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The Rise and Fall of Cryptocurrency—Again
2021 saw a meteoric rise in the value of Bitcoin and other cryptocurrencies. In addition, a reported 16% of Americans say they have invested in, traded or used cryptocurrency. But over the last two months, the value has dropped significantly. In September, El Salvador made Bitcoin a legal tender in the country and lost more than 20% of its investment in the four months since, resulting in the International Monetary Fund asking the country to stop its embrace of the currency. We have seen this song and dance before with cryptocurrency values dramatically rising and falling, but where do we go from here? According to Villanova University's John Sedunov, PhD, an associate professor of finance, people might have invested in crypto as a hedge against rising inflation in the last year because there weren't alternatives to the stock market, which itself has seen its fair share of volatility. If that trend continues and inflation concerns aren't erased, more Americans could invest in crypto. As crypto continues to work its way into the everyday vernacular, there could be an interesting player to help bring it more mainstream: traditional banks. Recently, JPMorgan announced a $12 billion investment into technology. JPMorgan, which has already launched one of its own digital coins, is ahead of the competition. "I think if anything is going to lead the way, as backwards as it is, it will be the traditional banks, specifically JPMorgan," Dr. Sedunov said. "Their reputation will bring competitors to market, allowing for the potential to become more mainstream." One of the key things, Dr. Sedunov notes, is that there needs to be wide knowledge and understanding about how cryptocurrency, and the blockchain where it's stored, actually works. "Until it's easier to understand and explain and becomes common knowledge, it's going to be a rough ride. It has to get to the point where the utility and ease of use is not trivial. It's very easy to buy it, but to spend or move it, it's a painful process to avoid fees. It has to be easier to access."
Ask an Expert - Are American Fan-Based Businesses at Risk for Decreased Revenue?
Modern fandom, according to Mike Lewis, is about having a passion for something—a sports team, entertainer, politician, fashion brand, a university—something. Lewis, professor of marketing and faculty director, Emory Marketing and Analytics Center (EmoryMAC) and host of the podcast, Fanalytics, considers fandom important because what people are fans of defines a modern culture. We can laugh at the sports fan with the painted face and the open shirt and the spikes on the sleeves, but the reality is, the traits that drive that level of enthusiasm and commitment are the traits that change the world outside of the arena. Mike Lewis, professor of marketing and director of EmoryMAC To better understand modern fandom and its effect on culture, Lewis, along with Yanwen Wang, Associate Professor of Marketing and Behavioral Science, and Canada Research Chair in Marketing Analytics, University of British Columbia, created EmoryMAC’s “Fandom Analytics Initiative.” The Fandom Analytics Initiative’s first report, Next Generation Fandom Survey, Generation Z: The Lost Generation of Male Sports Fans, published in September 2021, examines the results of a national survey the initiative commissioned. Nearly 1,400 people across four demographic groups—Generation Z, Millennials, Generation X and Baby Boomers—participated in the survey. Is Gen Z the Lost Generation of Male Sports Fans? The results reveal a somewhat troubling trend: Generation Z males (those born between 1990 and 2010) “seem to be increasingly indifferent and negative to traditional sports,” Lewis and Wang write in their report. “Generation Z’s relative lack of passion for sports and other categories is troubling for fandom-based businesses and a curiosity for those interested in the state of American society.” While only 23 percent of Generation Z defined themselves as “avid sports fans,” 42 percent of Millennials did, along with 33 percent of Gen Xers and 31 percent of Baby Boomers. Perhaps even more revealing is the percentage of respondents who considered themselves “anti-sports fans”—a startling 27 percent of Generation Z tagged themselves as “anti-sports” compared to 7 percent of Millennials, 5 percent of Gen X, and 6 percent of Baby Boomers. “That was unexpected,” says Lewis, who thought Generation Z would line up similar to Millennials, given that both groups are digital natives. “I’m still more and more surprised at how different Generation Z is than Millennials and, frankly, everyone else.” When Lewis and Wang took a look at the differences