Economic Impact of Trump's Measures against Cuba
This presentation delves into the economic impact of President Trump's measures against Cuba, examining the effects of Obama's policies, changes introduced by Trump since November 2017, and additional factors influencing the Cuban economy. Analyzing sectors such as travel and tourism, investment, and trade, it provides insights into the shifting dynamics of U.S.-Cuba relations.
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October 15, 2020 INDUSTRY FUTURE COUNCIL: 2020 Meeting II
Recap of Meeting I The Council gathered again in October 2020 to reevaluate the effects of COVID-19. Below are refreshers on the different group focuses and members in each group. Rapid technological change will challenge the industry to adapt and adopt the most relevant innovations and to collaborate to use and compete with Fintech. This group developed the story of Freddie the Forklift to explain the use of Artificial Intelligence in tracking data metrics. Group Members: Ralph Petta Candace Reinhart Jennifer Shamoon Madhu Natarajan Deborah Reuben Bill Choi Technological Innovation The client experience will change, driven by technology and industry evolution, as well as by the evolving expectations of new generations of customers, who will bring new needs and preferences. This group focused discussion on Data Is the New Asset, including the idea to exchange data to acquire the rights to use essential assets. Group Members: Mike DiCecco Andrew Cotter David Normandin Daryn Lecy Kristie Kosobuski Rhonda SanFilipo Client Experience 3
Recap of Meeting I The Council gathered again in October 2020 to reevaluate the effects of COVID-19. Below are refreshers on the different group focuses and members in each group. New service models leasing as a platform, subscriptions, and usage-based pricing are opening up new areas of opportunity, fostering technology development and upending outdated ideas about leasing. Group Members: Bonnie Michael Shannon Stangl Valerie Gerard Andrew Carman Tom Ware Service Models of the Future The equipment finance industry is simultaneously consolidating, diversifying and being disrupted by automation, Fintech, and new technologies portending an industry that could look quite different in the future. This group conceived From Body to Brain to explore a shift away from equipment finance to capacity finance, to allow a business to lease their way to support their costs and uses. Group Members: Bonnie Wright Jon Biorkman Martha Ahlers Patrick Moore Scott Thacker Kelli Nienaber Tina Cartwright Evolving Shape of the Industry 4
Post-COVID-19, what to expect? (https://medium.com/@calder.josh/after-covid-19-nothing-will-be-the-same-2ec9697c3c0f) Credible Questionable Aligns with trends underway Based on temporary imbalance Based on something useful that was revealed Out of line with basic human impulses Highlights artificial (outdated) barriers Threatens entrenched interests Accounts for psychological needs At odds with deep cultural practices Acknowledges what is irreparable Wishcasting 5
Understanding the New Normal Each workgroup was asked to consider the following: 1. What changes do you think are lasting? Why do you think these changes are permanent? How will these affect the business moving forward? 2. What changes over time will return to pre-COVID norms? How long might that take and how might it be different? How will business need to respond over time? 3. As you look over the responses for questions 1 & 2, what are two or three ideas you have about what the topics will be for your group in 2030? 6
Changes that are lasting Workgroup: Group 1 Technology Innovation (The Awesome Group) Changes that will last Why are these changes permanent? Implications for the business moving forward Change doesn t have to take a long time so what will that mean - adoption can be forced. New expectations. Can t unknow what we now know Digital breaking down global barriers Questioning need for in person meetings More mindful, thoughtful about the criteria for saying YES to being there in person Expense control; new perspective on inclusion for in person of future (HYBRID participation) - attendance preferences Tech changes Virtual Reality; Augmented and Mixed Reality. - NEW possibilities for experiences that use to be assumed to be in person only NEW definition of Connecting continuing evolution Business model and customer experience evolution and innovation is accelerating; adoption acceleration; Technology adoption will be imperative for remote workforce effectiveness; sustainability Adoption of digital (multi-generational) Proving that we can be productive when past assumption was that remote wasn t productive More emphasis on CX Remote work; measures of success and effectiveness will shift 7
Changes that are lasting Workgroup: Group 2 Client Experience Changes that will last Why are these changes permanent? Implications for the business moving forward Remote/hybrid work Provides more personal/professional balance Improved employee satisfaction Cost efficiencies for office space Employees have proven they can be successful Acceptance of digital technologies/electronic signatures Digital transactions have proven safe and acceptable by all parties Increased efficiencies across operations Willingness to make changes that seem scary From technology to mobile workforce, the experiences of 2020 have forced business to embrace pivots and shifts, adapting quickly to new ideas, new processes Increased innovations 8
Changes that are lasting Workgroup: Group 3 Service Models of the Future Implications for the business moving forward Changes that will last Why are these changes permanent? Acceleration of Technology/Greater Adoption Trend is already underway; better, faster, cheaper we ve seen the value it adds Efficiency Higher Profits Enhanced responsiveness to customers leading to potential lower rates Virtual/Hybrid-model workforce more prevalent Trend is already underway; costs and risks observed; desired by employees New HR Challenges Enhanced productivity Decreased demand for office equipment and office space Desire for more flexibility by customers Psychological needs; all have experienced the world of uncertainty; many view short term rental Require ways to off load systemic risk 9
