As I took my seat for the last time in the crowded Helix, I was curious to discover what our three speakers had to say about getting digital. To put it simply, their main message was this: digital is the future. When I researched digital technology in the world of business, I came across a definition that says digital business is the creation of new business designs by blurring the digital and physical worlds (Gartner 2016). Digital disruption is real and industries are now being forced to change their old business models to keep up with their competitors in this technological era. Everything is happening in a digital way, so get on board!
Consumer-centric Culture and Digital Desires
Our first speaker grabbed my attention, not only with his distinctive Aussie accent, but also with his compelling facts regarding the healthcare system. Who would have thought such a conventional industry would be subject to this digital disruption?! Dr. Johnny Walker opened my eyes up to the changes that face this system because it is now ‘The Age of the Consumer’. The consumer is the most important and their wants and desires must be met.
Today, those wants and desires are digital. In the video below, Steve Vamos says that “technology is enabling and amplifying the potential of people”. I completely agree. Digital devices are allowing the people to disrupt industries and this is what the ‘Age of the Consumer’ is all about.
I have no doubt that we have all complained, or have heard someone complain, about the endless queues and waiting lists in connection with the healthcare system. As a radiologist, Walker is well accustomed to the problems in his industry and this led him to his idea to re-design the ‘doctor-centric’ healthcare ecosystem. Walker talked about Telemedicine and becoming more ‘patient-centric’. He is adamant that the focus of healthcare needs to be realigned to the home and that is where cloud-based platforms come in, like his own Jinga Life. Health and well-being can be monitored by engaging with the people and digital devices can provide a cost-minimising, efficient way of communication! By 2020, there will be 50 billion devices capable of tracking health. By getting digital, the problems of healthcare can eventually become a thing of the past!
While researching, I came across some interesting opinions about the future of telemedicine. Read more here to find out what three CEO’s of different companies think.
Are the banks digitally bankrupt?
David Erixon is the Head of Digital and Customer Innovation at Ulster Bank. Following the 2008 crash, banks were protected from disruption by the increased regulation that was put in place (ComputerWeekly.com) but now innovation is coming from everywhere and the banking industry cannot escape digital disruption. The launch of platforms such as Apple Pay and blockchain are becoming a threat to traditional banking. Banks must get more digital.
Erixon talked about Sweden’s Riksbank and the possibility of physical currency being removed completely. Initially, the thought of never having coins or notes again was strange but the more I thought about it, the more practical it became. Countries are beginning to go cashless. In Belgium, France, and Canada, over 90% of consumer payments are made via cashless modes. The United Kingdom, Sweden, Australia, Netherlands, and the U.S also have high rates of consumer payments of 80% and over (WorldAtlas 2016).
The people are letting the banking industry know that digital is the way forward. Evidently, the banks that respond to the consumer’s wants are the ones that will succeed. Look around you, technology is advancing from every direction. The banking industry has arrived late to the digital bandwagon but they must embrace it to survive!
Lets Get Innovating!
Alistair Croll was our final speaker of the day. An experienced public speaker and author of ‘Lean Analytics’, he talked passionately about how we can change society by innovation. He insisted that ‘discontinuities are interesting’. For example, Croll talked about how the creation of the printing press led us to democracy, in a subtle way, by giving us a way of communicating with the government and this was something I hadn’t thought of before. No one predicted it, but it happened.
Discontinuities are unpredictable, unforeseen and change the way things work. We are so used to technology now but let’s not forget that only 10 years ago, the iphone didn’t even exist!
There is no doubt about it, technology is changing the way things work and transforming our world and no one saw it coming. Digital innovation is huge and it is changing society as we know it. Today, people are even being replaced by robots. Sounds crazy but it’s true! According to Alistair Croll, by 2025, it is estimated that there will be 5 million industrial robots. Scary …
If youre interested in reading more on discontinuities and new beginnings, have a look at this article I read about what is happening now and may happen in the future!
This blog post marks the end of my DICE journey and I have certainly obtained plenty of new information, excellent advice and have been intrigued and entertained by each and every speaker. As young entrepreneurs, we are the future of innovation and it is indisputable that a lot of this innovation will be digital. I hope to have a key role in the business world in the future and my new-found knowledge of everything digital will definitely help! No one likes to be left behind so I advise everyone to embrace the change and GET DIGITAL.
Mobihealth News 2017. Three CEO’s share their visions on the future of telemedicine [online]. Available from: http://www.mobihealthnews.com/content/three-ceos-share-their-visions-future-telemedicine [Accessed 20th April 2017]
Gartner 2016. Digital Business [online]. Available from: http://www.gartner.com/it-glossary/digital-business/ [Accessed 15th April 2017]
WorldAtlas 2016. Top countries using digital money for cashless transactions [online]. Available from: http://www.worldatlas.com/articles/which-are-the-world-s-most-cashless-countries.html [Accessed 16th April 2017]
Computer Weekly 2015. Is digital disruption a threat or an opportunity for banks? [online]. Available from : http://www.computerweekly.com/feature/Is-digital-disruption-a-threat-or-an-opportunity-for-banks [Accessed 17th April 2017]