between male and female Generation Zers, things got even more interesting. In traditional sports categories (football, basketball, hockey, baseball, soccer), more Generation Z females defined themselves as “avid sports fans” than did their male counterparts. When it came to football, 20 percent of both Generation Z males and females described themselves as avid fans (the lowest percentage of all the demographic groups). But in every other traditional sport, Generation Z “avid sports fan” females outnumbered males by a discernable margin. Only when it came to eSports did Generation Z males outnumber Generation Z females. “I think there’s a very deep issue going on,” says Lewis. “Something fundamental has shifted.” The survey included questions about fandom-related psychological traits, specifically, community belonging and self-identity. On both, Generation Z males scored lower than Millennials. “The findings related to sports are particularly germane from a cultural perspective,” states the report. “Part of the lack of Generation Z fandom is due to younger individuals having less intense feelings of group belonging in general.” Beyond the Playing Field, How Does Loyalty Shine? While the report doesn’t take a deep dive into the psychology behind Generation Z’s fandom differences, it does note that Generation Z came of age during a time of “ubiquitous social media, dramatic demographic changes, and a hyper-partisan political environment,” they write. “These dramatic changes may fundamentally alter how members of Generation Z engage with cultural industries.” Overall, Millennials were shown to have the “highest preference across all sports,” according to the report. Millennials are not only willing to watch games, but they also enthusiastically wear team gear. Baby Boomers are up for watching games but are less interested in following teams on social media. As it turns out, note the authors, Generation Z isn’t totally disconnected. Across the entertainment categories, Generation Z is similar to other generations. “Sports fandom is the outlier,” they state. In addition to sports, Lewis and Wang looked at six other fandom segments: new and now celebrities, social justice culture, athletic excellence, old school personalities, brand fanatics, and Trump Fans. Lewis points to the fact that whatever one thinks of Donald Trump, he does generate fandom. “That passion for whatever it is—sports, politics, movies, music—that’s really what drives the world,” says Lewis. Because of its importance, fandom is, notes the study, “increasingly actively managed,” whether to garner viewers, money, or votes. Recent trends such as streaming across devices, the ubiquity of social media, an increase in demographic diversity (not to mention a once-in-a-lifetime pandemic), have affected mainstream sports and entertainment. As a result, Lewis believes it’s important to study how fans are changing across generations. Leagues, teams, networks, studios, celebrities, and others need to understand why there is less engagement to formulate strategies for acquiring the next generation of fans. Authors Mike Lewis and Yanwen Wang As sports leagues and teams see more growth opportunities with women and increasingly diverse fan bases, Lewis wonders if some sports teams may alienate their current fan bases by marketing to non-traditional groups. “If you’re a league or a team, you’ve got a real dilemma at this point,” he explains. “If the NFL wants positive press, it has to market to the non-traditional fan segments. If they do that, are the traditional fan segments going to be less interested? Perhaps.” EmoryMAC’s research on fandom in the modern age is ongoing. A study into how eSports’ fandom differs from traditional sports fandom is also in process—as is research on how younger demographic groups see colleges and universities as institutions worthy of fandom. EmoryMAC will continue to make data and insights available on its fandom analytics website. “Looking at the fandom and passion of young groups now will tell you a lot about what the world will look like in 20 years,” says Lewis. I suspect that the era of sports being a mass marketing product and also a cultural unifier is probably going to end. Mike Lewis While that strikes Lewis as sad, he and EmoryMAC are merely following the data. “It may be the reality of where this is going,” he adds. If you're a reporter looking to know more - then let us help. Professor Michael Lewis is an Associate Professor of Marketing at Emory University’s Goizueta Business School. In addition to exploring trends in the overall marketing landscape, Lewis is an expert in sports analytics and marketing. He is available for interview - simply click on his icon to arrange a discussion today.