Changes that are lasting Workgroup: Group 4 Evolving shape of industry Implications for the business moving forward Why are these changes permanent? Changes that will last Availability to shift in terms of workday; customer expectations of when to engage (how and when); 24/7 availability? People have become used to adjusted availability Allowable now (not before) Blending personal/business Going to have to conform Faster burn out of team members Set boundaries for team Mandatory PTO Electronic signatures; table stakes Once have tried, can t untry New barrier to entry Capital constraints led to once have tried, can t untry New capex v ongoing payment streams Brains become more important (v hardware) 10
Changes that will revert to pre-COVID Workgroup: Group 1 Technology Innovation (The Awesome Group) Changes that will eventually revert back in some form? How should the business respond over time How long will it take and how will it be different? Maybe it s to get your flu shot Reason to go to the office may be drastically different OR based on outdated and less relevant reasons Worker preferences must be considered How might work through the dynamics of flexible work state (remote, in office, hybrid, flex) Have some reason to come to the office occasionally just because (box checking) Some people will feel it is necessary to meet in person 1.5-2 years or more Cost of living increase impact when you can work from anywhere Be flexible, think about customer and employee experience, empathy Travel will re-emerge; take vacations - once generally safe; travel bans will lift 1.5-2 years or more ROI must be justified Flexibility; function specific; need to go basis [criteria for saying yes] Will know when someone is smiling in a public in person interaction 2+ years (variable) Flexibility. Empathy accommodate 11
Changes that will revert to pre-COVID Workgroup: Group 2 Client Experience Changes that will eventually revert back in some form? How should the business respond over time How long will it take and how will it be different? Video will stay, but in-person meetings, conferences, in-office work will resume at some point Hybrid work Ramping up to Q1 2021 Some will return faster than others. Adapt policies to accommodate changes (such as work from home attire that is still professional) Slower to return due to limited travel Company policy restrictions Vaccines required Client visits Monitor relationships with customers to ensure continuity 12
Changes that will revert to pre-COVID Workgroup: Group 3 Service Models of the Future Changes that will eventually revert back in some form? How should the business respond over time How long will it take and how will it be different? Business travel will resume . . . to one extent or another Gradual return especially for key in person meetings. Travel likely to be less for foreseeable future. Smart decisions based upon need and return on investment. Cost savings expected. 13
Changes that will revert to pre-COVID Workgroup: Group 4 Evolving shape of industry Changes that will eventually revert back in some form? How should the business respond over time How long will it take and how will it be different? In person visits; new business contacts Relationship building f2f Shorter term solutions Until the crystal ball is more crystal Flexibility of offerings Equipment demand/usage based on COVID need (e.g., ventilators) Balance sheet / cash flow recovery Agility 14
Topics for 2030? Workgroup: Group 1 Technology Innovation (The Awesome Group) Potential topics for this working group in 2030 1. Remember when we thought remote working was not effective? Remember when we thought zoom was cool? (Zoom is the new Myspace) Remember when we thought we had to be somewhere in person? Holograms are so awesome. Isn t it funny that we thought ready player one was science fiction? See you in the metaverse. Data collection Remember when we thought privacy was a real thing? Self-Sovereign identity (blockchain) Health passports or new medically driven requirements for employment, travel how does your health record become part of your professional profile 2. 3. 4. 5. 15
Topics for 2030? Workgroup: Group 2 Client Experience Potential topics for this working group in 2030 1. Will leasing exist or all usage/utility based 2. Using Analytics, IoT, AI, to predict customer usage 3. Virtual meet-up spaces 16
Topics for 2030? Workgroup: Group 3 Service Models of the Future Potential topics for this working group in 2030 1. Economy Because its always changing and always impacting 2. Beam me up Scotty Changes in travel/meetings and what Gen Z leaders will be panicking about 3. Has Modification as a Right or Managed Solutions as a Right become the norm for customer expectations 17
Topics for 2030? Workgroup: Group 4 Evolving shape of industry Potential topics for this working group in 2030 1. Lasting effects of COVID (personal health) 2. Capital markets/fiscal & monetary policy/enhanced volatility 3. Flexibility: Documentation/Usage models/etc. 18
ADDITIONAL RESOURCES Learn more about the Industry Future Council at https://www.leasefoundation.org/industry-resources/industry- future-council/. Watch a micro-lesson: "An Introduction to Futures Thinking" by Terry Grim of Foresight Alliance. This video provides a basic overview of the concepts and language for the discipline of foresight, as well as the art and practice of looking ahead for meaningful changes. 19
Topics for 2030? Here is an example for you to complete with your team. Workgroup: ________________________________ Potential topics for this working group in 2030 1. 2. 3. 20
Changes that are lasting We have provided a blank worksheet for you to complete as a group exercise at your company. Workgroup: ________________________________ Implications for the business moving forward Why are these changes permanent? Changes that will last 21
Changes that will revert to pre-COVID We have provided a blank worksheet for you to complete as a group exercise at your company. Workgroup: ________________________________ Changes that will eventually revert back in some form? How should the business respond over time How long will it take and how will it be different? 22
