Unimaginable Examples on How the Current Crisis Accelerated Business and Digital Transformation

This week Ricardo talks about some unimaginable examples of how the current crisis accelerated the business and digital transformation dramatically.

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Episode transcript

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Ricardo (4s): Hello, everyone. Welcome to the five minutes podcast. Today I'd like to share with you some Unimaginable Examples on the How COVID-19 Accelerated Business Transformation. Let me explain. I'm not here to talk about COVID-19, but I'm talking about how a massive impactful event can change completely the landscape on Business Transformation accelerating in a dramatic way. Some of the trends that we are are already seeing. So I want to highlight to you three examples, just to give you the context for you to think a little bit. The first one that is a huge surprise for me is the growth of telemedicine.

Ricardo (48s): Let me tell you the telemedicine. I'm not a doctor, but I read quite a lot recently about that telemedicine was always a polemics topic, because telemedicine does not allow the clear interaction between the doctor, the, and the patient in, you know, understanding some underlining aspects of the disease or the treatment. And this was a very polemic thing about how we end up to what level we can adopt the concept of telemedicine, but suddenly everybody said, oops, there is no way to use telemedicine or There is no medicine because will put doctors at risk.

Ricardo (1m 29s): Patients should not go to the hospital because the hospital is a very critical place to be in a pandemic. So NBC TV in the U S in April 29, publish news about a Baylor Scott and white in DC, that they increase their telemedicine presence by 433% in seven weeks. So imagine what I'm talking about. So something that was probably a drop in the ocean of healthcare now became something relevant. Imagine in normal Conditions how long it would take to telemedicine and to increase for 433%.

Ricardo (2m 12s): A second example is higher education universities. The business of universities was completed disrupted for most of the universities that do not have a massive amount of endowments, they are facing a huge challenge because suddenly they had to move people out of the campus to study online and they have to put everything in place online. This impacted I would say the experience of learning because people are not together because when you go to a university, physically, you have all that connection, but suddenly that connection does not exist anymore. The content may still be delivered, but not in the same way.

Ricardo (2m 55s): And let me challenge now, who will pay 50, 60, 70,000 us dollars per year to do an online training. So they face a massive challenge because this will disrupt completely their current business model. So probably they will have to reinvent themselves because when it's back, okay, when it's back, people will go back. But that technology and that experience will open that huge amount of opportunities for all the universities. And also it's a big shift on the cultural mindset because people don't, can not do exams or tests or at home.

Ricardo (3m 35s): Now it's something like you do at home or you don't do. But if you don't do you delay everything, people don't graduate, you don't receive new students, you don't receive new money. So it is just a very complex scenario. So these universities are being forced if they didn't, even if they didn't want to adopt massive digital transformation into their business to survive and to continue operating. And now they're facing a massive value proposition challenge. My third example is e-commerce, of course, we all know that e-commerce is growing. That retail is facing challenges, but let me give you some numbers.

Ricardo (4m 15s): Rakuten intelligence published recently, and you can find is on the web 35% growth on overall retail in the past seven weeks. This is twice the average growth of e-commerce in a year. But now look, the growth of groceries supermarket 210% in seven weeks. Let me give you my example. I live in Portugal, here It's not common that you do grocery shopping online. It's not common, but when you are confined in an emergency state, you have no other option. And let me tell you, after seven weeks, I got used to that.

Ricardo (4m 58s): I got used to that. So when things go back to normal, maybe I will go back to do my grocery shopping. However, a big piece of my shopping will continue to be online because I learned I'm not afraid anymore. I'm not saying my case, but people are not afraid anymore using a credit card online. It's a massive a celebration of this speed of adoption. So look, and this is a good for e-commerce good for streaming, you know, streaming platforms like Netflix, Disney plus, Apple TV plus. This is a massive change for them. So something that it would take them two years to get they're getting in seven weeks and why I'm sharing this with this.

Ricardo (5m 43s): Podcast because you, as a leader, leading your project leading your new product development, you need to be aware that some external factors that you have no control, they can shift the society in such a dramatic way that you need to basically reinvent your business because your current business model stop working immediately, almost immediately. You said, oops, I need to reinvent. And this will make a massive disruption in several projects that we are undertaking. can anyone imagine that oil barrel would be below zero.

Ricardo (6m 24s): People will pay you to get it, like what happened in late April. This is something unbelievable. Look, if we go back ten years in time and talk to someone that in 10 years in the future something like that will happen, people will say that we are crazy. So this is the new reality and this is why I always say that adaptability becomes a core competence for every single company and every single professional, even more for those who work in the project environment, and initiatives, they will be massive change agencies and their adaptability.

Ricardo (7m 4s): Wil be a key for the survival and success of their organizations in their countries. So I hope you enjoyed this podcast. Share on the comments. If you have any other ideas or any other suggestions, I would love to hear from you on that. Take care.

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