Aston University MBA students to work with SMEs through new Virgin Money programme
The Levelling Upstarts programme is open to all small and medium-sized enterprises (SMEs) The Virgin Money programme aims to match SMEs with MBA students from leading university business schools, including Aston Business School Applications for the programme are open and will run until the end of February. Virgin Money has launched an innovative new programme which gives SMEs the opportunity to partner directly with MBA students from leading universities, including Aston University, through digital workshops to help them solve specific business challenges. Levelling Upstarts aims to both empower regional SMEs to level up and to foster the next generation of business leaders. The programme will help SMEs overcome challenges such as building brand awareness, honing a competitive advantage or selling into new markets. They will receive tailored guidance and recommendations through access to MBA students at leading universities, including those from Aston Business School. The digital workshops for successful applicants will be held with Aston University in March and June. Around 40 businesses will be selected to take part in the initial round of workshops across the three business schools on the programme. Kirit Vaidya, Fulltime MBA programme director at Aston Business School, said: “We have been working with Virgin Money for over two years. We are excited to participate in the Levelling Upstarts programme. “Our students have experience and expertise in a range of areas including IT, marketing, operations and human relations in addition to what they learn on our MBA programme. “The students gain enormously from the experience of applying their knowledge to add value for businesses. The participating businesses gain from the students’ expertise and fresh perspectives in addressing specific challenges or to transform their business models in a fast-changing world.” Professor George Feiger, executive dean of the College of Business and Social Sciences at Aston University, said: “Both our students and the participating businesses can gain immensely from the Levelling Upstarts programme by sharing ideas, putting thoughts into practice, offering alternative perspectives, challenging the perceived norm, creating bold solutions and ultimately working in partnership to enable the SMEs to move forward. “It is also a unique opportunity for tomorrow’s entrepreneurs to gain direct access to the growing businesses of today, putting their training into practice and gaining new skills along the way, boosting their employability.” Graeme Sands, Interim Head of Business Banking at Virgin Money, said: “Our new Levelling Upstarts programme enables businesses to get focused, comprehensive and free support that otherwise may not be available to them. “By pooling the resources of talented business students and helping them think outside of the box, the programme can help to help solve their business challenges while simultaneously giving MBA students valuable and transferable skills to help their future careers. “It really is a win-win for both students and participating businesses.” Applications for the programme are now open and will run until the end of February. Businesses that wish to express an interest can email levellingupstarts@virginmoney.com for further information on how to apply.
When students collectively save $748,925 in one semester and have easy access to textbooks on the first day of classes, coupled with Georgia Southern’s University Store’s ability to provide lower costs to students and avoid inventory delays, it’s a win-win for the campus community. The University-hosted Day1Access (D1A) program, a digital textbook model in collaboration with top publishers to reduce the cost of required course materials, ensures that all D1A materials are delivered at the lowest possible cost to the student – even lower than buying the material directly from the publisher. “The program itself grew out of the need to lower required materials cost and allow students to acquire that material on the first day of school,” said Derick Robertson, interim director for retail services at Georgia Southern. “Instructors no longer worry if the students have what they need and are ready to teach day one. We have allowed Day1Access to grow organically with instructors who see the benefits in the delivery method. Parents appreciate not having to search for their students’ material elsewhere for the cheapest option. The University Store appreciates the ease of delivery and not waiting on inventory to show up and running out of materials. In the end parents win, instructors win, students win and the University wins.” Through a partnership with Willo Labs, a leading digital resource provider, the program allows students to purchase their course material and have all the resources they need to begin their studies without having to visit the store. Access for all students begins the first day of class, with the option to opt-out of purchasing through the drop/add period. Each course utilizing D1A materials has received approval to digitally deliver required course materials to students from the instructor of that course. “The University Store is always looking to lower costs to students and provide the best service to the students of Georgia Southern University,” said Robertson. “Through Day1Access students have the required material they need at the cheapest price possible. As more departments adopt D1A the savings will continue to grow.” If you’re a journalist looking to learn more about Georgia Southern's digital textbook program– then let us help. The researchers behind this study are available, simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
