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6 Ways Technology Can Help Companies Innovate Out of the Coronavirus Downturn

StrategyDriven Innovation Article |Coronavirus|6 Ways Technology Can Help Companies Innovate Out of the Coronavirus DownturnAs our world deals with the COVID-19 pandemic, business leaders must understand that it’s going to be technology that determines which companies survive and build success from this unprecedented event.

The current COVID-19 pandemic may be the biggest “unfreezing event” that our economy has ever experienced, certainly since World War II. To turn a block of ice into a new shape you must first unfreeze it, pour the water into a mold, and then refreeze it again. Human habits work much the same way. COVID-19 has forced us all to behave differently—To unfreeze. Our habits will mold into new shapes, habits and routines that may endure once the current crisis has passed. Businesses routines will have to change too. We are entering a new fluid state that will lead to an unprecedented period of innovation and transformation.

Before COVID-19, the world was already on a path to widespread change. In my book, “The Innovation Ultimatum: How Six Strategic Technologies Will Reshape Every Business in the 2020s,” I outline the technologies that will drive unprecedented innovation into products and services in the 2020s, creating entirely new business models. The pandemic makes those technologies more relevant now than ever. These technologies are:

  1. Artificial intelligence (AI)
  2. Blockchain
  3. The Internet of things (IoT)
  4. Augmented reality
  5. Autonomous machines
  6. 5G and satellite networks

While some organizations had begun to embrace these technologies before the pandemic, it’s now critical that business leaders keep moving ahead with innovation efforts as we move into a new normal.

With social distancing, we have already seen new behaviors emerge: Increased use of telemedicine, online food delivery services, video conferencing, and home streaming services.

Online schooling is another example. While there has been some investment in online education by various institutions, that’s going to accelerate rapidly as millions of kids are required to learn from home. Educators are installing digital infrastructure, learning how to use it themselves, figuring out best practices on how to get the most out of the medium, training kids on how to use it, and setting expectations for proper use. Once this investment of time, money, and trust is made, a new normal is created. When the current crisis is over, that investment remains, and the barriers to shifting at least some of the curriculum online are already gone. Where it makes sense, digital education may become a common part of all schooling.

This is a clear example of an acceleration. Education’s shift towards digital was already underway. The constraints placed by pandemic only accelerated the inevitable.

The same applies for telemedicine. Here, the issues holding back the shift are not technological; necessary infrastructure is mostly in place. The barrier slowing roll out before the pandemic was that doctors couldn’t bill as much for their time as for in-person visits to a clinic. Expect this challenge to be addressed quickly, and telemedicine to become a more important component of our healthcare systems in the future.

While it’s premature to determine how the world might be different going forward, it’s not too early to take a few educated guesses. Here are some initial thoughts on how things may be different, and how new technology might play a significant role.

  • Robots don’t get sick. All businesses will make moves to improve business continuity and reduce risk. This may accelerate investment in automation technologies, including artificial intelligence, robotics, sensors, autonomous vehicles (e.g. for delivery), and blockchain technology. Self-driving delivery trucks and drones don’t carry disease if properly cleaned. Even governance of operations can be encoded into blockchain networks and artificial intelligence.
  • Better supply chains. As part of a broader risk reduction exercise, we will see companies make moves to build more robust supply chains. Expect many measures here, including requirements for multiple sources across multiple countries, some onshoring (especially for critical components and products) and increased levels of transparency and traceability for goods in the supply chain. New provenance chain technology, based on Blockchain technology, can play a big role here. New automation technologies will make onshoring of manufacturing more attractive.
  • More remote workers. Again, to reduce risk, we may see bigger companies move away from large HQ campuses towards many connected, highly distributed sites. More people will work from home offices. This will constitute a balance between risk mitigation and rapid information flow in organizations. The high-speed connectivity of 5G and satellite networks will be crucial to this shift.
  • Social apps. New apps and services will emerge that help people remain social while keeping their distance. Humans are social creatures. Let’s see which company will be first to capture the world’s imagination with a new social game designed to connect far-flung family members of all ages.
  • A new reality. Virtual and augmented reality (VR and AR) technology will likely get far more use. VR offers a powerful sense of immersion, making you feel like you are transported to another place. At a time when that’s one of the things that we can’t do, people will crave the ability to visit distant places and to feel like they share the same space with family and friends. Avatar technology is improving, as are sensors that capture our movements and even our expressions. As low-cost, high-quality AR headsets become available in the coming few years, there is an incredible opportunity for developers to create new social experiences at a distance. Those could include, for example, an enhanced shopping experience in the home or better collaboration between remote coworkers.
  • A race for broadband. The next several weeks will make the value of a broadband connection crystal clear. Yet, broadband Internet is still not available to half the planet. People in rural areas are particularly disadvantaged. Satellite constellations, built by companies like SpaceX, OneWeb, LeoSAT, Amazon and others, will bring broadband connectivity to every corner of the earth by the end of the decade, much sooner in many locations. This build-out cannot happen quickly enough.

