In part one, we asked an important question regarding the future of customer service technology: Can machines replace human customer service representatives and processes permanently if they find a way to make them empathetic?
While machines, artificially intelligent applications, and other types of customer service software will only accelerate in its ability to better serve customers on all levels, it will disrupt the way things are currently done. This disruptive wave transforms the roles of those in customer service positions at organizations of all kinds, but with an Anticipatory mindset, you as a professional or business executive can get in front of these disruptions.
In a recent episode of my new “Opportunity Hour: Conversations with The Masters,” Shep Hyken shared a few examples:
“Now there are companies out there that already have voice recognition technology able to authenticate a customer’s account with nearly 100% accuracy within 10 spoken words from said customer. However, it would often say, ‘unfortunately, we don’t recognize this customer’ when faced with variances, such as the customer having a cold.
“This is exactly the reason why human beings will not be eliminated out of their customer service roles. If that voice-based identification technology does not work and locks a customer out wrongfully in the process, a company without human intervention only stands to lose. So while voice recognition software is certainly not new, nor is it the last stand for automation in customer service and customer experience, there are many new, accelerated technologies that are delivering better customer experiences alongside human help.
“At some companies, when you do finally get to talk to a customer service support representative, there may be a machine or software running in the background that is listening to your call, telling the representative vital information about you as their customer, so they can serve you more uniquely.”
Learning to adapt software with your human workforce is more vital in customer service and customer experience than nearly anywhere else in the workforce, all solely because customers are human beings with wants, needs, and issues needing resolution.
With that software, a customer service representative can predict what that customer will ask in the moment. This software is not yet there, but it is accelerating quickly, and applications are fast becoming more streamlined.
Aside from Shep’s example, we also have a variety of different augmented reality applications that can be leveraged exponentially in helping customer service representatives step up their game in the industry. This includes the example of smart glasses that I have referenced in the past, but in this case, glasses that project customer information in a representative’s line of sight, which is triggered by facial recognition software.
The Anticipatory point that myself and Shep derive from his research study is that these technologies must be utilized critically. Many autonomous technologies in customer experience may not be streamlined yet because no one has attempted to do so, or perhaps the answer is simply that many executives are locked in a paradigm around the basics of what the technology currently does with a rather cloudy Futureview® of where it is heading.
Think of this: There are dozens of both huge chains and small, mom-and-pop outdoor equipment stores that have both online presence and brick-and-mortar locations in the United States and around the world. They all sell camping gear, hiking boots, and waterproof jackets.
Some customers go to Small Store A because it is close to their home, while others shop at Big Store B because their online user experience is simple, their prices are cheaper than mom-and-pop shop prices, and they get an at-home delivery within days of ordering gear. Those are certainly valid reasons that certain customers patronize specific stores, but what really makes Small Store A different from Big Store B?
The unique customer experience is the answer. For Small Store A to deliver on similar quality that Big Store B does, they must deliver a quality customer experience, both in human ways and with a pairing of exponential digital customer service technology. Shep has an idea about this as well:
“If you take a flight, you make a reservation, either digital or by way of calling the reservationist. Either way, it is still an interaction. How that interaction is managed to you as a person dictates your impression of the airline, whether you will utilize that airline again, and even the very experience on your trip.”
As the airline owner, having an Anticipatory mindset means there are dozens of different opportunities to make that simple customer experience better. This can include how the phone is answered, how long a customer must wait for it to be answered, can a customer receive a callback if there is a delay, and how specific is the time of that callback.
These are all interaction points that you as an Anticipatory leader can make better by way of leveraging exponential digital technology in creative, new ways that transform your industry. What I want to see is Anticipatory thinkers that transform a customer experience into customer amazement, and for that transformation to positively disrupt the customer experiences across all industries.
Lots of new information to digest and more on its way. As I have said before, you must keep an eye on what can move the markets. Information can be spun to suit the needs or to create and support a particular position, it can also be used to clarify and counter opinions or interpretations of these facts.
Here is what I found interesting and some of the reports and data I want to take note of in the weeks to come. Yesterday the CPI report revealed that inflation is hotter than expected and rose to 9.1%. This will likely lead to the FED raising rates by 75 to 100bps at the July meeting the end of this month. This could go a long way in stabilizing the long-term bond market. The PPI report that comes out this morning, the unemployment data, the labor participation rates will help clarify the job market and the Retail sales report, industrial production and utilization reports will shed light on the economy and will be critical in talk about recession.
MBA shared data on mortgage applications and it is sort of glass half empty or glass half full. Purchase applications were down 18% year over year and refinance applications were down 80% over the last year. Now it must be said that mortgage loan volume was a record year so 18% or the purchase side isn’t as bad as it appears, and I think that still seeing 20% of last year’s refinance volume is a surprise to most people.
Perhaps the most surprising data comes from a report about housing that was shared by Barry Habib of MBS Highway, that homes selling above asking price are still 52% of sales; last year it was 53%. Homes selling above asking price as a percentage of that asking price was at 1.9% vs 2.2% last year. Accepted offers within two weeks of listing were at 48% vs 49% last year; and average days listing to contract remained the same at 18 days. So, despite higher prices, higher rates, and inflation, things are not that far off where they were.
