Each week we feature our “Friday Top Five” stories which highlight five things we thought were interesting, notable, or culturally significant. This week we are showcasing stories about the future of conferences, the next digital era will be surprisingly human, what is a multiverse and why does it matter, Rivian is building insurance business, and how one company is trying to invoke collaboration in the music industry.
Friday Top Five – Story-1:: Is the future of Watch Released Digital?
Overview: Unlike Rolex, Tudor and Patek who have all postponed their new watch releases for this year, Breitling have released their new watches by making the most of technology. Georges Kern, Breitling CEO, delivered a webcast where he presented Breitling’s new watches. It’s very similar to a presentation that would have been seen at events like Baselworld. This format could be the future of watch releases. It’s certainly cheaper than doing events like BaselWorld.
Why It Matters: You might be saying to yourself, what is so damn important about a guy talking about a watch company releasing their product over video? Well, there is actually a fair bit. First lets start off with basic supply-chain related topics, move into digital, then focus on tourism and the events industry.
From a supply chain & data perspective, it has been interesting to see that a company like Breitling presumably had these products already manufactured, where ready to send to customers and that is why they went ahead with their release with the other watch houses all putting a halt on their 2020 releases. More specifically, Rolex makes ~1-Million watches a year. While they closed their offices, it is assumed they are sitting on inventory that they had planned to sell in 2020. This means, that they unlike Breitling likely have a massive cash position that allows them to do this, they are more reliant on just-in-time ordering, or they feel out product demand post Basel World (Largest Event) and make the right amount of product based on an understood demand.
Second, from a digital stand-point, it has been very cool to see how a brand can tell a story about a product line up and disseminate that information to the media and the masses through social media, dot com, and video platforms such as YouTube. While one can argue that this approach greatly reduces the journalistic validity of any story authored on the subject. It does allow for a greater number of people to gain access to information at the same time. This is great if your product/service is well received, extremely bad if you product is not; i.e., the Audemars Piguet 1159 digital reveal was a complete bust.
Lastly, let’s talk about tourism and the events industry. I like many others, have a love hate relationship with events. I love traveling, meeting people, hearing great talks, seeing products and learning about services. But from a time and cost stand point, events suck up a massive amount of time and resources. While I think 50% of what can be learned at an event can be consumed from home view website, youtube, zoom calls etc. There is something to be said about the hall way conversation and the post fireside chats that happen between people. While I am undoubtedly sad to think this sales, collaboration, and communication vehicle is about to die down. I am thankful for the innovative ideas that our tech world will create to augment these events.
Friday Top Five – Story-2:: This Next Digital Era Will Be An Intensely Human Experience
Overview: Three themes emerged from a series of pulse checks with CHROs and HR directors at companies of all sizes in every region: the importance of communication, creative upskilling and reskilling, and business continuity while keeping employees and customers safe and healthy. Throughout all the changes, the human element was pervasive.
Why It Matters: A fantastic article by Susan Galer of SAP, on the next wave in Human experience management (HXM) and the impacts Covid-19 will have on companies requiring them to communicate better, listen, and drive higher engagement across the organization.
Link: Forbes Article Linked Here
Friday Top Five – Story-3:: Emerging multiverses are the future of entertainment
Overview: The COVID-19 pandemic is accelerating the adoption of new technologies and cultural shifts that were already well underway. According to a clutch of heavy-hitting investors, this dynamic is particularly strong in gaming and extended reality.
Why It Matters: I am not a gamer, but log onto Twitch and you can quickly learn that gaming has evolved way beyond some kids in the basement. Not only has this world seen significant technologically advance, hardware upgrades that extend beyond the console, but you are now seeing it reach into the media and entertainment world. The article focuses on Travis Scott, but expect many more artists to take advantage of these platforms. What Vegas was 10-years ago in that it allowed an artist to stay in one place and the fans came to them. This is the next evolution in scale.
Link: Article Linked Here
Friday Top Five – Story-4:: Rivian is building an in-house insurance agency
Overview: Electric vehicle company Rivian is building an insurance agency to compliment their vehicle line.
Why It Matters: I am not shocked at a digital first car (transportation) company is entering into an adjacent industry. When developing this strategy, it is highly likely that they examined up and down the value chain and Insurance was a prime target for entrance due to it being largely a commodities offering with relatively low barriers to entry.
Link: Article Linked Here
Friday Top Five – Story-5:: Endlesss, the iOS music-making app from Tim Exile, takes to Kickstarter for desktop version
Overview: Endlesss, the iOS music-making app from Tim Exile, takes to Kickstarter for the desktop version, which means that music creators can develop and collaborate in the cloud in real-time.
Why It Matters: For your average person, music making has either be too complicated or too costly. With solutions like Endlesss, you remove those barriers and you add real-time collaboration, perfect for the now and next environment we are living in today.