The Case for Career Advocates: An Organization Is Not a Meritocracy
“This blog post is the first in a three-part series that summarizes the key messages I deliver to my students, in the hopes that it can catalyze and support the career success of a broader group of ambitious employees who aspire to make it to the C-Suite,” writes Renee Dye 94PhD, associate professor in the practice of Organization & Management. “Most of my lessons are derived from my own unlikely personal journey from literary scholar to top-tier management consultant to C-suite executive for a publicly traded company, but they are also heavily informed by leading researchers like Sylvia Anne Hewlett. In the final blog, I discuss the impact of remote work on career success.” One of the paradoxes of the Gen-Zs and Generation Alphas is their intuitive understanding of the phenomenon of social media…at the same time they maintain an almost ideological conviction that the workplace – apart from systemic biases – is otherwise a meritocracy, where talent is perfectly and objectively evaluated – and the best and most deserving rise to the top. Surely a cursory exploration of Instagram and TikTok would convince even the most skeptical of the fundamentally idiosyncratic nature of success in a networked world? The Real World is likewise characterized by outcomes in which success is imperfectly correlated with capability level. Someone whose capability level is less than yours may lap you in the race to the top of the organization. That may seem unfair, but that’s because you’re making the mistake of assuming that career success is predicated purely on capability. A survey of MBA graduates from my school a few years ago produced a startling insight: of all the skills that we provided to our students during their MBA tenures, our students felt most unprepared to navigate “organizational politics” in their careers. The reason that I found this fact so astonishing is that today’s students, who are Digital Natives and in part Social Media Natives, are the most connected and self-promoting generation the world has ever seen. Yet today I find that my students continue to exhibit little practical understanding of how career success is forged…so much so that I now devote an entire class session in my core Strategy class to demonstrating the importance of relationship management and advocacy cultivation. Capability is not unimportant; far from it. As I tell my students, though, capability is table stakes these days as the level of education and skill sets continues to advance among individuals. If you’re not smart and capable you’re not getting in the door. But once you’re in, your career path and ultimate career success will be more determined by (1) your level of aspiration and unflagging commitment to achieving your goals; (2) your performance outcomes in your individual roles; (3) your work ethic and conscientiousness; and (4) the relationships you have with other people within your organization. And the relationships that matter the most are the individuals with influence and power over your future career opportunities. Let me put it starkly: without career advocates (notice the plural), it will be much, much harder to make it to the senior management ranks. Full stop. Some facts to bear this assertion out: • People with advocates are 23% more likely to move up in the careers • Women with advocates are 22% more likely to ask for a stretch assignment to build their reputations as leaders Ultimately, having an advocate confers a career benefit of 22-30%, depending on who’s doing the asking and what they’re asking for. That’s increasing your odds of making it to the C-Suite by nearly a third! If anecdotal evidence is more your thing, here are a couple of quotations for you: • A lot of decisions are made when you are not in the room, so you need someone to advocate for you, bring up the important reasons you should advance” (Catalyst Survey, as quoted in Elizabeth McDaid, “Mentor vs. Sponsor,” September 3, 2019) • When you get to the level in your career when decisions are not just being made by an individual manager, feedback from other leaders becomes crucial. Rosalind Hudnell, Chief Diversity Officer, Intel. As quoted in Hewlett, Sylvia Ann, Melinda Marshall, and Laura Sherbin. “The Relationship You Need to Get Right,” HBR 2011) • “I was great at building businesses and had tons of cheerleaders, but I had that typical Asian keep-your-head-down-and-you’ll-get-taken-care-of mindset.” My boss had to take me aside and tell me that if I didn’t actively cultivate her as my sponsor, I would never progress beyond senior associate” (quoted in Hewlett, Sylvia Ann, Melinda Marshall, and Laura Sherbin. “The Relationship You Need to Get Right,” HBR 2011) To reiterate: an organization is not purely a meritocracy where talent and hard work speak for themselves; and it’s much, much harder to advance within an organization without effective advocates. Renee Dye is an Professor in the Practice of Organization & Management at Goizueta Business School. For more insight and to continue reading this article and series, please visit Dye’s blog. To arrange an interview – simply click on Dye’s icon now to book a time today.