I remain alert to the possible shifts in the markets and all markets are hyper local; but the national numbers always make the news, and you need to be aware of what is going on. As always, your questions and comments are welcome: This email address is being protected from spambots. You need JavaScript enabled to view it.
Conversation with my wife, Tami –
Jason: “Can you give me a ride to the airport tomorrow? I leave for Nashville at 9 AM to attend my National Speakers Association conference. I’m really sad to not take the kids. I’m so grateful for all those years we drove the motorhome cross country to NSA events enjoying them together.”
Tami: “Are you saying you already have your flight booked, paid for the hotel and convention? And why aren’t you taking the 3 oldest children who have gone with you to this event every year since 2015?”
J: “Because it would be financially irresponsible right now, on the heels of the pandemic, and before this looming recession, to spend any more money while things have been coming back with my bookings. We need to be frugal and careful, as I am getting booked more and more, it’s great but we are still needing to be smart with our money.”
T: “I agree, however, this may be the last summer they’ll ever want to go on the NSA conference trip, even if they just hang out in the hotel and don’t attend the events, possibly see their friends in the hallway and pool, just to be there with you & together having a memorable family moment. Is there any way you can use your SkyMiles or other points to get them flights?”
J: “Flights are like $800 per person right now. I leave tomorrow! The hotel can only get me a room with one bed. Do you think they’re willing to sleep on the floor on air pads from our camping gear?”
T: “Honey, we have 2 summers left with Ella before she’s 18. Redford has 3. Romney has 4. I feel we should do anything we can to have them go with you. I say we book it now.”
~ 2 hours later ~
Jason: “I just got off the phone with Delta.I was able to find unused companion certificates, old cancelled flights still honored, and they changed my flight to a redeye to get us all on the same plane together. It hardly cost anything more. We land in Nashville at 1:30 AM. Thank you for forcing the issue. I’m grateful we get to go do this together.”
Tami: “I’m thrilled you’re going together! They will never forget this, and neither will you! Nashville is their favorite place. Let’s go tell them and pack some survival snacks.”
~
The Promise to be frugal in times of uncertainty can lead to creativity of resources to still honor family traditions and make new memories. I am thankful for a wife who sees what I don’t, who pushes me to book it now even when I’m timid or afraid of the present while she looks to the future while remembering the promises of our past.
It is mid-summer.
The world continues to go through some really challenging times.
Maybe you’ve lost sight of The Promise you made to Family, or even to yourself, and hopefully there’s still some time left to spend time together before summer is over.
Who can you count on to help you see the big vision through the thick of it while you’re caught in the weeds?
Thank you, Tami.
See you in Nashville, my friends.
Auto and home insurance bundles, umbrella policies, constant arguments about paying for healthcare (especially during a pandemic), and thousands of streaming and social commercial advertisements pushing different providers as being the best option for the average Joe and Jane.
Yes, we are talking about insurance and its many pros and cons. But what Flo from Progressive, the Geico Gecko, and the ever-popular Jake from State Farm may not be able to tell you is where the insurance industry is heading. And truth be told, you do not need them to do so — you can use your own Anticipatory mindset to decode the disruptions that will change the insurance industry from this point forward.
As a consumer, this general concept may strike fear into your heart — or, conversely, bring much-needed relief. It is no secret whatsoever that the consumer-facing side of the insurance sector is complicated, no matter how easy advertisements and salespeople try to convince individual consumers the process of obtaining insurance will be. Disruptions — and better yet, digital disruptions — that turn the insurance industry on its head are meant to ease the common pain points customers face.
And as an insurance professional or a business owner in the insurance industry, digital disruptions should bring you joy — your life will be easier, your customers will be happier, and most importantly, new doors will open to better opportunities to help the masses and scale your organization. However, those who fear these new digital disruptions do so because they feel them to be unpredictable and earth-shattering.
Getting in front of any type of digital disruption is easy, as has been demonstrated by my Anticipatory Leader System. But those in the insurance industry, just as in all other industries, who do not embrace the principles of an Anticipatory mindset are frequently left to dread disruption and change.
One of my favorite principles from my Anticipatory Leader System is the Skip It Principle, because it is a straightforward way to start to peel the onion of an issue that shakes up your reality. With the Skip It Principle, we shift our focus from the perceived problem to the actual problem that a digital or other disruption introduces.
In the case of the insurance industry, the real problem is not that accelerated digital technology is transforming how we buy, sell, and implement insurance — it is the fact that change happens in life, period!
Think about that for a second: Insurance is an industry built on the very idea of constant, variable change. Unpredictable change is why we have insurance, is it not? Because we cannot literally use a crystal ball to see what is coming, we pay money to be covered if something goes wrong. The very concept of insurance is Anticipatory, in and of itself! So digital disruptions are not the problem here — the real problem is just a mindset issue.
