Issue 27 | July 2020
The essence of resilient leadership
Business recovery from COVID-19
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This issue of Deloitte Review aims to provoke thinking on how technological developments change our society and how, in turn, changes in society demand new technologies. The coronavirus may be the current accelerant, but it is also important to reflect on what the next driver may be, what new regulations might come out of it, and how the resulting innovations will likely become important for your business.
Leader
Special focus: COVID-19
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Health care transformed
In brief
Short takes from our longer content
Opportunity and innovation in a time of pandemic
Leader column by Thomas Schiller
The essence of resilient leadership
Business recovery from COVID-19
The essence of resilient leadership
Business recovery from COVID-19
Resilient leaders shift organizational mindsets, navigate uncertainties, and invest in building trust in order to develop a recovery playbook that serves as a solid foundation for the post-COVID future.
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Superminds, not substitutes
Designing human-machine collaboration for a better future of work
Superminds, not substitutes
Designing human-machine collaboration for a better future of work
Realizing the full potential of AI in the future of work will require graduating from an “automation” view to a “design” view of the creation of hybrid human-machine systems.
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Opportunity marketplaces
Aligning workforce investment and value creation in the digital enterprise
Learn how opportunity marketplaces could be used to connect people, skills development, and work in powerful ways, maximizing value for both organizations and individuals.
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Opportunity marketplaces
Aligning workforce investment and value creation in the digital enterprise
Patient engagement 2.0
How life sciences companies can take patient engagement to the next level
The life sciences industry is moving beyond core patient services to the next generation of engagement platforms that seamlessly span the entire patient life cycle to help improve health outcomes.
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Patient engagement 2.0
How life sciences companies can take patient engagement to the next level
Narrowing the rural-urban health divide
Bringing virtual health to rural communities
There is growing evidence that virtual health can be a cost-effective and powerful tool to improve rural health care. Here's how health care providers can get started, and how government agencies can help.
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Narrowing the rural-urban health divide
Bringing virtual health to rural communities
Strength in diversity
Within reach?
Achieving gender equity in financial services leadership
Within reach?
Achieving gender equity in financial services leadership
Despite their efforts, many financial firms have yet to achieve a greater representation of women leaders. This article offers a roadmap for cultivating more female executives to lead the industry forward.
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Paving diverse paths to technology leadership
Diversity and inclusion in tech
Paving diverse paths to technology leadership
Diversity and inclusion in tech
Do IT organizations only want to hire technologists? Think again. IT organizations are becoming more diverse in their hiring—in fact, they seem to proactively look for and recruit those who, through their strategic thinking and intellectual curiosity, are able to bring a fresh perspective to the table.
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Implementing the smart factory
New perspectives for driving value
Implementing the smart factory
New perspectives for driving value
For manufacturers looking to implement a smart factory, considering lessons from those who have done it can provide direction forward and pave the way to greater value.
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Connectivity and its potential
Private 5G networks
Enterprise untethered
5G's new standards for enterprise will open the floodgates to a host of previously infeasible applications, allowing for industrial-scale internet-of-things networks in factories, warehouses, ports, and more.
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Private 5G networks
Enterprise untethered
Responsible business
The sustainability transformation
Look ahead, look inside, and look around
Pressures toward sustainability are reaching a tipping point. How can businesses accelerate their sustainability transformation to find new opportunities and avenues for growth?
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The sustainability transformation
Look ahead, look inside, and look around
Measuring the business value of corporate social impact
Beyond social value to enterprise performance
How much is corporate social impact worth? Today, improved measurement techniques and data analytics can enable companies to better understand the business value of their social impact efforts, enabling them to better allocate resources and make strategic decisions.
Measuring the business value of corporate social impact
Beyond social value to enterprise performance
Getting decision rights right
How effective organizational decision-making can help boost performance
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Digital health technology
A case study of health care transformation
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The realist’s guide to quantum technology and national security
What nontechnical government leaders can do today to be ready for tomorrow’s quantum world
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Marine plastic pollution
The hefty cost of doing nothing
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The future of fresh
Understanding the fresh food consumer
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Order from chaos
Startups tackle organizing India’s road logistics industry
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The End Note
Managing risk
What we said then
What we think now
What we said then
What we think now
Surviving and thriving in the uncertainty and turbulence that has characterized the first decade of this century requires unconventional thinking and calculated risk-taking. … Risks must be managed, not simply avoided. They must also be analyzed for their complexity and interactivity. Anticipation and preparation are key to survival and success.
Risk intelligent decision making: Ten essential skills for surviving and thriving in uncertainty, July 1, 2010
Frederick Funston, Steve Wagner, and Henry Ristuccia
Michael Kearney
Chief marketing officer, Risk & Financial Advisory, Deloitte & Touche LLP
Risk management has historically been the domain of unrewarded risks, such as compliance, regulations, or other mandated requirements. However, the last 10 years have seen a tremendous amount of innovation, including breakthroughs in identifying and monitoring for high-impact, low probability risks. If you had a “risk intelligence” group back in December, that group could have been doing scenario planning for COVID-19 and communicating the potential risks to senior leaders and the board.
The time to act is now
Often, organizations don’t get ready for low-probability, high-impact risks like pandemics because of important competing—and urgent—priorities. Nobody says they’re not important—they’re just not urgent, so addressing them keeps getting delayed.
If a CEO or board is thinking anything, they should be asking their risk management people how they can help manage these risks. And if they don’t get a useful answer, they had better push on them harder.
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There will probably be an uptick in executives paying more attention to these kinds of risks. The good news is that the tools, technologies, and risk specialists to do so are largely in place, and a lot of thought has been given to this challenge. And the current environment is already driving a lot more innovation in risk management.
Risk professionals have an exciting opportunity to demonstrate how they can help organizations manage risk. They need to up their game and demonstrate how they can help executives uncover, monitor, and address high-impact, low-probability risks. But leadership needs to meet risk management halfway. The executive team and the board need to start proactively asking risk professionals how risk management can help with such risks.
Done right, risk management can help organizations deploy bold strategies by considering the risks associated with leaders’ chosen strategy, the strategy’s execution, and the choices they have not made.
History has repeatedly shown that crises drive innovation. The COVID-19 pandemic has dramatically altered the way we live, and there can be no doubt that we will find our world has changed in fundamental ways once the threat recedes.
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Opportunity and innovation in a time of pandemic
Leader column by Thomas Schiller
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