Do the magical storytellers have a happily ever after waiting for them?
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ShrayG
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Great read Shantanu! Thanks for bringing our attention to the impact of digitization on a 244-year-old product. The Britannica Encyclopedias were definitely an integral part of our childhoods. Even though they were a treasure trove of knowledge, I agree with your viewpoint on their incredibly slow and tepid response to the digital era. Even though most of us thought that they were now extinct, it is great to see they transformed their model to still remain relevant.
Given that information is readily available at our fingertips on almost any topic under the sun (and beyond it!), Britannica’s focus on educational institutions definitely seems the right way to go. Even ed-tech has become a highly competitive field at the moment, with multiple ed-tech startups garnering VC interest across the world. Q2’16 ed tech deals increased slightly from the previous quarter, and funding jumped 30% to $564M [1]. These ventures are innovating beyond the traditional ways of classroom teaching and are using VR/AR to build an immersive experience [2]. These can be a huge threat to Britannica if it makes the same mistake as last time and does not respond proactively
[1] https://www.cbinsights.com/blog/global-ed-tech-deals-funding-q2-2016/
Great read Eric! Nike is definitely at the forefront of digital transformation, especially amongst their category. The best part being their focus on using digital technology to make a personal connect with the customer. As summarized by Nike’s CEO Matt Parker – “Digital, of course, also allows us to deepen the relationships we already have with consumers by tailoring every interaction to their specific needs” [1]
To further this connect, Nike recently launched the special edition Nike+ Apple watch. Enabled with the Nike+ Running app, it is the latest wearable to help connect to the 30 million strong Nike+ community [2]. Giving the functionalities through a single application, to be able manage their lifestyle, track their progress and connect with their peers on social media should definitely be a winner with the millennials.
Of course, no post on Nike and their technological innovations and smart clothing can be complete without mentioning the awesome new self-tying Hyper Adapt 1.0 [2], based on the legendary shoes from “Back to the Future”. Can’t wait to order mine!
Great read Maria! Interesting pick for the topic of digital transformation. I couldn’t even fathom the far-reaching impact of digitization on traditional sectors such as utilities. As mentioned by arc, utilities companies haven’t really been the home to innovation and it is great to see Florida Power & Light lead the charge and be rewarded for it by winning National Award for Electric Reliability Excellence in the U.S. for Second Consecutive Year. This was awarded for Continued investments to build a stronger and smarter energy grids. [1]
It is also great to see others follow suit globally. According to a new EY report, Digital grid is becoming a primary focus area for the global power and utilities sector, with 92% of companies surveyed planning to invest in the next 12 months. In the next five to seven years, investment in digital grids is expected to be in the region of US$500b. [2]
A huge potential that I see for FPL is to leverage digitization for customer relationship management. Many utilities have already launched mobile applications for bill notification, presentment, and payment, as well as for outage management [3]. Given the impact of IoT, these mobile applications can extend into smart homes and connected buildings.
Great read Patrick! Fintech is definitely amongst the “hottest” spaces of innovation at the moment. Even though the global VC funding for fintech dropped in Q32016, it still continues to be amongst the most coveted segments globally [1]. Millennials are clearly driving this trend with most preferring to go use mobile devices and go “cash less”.
What will be interesting is the dynamic between traditional banks like Wells Fargo and Fintech ventures. It still remains to be seen if they are partners or competitors fighting for a piece of the same pie. At the moment they need each other because of what each brings to the table. The fintech companies bring speed, agility, and understanding of good user experience. However, they lack the scale and trust of traditional banks [2]. Seeing how this relationship evolves will define the future.
Ignoring Wells Fargo’s recent legal woes [3], another challenge is the huge cost of digitization of banks and where it fits in the Bank’s vision. In a recent example, Australia and New Zealand Group (ANZ) bank’s profit took a 24 percent dive due to ‘digital transformation’ i.e. technology costs they incurred to remain competitive in the digital age [4]. Given the profitability pressures facing banks these days, digitization might not be amongst their top priorities.
[1] http://www.businessinsider.com/global-fintech-funding-falls-again-2016-11
[2] http://www.oracle.com/us/industries/financial-services/efma-digital-transformation-wp-2904165.pdf
[3] http://www.wsj.com/articles/wells-fargo-grapples-with-occ-move-1479684090
[4] http://www.zdnet.com/article/anz-banks-profit-takes-a-24-percent-dive-amid-digital-transformation/
Great post Yarden! I would not have instinctively thought of the beauty industry in regards to climate change. What is also really interesting is the way the unique dynamics of climate change and this industry. A number of life-cycle analysis studies show that the highest environmental impact of cosmetic products is at the consumer level. Therefore, I believe one of the inherent part of L’oreal’s plan against climate change should be creating consumer awareness around the impact of beauty products on the environment. Educating the with safe disposal methods and sustainable usage practices can make a huge impact on environment conservation.