Insurance agents and other professionals do not actually fear change in general, as the promise of change brings them business — but they do fear change that could disrupt them. Similarly, many customers of insurance fear change in the industry because they worry that these changes will make the process of acquiring insurance even more complex and convoluted, leaving them with lackluster coverage despite their best efforts and investments.
As a business professional in insurance, it is your job to ease the minds of your customers — and, moreover, to follow through with ensuring that your promises of more efficient and accurate experiences with insurance hold true. To perform these tasks, you must use an Anticipatory mindset to identify exactly what digital disruptions are impacting the insurance industry going forward, and how they impact your customers.
Let’s identify a concept and an applicable disruptive digital technology that is transforming a multitude of industries already. This way, we can pre-solve any customer and organizational problems this technology will bring to the insurance industry and prepare for what is to come, just as you do for your clients in creating policies that anticipate and help them to meet their insurance needs.
Omni-Channel Claims Experience — I interviewed Richard Berkman of IBM’s retail technology about omni-channel intelligent commerce. The convergence of a business’s digital technology user experience and its customers’ experience in the physical world is not solely constrained to retail, as evidenced by the ways the principles of omni-channel intelligent commerce are impacting insurance providers and their consumers.
Creating an omni-channel claims experience with an insurance agent or agency means streamlining the interactions that follow an actual, physical incident, when the need to file an insurance claim arises. Everything sounds wonderful on paper when the risks discussed are purely theoretical, but when an incident occurs, the integration of the policy, the insurance agent, and the resolution following an incident must be as seamless as the customer’s experience buying a product online or in-person at a physical location.
There are several technologies already disrupting the likes of retail and service-based industries, designed to create connected and seamless experiences, both virtual and in-person. Disruptions in the insurance industry surrounding this concept are already under way, driven most notably by Internet of Things (IoT) applications and telematics.
Internet of Things (IoT) Risk Assessments — With edge computing, 5G connectivity, and the ability to process more and more data in real time, we are reaching a point in the insurance industry where we can adjust rates by the minute! For example, what was once simply a perk of having a tracker in your car measuring your driving habits and ultimately helping you lower your premiums by making you a safer driver is now finding its way in your home, place of business, and more.
The proactive way insurance companies are already using IoT applications in homes and commercial spaces, for instance, includes predicting when an issue is more likely to take place, like a pipe bursting or a fire starting. This technology alerts the customer of the elevated risk and enables him or her to actually prevent the incident from happening to have them avoid filing a claim for damage to begin with. Talk about pre-solving using anticipation!
Overall, the point of a seamless customer and insurance agency experience is found in a connected experience, whereas legacy systems and legacy mindsets of insurance agencies reflect a passive product that a customer is simply required by law to have. Now customers feel interactive with their insurance, and it removes the top-down emotions once commonplace in the industry.
Naturally, with every digital disruption that improves the customer’s experience, there is the pertinent fear that your status quo will be upended — or, in some cases, eliminated completely. I’d love to tell you that this is not true, but it is a Hard Trend future certainty that you cannot avoid.
However, the beauty of anticipation is that you stay ahead of these disruptions and foresee many of the idiosyncrasies that can and likely will disrupt you as an agency owner or insurance representative. In this case, knowing that increased connectivity is causing the disruptions we discussed in this blog, what aspects of your operation can you pinpoint as likely to be transformed by IoT, edge computing, or autonomous technology that processes customer data?
Insurance, like every other industry in the commercial world, is a Both/And industry, meaning that legacy systems are not completely irrelevant in the wake of new, transformative technology, much as human beings will not be replaced by machines. The skills you have developed as a professional in the insurance industry are still extremely valid, and an Anticipatory mindset will teach you how to help them converge with the new systems and changes coming now and in the future.
Many companies and their originators are dealing with the challenges of less loan volume. With refinance business about 20% of the volume it was last year and purchase volume down in many markets as well, there is simply less loan units to take through the process, which leads to the reality than many people are either making less money than they were last year, or they have people, salaries, and overhead that they no longer need or can afford.
We have seen tens of thousands of layoffs, some companies reduce locations, even a few just call it quits and either sell themselves off or just closed completely. None of this is a surprise when you see this type of volume reduction in such a short period of time, and those more heavily weighted on turning refinances have felt the most pain. However, that isn’t the end of the story. We do have to take a minute and see the big picture as to what do things cost in the mortgage industry?
What does it really cost to originate a loan? How many people are involved? What do they do? How much do they get paid to do it? What are those tasks worth in the context of the entire process? Are these functions paid for on a per file basis, or is it being done by a salaried person?
Now is a great time to revisit and examine each role, each player, each job and function, and make a determination as to what is the cost of each task and have we allocated the proper resources to it? Are there people being paid too much for what their role is? Are their people not doing enough to earn the money they are receiving in compensation? Are their loan originators that don’t pay for their own assistants or turn over poor quality applications into processing but expect full commission on those files while the processor has to put everything together? Are there managers, area managers, regional managers, corporate staff and support that are not delivering true value for what they are being paid?
