Wanna, Facebook, Alexa discussed on Christopher Lochhead Follow Your Differentâ„¢
Late two thousands but now how in earnest into all companies and so what is digital transformation well it's technology but also process to is and this is what people are scared arrays all my God. My job is going away. that's how it's been manifest right. There's a lot of fear around digital transformation but did not jazz nation. Make no mistake it you overhaul everything from the metal the chips that we use all the way through networking and the the components that we I used inter operate and we're seeing this happen. I mean think about how fast is happening. You know ten years ago the idea of an autonomous car the idea that you you know that we would allow ourselves to be transported or could transform still science fiction is still eighty so I don't know that I'm GonNa WanNa do that. They're bruce well. You know a lot of we would also say. We probably wouldn't put all our you know personal information on the Internet Internet either. I always think about like you think about what's going on in China. which is a terrifying that there's now now a you know? The digitisation of the nineteen eighty-four vision is is is so real. It's even reeler than anything could have been imagined and and and so you think about it you know the government and said Hey. This is what we want you to do. What you log on this website Chelsea are how old you are what you do for living where he went to school? WE'LL everybody you're related to everybody you know and a post photos of your family and everything you're doing all the time and make sure that anybody else the photo we know who they are two and just put that all in the public sphere and do it all day every day. There would have been riots in the streets at we've we've all done it like a bunch of a bunch of cows. We've all just been directed into this thing and now we have what was this term. I heard recently the surveillance economy interesting well I you know yeah and the monetization comes through the digital oil right the data not through necessarily pain for the people that these things for free but they're not for free right there in just take a look at facebook's prophets. You know you can see for no. We Sell L. them our data as right yeah yeah they provide as a service that we provide the more data yeah so the way the the reason I kind of get this big long. windup is because I think is massive as the technology industry has been and it's massive as we thought y two K was going to be this will dwarf all of it I think. IDC says that by the year two thousand twenty five you know roughly two trillion dollars a year will be spent on this on what we now are calling digital transformation is ability for companies and consumers to actually to interact real time twenty four by seven and that it'll be contractually relevant interactions that will make our lives dramatically easier but in exchange for what rights right it could be an exchange for no jobs or Our jobs are completely different. You know we no longer we don't need a Milkman or milk person to deliver there are milk right and at some point we're not going to need an uber or lift driver to deliver a human well and I think it's getting even more interesting in which is I think some people I myself included who are in the more. Let's call them. A creative type fields thought yeah well you know all the task type fields. They're gonNA get fucked but as smart creatives. We're going to be just fine. Well guess what Chase Chase Bank after doing multi year a pilot has now hired this digital firm I forget the name of the firm now and this firm specializes allies in writing ad copy because after a multi year study the Ad copy firm delivers livers way higher. Roi Than Human Writers so now we're seeing marketing creative writers being replaced by Nike just bought some Consumer Company consumer analytics company that sounds like Cambridge analytics around demographics Vic's and tastes and I don't know when I read the article about what this thing was a bunch of guys from mit that created this thing so so what's my point. There's a lot of things that used is to be strategic creative analytical that were the domain of human beings and now you could just press a button and have make copy yeah well. I think you're raising a really valid point. I think there is at some point you you gotTA. We're not gonNA machines necessarily sell to other machines right although that on this that may not be a true statement you know we Alexa could do. You're buying for you and decide what it it is. So I'm sort of like if you think about in the stock market right you can put in an order with your broker digitally yourself which most people will pollinate would do it and say well you know when when G. E. Hits X. Number Sal or when Ge Hits X. Number by and you know so you can set those things up and then look how far away away from trading rhythms yeah well. I think what we are setting ourselves up for is which is why I think that the Y I I believe that we can see a doubling in the stock market because it's GonNa come in the former productivity the downside of productivity of the company but do some research they are I think some interesting things that are emerging that will help maybe sort of a a break on some of this stuff which means that humans are going to be needed and the break is that for example millennials if you look at the research millennials and Gen Z. These are the sort of people Jesse's just now counting entering the workforce millennials of course I think by twenty twenty ninety five again roughly seventy five percent of the of the of the u the workforce will be millennials. Hey they're millennials who