security attributes for our assets?
Assuming some internet-facing asset is compromised, how quickly will the attack propagate before being detected?
What is the likelihood and impact of a major breach?
Can we quantify our cyber-resilience (i.e., ability to limit the impact of attacks in time and space)?
What proactive steps have we taken to improve cyber-resilience?
Can we estimate proforma ROI of our security initiatives, quantifying the expected decrease in breach risk?

By asking these questions, your organization will be able to spend more time measuring and auditing the network to better understand risk and development in the cybersecurity sector of your business. This will create clarity around actions that need to be taken to in order to reduce breach risk.

The Next Steps

Ultimately, the C-suites must lead the charge of the cybersecurity brigade — and the boards must also be engaged. Senior leaders driving the business must take ownership of building cyber resilience while educating those who are not only below their level, but on the same or above their level. Securing the network is no longer someone else’s job, but it is rather a team effort. Executives must all work together to do their part to keep digital assets safe or it could mean inevitable doom for their organization.

Having the C-suite back the implementation of an organizational cybersecurity framework will increase the likelihood of success in implementing a holistic security program. When the entire organization, from executive ranks to the front line, are fully engaged with a security first mindset, a utility, as well as unity, is well on its way for the future of that business.

TRANSFORMATIONAL CISO EAST ASSEMBLY 2019

Due to the success of our National Transformational CISO Assembly, in 2019 The Millennium Alliance in partnership with our Advisory Board, is launching the first Transformation CISO East Coast.

This exclusive Assembly will bring industry experts and the best solution providers to our CISO Members based on the East Coast.

Are you a CISO interested in attending this event? Enquire here today to find out if you qualify for Millennium Membership >>

Millennials May Have “Killed” Canned Tuna, But They Have Not Killed Digital Transformation

Millennials are nothing short of crazy killers. Well, according to the news at least. So far millennials have “killed” dinner dates, hotels, grocery stores, cinemas, diamonds, banks, gyms, department stores, vacations, casinos, the car industry, homeownership and now, Buffalo Wild Wings, just to name a few.

However, there is one thing that millennials are not killing. In fact, it is quite the opposite. Believe it or not, millennials are the key to implementing a successful business digital transformation. According to Deloitte, their mastery and familiarity with the latest technology as well as their tendency to share their expertise is the key to staying ahead of the curve of modernization. With the help of the new generation, businesses will succeed, especially in the new year.

The Rise of Millennials in the Workforce

What plays to an enterprise’s favor is the fact not everyone in their organizations, especially their C-Suites, is quick to adopt new devices and applications that trend and impact their industries. However, the massive digital divide that once was is now going away faster and faster as new graduates are getting hired and younger managers move up the corporate ladders in recent years.

So, why is it important we acknowledge millennials as the turning point in the digital transformation in the business sector? It is important for businesses to acknowledge this for two reasons: 1) In 2030, it is predicted that over 75% of the workforce will be consisted of millennials, 2) it is continually noted that they have the largest purchasing power of any demographic, as well as the biggest influence on the well-being of businesses.

So with the rise of millennials in the workplace, big questions remain: How are millennials going to change as they gain more experience? Will they preserve the values and characteristics that have made them such a unique addition to the workforce, or will they transform into something else entirely as companies become more digitized? Either way, millennials are far from being done shaping the workplace.

Leading Digital Transformation

Simply put, millennials are leading digital transformation. Transforming your business by embracing technology and the innovation that technology empowers when it comes to business models and workflows is necessary to attracting talented employees. And in the digital world, millennials are that top talent.

“Digital technologies have already dramatically impacted the culture around work and working. This growing group of younger, connected, and mobile workers are managing their careers on their own terms and often outside of categories that have defined the workforce for decades. Today’s workers have a new focus on purpose, mission, and work-life integration.”

Because Millennials value the digital space, including digital communities such as social media, it is quickly becoming part of conventional operations. Companies are being forced to adopt new, modern strategies that incorporate digital experiences and mobile support, which includes coming up with mobile-centric app experiences, social content and faster, more responsive fulfillment and support.

That being said, companies need millennials and their expertise more than ever as these strategies gain ground and are fulfilled in business strategy.

Why We Need Millennials

In essence, the tendency amongst millennials to adopt new technology instantly and identify its strengths and weaknesses is a crucial tool for organizations going forth. Moreover, their general desire to share the benefits of this new technology is an organic catalyst for this change to spread to older generations within an organization.

“If 75% of the workforce by 2030 will be made up of millennials, where do you think the largest source of revenue will come from for businesses around the US? Where will the buying power be if not with millennials? Businesses will need to embrace digital transformation to deliver what their future customers will want.”