It’s time to have that discussion and realize that money isn’t falling from the sky, it must be earned! I welcome the discussion and if you have any questions or comments, it’s This email address is being protected from spambots. You need JavaScript enabled to view it.
It is rare for me to have tears streaming down my face as I read a blog, but that happened to me last week.
One of the most wonderful couples and families I have ever known shared the story of a rare “wind event” tearing through their backyard, ripping out hundreds of trees in a hurricane-force moment that left them reeling to figure out what to do with their now apocalyptic landscape destroyed by nature.
Having just moved into their dream home on Lake Michigan, The Kotecki Family have inspired so many through 2 decades, finally able to achieve the great American Dream with their hugely successful company Escape Adulthood, while Jason paints & speaks, Kim runs the business details and homeschools their darling children, and found the perfect home on a property surrounded by trees, a majestic wonderland preserved for their joy.
What you’re about to see is how The Promise can be put into action, just by your choice and attitude.
I would ask that you might watch this 6-min. video, as Kim shares the heartbreaking story, even with her Signature Smile, walks you through their yard, and candidly shares how their family, choosing hope in the devastation, will uplift you to see the embodiment of finding the good, gratitude, and blessing in a time of challenge.
Can you believe what you just watched?
Not only how crazy the devastation is, but how incredibly inspiring Kim’s manner, hope, and love shines through amid the carnage. You can’t fake what she just recorded, it’s who she is, it’s who Jason is, it is the way The Kotecki’s live every second of their lives. Amazing.
Jason’s blog arrives in my inbox every Sunday and always brings a smile due to his storytelling and faithful attitude of optimism. I send my blog out on Sundays because of Jason’s example to me as a man, husband, father, artist, and mentor. I recommend you subscribe to his words in order to fight “adultitis” from now on and equally learn how to live The Promise that much better (since he’s my example of how best to do it).
As shared in Kim’s video, her book project is now on hold since insurance does not cover what happened to them, to the tune of at least $50,000 in damages to clean up their yard. Please consider joining me in supporting Kim in her new book book efforts, and this family, who inspires my writing, which you receive weekly, as The Kotecki’s live The Promise unlike any family I have ever known.
Thank you for your support of them and here are links to the writings of what they’ve experienced.
There is more opportunity now to transform the customer experiences and customer service of your business organization than at any other time in history. We live in a technological world, but more importantly, we also live in a human world. That world is filled with human customers, human employees, and human wants and needs. Human beings are all about relationships and experiences — the emotions and memories derived from these occurrences are what drive us and, largely, what separate us from machines.
I recently asked Shep Hyken — who I would refer to as the ‘Chief Experience and Amazement Officer’ at his company, Shepherd Presentations — to join me on my program, “Opportunity Hour Conversations with The Masters,” on the subject of creating amazing customer service experiences in this digital, transformative world.
For decades, Shep has been helping companies elevate their customer experience and customer service efforts to remarkable levels. Shep and I talked about how you can create and elevate amazing customer experiences regardless of the size of your organization, whether you are an entrepreneur or just starting your company.
Shep Hyken has done some great things for customer service and customer experiences in 2022, starting with a massive customer experience study stemming from a survey of all types of consumers and their experience at organizations. What Shep aimed his study at was what I have discussed at length in previous blogs and articles regarding the human side of customer service, because, as mentioned above, we are humans buying products, using services, and impacted by business practices.
But what Shep went on to prove was that all of the accelerating and digitally disruptive technology of the world today can absolutely enhance a customer’s experience. In knowing this, Shep and I have some refreshed insights on how to leverage these technologies exponentially.
This is a benchmark study for several questions surrounding where customer service and, moreover, the customer experience is heading. This is the third year in a row Shep and his team have done a customer experience study, and this time it specifically had to do with technology and the human factor.
Shep said: “In past years, when we asked consumers if using a digital technology to get their questions answered and complaints resolved was a favorable option, a surprising 71% of the thousand customers we asked across the United States and around the world said ‘yes’ to a preference of a self-service tool, digital customer service solution, frequently asked questions section of a website, or video tutorials.
“However, when this same question was posed more recently, only 41% said they would go digital, which means our needs as a human being and decision to deal with a computer or another human vary depending on the circumstance.”
Shep went on to explain further that as of 2022, the same study again reflected a drop in customers wanting digital-only solutions to their needs and issues as a customer — down to 35% of that same size sample survey.
It is a fact that companies invest millions and, in many cases, billions of dollars into digital technology solutions. Why would they not be seamless enough to serve nearly everyone better than a person could? Why do so many consumers in recent times prefer an old-fashioned telephone call to a human being over any of the aforementioned digital solutions to a problem or question about a product or service?
Shep Hyken believes this decline has something to do with companies glazing over what new, smart technology is capable of accomplishing at this stage, and what is just not yet fully developed.
“If, as a customer, all I want is to know what the balance of my bank account is, I should be able to log in, enter my password, and obtain that information without having to call somebody, be put on hold, then do a form of authentication through a person,” Hyken says. “This is something that is easily handled by customer-facing technology that has long replaced a customer service representative and a telephone.”
