Conference Presentation, Panel
Digital Darwinism: How Companies Can Survive and Thrive in the Digital Age
- A live streaming event is projected to reach 80 million global viewers.
- Ellevest plans to soon unveil patent-pending technology tailored to women's investing needs, shifting focus from market indices to contextualized goals like career breaks and aiming to guide clients toward 90% of pre-retirement income.
- Ellevest intends to merge its platform with traditional financial advice, transitioning from simple ETF selection to comprehensive, goal-funded financial planning.
- The financial industry is expected to evolve over the next 10 to 20 years with models driven by lower pricing and correct planning, where some current structures may fail while others thrive.
- Women control approximately $5 trillion in investable assets, yet face retirement shortfalls due to lower earnings, career breaks, lower investment rates, and longer lifespans, resulting in women retiring with two-thirds the money of men.
- Technology is predicted to assume roles traditionally held by human advisors, creating a convergence of human and machine interfaces.
- SoftBank Group plans to support smart entrepreneurs with long-term capital over the next 10 years, anticipating that future disruption will originate outside current industries.
- Significant disruption is expected in education and healthcare markets within the next few years, alongside an evolution of ride-hailing businesses into future logistics sectors.
- SoftBank plans to continue investing in FinTech, e-commerce, and ride-hailing businesses.
- Honeywell anticipates that the digital revolution will continue for another 100 years, with the next decade characterized by a significant "digital to physical" interface leveraging domain knowledge.
- While the physical environment requiring heat or travel remains unchanged, Honeywell expects its CMMI Level 5 software development capabilities to provide a competitive advantage.
- The Internet of Things is expected to be a major factor for Honeywell over the next 10 years, with device connectivity increasing by 10 times.
- Honeywell intends to collect vast data from sensors on assets like jet engines and factory cells but warns that data without ROI or algorithmic application yields no value.
- Honeywell expects to compete in the thermostat market by differentiating through software work, even as competitors disrupt the space.
- The digital revolution is expected to continue for another 100 years, placing Honeywell at the beginning of this timeline.
- Honeywell anticipates more intelligence moving to edge devices due to 5G reducing latency problems.
- Cybersecurity is described as a "ticking time bomb" with an inevitable cataclysmic event affecting the economy or government.
- As IoT expands, businesses will be forced to open data portals, making attacks unavoidable and shifting the key assurance to the ability to recover from breaches.
- The value of company data relies on preventing alteration to maintain trust, driving the emergence of a large industry focused on protecting, analyzing, and ensuring data integrity.
- BlackBerry plans to focus on enterprise security, voice encryption, and server technology for government and defense entities, expecting to attract business in these sectors rather than chasing it.
- BlackBerry plans to continue acquiring companies, having purchased six in the previous year across security and communications.
- Future security will require balancing security with usability to accommodate customer freedom of movement.
- Over the next 10 years, physical keys are expected to be replaced by smartphone apps for doors and vehicles.
- Light bulbs are predicted to gain sensors and join mesh networks to report status to electricians and smart home systems.
- The amount of data collected about individuals will become vast in the next 10 years due to ubiquitous connectivity.
- Success in IoT will depend on multiple platforms and open protocols rather than a single monolithic entity controlling all data.
- Over the next 10 years, traditional cars with drivers, cash, cable, and alarm clocks are expected to vanish.
- Traditional education is expected to be reshaped by online mechanisms enabling individual monitoring, with computers identifying specific knowledge gaps to provide customized learning doses.
- Vocational training will require corporate alliances to teach industrial engineers computer science and mechanical engineers data science skills.
- Governments are expected to intervene to solve broader problems within the education system.
- A massive opportunity exists to correct the imbalance where healthcare research investment is currently 1/50th or 1/100th of care spending.
- Doctors will be able to provide more health insights using aggregated blood test data and AI, with the next generation benefiting from smartphones and sensors identifying patient data before arrival.
- Sprint is expected to become one of the better data networks in the United States in a reasonably short period, necessitating network capabilities focused on data consumption over voice calls.
- Businesses understanding demand before creating supply, such as Uber or Instacart, are expected to be more efficient than those structured over the last 50 years.
- Big companies are expected to perform poorly in external investment and have a poor track record in self-disruption.
- While one speaker notes the difficulty and risk to legacy business in innovation, another expects 75% of companies attempting internal innovation to fail.
- Honeywell warns that the IoT market may be significantly smaller than hype suggests, potentially mirroring the 20-year internet crash where the market reached only 0.1% of expectations.