We live in unprecedented times. It’s too early to call how this all plays out, and we should all expect our plans to shift over time as new information becomes available, but every company must begin to think about the new normal and build their business plans accordingly.

The pandemic has proved that in order to survive, every company must become a technology company. Every company must become a data company. Business operations must be retooled using both process automation and worker augmentation.

A construct that I find useful as a futurist is to ask myself several simple questions in the face of a new force of change: What will stop, what will start, what will accelerate, what will decelerate, and what will transform? Think about how answers to these questions will affect your business in the future.

A colleague of mine, former Intel CEO, Craig Barrett, told me back in 2008 that the best way to weather a recession is to invest your way out of it. That way, when the market turns around you can race out of the gate ready to take fullest advantage of the upswing. No company ever saves their way out of a recession. Innovation will be vital to recovery.

For companies that heed Barrett’s advice and choose to innovate their way out of recession, new technology will be key. As we reimagine products, services, channels, companies, and the entire economy for the rest of the 21st century, six strategic technologies—artificial intelligence, the internet of things, Blockchain technology, 5G and satellite networks, autonomous machines, and augmented reality—will each play an important part.

Every company needs to gain a deep understanding of these technologies and how they might be deployed to meet rapidly evolving consumer needs, to create new channels (that enable remote interaction), to automate business processes, to boost business continuity, and to deliver innovative new products and services that fuel economic growth.

The best way to get out of recession is to innovate your way out of it. The sooner we start to think that way, the sooner we can slingshot ourselves out of our current situation.


About the Author

StrategyDriven Expert Contributor | Steve BrownSteve Brown is an energetic speaker, author, strategist, and advisor with over 30 years of experience in high tech. He is the former futurist and chief evangelist at Intel Corporation and helps others understand the business and societal impacts of new technologies and how they will shape the future five, 10 and 15 years from now. He is the author of The Innovation Ultimatum: How Six Strategic Technologies will Reshape Every Business in the 2020s. Steve holds Bachelor of Science and Master of Engineering degrees in Micro-Electronic Systems Engineering from Manchester University. He was born in the U.K. and became a U.S. citizen in 2008. He lives with his wife in Portland, OR.

The Value of the Human Mind – How Machine Learning is Helping Humans Win

StrategyDriven Innovation Article | The Value of the Human Mind - How Machine Learning is Helping Humans Win

Overview

There is no doubt that we are living in the AI era. Artificial intelligence is at work all around us today. Even if we do not realize it, our thoughts and actions are training the technology to respond in the way we desire. Machine learning is one of the fundamental tasks of AI. Just as the name implies, the machines and platforms we use daily are learning from the consistent input we provide. Let’s look into ways that machine learning is helping to make our lives much easier.

What is Machine Learning?

Machine learning is an AI component that uses algorithms to find and apply data patterns. The process involves the input of data into a model that is used to predict an outcome. The more data that is input into the model, the “smarter” the machine application seems to get.

The data used can take on many forms, such as text numbers, images, videos, clicks, etc. If there is a way that the item can be stored, it can be applied to a machine-learning model. There are a variety of ways that machine-learning algorithms are incorporated. These various algorithms fit under three specific types of machine learning.

StrategyDriven Innovation Article | The Value of the Human Mind - How Machine Learning is Helping Humans Win

Types of Machine Learning

The three types of machine learning are supervised learning, unsupervised learning, and reinforcement learning. Deep learning is the refined form of machine learning we see used daily. Deep learning uses an algorithm to create what are called neural networks. Neural networks are loosely based on the neural networks of the human brain. Each of these types of neural networks fits in one of the three categories.

