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Resilience in TMT: Winning in downturns

#artificialintelligence

The technology, media, and telecommunications (TMT) sector has enjoyed unprecedented growth over the past decade. Seven of the ten largest companies by market value are TMT companies. Incumbents such as Apple, Disney, and Verizon have been joined by a quickly scaling group of disruptive players such as Alibaba Group, Alphabet, Amazon, Facebook, Netflix, and Salesforce, all of which have been buoyed by consumers' and businesses' growing appetite for technology products and services. Yet the current growth outlook is uncertain. Business investment in the United States contracted in the second quarter of 2019, as did the GDPs of Germany and the United Kingdom, two of the largest economies in the world.


Finding your digital sweet spot

#artificialintelligence

The potential impact of digital technology varies widely by industry, but most enterprise leaders share an important challenge: how to get beyond the small share of the prize they are capturing today by looking for impact across the whole value chain. While online sales, social networking, and mobile applications have received most of the buzz when it comes to digital, our recent research finds that the greatest bottom-line impact may come where most companies aren't looking--from cost savings and changes beyond the interface with customers. Our yearlong study shows that, across the industries we examined, the average bottom-line impact that can be realized from digital sales over the next five years is 20 percent: a significant opportunity to be sure, but much less than the bottom-line impact from cost reductions, which average 36 percent. Digital transformation can make a big difference. To calculate just how big, we examined ten industries: retail banking, mobile telecommunications, airlines, consumer-electronics retailing, apparel, property-and-casualty insurance, hotels, supermarkets, pay-TV broadcasting, and newspaper publishing.


Finding your digital sweet spot

#artificialintelligence

While online sales, social networking, and mobile applications have received most of the buzz when it comes to digital, our recent research finds that the greatest bottom-line impact may come where most companies aren't looking--from cost savings and changes beyond the interface with customers. Our yearlong study shows that, across the industries we examined, the average bottom-line impact that can be realized from digital sales over the next five years is 20 percent: a significant opportunity to be sure, but much less than the bottom-line impact from cost reductions, which average 36 percent. Digital transformation can make a big difference. To calculate just how big, we examined ten industries: retail banking, mobile telecommunications, airlines, consumer-electronics retailing, apparel, property-and-casualty insurance, hotels, supermarkets, pay-TV broadcasting, and newspaper publishing. To get at costs, we recut the expense categories of these sectors on an apples-to-apples basis and computed the difference that fuller use of digital channels, greater automation, better analytics, and innovative virtual models--such as remote freelance call-center workers--might yield, using metrics such as reduced head count and improved productivity.


McKinsey: 75% of Americans have changed brands during the pandemic

ZDNet

Research from McKinsey highlights a shift in consumer behavior due to COVID-19 pandemic. The research validates the consumer sentiment and behavioral changes that stem from a wide range of uncertainties rooted in the pandemic. To help us better understand these key consumer behavior trends, Ray Wang, CEO and founder of a Silicon Valley-based advisory firm Constellation Research, and I invited Brian Gregg, senior partner at McKinsey and co-leader for North America Marketing and Sales Practice, to join our weekly show DisrupTV. Gregg serves clients in consumer-facing industries, with deep experience in e-commerce, retail, consumer technology/media and consumer packaged goods. Gregg has functional expertise in a multitude of marketing and sales disciplines including digital marketing, CRM/Loyalty, customer experience, agile operating model, omnichannel strategy, and consumer-centric innovation.


The retail renaissance: Leading brands use data and AI to win ZDNet

#artificialintelligence

Video: VR, AR or mixed: Which reality is best to sell your story? Drowning in data is not the same as big data. Here's the true definition of big data and a powerful example of how it's being used to power digital transformation. Deloitte research on the consumer experience found that we are not in the midst of a retail apocalypse, but a retail renaissance. The report, which was based on a survey of more than 500 traditional retail, pure play, consumer goods, and branded manufacturing leaders around the globe, showed that brand leaders are rethinking the consumer experience by investing in new emerging technologies like AI, mixed reality AR/VR, and engagement platforms to grow revenues and new customers.