MEDIA RELEASE: Is your vehicle ready for winter? What you need to do to prepare for the season ahead
Temperatures are getting colder, Ontarians are bundling up, and CAA South Central Ontario (CAA SCO) is recommending that now is the right time to get your vehicle winter ready. “Preparing for unpredictable driving conditions will help ease the frustration and anxiety that comes with colder weather,” says Kaitlynn Furse, director, corporate communications, CAA Club Group. “Before the winter season starts ensure your car is in tip top shape.” If you’re uncertain of when or how to get ready for winter driving, the top three things you can do right now are: packing an emergency roadside kit, installing your winter tires, and checking your car battery. CAA recommends packing a fully stocked emergency roadside kit so in case something does happen while on the road, you have everything to stay safe until help arrives. The kit should include a flashlight and extra batteries, warning devices (e.g., flares, reflective vests/strips), a first aid kit, blankets, jumper cables, non-perishable food and water plus a phone charger. Be sure to also keep an ice scraper, small shovel and snow brush handy in your car at all times. With the temperature consistently hovering around 7° Celsius, it’s important to install four matching winter tires to fully optimize your vehicle’s handling, stability and braking. “Compared to all-season tires, winter tires stay flexible in cold temperatures giving you better traction, whether or not there’s snow on the ground,” says Furse. “This may reduce your stopping distance by a few feet which can be the reason for preventing a collision.” While installing your winter tires, CAA recommends also asking your mechanic to check your car battery. “Even a fully charged battery can lose power when the temperature dips below 0° Celsius,” says Furse. “It’s important to have your car battery tested in the fall to ensure it’s ready for the winter.” Are you unsure if your car battery will make it through the winter months? Watch for the following warning signs that a battery may need to be replaced: Your vehicle cranks slowly when trying to start. It takes 175 to 250 amps of battery power to get a car going. If your car is slow to start, you might be dealing with an insufficient charge. Your headlights dim while idling. When idle, a car may draw more power than the alternator alone can produce, so your battery kicks in. If your headlights dim when you are idling but brighten when you rev the engine, it could mean a drained battery. Your digital systems power down quickly. Electronics like the radio, GPS, dash cams and other accessories, especially in modern cars, use battery power when the engine is off. If they stop functioning properly, it could suggest a weak battery. You hear a grinding, clicking or buzzing noise when you turn on the ignition. It’s important to be able to distinguish the reason your vehicle may be making noises, usually these sounds mean your battery has lost its charge but if you’re still unsure, get your vehicle checked by a professional. Your vehicle has stalled. The stored energy in your car battery is essential for starting the engine, without its juice, you won’t be going far. If your battery is giving you problems or you are unsure if it’s time to replace it, you can call CAA’s Mobile Battery Service at *222 to have a trained CAA SCO Battery Service Representative come test your battery and provide a helping hand.
Emory Experts - Why Companies Invest in Local Social Media Influencers
Companies seek local influencers to pitch products. Even though most influencers amass geographically dispersed followings on social media, companies are willing to funnel billions of sponsorship dollars to multiple influencers located in different geographic areas, effectively creating sponsorships that span cities, countries, and in some cases even, the globe. The desire to work with local influencers has spawned advertising agencies that specialize in connecting companies with influencers and may soon redefine the influencer economy. This trend has merit, our research team finds. In a new Journal of Marketing study, we show a positive link between online influence and how geographically close an influencer’s followers are located. The nearer a follower is geographically to someone who posts an online recommendation, the more likely she is to follow that recommendation. To investigate whether geographical distance still matters when word of mouth is disseminated online, our research team examined thousands of actual purchases made on Twitter. We found the likelihood that people who saw a Tweet mentioning someone they follow bought a product would subsequently also buy the product increases the closer they reside to the purchaser. Not only were followers significantly associated with a higher likelihood to heed an influencer’s recommendation the closer they physically resided to the influencer, the more quickly they were to do so, too. We find that this role of geographic proximity in the effectiveness of online influence occurs across several known retailers and for different types of products, including video game consoles, electronics and sports equipment, gift cards, jewelry, and handbags. We show the results hold even when using different ways to statistically measure the effects, including state-of-the-art machine learning and deep learning techniques on millions of Twitter messages. We posit that this role of geographic proximity may be due to an invisible connection between people that is rooted in the commonality of place. This invisible link can lead people to identify more closely with someone who is located nearby, even if they do not personally know that person. The result is that people are more likely to follow someone’s online recommendation when they live closer to them. These online recommendations can take any form, from a movie review to a restaurant rating to a product pitch. What makes these findings surprising is that experts predicted the opposite effect when the internet first became widely adopted. Experts declared the death of distance. In theory, this makes sense: people don’t need to meet in person to share their opinions, reviews, and purchases when they can do so electronically. What the experts who envisioned the end of geography may have overlooked, however, is how people decide whose online opinion to trust. This is where cues that indicate a person’s identity, such as where that person lives in the real world, come into play. We may be more likely to trust the online opinion from someone who lives in the same city as us than from someone who lives farther away, simply because we have location in common. Known as the social identity theory, this process explains how individuals form perceptions of belonging to and relating to a community. Who we identify with can affect the degree to which we are influenced, even when this influence occurs online. Our findings imply that technology and electronic communications do not completely overcome the forces that govern influence in the real world. Geographical proximity still matters, even in the digital space. The findings also suggest that information and cues about an individual’s identity online, such as where he/she lives, may affect his/her influence on others through the extent to which others feel they can relate to him/her. These findings on how spatial proximity may still be a tie that binds even in an online world affirm what some companies have long suspected. Local influencers may have a leg up in the influence game and are worth their weight in location. For these reasons, companies may want to work with influencers who have more proximal connections to increase the persuasiveness of their online advertising, product recommendation, and referral programs. Government officials and not-for-profit organizations may similarly want to partner with local ambassadors to more effectively raise awareness of—and change attitudes and behaviors towards—important social issues. Goizueta faculty members Vilma Todri, assistant professor of Information Systems & Operations Management, Panagiotis (Panos) Adamopoulos, assistant professor of Information Systems & Operations Management, and Michelle Andrews, assistant professor of marketing, shared the following article with the American Marketing Association to highlight their new study published in the Journal of Marketing. To contact any of the experts for an interview regarding this topic, simply click on their icon to arrange a time to talk today.