Supervised Learning

Supervised learning involves machine learning, where variables—called features—and labels are assigned to the model used. These features and labels are utilized to properly classify the data received. The algorithm can identify patterns based on predetermined features and labels.

An example of machine learning using the supervised model is a machine that can count coins of different denominations. If the weights (features) of nickels, dimes, and quarters (labels) are input into an algorithm, the model can predict the denominations of the coins based on knowing the weight (feature) of each. Another example of this is with a music streaming service that predicts the best choices of music to play based on the genre you routinely choose.

Unsupervised Learning

Unsupervised learning does not use predetermined features and labels. The model is set up to search for any patterns it can recognize. The process is much like a person collecting shells at the beach and later categorizing them based on their shapes. Since there are no labels in this process, there is a greater ability for the machine to analyze the data to locate hidden structures contained within it. Unsupervised learning has become popular among those in the cybersecurity community.

Reinforcement Learning

Behavior modification involves the use of reward and penalty to encourage or discourage specific activities. For instance, if a dog is being house trained, it will be rewarded when it does its business outside and scolded when it does so inside. Reinforcement learning uses these same feedback responses to train machines to learn.

The algorithm for reinforcement learning is based on a trial and error model. Large amounts of data are input into the model, and the machine is rewarded or penalized subsequent to whether the selections help or hinder the objective of the application. Reinforcement learning is seen with the training of robots for industrial automation.

StrategyDriven Innovation Article | The Value of the Human Mind - How Machine Learning is Helping Humans WinHow Machine Learning Helps Humans

We see machine learning at work in our everyday lives. From our search engine results to our ride-sharing apps, machine learning is front and center in the process.  What he have seen is that augmented intelligence enhances human’s intelligence. Let’s focus on some of the applications that use machine learning.

GPS has become a staple in the lives of all travelers. GPS uses machine learning to assist us in reaching our destination by using other users’ input and recognized patterns. Picture recognition used by Facebook is another form of machine learning that uses a supervised model. Ride-sharing apps use various machine learning models to predict destinations, estimate times, and determine pricing.

StrategyDriven Innovation Article | The Value of the Human Mind - How Machine Learning is Helping Humans Win

Conclusion

Once merely an element in sci-fi movies, AI has become a part of our daily experience. Whether we notice the presence of machine learning or not, our lives have been made notably simpler due to its role in developing applications designed to give humans the advantage. Hopefully, you can now recognize the ways that AI continues to benefit you every day.

The Dos And Don’ts Of Automation In Business

StrategyDriven Managing Your Business Article |Automation in Business|The Dos And Don’ts Of Automation In BusinessAutomation involves using robots and software to take care of tasks. In recent years, it’s become a popular way of improving efficiency in business – by no longer having to manually complete tasks, you can free up a lot of time and energy. Most tasks nowadays can be automated. However, just because you can automate every task doesn’t mean you should automate every task. There are still some processes that benefit from a human touch and automating them could do more harm than good. To help you determine when you should use automation, here are a few dos and don’ts.

Do automate long, repetitive tasks

Long and repetitive tasks can be tedious. These are the types of tasks that are perfect for automation. Robots are able to handle long, repetitive tasks for hours if not days. They won’t get tired and won’t lose concentration like humans (which leads onto the next point of precision).

Do automate tasks that require constant precision

Humans aren’t able to offer the reliable constant precision that machines can. If you’re mass producing a product and need to apply a specific amount of glue to a specific spot, it could be worth looking into automated dispensing technology to do this task. Automation could also be useful for tasks that require precise calculations such as working out complex scientific formulas.

Do automate dangerous tasks

Some tasks could be particularly dangerous. Putting them in the hands of a robot could save you or your employees from getting harmed. Robots are already used to assess burning buildings, clean up nuclear sites, dispose bombs and inspect pipelines. While these tasks are still often manually controlled by a human from a remote location, certain routine tasks that involve dangers are starting to become automated.

Don’t automate user testing

The whole point of user testing is to test a product on a real-life user. While software can be used to simulate some testing, some of your testing will need to be done on humans to get a genuine reaction. This could include everything from tasting food to trialling out software.

