Verizon and Deloitte are teaming up to advance 5G and mobile edge computing (MEC).
5G is a major upgrade to wireless tech, bringing speeds that are poised to revolutionize industries. One area where 5G stands to make a significant contribution is in the realm of edge computing. Edge computing involves processing data at or near the point of collection, rather than sending it to a faraway data processing center. As a result, edge computing is the ideal solution for low-latency applications.
Verizon and Deloitte are working on a number of MEC capabilities, including a smart factory solution that will use MEC-enabled computer vision and sensor-based detection to improve the manufacturing process. The solution will predict quality defects, alerting management before costly mistakes are made.
Similarly, the two companies are working on an edge compute environment that will improve plant efficiency by reducing waste, cutting down manual quality inspection and more.
“By bringing together Verizon’s 5G and MEC prowess with Deloitte’s deep industry expertise and track record in system integration with large enterprises on smart factories, we plan to deliver cutting-edge solutions that will close the gap between digital business operations and legacy manufacturing environments and unlock the value of the end-to-end digital enterprise,” said Tami Erwin, CEO of Verizon Business. “This collaboration is part of Verizon’s broader strategy to align with enterprises, startups, universities and government to explore how 5G and MEC can disrupt and transform nearly every industry.”
“In our recently published Deloitte Advanced Wireless Adoption study, over 85% of US executives surveyed indicated that advanced wireless is a force multiplier that will unlock the full potential of edge computing, AI, Cloud, IoT, and data analytics. Our collaboration with Verizon combines Deloitte’s business transformation expertise with advanced wireless and MEC technology to deliver game changing solutions,” said Ajit Prabhu, US Ecosystems & Alliances Strategy Officer and 5G/Edge Computing Commercialization leader, Deloitte Consulting LLP.
Some 76% of US CEOs plan on reducing their office space footprint as a result of the ongoing transition to remote work amid the pandemic.
As the coronavirus pandemic swept the globe, countless companies sent their employees home to work remotely. In many cases, the transition to remote work was far more successful than anticipated, leading some companies to make it a permanent part of their corporate culture. Even companies that plan on eventually returning to the office have had to push those plans back as COVID-19 has resurged.
It appears the trend toward remote work is now impacting long-term decisions regarding corporate office space. Fortune, in collaboration with Deloitte, conducted a poll of 171 CEOs. The poll found that some 76% said they will need less office space moving forward, with 28% saying they would need a lot less space.
Even more telling, 40% of the CEOs polled said that remote work had led to increased productivity, indicating their employees were likely happier working remotely. Conversely, 31% reported decreased productivity.
The mixed results may be an indication that companies need to adopt multiple approaches moving forward, rather than a one-size-fits-all approach. Doing so could ensure maximum productivity from all workers.
The CEO of Deloitte, Cathy Engelbert, calls the massive changes that are happening in business and society the 3 D’s: Data, Digital, and Disruption. These changes are bringing about new strategies of leadership and hiring and are requiring new skill sets of inventiveness and creativity.
Thaddeus Arroyo, CEO of AT&T Business says that this disruption is the new normal and that this massively impacts hiring strategies: “The generation of employees that are entering now are coming from this connected generation and they think and work differently.”
Cathy Engelbert, CEO of Deloitte and Thaddeus Arroyo, CEO of AT&T Business recently sat down with CNN’s Anderson Cooper to discuss disruption and how it is impacting business and beyond (watch video below):
Cathy Engelbert: The 3 D’s: Data, Digital, and Disruption
It’s a pretty amazing environment when you think about how to invest in AI, social, mobile, the Internet of Things (IoT), AR, VR, cloud, blockchain, or whatever shiny new tool or technology emerges. As a leader, you’ve got to make these choices. I call it the 3 D’s, data, digital, and disruption.
Data, you’ve got to treat it like it’s the most valuable asset on your balance sheet, even though it’s not on your balance sheet. Disruption, it’s not the who anymore, it’s the what’s going to disrupt you? Then digital, AT&T is obviously investing a lot around the digital experience and the customer experience. You need a different leader in today’s day and age for that.
Cathy Engelbert: Worried About the Robot Apocolypse
Think about the reskilling that is going to need to be required. Everybody is worried about the robot apocalypse and are we not going to be doing what we are today in 5-10 years? I read something the other day that said that this is more about mass redeployment, not mass unemployment. It is an interesting time and people are worried.
I have a teenage son who came to me the other day and said, Mom, I’m afraid robots going to take over my job someday. I said thank goodness he’s actually thinking about this kind of stuff rather than playing video games. These millennials and digital natives and Gen Z’s are a little worried because that’s what they are hearing and reading and seeing.
The World Economic Forum put out a study last year that said 65 percent of school children today will eventually have a job that doesn’t exist today. By the way, back in 1999 at the dawn of the millennium, the Department of Labor put out a report that said 65 percent of school children today will eventually have a job that doesn’t exist today. So it’s actually not a new issue.
Thaddeus Arroyo: Disruption is the New Normal
I like to look at this as disruption is the new normal. This isn’t just in terms of how our business environment is being disrupted. We live in a world now of constant change. The generation of employees that are entering now are coming from this connected generation and they think and work differently.