While these measures might seem counter-productive to most beauty companies as it usually means higher costs/lower consumptions, given L’oreal is also making great strides in this direction, it might be complimentary to their existing action plan.
Great post Rashard!
As you mentioned airlines are often considered amongst the foremost culprits for climate change and the pre-conceived notion is to always accuse them of not taking enough steps to remedy this.
Amongst an overall lack of tangible measures taken by the aviation industry, I do agree that United is at the forefront of leading efforts against climate change. They recently received Highest Rating of Any Airline for Climate Action [1]. The challenge is the constant pressure on cutting costs and low fares by the competition. If the industry makes a conscience effort to work together, they can have great impact by further implementing some of the measures that United has started.
Great post Stephen! Especially loved the unique aspect of P&G’s climate change problem that you have brought out. It is great to read about a company that starts their climate change initiative as early as 1956. This reaffirms the belief that P&G is sincere about its efforts against climate change and is not just putting up a front for media coverage.
Even after such efforts, I definitely agree with your viewpoint that P&G is failing at creating a customer perception of being an environmentally conscience company. Even recently it was accused of being a part of lobbying efforts against climate change regulations in EU [1]. I believe for an organization as big and far-reaching as P&G, they will constantly be under the scanner and therefore need to re-double their efforts to make sure customer correlate their brand with sustainability.
I do empathize with P&G for the hypocrisy of the customers. While they cry foul at P&G for not doing enough, they themselves are not ready to pay extra for environment friendly goods. One of their recent efforts to promote Forest Stewardship Council (FSC) and sell FSC-certified goods along with HP & Kimberley Clark might help inform the consumer about their environmental efforts. They were also a part of the White House climate change pledge [2]. Constant consumer awareness around such efforts will definitely help them keep up their efforts against climate change
[2] – http://fortune.com/2015/10/19/white-house-climate-pledge/
Great post Ward! Thanks for bringing our attention to the severe impact of climate change on the beverage industry. This is not an association one makes instinctively while thinking of climate change. Also, given that I wrote about McDonald’s, I think Coca Cola is definitely the most complimentary to that!
It is great to know that a corporate powerhouse like Coca Cola is taking such steps towards sustainability and climate conservation. They were also amongst thirteen companies to sign the White House climate change pledge. They committed to “reduce the carbon footprint of “the drink in your hand” by 25% by 2020” [1]. The efforts towards employing HFC-free refrigeration units and conservation of global freshwater river basins are surely in the right direction
My skepticism arises from the fact that most of these measures seem too little and might have minimal impact. It is tough to gauge whether the intention behind such measures is purely positive media coverage or a sincere concern for climate change. This is further compounded by their lobbying efforts to resist meaningful climate legislation [2]. I believe true strides can be made only when there is a systematic change in the thought process and culture within such organizations.
[1] https://www.theguardian.com/environment/2015/jul/27/climate-change-obama-coca-cola-walmart-google
Great post Rohit! I had an idea that ITC was working towards sustainability but it is amazing to see the extent of the focus and efforts made by them. Unlike most listed companies in India and other Emerging markets who have been touting and misusing the “Corporate Social Responsibility” card in India mostly for publicity and tax evasion purposes [1], ITC seems to be making a genuine effort towards sustainable growth. This is especially evident from the measures taken for energy conservation across ITC hotels and the sustainable agricultural practices that you specified.
The area where I still remain skeptical is their tobacco business. It is still the biggest source of revenue, forming around 45% of its US$ 8 billion revenues [2]. As per a WHO report [3], tobacco agriculture can have a serious detrimental effect on the environment. The uncontrolled use of chemicals may affect water sources and tobacco crops deplete soil nutrients by taking up more nitrogen, phosphorus and potassium than other major crops. Also, tobacco manufacturing produces non-recyclable and nicotine containing waste. All this is further compounded by the harmful effect of tobacco consumption on humans.
As compared to the efforts made by ITC in fixing the supply chain for its other products, it would be great to see similar efforts for their tobacco business.
[2] – http://www.itcportal.com/about-itc/shareholder-value/ITC-Corporate-Presentation.pdf
[3] – http://www.who.int/bulletin/volumes/93/12/15-152744/en/