Don’t automate marketing

Effective marketing relies heavily on appealing to human emotions and requires a lot of imagination. While there are automation tools out there to create social media posts, send out emails and generate ads, you could find that you get poor results by relying wholly on automation. Exciting marketing campaigns require human ideas – although once these ideas have been established, you may be able to automate certain processes (such as scheduling pre-written emails to get sent out at certain times).

Don’t automate tasks that require empathy

Robots suck at empathy. Any job that involves empathising with other humans should be handled by humans. A noteworthy example of this is handling complaints on the phone – getting a robot to answer complaint calls could end up frustrating most callers. Automated phone answering should only be used to direct people to the right human contact.

7 Healthcare Industry Trends for Employers to Keep a Lookout For

StrategyDriven Managing Your People Article |healthcare industry trends|7 Healthcare Industry Trends for Employers to Keep a Lookout ForThe United States is under pressure to hire at least 2.3 million health care workers by the year 2025. Part of this need is fueled by the growing aging population. With these persistent shortages in the health care sector, there’s a need for stakeholders to focus on innovative ways of bridging the gap in human capital.

As a healthcare provider, you must pay attention to the healthcare industry trends. You don’t want to be caught flat footed as patterns related to administration and labor in the health care sector shift rapidly. Here are some of the key trends you can look out for in 2020.

1. Artificial Intelligence

No industry can speculate about the future without touching on the impact of artificial intelligence. The health care sector is not an exemption. AI will change how you run your routine activities for the better.

AI will also have a critical impact on opening the avenue for people and technology to connect. You can expect notable improvements in healthcare delivery through this convergence. Consequently, there’ll be easier monitoring and analysis during the process of health care delivery.

You can expect to have the best tools to handle patients as AI revolutionizes the sector. Artificial Intelligence will also help in curing the current shortage of health professionals in the United States. But are you ready for this significant shift?

You may need to prepare your organization for the transformation that AI will have in the industry. Part of this prepping may include recruiting tech-savvy employees. You may also need to invest in research to ensure that you’re up to date with the technological advancements in the sector.

2. Out of Hospital Care

Your approach to health care is about to change in a way that will disrupt routine operations. In-patient services, as we know them, often involve admission into a health care facility during the time of treatment. But with the evolution of digital health, out of hospital care may soon ouster the in-patient procedure, albeit not entirely.

The rising costs of in-patient care have become a constant barrier to medical access. Such concerns are fueling the growth of out of hospital settings as patients seek alternative care.

Digital health platforms have become critical drivers of this health care evolution. Devices, such as the RPM devices, telehealth platforms, and mHealth applications, will define the future of out of hospital medical services.

You may need to keep track of such healthcare industry trends and invest in digital health if you’re keen on remaining relevant. Employers may need to train their staff on the relevance of digital health. You may also need to focus on the recruitment of employees with the capacity to steer the digital health transformation process.

3. The Emergence of Block-Chain

How much data is in your possession currently? Well, most health care providers grapple with the large volumes of data in their databases after years of record keeping. Records are an essential part of the health care delivery process, considering the delicate nature of the health care industry.

But this data storage headache will be a thing of the past soon. The introduction of the block chain system will revolutionize how you store digital data and significantly reduce your space-related concerns. Blockchain systems ease the process of storage, retrieval, and distribution of data.

You no longer have to worry about the transfer of data across the various departments within the organization. With blockchain, you also don’t have to worry about the limitations of compatibility. Such efficiency in data sharing will improve health care delivery processes.

As blockchain systems become commercially available, employers in the health care setting will need to train their staff on the operational dynamics of the systems. Employing highly innovative individuals will be crucial in making blockchain systems a useful tool.

4. Innovations in Care Models

The traditional patient was a passive observer with fewer expectations from caregivers. But the current and future patients have a common characteristic. They are overly involved in the healthcare provision process.

Such a trend will lead to a higher demand for transparency as the ecosystem changes. You may need to orient your staff towards embracing future-focused care models, which focus on personalized products. Such models will ensure that the organization stands out as being in touch with the health needs of modern patients.

You may need to invest more in virtual care technologies. For instance, modern virtual techniques are critical when handling matters related to consultancy. Such models ensure that you remain responsive to your patient’s needs.