But where Shep Hyken, myself, and many others in customer service know a line gets drawn between digital applications in customer service and a human being helping begins with empathy. Digital technology is not empathetic toward your specific wants and needs as a customer, and as mentioned in Shep’s example of logging in to your bank account, much of the digital technology that a company invests all that money into is really just for entry-level questions and access — the mundane tasks that can be done by advanced, artificially intelligent software without human help.
A question many may have going forward is: Can machines replace human customer service representatives and processes permanently if they find a way to make them empathetic?
Find out in part two of this article series next week and learn how anticipation will position you and your organization in a way to connect transformative digital technology and the human empathetic touch in customer service.
The following questions are asked to provoke thought and drive you the reader, into thinking about what the reality is in your market and the correct answer or response to the question!
Asking for a friend:
“The government says we aren’t in a recession, and they don’t see one coming, is that true?"
Technically, the answer is yes & no or not yet. While first quarter GDP numbers were once again revised to the worse, from 1.5% negative growth to 1.6% negative growth for the first quarter of 2022. It is generally accepted that you need two consecutive quarters of negative growth to be in a recession, so the first second quarter report is due on July 28th so stay tuned. In any case, the economy is challenged and that is a concern.
Asking for a friend:
“I hear there is going to be a housing bubble and I should wait for both home prices and interest rates to come down before buying, is that a good idea?"
Since my crystal ball isn’t working at the moment, here is what I can tell you about both housing and mortgage rates. While home appreciation is slowing down from recent peaks, home values are projected to rise better than 5% in the coming year and while mortgage rates are certainly higher than the recent past, we are pretty close to historic averages, and you can always refinance if rates go lower. With rents going up better than 14% a year and no cap on future rent increases, you have to ask yourself are you comfortable with 100% interest on uncapped rent increases?
Asking for a friend:
“Is it true that 40% of all homes in the US don’t have a mortgage and those that do have an average of $185,000 in equity, and are foreclosures are at a 40 year low?"
Yup.
Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.
Sure looks like the PGA Tour and the LIV Golf Tour are in for a long battle. As you know the PGA Tour is not allowing its members to play in the LIV golf events and has already suspended 17 well-known golfers (among them AT&T Pro-Am favorites Phil Mickelson and Dustin Johnson) from its ranks. Some of those who chose the play in the LIV tour played in the US Open at The Country Club in Brookline, Massachusetts.
How can those PGA suspended players play in the 2022 US Open, you ask? Well, the US Open is run by the USGA (United States Golf Association) which has not suspended those players who played or will play on the LIV Tour.
Speaking of LIV – what do those letters mean? First off, the LIV is a Saudi Arabian-funded golf tour and is an adversary to the PGA Golf Tour. The LIV (Roman numerals) translates to the number 54 which represents the number of holes golfers will be playing. Before you go to your calculators – 54 equals three times the number of holes played in a normal round of golf (18). We direct you to Google or other means for a complete explanation of what LIV is attempting. Obviously, the money awarded is paramount.
Should the PGA decide to allow those 17 (and perhaps others) to play in their tournaments as well as in the LIV tournaments? There are many concerns. Here are just a few. Surely you will find others.
Will you support golfers playing in both the PGA and LIV tournaments?
The numbers continue to show that people, especially millennials, are interested in home ownership. Despite higher home prices and higher rates, loan applications are still strong for home purchase loans. While refinances are significantly off year over year due to higher rates, purchase applications are down only about 10%. That is a far cry from what some would have you believe on social media and the TV “experts”.
Home prices are up on average 14.8% from this time last year, which is down but that is still significantly higher than the 5% or so rate experts were predicting. Despite all the claims of a housing bubble and higher foreclosures, we are at a 40 year low in actual units foreclosed upon. None of this is surprising if you just look at the markets and see that available home inventories of supply is down 4% year over year and we haven’t even addressed rent increases and the lack of new housing units coming close to meeting demand.
The bond market has improved a bit over the last few days and with strong demand for the 20-year bonds, we might be seeing some stability forming in this range. I’m not saying we won’t see future higher rates, and I’m also not saying we are heading back to 3% either, I am just sharing with you that we have had some positive news in the bond market, something we haven’t seen in a while.
Lots more to see and do before we call ourselves “back to normal” for sure, but having some positive news is certainly welcome. Hopefully we continue to improve, or at the very least, stay in this range for a while because the volatility has been a real challenge to deal with.
Next month we have another Fed meeting, jobs report, and second quarter inflation data to deal with, so keep your eyes open and if you like it, lock it!
Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.
If LIV Golf is something you may be unfamiliar with, just hang on as we try to give you our best description of this new enterprise. LIV Golf is financed by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia which is among the most lucrative sovereign wealth funds in the world. Its value is estimated at $600 billion!