Millennials are probably the most educated generation in history who are typically compassionate while lauding diversity and celebrating individuality. Technology and globalization have created a generation who think a little bit differently, generating a pot of transferable life skills, which has enabled them to understand the digital and sharing economy, which, not surprisingly, is the power to transform businesses. Millennials are a workforce who use digital as a platform for creativity, innovation, and intelligence, no matter what industry it is. Businesses need to understand that millennials should not be underestimated, and that all begins with overcoming barriers to grow awareness for this up and coming powerful generation.

As we enter a time where millennials begin to dominate the global workforce, it is once again very important to acknowledge and understand what they are bringing to the table and how the times have evolved for all generations, especially as we head into the second phase of digital transformation in the upcoming year.

ABOUT DIGITAL ENTERPRISE TRANSFORMATION ASSEMBLY 2019

As more and more businesses look to digital technology and strategies to transform their business, CIOs know that data and information technology have never been more important. Understanding the convergence of mobile, social, and cloud is the first critical step for organizations looking to create opportunities and stay ahead of the competition.

The Millennium Alliance is thrilled to present our bi-annual Digital Enterprise Transformation Assembly, put together by the industry, for the industry. Join us in Miami, FL. for 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 maintains its competitive advantage.

Top AI Trends You Need to Look Out For in 2019

This year, we saw artificial intelligence affect businesses in dramatic ways; from digital platforms, tools, and applications, AI and machine learning was in some ways involved. No only did these technologies impact software and the Internet industry, but it brought also other verticals such as the healthcare and other impactful industries like agriculture.

As the curtain rises for 2019, we should expect to see major changes in how organizations use AI in the new year. To keep you on the edge of your seats before that happens, here are some trends you need to aware of to take on 2019:

AI will power the next phase of digital transformation

The biggest trend in AI will be the continual acceleration in the era of digital transformation, making existing business systems smarter and smarter. With companies like Amazon, Microsoft and Google already leading the way and because of technological developments, more companies in 2019 will be able to access and implement this life-changing technology into their practice.

Convergence of AI and other tech

The combination of AI and other technologies are reaching its maximum potential. However, the combination of the Internet of Things (IoT), the big data it creates and AI’s ability to make sense of it all has caused a tipping point across multiple industries.

Since IoT is all set to become the biggest driver of artificial intelligence in the enterprise, the combination of AI and other technologies is already starting to make itself felt and many of us keenly anticipate the day when virtual personal assistants will run our lives, free up our time and make us ever more effective.

More advanced AI assistants in and out of business

Consumers have been benefiting from having AI assistants in their homes for some time now with the introduction of Apple’s Siri, Amazon’s Alexa and other devices. With the help of these assistant, people have been turning every day tedious tasks into simpler ones.

However, we should expect to see big changes in the tasks AI assistants can perform in the near future. AI assistants will soon be able to provide even more individualized experiences as they get better at recognizing different users’ voices, giving businesses the route to perfecting personalized experiences in their marketing strategy.

Meeting the new talent gap: AI skills

Most organizations want to embrace AI as part of their digital transformation but do not have the developers, AI experts, and linguists to develop their own solutions to deliver on the promise. The AI talent shortage goes beyond finding technical and data science experts as firms need experts in social to operational expertise to train, manage, and trust AI systems. The full potential of AI will require human talent to achieve it, especially in the early phases of implementation.

Just like you predicted and are expecting, Machine learning and artificial intelligence will become the key technology trends of 2019. From business applications to IT support, AI is going to continue to impact the industry significantly in the upcoming year.

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Meet Jason Pierret, The Healthcare Marketing Strategist You’ve Been Looking For

Anyone in digital marketing knows that a lot can change in 10 years. The same goes for those in the healthcare industry. Interestingly, the strongest link between marketing and healthcare is exactly that: the speed of change.

Jason Pierret has been navigating the complex world of healthcare marketing for a decade. A marketer at heart and a healthcare expert by passion, Jason is known for bringing a wealth of medical knowledge to every marketing strategy table. His client roster includes large hospitals, clinics, and pharmaceutical companies.

Striking the perfect balance between a patient-first approach, industry expertise and in-depth knowledge of marketing systems, when Jason’s not reading Beckers, you’ll find him on the road at various trade shows and conferences, or meeting clients and thought leaders.

Digital Diary sat down with Jason to learn more about how he developed his digital specialty and his vision for the future of marketing as we prepare for next year’s Digital Marketing and Digital Healthcare Assembly’s. Thanks, Jason!

