From tech giants to role reinvention, here’s what’s happening in the news this week.
From its smaller beginnings as a DVD-rental service to a member of the FAANG (Facebook, Amazon, Apple, Netflix, and Google/Alphabet), a group of tech giant stocks worth more than all of the FTSE 100, Netflix has always stood out from others like it in its industry. It’s the only one in this group that has not gone through any backlash or regulatory impacts. It serves over 125 million households, spends $12-13 billion on content, and produces more films than any Hollywood studio. How?
Right away, there are some distinct differences. Netflix generally creates and shares entertainment, not news, like Facebook or Google. It is subscription-based, meaning it doesn’t have to sell user data for revenue. It reaches far beyond the United States where it was created, now containing more subscribers out of the U.S. than inside it, and dubbing and subtitling films and shows in numerous other languages.
What can the other members of FAANG and companies learn from Netflix? There are a few straightforward tips: take good care of data, acknowledge and encourage local markets, clearly define terms and conditions, and embrace competition. Ultimately, Netflix has been successful because it was able to adapt to the environment around it in smart, strategic ways that encouraged technology and innovation while holding customers in high regard.
In a historical change brought about in part by businesses, Uber’s Middle Eastern competition, Careem, welcomed its first female driver. Uber and Careem have both changed societal norms through the elevation of the profession “driver,” a formerly shameful job now seen by many as an economic boost and a new way to earn money and diversify industries. While there is still a long way to go—Uber had not yet had any female drivers sign up despite opening up their platform to it and some locals are not accepting of the new rules—technology companies have opened up a new source of work for women in the Saudi industry, transforming how they are able to interact with the business world.
By both adapting to an innovating business world as Netflix has and introducing new ideas and positions into industries, legal teams across the globe have changed as lawyers translate their skill sets into legal operations roles. While most transition directly from a legal position, with 71% of legal ops leaders having law degrees, many come from different backgrounds, from other operation roles to arts and sciences educations. The industry has also turned the gender ratio upside down; where women in the legal profession is only 34%, women in legal ops is at 59%. Legal operations have managed to disrupt the legal profession altogether, giving lawyers a role of power and strategy while moving the legal team into a key business function. This new way of thinking has allowed Legal to streamline processes across companies, in everything from vendor management to cybersecurity.
Whether it’s reinventing department functions to help them be positioned more strategically or adapting with the pace of business, companies worldwide are using technology and innovation to move forward and help people work smarter and more efficiently.