LIV has drawn many of the most famous golfers in the world. Let’s start with LIV’s CEO – Australian entrepreneur Greg Norman who has won 89 professional golf tournaments, 20 PGA tournaments, and 2 Open Championships in 1986 and 1993. Those tournaments alone have made Norman a multimillionaire. The LIV is mostly about money, money, money!
The LIV will be a major challenger to the PGA Tour which has just suspended Phil Mickelson, Dustin Johnson, and 15 other players for joining the LIV. Tiger Woods has reportedly turned down more than $9 million to play on the LIV tour. Rory McIlroy, Jordan Spieth, and several other major players have also turned down this opportunity. But Bryson DeChambeau, Pat Perez, and Patrick Reed all recently signed to play in LIV Golf.
LIV Golf is controversial because of the source of its funding – the Saudi Arabic Public Investment Fund (PIF). PIF serves as the financial arm of the Saudi government, which has been accused of several human rights violations — the assassination of Washington Post columnist, Jamal Khashoggi among them. While America has a long way to go in the field of human rights and social justice, are we the only nation that truly cares?
In an attempt to cleanse its reputation, the Saudi government has invested heavily in sports organizations and events, ranging from Premier League soccer to the WWF, a practice known as “sports washing.” Sports washing is commonly utilized as a propaganda technique to distract the public. Perhaps the first distraction took place as the LIV Golf first event was in London last week where Mickelson, Johnson, and others played. Other events scheduled on the tour include Portland, Oregon; Bedminster, New Jersey; Chicago, Boston, Miami, Bangkok, Jeddah, and, of course, Saudi Arabia.
Where does this “battle” go from here? As the TunneySide sees it – lawyers get your briefs ready for court. If either organization bars a golfer from his rightful place to earn his living, the final resting place may have to be in the courts.
On another golf note, the TunneySide congratulates Mina Harigae who recently finished second in the 2022 U.S. Open in North Carolina. Mina first learned golf at AT&T Pebble Beach Junior Golf. She will be playing in the 2023 US Open Women’s Tournament at Pebble Beach Golf Course from July 5-9.
What is your take on the LIV Golf intrusion on the PGA tour?
Global, national, and local healthcare systems have gone through more change in the past few years than almost any other industry. Technologies that were available but not widely used before the pandemic have been brought to the forefront, accelerating a transformation that will impact the entire health ecosystem.
Virtual office visits, mobile telemedicine, health wearables, remote diagnostics, remote disease management, mRNA drugs, genetic screening, and personalized medicine are just a few of the transformations that are rapidly being deployed now, as well as increasingly in the future.
All living human beings have their own personal health, healthcare needs, diets they should abide by, and even special medications or treatments they must undergo either to improve their quality of life or to sustain it entirely.
Determining each person’s individual health and wellness needs, or recommending lifestyle changes to each individual that specifically suits his or her needs might seem almost impossible, but thanks to some of the transformative Hard Trend technologies growing rapidly this year and beyond, that pipe dream is fast becoming reality.
Wearables will increasingly be used for personal health tracking applications as 5G and other technologies converge to create new value streams and accelerated growth. Apple, with its smartwatch fitted with an increasing number of health sensors and software, joins Google, Samsung and others in an intensifying battle for market share.
An ever-expanding array of new sensors coupled with intelligent software and applications will drive further innovation and sales in other wearable technology designed to uniquely monitor the health of individuals and other behavioral metrics that play a role in their physical well-being. In some cases, as already demonstrated in Apple Watch commercials, these can be life-saving technologies.
For example, there will be an increase in use of smart patches that attach to the skin to enable remote disease management, diagnostics, and the wireless transfer of general health information to a mobile device. Many of these devices already exist, such as patches that people with diabetes wear to check their blood sugar levels without having to prick their fingers.
Satellite mega-constellations such as OneWeb and Starlink consist of thousands of mass-produced small satellites operating in low Earth orbit combined with a network of ground receivers designed to provide internet service to anywhere on the planet. By providing global broadband access, these systems will give individuals and businesses, large and small, wider access to a vastly expanded global network of people and connected products.
The advantage of this level of connectivity in healthcare, as is represented with 5G, enables the creation of new multibillion-dollar businesses designed to help those aforementioned wearable technologies function even faster than they currently do. This will provide a vital improvement in healthcare, especially as it pertains to emergency response and the need for quick diagnosis when the wearer of health-related technology experiences a medical event.
High connectivity also means it will become easier to connect with medical professionals, or, in the event of a medical emergency, to get immediate help wherever the emergency has taken place. There are several variations of 5G, including high-speed and low-latency, and 5G can be deployed with a public and/or private network, following all HIPAA guidelines.
Synthetic biology is a rapidly growing field that combines biotechnology, genetic engineering, molecular engineering and computer science and can be used to design and build engineered biological systems. Applications include processing information, fabricating materials and structures, producing energy, manipulating chemicals and even producing food.
CRISPR is a revolutionary gene editing technology that can be used to create human cellular models of disease and genetically modified organisms to mimic disease and correct genetic mutations, likely leveraged in the future to prevent some conditions from being passed onto a newborn. We all witnessed a breakthrough in mRNA technology, used to create successful COVID vaccines in record time and now being used to fight diseases, such as HIV and cancer.