Aston University makes experts available through COP26
The University’s website is highlighting its experts, projects and research, latest news and podcasts around sustainability On 4 November the University’s Supergen Hub will co-host a ‘fishbowl’ conversation to develop and interrogate visions for a net zero energy future Aston Originals has produced three shows around finance, energy and transport ahead of the summit. Aston University has launched its COP26 campaign to highlight the work being done by its academics and researchers to support the United Nation’s biggest climate change targets. The University’s website will highlight its experts, projects and research, latest news and podcasts around sustainability and climate change. The COP26 summit will be attended by the countries that signed the United Nations Framework Convention on Climate Change (UNFCCC) – a treaty that came into force in 1994. More than 190 world leaders will meet in Glasgow, between 31 October and 12 November, to discuss ways of achieving net-zero carbon emissions by 2050 and keeping the global temperature rise to 1.5 degrees Celsius this century. High profile attendees are expected to include Greta Thunberg, Pope Francis and Sir David Attenborough. Representatives from Aston University will also be taking part at the global summit. On 4 November during ‘Energy Day’, the six UK Research and Innovation Supergen Hubs, one of which involves academics from Aston University, are hosting a ‘fishbowl’ conversation with the public, to develop and interrogate visions for a net zero energy future. It will be participant-driven, enabling multiple perspectives to be aired and offering an opportunity for a variety of participants to engage, and will be live-streamed for those who cannot attend in-person (tickets available for the live-stream here). Also during Energy Day at COP26, the Aston University Supergen Bioenergy Hub will be hosting a ‘Build your own biorefinery’ game on the COP26 Universities Network exhibition stand within the Green Zone. Members of the public will be invited to create their own biorefinery (where multiple products are created from one feedstock to extract maximum value), demonstrating the many routes to producing bioenergy and bioproducts and the co-benefits that can be achieved through different choices. The campaign will also look at the huge carbon footprint of asthma inhalers and a new project which aims to redesign the canisters, so they are more environmentally friendly. The University’s new digital content brand, Aston Originals, has produced three videos showcasing its experts under the topics of finance, energy and transport. Professor Simon Green, pro-vice chancellor research at Aston University, said: "COP26 highlights how big a challenge the climate crisis is for everyone around the world. “I am proud of the work being done at Aston University to combat the problems facing the planet – from the researchers in the College of Engineering and Physical Sciences carrying out world-leading research into new and innovative ways of converting biomass into sources of sustainable energy to experts in the College of Business and Social Sciences who are helping small and medium sized enterprises (SMEs) cut their carbon footprint.”