are now starting to have middle-age age crisis. It's your head around that one of the things though you'll see is that millennials value at least that's what the research reports showed that millennials value more than just looking for more than just a companies that provide great products and services they also WanNa have companies that provide great contributions to the social to social causes and you and I think that in order for companies to do that a maybe a large part of the profits that would maybe necessarily just go directly into shareholder whatever value are going to have to be reinvested into social good stuff because the the data shows that people don't want to buy from companies that are just for pure your profit motives in fact a recent Supreme Court case with hobby lobby involves said that companies don't have to solely pursue a shareholder holder value in terms of for profit they can also invest in things that we would consider to be leased in in my career you know sort of outside the the the environment a for profit. It's more in Hey. How are we helping the local community? How are we helping the environment? How are we helping you know our our our community so the point being is that I think and we're going to see some massive changes? That's digital transformation is going to do. I think we have to overhaul our education market to your point needs to be learning in these to be learning industry industry. We can't afford to just tap you can't go to school and get a degree in art history. sorry everybody who has a degree Korean art history but you can't get and expect to have a light you know a great earnings potential or have industry one hire you. We need to combine nine that Hannah knowledge etc with also digital skills. We need to bring those to the end. Those digital skills needed a useful to industry because they can't amortize is your training because they know that you're GONNA only be there couple years. It's not lifetime employment your two three years and then you're off to the next company so they need to have you come in already able and capable of doing something. That's useful to them so digital skills such as hey hey you know how to set up an operate salesforce of but not just that you understand the strategy of using salesforce like what should be the territory's in what should be the what are the quotas and what you need the commission system sales sources just a mechanical thing use as a tool to implement those strategies. We need to teach those strategies strategy sales forces good job teaching tools marquette hub spot Zen desk all these companies teaching how to use the actual tools but how to apply them needs to be trained and so we need a different type of learning program one takes. We can't ask our in educational institutions does become overhauled you know in a in a couple of years we need them with new forms of learning and that we need to have the faculties and the administration embrace that and understand that their mission isn't just to provide you with the understanding of of rhetoric and Empha- means and and syllogism sweeney you need to understand you know silly syllogisms logic yeah you need to understand you do need to understand that you need to be an educated person mm-hmm but you also need to know how to apply that education and I think I love. You're constantly learning. We need to learn. I think that's learning yeah and like I think I can educate you. Talk about all these tools and I try to educate myself on all the marketing stuff and now has a podcast and author. It's fun to Dabble in the BBC side with my own shit and of course I still help few companies here and there some fascinated by a the education education. What do I need to know about these technologies and tools some of them bigger some smaller but whatever it is and then be the learning is in is in the application I think about how the learning to me is about you? Get educated on what the shit is but the learning happens when you try to use the shit right and you try to do stuff and you're like okay well. I'm going to do this digital all marketing and I'M GONNA fail here and I'm going to do something they're gonNA figure out. Oh this platform works better for me in that you know or or or in the case of ai were all playing in the marketing world today they with bots of one sort or another the and so I think it's in that playing that learning that failing at figuring new stuff out you know that to me this is the fascinating part and so what are the big areas that you see inside this giant banner of Digital Trans a digital the transformation. What do you see are sort of the big thematic areas that you and your partners are investing in yeah yeah so I said we're going to see a massive overhaul? so the architectural the the the comp the computational and storage architectures that would be put in place over the last twenty thirty years lamp stack right we have you know that's common. You know terminology basically relational databases with some kind of application that sits on top of it with the we extract the transactional data we transform it into some other form factor we loaded into a business intelligence system a data warehouse. We have data scientists you know run their models against stat and and a week later or two weeks later we send a report back to the marketing teen or whoever wow look what's being soul that it's it's over you. We can't use that model we have to have we have to overhaul our entire architectural architecture to support real time which means a different type of database a different type of computational architecture that allows us to take our actions behaviors in real time. I'll give you a specific example. I'm.