But the unbelievable amount of research that goes into developing some of these medical and biological breakthroughs was greatly accelerated by advances in AI and other technologies, which can handle much of the calculations and processes involved, and will only open the door to more discovery.
Augmented technologies are designed to increase humans’ physical and cognitive capabilities. Augmented thinking technologies will increasingly provide real-time actionable insights and knowledge drawn from AI-enabled data analytics of large data sets to enhance human thinking and problem-solving. Healthcare professionals will increasingly use this to make more informed decisions and solve problems much faster.
Humans and AI will increasingly have a symbiotic relationship in which each needs the other for peak performance. Augmented movement technologies enhance physical human functionality. A hearing aid is an example of sensory augmentation; an artificial leg is an appendage augmentation; and a 95-pound nurse in Japan wearing a powered exoskeleton so that she can lift a 200-pound patient into a bed is using a functional augmentation.
This type of technology is also a preventative advancement that will keep individuals out of physical therapy clinics by helping them avoid workplace and personal life injuries in the first place. An example of this is seen with GM workers wearing powered exoskeletons to lessen arm, hand and joint problems while assembling cars. All of our physical parts and systems, including our genes, can be augmented, enhanced, or protected, thanks to accelerating technology-driven Hard Trends that are already rapidly moving forward.
Remote working enabled by virtual meeting software and services has proven itself as a powerful way to leverage human resources within healthcare ecosystems, as well as a new way to both retain and attract talent.
Telemedicine hasn’t just allowed many who need to consult with a doctor or get a medical question answered the ability to do so without leaving their homes; it has now become a way to bring critical elements of a medical practice to communities and remote areas that ordinarily would have had to travel great lengths to see a doctor in person.
This is not to say that going forward, we will only attend doctor’s appointments virtually. Hybrid use is likely to emerge in the healthcare space, much as it is in the job market, where many employees will combine remote with in-office work.
In accordance with my Anticipatory Leader System, we live in a Both/And world. Thinking exponentially about how we use remote communication services like Zoom, Teams, or Skype, and also the ever-expanding usage of Virtual Reality and the Metaverse as we have come to know it, means there will be room for innovative breakthroughs in all areas of medicine that leverage the technology. With more connected devices and increasing global connectivity, millions more will have full accessibility to healthcare.
As I have taught over the years, Hard Trends are future certainties that will happen. These five tech trends that are impacting the healthcare industry in a multitude of ways are Hard Trends in and of themselves, transforming both internal and customer/patient-facing industry practices. So how can they be used to your advantage as an independent entrepreneur or an Anticipatory-minded healthcare leader?
In regard to the five tech trends represented in this blog, most, if not all, of them pertain to our connectivity to our personal health and well-being as humans, whether that be through a wearable device or virtual connection with a medical professional anywhere in the world. Likewise, technology acting as our partner in expanding our physical capabilities is another common concept.
Good questions to ask yourself to spur innovative thinking include: What unsolved healthcare problems could now be solved using these technologies? And are there yet-to-emerge problems we could use these technology-driven trends to pre-solve, before they stand in the way of progress?
Digital transformation in healthcare is still in the early stages, and that represents tremendous opportunities for Anticipatory Leaders!
See the future before it happens, download Daniel Burrus’ Top Technology Hard Trends Shaping 2022: https://www.burrus.com/seethefuture
Of course, I’ve been watching the National Basketball Association playoffs these days, but I find myself confused with the game that Dr. James Naismith created in 1891. Much has changed – we no longer use peach baskets to throw the ball into. And those “basketballs” were much different from the ones we use now, 29 1/2 inches in circumference, which of course today’s players can grip with one hand!
“Above the rim” — Today’s game is played above that “peach basket” which is now 10 feet from the floor. Players today, many of whom are easily above 6-6 and others over 7-feet tall, can dunk the ball as they hang onto that peach basket. Dunking the ball was never legal in my day or even in Lew Alcindor’s (Kareem Abdul-Jabbar) days in college as it is permissible in today’s game – at all levels.
“On the floor” — Observing that in almost every transition (that is the terminology for what used to be called the fast break) one or more players end up on the floor. It seems to happen all too often – mostly under the basket – as those 10 players make physical contact during every play of trying to get the ball in that hoop. One former player and Hall of Famer said, “In the NBA ya gotta knock somebody down.” And they do! I’ve heard Lombardi say that many times: but that was football, not basketball.
“Cutting players” — This is to mean the style of play (not releasing them from the team). As teams use the “pick and roll” to screen off a defender that defender grabs the offensive player preventing him from separating himself from his opponent. Grabbing your opponent seems to happen away from the action of the ball. Those three officials are often screened out because of the size of the players.
“Running with the ball” — This is more commonly called “traveling.” In the NBA it is seldom called as a violation. It is understandable since these over-large players have a difficult time gathering themselves while moving at such rapid speeds. Taking three or four steps with the ball gains a great advantage over his opponent
“Don’t foul the 3-point shooter” — It too often results in a 4-point play.