ChristianaCare Named a “Most Wired” Health Care Technology Leader for 6th Consecutive Year
ChristianaCare Recognized as one of the Nation’s Best in Both Ambulatory and Hospital Care (WILMINGTON, Del. – Oct. 29, 2021) For the sixth consecutive year, ChristianaCare has earned the “Most Wired” designation from the College of Healthcare Information Management Executives (CHIME), which assesses how effectively health care organizations apply core and advanced technologies to improve health and care in their communities. ChristianaCare was recognized with a Performance Excellence Award for Most Wired’s acute and ambulatory categories. That level is reserved only for organizations that are considered leaders in health care technology who “actively push the industry forward.” The recognition affirms that not only has ChristianaCare implemented advanced technologies, but it leverages those technologies in innovative ways. And it also has encouraged deep adoption of these technologies across the entire health system. “Throughout the COVID-19 pandemic, patients and providers have experienced the power of virtual care and the ability for data and technology to improve the health care experience,” said ChristianaCare President and CEO Janice E. Nevin, M.D., MPH. “At ChristianaCare, we believe now is the moment to transform our health care system to a new model of care that doesn’t stop between appointments—it’s continuous, data-driven and technology-enabled. We’re proud to be recognized as a leader in health care innovation, as we work to achieve better health at lower costs.” “We are driving digital into the core of our existing operations and simultaneously creating new digital product offerings,” said Randy Gaboriault, MS, MBA, chief digital and information officer at ChristianaCare. “The concept of the visit as the primary point of interaction between patient and doctor is obsolete. Our unique care foundation is continuous, digital and in the home, driving care with data and producing engagement actions between the visits. Our goal is for the care team, supported by artificial intelligence within the workflow, to determine the next best action for each patient.” The recognition is the latest accolade that highlights ChristianaCare’s success in creating exceptional experiences for its patients and consumers through personalized, proactive communication, which enables people to use the channels that they prefer in order to easily access care. This success was recently illustrated through ChristianaCare’s integration of clinical data with its new customer relationship management (CRM) system, which enabled ChristianaCare to scale and automate outreach to patients due for important preventive health checks. Through this effort and the new capabilities, ChristianaCare initiated patient and consumer outreach to address two common gaps in care – annual wellness checkups and breast cancer screenings. Continuous and automatic, the outreach within weeks resolved 11% of the gaps in annual wellness checkups, and 8% of the gaps in breast cancer screenings. “Success here stems from our commitment to continuously look for opportunities to innovate, from which we can more quickly and effectively partner with each individual on their path toward optimal health, even as we explore new ways to push the boundaries of how technology can further improve the health of our community,” said Lynne McCone, vice president of IT Application Services at ChristianaCare. The 2021 Digital Health Most Wired program assessed the adoption, integration and impact of technologies in health care organizations at all stages of development, from early development to industry-leading. Each participating organization received a customized benchmarking report, an overall score and scores for individual levels in eight segments: infrastructure; security; business/disaster recovery; administrative/supply chain; analytics/data management; interoperability/population health; patient engagement; and clinical quality/safety. Participants can use the report and scores to identify strengths and opportunities for improvement. Participants also received certification based on their overall performance. “Digital transformation in healthcare has accelerated to an unprecedented level since 2020, and the next few years will bring a wave of innovation that empowers healthcare consumers and will astound the industry,” said CHIME President and CEO Russell P. Branzell. “The Digital Health Most Wired program recognizes the outstanding digital leaders who have paved the way for this imminent revolution in healthcare. Their trailblazing commitment to rapid transformation has set an example for the entire industry in how to pursue a leadership vision with determination, brilliant planning and courage to overcome all challenges.” About ChristianaCare Headquartered in Wilmington, Delaware, ChristianaCare is one of the country’s most dynamic health care organizations, centered on improving health outcomes, making high-quality care more accessible and lowering health care costs. ChristianaCare includes an extensive network of primary care and outpatient services, home health care, urgent care centers, three hospitals (1,299 beds), a freestanding emergency department, a Level I trauma center and a Level III neonatal intensive care unit, a comprehensive stroke center and regional centers of excellence in heart and vascular care, cancer care and women’s health. It also includes the pioneering Gene Editing Institute. ChristianaCare is nationally recognized as a great place to work, rated by Forbes as the 5th best health system to work for in the United States and by IDG Computerworld as one of the nation’s Best Places to Work in IT. ChristianaCare is rated by HealthGrades as one of America’s 50 Best Hospitals and continually ranked among the nation’s best by Newsweek and other national quality ratings. ChristianaCare is a nonprofit teaching health system with more than 260 residents and fellows. With its groundbreaking Center for Virtual Health and a focus on population health and value-based care, ChristianaCare is shaping the future of health care.
