IT'S TIME TO BUILD
According to Marc Andreessen, despite years of advance warning about bat-borne coronavirus, there still is no vaccine and there continues to be worldwide shortages of personal protective equipment, ventilators, and ICU beds.
What we haven’t done and are failing to do now specifically is the widespread inability to build. This satisfaction with the status quo, and the unwillingness to build, is not just apparent in this pandemic but throughout Western life – and specifically throughout American life.
You see it in housing: when producers of HBO’s “Westworld” wanted to portray the American city of the future, they went to Singapore.
You see it in education: we have top-end universities that teach only a microscopic percentage of new 18 year olds and our last major innovation in K-12 education was 50 years ago.
You see it in manufacturing: American manufacturing output is higher than ever, yet still so much manufacturing has been offshored to places with cheaper manual labour.
The problem is desire. The problem is will. The problem is to want to build these things. And building isn’t easy. There are outstanding people everywhere that can build directly, or help other people to build, or teach other people to build, or take care of people who are building.
FINANCIAL STABILITY BOARD PUBLISHES RECOMMENDATIONS TO ADDRESS GLOBAL STABLECOINS
Alternatives to physical cash are becoming more desirable amid growing concerns surrounding the coronavirus pandemic. Technological innovations such as “stablecoins” are being considered to help enhance the efficiency amongst in the financial sector.
The Financial Stability Board has published for consultation 10 high-level recommendations which outlines the regulatory, supervisory and oversite challenges raised by “global stablecoin” (GSC) arrangements.
A few of the recommendations are highlighted below:
- Authorities should have and utilise the necessary powers, tools, and adequate resources to comprehensively regulate, supervise, and oversee a GSC arrangement
- Authorities should apply regulatory requirements to GSC arrangements on a functional basis and proportionate to their risks.
- Authorities should ensure that there is comprehensive regulation, supervision and oversight of the GSC arrangement across borders and sectors.
The recommendations outline requirements for flexible, efficient, inclusive and multi-sectoral cross-border cooperation, coordination and information-sharing arrangements that emphasize the evolution of “global stablecoin” and risks they may encounter over time. Learn more about the recommendations
REINVENTION AND REORGANIZATION AMONG HIGH PRIORITIES FOR BUSINESSES ACROSS THE WORLD
As COVID-19 continues to take a toll on businesses across the world, reorganization and reinvention of organizations will become a high priority, according to Oliver Wyman. By following this approach, enterprises can identify new opportunities by freeing up resources and creating more value through reprioritization.
A bottom-up, triangulated approach can prepare organizations for the upcoming rebound. This model shifts the focus from solely rigid cost reduction to agile reinvestment in areas that will offer the best return on investment. The three main elements of this approach are:
- Defining the current organizational state
- Benchmarking against leading practice and external data
- Performing a bottom-up evaluation
The outcome is a clear overview of an organization’s activities and circumstances. In order to maximize success in the new era of commerce, resources must be released efficiently to reinforce flexibility, adaptability, and growth of strategic priorities. Learn more how to apply this approach