Space does not permit me to cover all the difficulties occurring in today’s game but suffice it to say that whatever happens on the NBA court tends to be followed by college and school-boy games – good or bad. While NBA players may not realize it, their importance to the future of basketball is with them!
Will you log in your impression of today’s NBA game?
Data has quickly become as valuable as gold to many businesses and organizations, especially with how many products and services have evolved to be more digital than not. If we think back to merely a decade ago, or perhaps even a little farther, we already had early iterations of smartphones, tablets, and other mobile devices while computers and the Internet had quickly become a staple in our everyday lives.
In the early years of the Internet, and leading up to the days of mobile devices, collecting and analyzing data was a slow process. Information had to be stored somewhere, and companies often outsourced this storage to remote servers for later review. Keep in mind that data was a lot simpler years ago, as much of it wasn’t needed the moment it was collected, but, instead, it was leveraged each quarter when discussing sales, customer behaviors, and new marketing strategies.
But times have changed, and now, in these highly connective, digital days, there is much more diverse data that allows companies of all kinds to offer much more with their products and services, and likewise, leverage that data to better their internal business processes as well.
When I teach companies and individuals about my Anticipatory Organization® Model, we look at a multitude of characteristics both within and outside their industries. Hard Trend future certainties shaping the world in general are always referenced, many of which are disruptive digital technologies and the speed at which they are accelerating.
Convergence is another piece of the Anticipatory puzzle that I reference, which has directly to do with different technologies bringing never-before-connected industries together, creating something new that transforms the world in positive ways. How does this concept of convergence relate to data collection and processing? By way of Edge Computing!
With the ever-expanding use of low-latency 5G, Edge Computing is quickly becoming commonplace in many industries. Simply put, Edge Computing brings the processing of data closer to the collection source, which enhances a company’s ability to leverage that data as quickly as possible.
A notable way in which Edge Computing impacts convergence can be viewed in the insurance industry.
Many auto insurers reward drivers with lower rates, provided they drive safely, but how, exactly, is that measured accurately? In years prior, it had directly to do with how many insurance claims a driver filed after an accident. Well, looking at that from today’s standpoint, that is quite inaccurate! Someone who sped dangerously, but had never filed a claim, was treated exactly the same as a person who drove excessively cautiously.
Now, thanks to speedy data collection via Edge Computing, the insurance industry has been able to converge with technology companies to develop trackers for drivers to have in their cars to offer even better rates to truly safe drivers. These trackers collect data in real-time, monitoring everything from speed to driving frequency, and so much more.
This convergence essentially carved out a new segment of an industry, creating new opportunities for entrepreneurs to better streamline these trackers, or for individual insurance companies to create proprietary equipment that could be licensed to competitors — an act of positive disruption that sets a specific organization ahead.
Think of how many drivers are on the road right this second in the United States alone. That’s a lot of real-time data, isn’t it? Many might assume that the likes of Allstate or State Farm Insurance could afford to store all this data internally in their own servers or data centers; however, this is not always the case.
Remember, also given the increase in low-latency 5G connectivity, we now have what is referred to as “Everything-as-a-Service,” or EaaS, for short. This means that data storage, or even the very act of Edge Computing, can be outsourced safely and securely to an outside organization to minimize internal overhead costs. Auto insurers using Software-as-a-Service (SaaS) for their real-time data tracking of safe and unsafe drivers can save even more and offer even better rates by lowering their overhead costs this way.
Some notable companies that offer Edge Computing services to many large organizations in expansive industries include Amazon Web Services (AWS), Dell EMC, which offers three notable categories in Edge Computing software, Google and their Edge TPU, and several others.
Let’s put our opportunity antennas up for just a moment and think in an Anticipatory way about data, Edge Computing, and convergence. What other industries could benefit from quick data collection and processing? Better yet, what specific industry would benefit from turning the tables to offer even better data processing to customers?
Everyone in the world, in either their professional or personal lives, has been impacted by the supply chain issues brought about by COVID-19. Especially in manufacturing, many project managers have had their specific projects delayed due to shipping issues following the pandemic, often left with nothing to say to their customers.
In leveraging Edge Computing, we could not only utilize my Skip It Principle to skip over this current problem, but we could also solve future mega-disruptions in supply chain, shipping, and communicating these challenges to customers by allowing them full transparency with tracking data. For instance, having some type of technology implemented into manufacturing processes could track in real-time where raw materials or supplies are, eventually relieving the need for project managers to constantly have to connect with different suppliers, and instead, have that legwork done for them.
This is a Hard Trend future certainty, as there are already many applications of Edge Computing in manufacturing worked effortlessly into robotics to prevent downtime and help predict when mechanical issues may be imminent.
You and your organization have the chance to benefit from better, faster data collection and processing, but likewise, use anticipation to map exactly how Edge Computing and other data collection technologies may impact other industries. In doing so, you can be the driver of positive disruption by way of convergence, bringing to light a whole new market that never before existed!
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