Emory Experts - Ad-blockers Shave $14.2 Billion Off Consumer Spending, Says New Research
Digital advertising is big business. So big, in fact, that it is well on track to become the most dominant form of advertising. Estimates suggest that spending on digital ads in the U.S. alone will reach a staggering $201 billion by 2023 – more than two-thirds of total spend. And it makes sense. With consumers increasingly shopping online, advertisers continue to ramp up their use of data and technologies to find innovative new ways to reach target audiences. The Flip Side to Digital Advertising Success The sheer ubiquity of online advertisements is driving a corollary upswing in the use of another digital technology. Ad blockers are easy-to-install and free-to-use software that consumers can deploy to hide unwanted ads on their screens, and they are gaining huge popularity worldwide. The numbers are hard to determine, but some evidence points to anywhere from 600 million to two billion Internet users having downloaded some form of ad-blocking in the last three years or so – well over 11% of the global internet population. Also hard to gauge is the impact on advertising revenue that ad-blockers are having – that is, until now. A new paper by Vilma Todri, assistant professor of information systems and operations management at Goizueta, sheds stunning light on the effect of ad-blocking on online search and purchasing behaviors among internet users. And what she has found should give advertisers serious pause for thought. According to her analysis, ad-blockers decrease consumer online spending by an average of 1.45%. Now, assuming that around 615 million internet users have downloaded some kind of ad-blocking software in recent years, the actual impact puts the loss in revenue from digital advertising around the $14.2 billion mark, year over year. And that’s not all. Todri also finds that ad-blocking seems to have the effect of limiting consumer spending disproportionally on certain brands over others. Users who opt out of seeing digital ads tend to continue to purchase mostly those products or services they are already familiar with, and not engage with new brands; they are less likely to use different search channels or visit new e-commerce websites as a result of ad-blocking. Analyzing Customer Engagement from 300 Million Internet Visits To get at these insights, Todri analyzed data from a U.S. web behavior dataset spanning a three-year period, from January 2015 to December 2018. She looked at web-wide visits, transaction behaviors and demographic identifiers across a total of 92,000+ users and more than 300 million internet visits. To measure the effect of ad-blocking, Todri matched all of this data with an ad-blocker dataset from the same source – a well-known U.S. measurement and analytics company – which shows that around 10% of users had installed an ad-blocker at some point during this three-year window. Crunching the numbers, Todri finds that the effect of using ad-blocking software on these users is to reduce their online search engine sessions by 5.6%. They also spend 5.5% less time visiting e-commerce websites. In other words, consumers who opt out of seeing ads end up browsing and shopping significantly less than others. And in terms of what these users are buying, the data shows that they are much less likely to spend on brands they don’t know or have not experienced before (and conversely, more likely to stick to familiar brands.) Digging even deeper, Todri also finds that this negative effect penalizes the brands that invest most heavily in advertising online more that those that don’t. In other words, ad-blockers are hurting those who advertise online most. Todri’s paper is the first to expose the quantitative, negative impact of ad-blocking on consumer spending. And her findings should be on the radar of any company looking to market its products and services online, she says. “The data clearly shows that ad-blockers reduce online spending by 1.45%, which amounts to something in the order of $14.2 billion in lost revenue given that about 600 million people around the world have installed this kind of software,” she says. “And the figures suggest that it’s the brands that heavily invest on online advertising who are bearing the brunt of this drop-off in consumer spending.” Search Behaviors, Interrupted “Advertisers also need to look at the fact that ad-blockers inhibit search behaviors,” adds Todri. “The figures point to a drop of around 5% when users have installed ad-blockers, which in turn means that they are not discovering and spending on new brands. They’re sticking with what they already know.” There’s an imperative here for companies to interpret these findings and reflect on what they say about ad-blocking, and also about what constitutes “acceptable advertising practices,” she says. “It’s reasonable to assume that people who use ad-blockers simply don’t like ads and aren’t influenced by them. Yet the data points to a different conclusion: if consumer purchasing falls after installing ad-blockers, it would suggest that advertising does work – seeing advertisements does drive searching and purchasing behaviors. So taken together, there’s a likely imperative here for advertisers to find new formats in terms of reaching their targets, and to strengthen their organic channels and social presence online.” Digital advertising clearly does impact search and purchasing behaviors, says Todri, so firms need to get creative while being cognizant of the fact that some consumers find current advertising practices annoying. Vilma Todri is an Assistant Professor of Information Systems & Operations Management at Emory University’s Goizueta Business School. Previously, she worked for Google where she was developing integrated cross-platform advertising strategies for large business clients that partnered with tech giant. Vilma is available to speak with media about this subject – simply click on her icon now to arrange an interview today.