5. The Demand for High Capacity Human Talent Will be among the Key Healthcare Industry Trends

The wave of technology and innovations is unstoppable. But as you focus on your investment in research and design, you must also think about recruiting top talent into your organization.

It would be best if you had such exceptional human talent to keep the wheel of innovations and stellar performance going. But most health care providers grapple with how to attract top talent in the healthcare field. Once you figure out how to address this common concern in the US healthcare system, you’ll be on a path to higher levels of efficiency and quality health care delivery.

6. Voice-Based Virtual Assistance

The United States’ aging population will continue to increase as more baby boomers hit 65 years and above. Health care for these elderly individuals will move more towards home care as chronic ailments affect their mobility.
As such, more healthcare providers are moving to invest in virtual assistants, with the capacity to provide health care support to the elderly at home. As voice assistants move towards handling more sophisticated health needs, you may need to focus on training and skills enhancement to ensure that your organization remains relevant.

7. Virtual Health Care Management

No one thought the health care delivery process would get here, but this trend may catch up sooner than you would think. As telehealth becomes an ever so present reality, the focus will now move towards virtual management of health care.

Imagine owning a health care facility without the intrigues of a physical footprint? Well, this may become a probable outcome soon. But you’ll need to invest in the right people to handle such a sophisticated functional approach.

With more medical schools offering courses in such futuristic health care trends, finding a suitable virtual health care manager will require a thorough recruitment process.

Out With the Old And In With the New

The only constant thing in any industry is change. As the health care sector moves into a new decade, these seven healthcare industry trends will make a critical difference. You may need to take cognizance of such patterns and prepare your organization for the effects the trends will have on service delivery.

Explore our other posts for more insightful content.

Amazing AI Facts That Could Change The World

StrategyDriven Editorial Perspective |AI|Amazing AI Facts That Could Change The WorldAI, or Artificial Intelligence is something we often associate with science fiction movies. The concept of AI is to create machines that learn and are able to work autonomously, to make our lives easier. It is a wonderful and unique technology that can transform our lives as well as business ideas.

Whether its using a gpu server for ai deployment, creating self-cleaning machines, or clever robots who are able to think for themselves… AI is amazing. And here are some amazing facts you should know that could change our world.

1. Electricity transformed our world. But Google CEO Sundar Pichai thinks that AI will have a bigger impact on the development of human life.

2. The demand for data scientists will be over 50% more than the supply, making it a VERY smart career path to follow.

3. PWC believes global GDP will rise by 14% by 2030 due to AI.

4. Big Data and Analytics will be a huge source for spending by 202o reaching a global soend of $203 billion.

5. Men are currently dominating the AI industry and 71% of new applicants in this field are male…. Come on ladies!

6. AI continues to be a growing source of startups and as technology evolves it will continue to grow.

7. 84% of enterprises believe in the competitive power of AI resources for their empire

8. By 2025, revenue from AI projects will be $31.2 billion!

9. AI will soon be used as a marketing tool and will be developed for a more personalised email marketing campaign, changing the landscape of marketing.

10. Since 2000 the investment in AI projects has increased by 6 times!

11. Venture capital for AI between 2013-2017 increased by 4.5%

12. China has earmarked artificial intelligence as a key factor in their success going forward… and as a result of this they will look to be one of the dominating countries in AI in 2020 onwards.

13. Gartner believes that AI is crucial for business, and they believe that AI should be one of the most important investment opportunities. Those who invest in AI soon will be incredibly happy in the next few years as the markets continue to grow.

14. Nautilus is a self learning super computer. It was one of the first of its kind and has been used for a number of amazing tasks. The most crucial task this computer performed was to locate Osama Bin Laden. Computer such as these could literally change the world for the better.

15. These are the most highly valued companies from the US and China:

  • ICBC
  • China Construction Bank
  • JPMorgan Chase
  • Berkshire Hathaway
  • Agricultural Bank of China
  • Bank of America
  • Wells Fargo
  • Apple
  • Bank of China
  • Ping An Insurance Group

16. VC investors are increasingly investing in machine learning and AI capabilities, making it a great career to choose.

17. Huawei are looking to develop AI chips that will reduce the need for China to rely on other countries for their technology needs.