using technology and data to transform during covid

what were some leadership questions being asked during covid?

how do we keep this momentum going?

how do we take the best of what we’ve learned and put it into practice?

how do we win?

invest in tech, data, processes, and people to enable speed

make better decisions and faster course corrections based on learning

what are the elements to winning?

digital speed — leading companies reallocate talent and capital 4x quicker than peers

ready to reinvent — leading businesses are investing in upgrading their core as well as innovation, often using tech

all in — decisions are just faster, but bolder — major acquisitions and capital bets

data-driven decisions — data is fuel to power better and faster decisions

• high-performing organizations are 3x more likely than others to say data and analytics contributed at least 20% to EBIT

customer followers — top companies sustain a comprehensive focus on the customer

RXR Realty background

NYC based commercial and real estate developer

began investing in digital capabilities that would set it apart

historically, real estate has been transactional

what did RXR Realty create during covid?

created a digital lab to encourage digital initiatives

created an app that enables scheduling, deliveries, dog walking, and rent payments to residents

created an app for real-time analytics on heating, cooling, and floor space optimization on the commercial side

created an app called RxWell that tracks air quality and occupancy levels of a building, cleaning status, food delivery options, shift times for worker arrivals

temps taken via thermal scanners when entering

heat maps show how full a restroom or conference room is

Goldman Sachs background

launched a product called Marcus in 2016

• the firm’s digital consumer business

deposits have grown from $7 billion to $92 billion

Marcus

digital-first philosophy — decisions on new products and services happen quickly

decided to defer payments on loans and credit cards to several months with no interest

decision was made and rolled out in 72 hours

• managed to do this because it was all digital

Petrosea background

Indonesian mining company

attacked heavily by their environmental footprint

tried to get away from coal and towards digitization

employed AI, smart sensors, and ML

enables predictive maintenance of its fleets of trucks — enables fewer trucks and addresses breakdowns before they happen

Petrosea training

moving away from copper, nickel, gold, and lithium

using AI to find metals faster and more efficiently

employees were not trained in the correct areas

created an app with popular gamification elements to keep employees engaged during training

Freeport-McMoRan background

a copper mining company in AZ

$200 million expansion plan was quickly brought to a halt due to prices dropping dramatically during covid

how did Freeport-McMoRan adapt during covid?

combining the power of AI and institutional knowledge

when prices dropped, company invested in AI to figure out how to run their mines more efficiently

AI showed that historical recipes the company was using were inefficient

AI showed how much faster it could run and max capacity

processing rate is now 10% higher in that location

Levi Strauss Jeans background

known for having quality products in person

before the pandemic, they started investing in AI and analytics

once the pandemic hit, the company started curbside pickup in a matter of days

shipped from their stores as well as fulfillment centers

what did Levi Jeans do during covid?

launched a campaign in Europe that used data from an AI model

sales were 5x what they were in 2019 (also raised prices)

“AI allows quick transition from data and facts into action”