I also think we are in a new era of leadership disruption in terms of how we approach modern problems. What wins in a world of constant change is creating a culture that can lead and create a north star to manage this change. We have to address a concept of leading in a world of change through constant evolution and moving beyond evolution to adaption.
Most importantly, recognizing that the single most important thing is it still about people. Is it human-centered? I don’t care what business you are in, in some way you serve people and what we put together is put together by the teams that work for us.
Thaddeus Arroyo: Creative but Collaborative
So this disruptive element, how do you put together a culture that is creative at its heart but collaborative that in such a way you can embrace the current generations and tomorrows. We have to ask are you looking for incremental and linear improvement or do you begin the conversation of how do you want it to work?
When you begin with how you want it to work you can do things that are transformative. And your culture has to create that because at the end of the day in this new disruptive world and the leadership model that we put in place culture wins.
Thaddeus Arroyo: CIO is Now the Chief Innovator
I think it has evolved. If you look at what we used to call the Chief Information Officer has moved because now the Chief Information Officer is the Chief Innovator. You can now tap into services rather than building those in the past.
I think we are moving deep into the heart of this fourth industrial revolution and while there is a lot of anxiety that comes with that because what we will be doing is probably as disruptive as when we went from an agrarian to an information society. The reality is that the demand for this influx of human talent to do the jobs that we haven’t even defined today requires constant evolution to create those skills.
The accounting firm that advised the MG Rover Group and the Phoenix Four, Deloitte & Touche, has been fined £14 million, or roughly $22 million U.S., for a conflict of interest.
The Guardian reports that the Financial Reporting Council, which issued the record-breaking fine, gave the company a severe reprimand over ethical breaches and the amount of money made through sheer misconduct. A former director (Maghsoud Einollahi) received an individual fine of £250,000 and is banned from practicing accounting for three years.
The executive director of conduct for the FRC, Paul George, has said of the FRC report that “[it] provides a clear analysis of the case and how it reached its conclusions. It should be essential reading for all members of the profession.”
The Phoenix Four (John Towers, Nick Stephenson, John Edwards and Peter Beale) purchased MG Rover in 2000 for a combined total of £10, and paid themselves around £42 million before the company collapsed in 2005. Reuters reports that the firm of Deloitte and its director, Einollahi, were acting as finance advisers to firms involved with MG Rover and the Phoenix Four. When the company collapsed with a £1.6 million debt, 6000 jobs virtually evaporated.
Deloitte is charged with failing to consider a conflict of interest that granted the company massive profits under schemes conducted by the Phoenix Four related to MG Rover. The BBC has reported that, as early as 2005, Deloitte’s accounting was being investigated by the UK’s National Audit Office.
In 2004, a joint venture had been announced by the Shanghai Automotive Industrial Corporation that might rescue the struggling automaker, but little headway or success was gained. By April 2005, MG Rover’s administrators received an offer from the UK government for a £6.5 million loan. That same month, the Shanghai Automotive corporation pulled out of the joint venture, leaving Nanjing Automotive to pick up the pieces that remained of MG Rover.
Consumers, looking for deals and discounts on food purchases, are increasingly turning to online tools to save money on groceries, according to Deloitte’s "2010 Consumer Food Safety Survey."
The survey found 33 percent of respondents subscribed to receive emails/recipes/coupons directly from food manufacturers/companies, a six percent increase from 2008.
"Today’s consumers are using the Internet to not just find nutritional and safety information about the foods they eat, but to find the best value for their dollar," said Pat Conroy, Deloitte’s vice chairman and consumer products practice leader in the United States.
"If this recession has taught us anything, it’s that we don’t necessarily have to sacrifice quality for value — and consumers have figured that out by uncovering the wealth of product promotions and other marketing messages available on the Internet."
Nearly a quarter (23%) of respondents said they have visited a food company’s website to find out product information and 23 percent also made a food purchase because of something they read online.
Mobile devices are beginning to play a key role for shoppers as they make decisions on what to buy, especially when it comes to price. Seven percent of people who took the survey have used their mobile/smart phone while in a store for a variety of reasons including to: compare prices (53 percent), get/redeem coupons/discounts (44 percent) and obtain nutritional information (28 percent).
When it comes to bargain hunting, men are more aggressive and, use their mobile devices more than women, to compare prices (59 percent to 49 percent) and obtain/redeem coupons/discounts (53 percent to 38 percent). Women, on the other hand, are more focused on using their mobile devices for receiving further nutritional information (36 percent to 18 percent).
"In today’s economy, consumers believe that they can get quality products without paying higher prices, whether that’s from store brands or national brands," said Conroy.
"Consumers realize their shopping choices have expanded giving them the ability to be more selective about their purchases based on a variety of criteria, including but not limited to, quality, quantity, taste, and of course, value. The question companies are asking now is, ‘Will this more critical eye towards purchasing be the new norm or just a passing result of the economic downturn?’"
"Today’s consumers are using the Internet to not just find nutritional and safety information about the foods they eat, but to find the best value for their dollar," said Pat Conroy,