1) What tools and strategies have you used to connect with patients, appease their needs, and to boost brand awareness successfully?

One of the greatest tools we use at ReachLocal is mapping out the patient journey. Before we launch any campaign, we ensure we fully understand how the patient is seeking out the services the organization offers. We put ourselves in the patient’s shoes and endure that journey ourselves. This process allows us to unveil trends in search, and ultimately determine where we need to put specific pieces of information to connect with people.

This process occurs at a market and hyper-local perspective; every city, town, and community have its own unique demographics, and we need to remain aware of that in our strategies. Approaching our planning from a patient journey perspective guarantees our plans are in-line with people’s behaviors – to drive results.

2) Digital transformation is currently underway and impacting every industry, especially marketing. With marketing executives and leaders looking to execute their vision of digital transformation this year, what is the best way to address business’ unique requirements for transformation?

Before businesses go about changing their approach to digital, there’s a mental shift that needs to happen first. We need to stop looking at patients in a singular fashion — and approach the way we market to them from a consumer perspective; let’s call it the “healthcare consumer.” People are looking at hospitals and healthcare professionals from a very consumeristic eye; they’re reading reviews, seeing what’s the most convenient for them, and what service really matches their objective.

Once healthcare pros reroute their thinking, the next focus should be making the patient experience – from the very first touchpoint – more appealing. Digital strategies should be aligned with the ways in which people want to find information. Ask yourself (and your marketing team): how can we put the patient at the forefront and ensure what they need is at their fingertips? Right now, information is buried across the internet. It can be challenging to do something as simple as book an appointment. Urgent care facilities are experiencing digital success because they are giving patients the experience they want using retail-based communications strategies.

3) The world of data-driven solutions creates the need for smarter business. How do you prepare your clients to tackle the constantly evolving marketing landscape?

ReachLocal is in a unique position because we are equal parts strategic agency and digital marketing technology. Our platform allows us to glean insights from our data – and for someone to really excel in a data-driven world, it’s important to know exactly how to leverage results to optimize.

We also have a reporting suite that allows clients to see results in real-time. For the healthcare industry, this is particularly useful for generating intel on patient demographics. Ultimately, though, without having a specialist who can put data into context and understanding, then you’re left with a bunch of numbers! Partnering with someone who understands your business and who has access to the right technology is really what’s most important.

4) Finding success in a tumultuous marketing world is becoming more difficult to attain. How do you ease the minds of businesses entering the digital market for the first time, and/or, what advice do you offer them?

First and foremost, the easiest way to break into digital marketing is to essentially start with the “digital versions” of the technologies you may already be using. You could take a portion of your marketing budget away from traditional media and execute the digital form of the same strategy. This is a great approach because healthcare professionals are often dealing with so many stakeholders and boards and getting the final sign-off can be tough. It’s all about the way you position it to those who hold the purse!

In any case, marketers should also allocate a specific budget that’s set aside for testing campaigns. Whether it’s search or social, the patient journey is constantly evolving – and you need to adapt and iterate to see what works.

5) Digital technologies such as Omnichannel are making waves in the industry. What key technology trends are you keeping your eye on this year?

We are paying a lot of attention to mobile right now – I’m trying to figure out the best way for my clients to leverage mobile. It could be through augmented reality or possibly wayfinding apps. On the other hand, it might be through personalized marketing initiatives directly to a mobile device. The possibilities are endless right now!

We have our eyes on personalized marketing specifically – toeing the line between being too specific with a patients’ information and being relevant. Emerging tech like virtual reality and its relationship with organic channels versus paid advertising are also on our radar. Needless to say – we’re far from uninspired right now!

6) Even though it is tough to predict, where do you see the future of marketing heading?

The future of marketing, as it relates to healthcare, is going to be a more patient-focused experience. Somewhere in between the Amazon-world of getting what they want and not interacting with a human, to the service at a luxury hotel. We want them to be called by name – and have every piece of information available through an integrated CRM. Interactions should be intentional and easy to navigate. Seamless interaction is what people want. As healthcare professionals, we have the potential to increase convenience and therefore the level of care to our people, all thanks to the computers in our pockets!

7) What do you see as the benefits of attending an event like ours, that brings together C-Level executives in an intimate setting?

One of our challenges is getting in front of the decision makers and have important conversations in a productive atmosphere. Meeting people in an intimate setting to really learn what they’re interested in and have useful discussions about their needs is rewarding. At the end of those meetings, there’s always a clear picture of necessary next steps.

Connect with Jason on LinkedIn here.

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