In this engaging interview with Tom Grogan, CEO of MDRx, we gain valuable insights into the company’s focus on digital transformation, emerging technologies, and its unique “compliant by design” approach. Tom provides a glimpse into MDRx’s rapid growth and its work with innovative organizations worldwide. Additionally, he shares expert advice on navigating the risks and opportunities associated with implementing technology and building strategies in the Metaverse.
Bradley Collins: Hi Tom, great to speak with you. To kick things off, can you briefly introduce MDRx and alittle about your plans & initiatives over the next 12 months
Tom: MDRx is a rapidly growing digital transformation consultancy, with a particular focus on emerging technologies. Think artificial intelligence, machine learning, data analytics, Web 3.0 and the Metaverse.
We officially launched in October 2020 having previously operated in stealth. We have grown quickly, with a diverse and vibrant team of over 40 people, including Strategists, Designers, Software Engineers, and Data Scientists. We are working with some of the world’s most innovative and prestigious organisations, from Gucci to governments.
We are part of The MDR Group, a leading professional services provider centred around Mishcon de Reya. We know that innovation can only be meaningful and valuable if it effectively navigates legal and regulatory environments, and our unique “compliant by design” approach sets us apart from our competitors.
Bradley Collins: What advice can you offer enterprise organisations that are concerned about the risks involved in implementing tech / driving innovation?
Tom Grogan: When it comes to investing in emerging technologies, companies must be strategic and focused. In challenging times, one good thing is that the era of investing exorbitant amounts of money into projects without clear strategic direction beyond “appearing innovative” is well and truly over.
We encourage our clients to critically assess whether they are “doing” a new technology to enhance their brand, drive new revenues, or reduce costs. This can often be confronting.
I have lost count of the FTSE 250 clients who have come to me excitingly talking about new revenue streams they are going to obtain using emerging technologies, that just don’t stand up to scrutiny when challenged. For every BTS concert that allows ticket sales beyond the capacity of any physical location, there is a Metaverse project that is not truly a revenue play but a brand activation. This is totally fine, but it’s important for organisations to be honest with themselves up front and set their expectations and key performance metrics accordingly.
Bradley Collins: I come across some of your articles & interest in the Metaverse – what are the biggest opportunities, challenges, and risks involved for brands looking to build out their meta strategies?
Tom Grogan: There are countless examples of Metaverse applications reducing operational costs within businesses. Thoughtful implementations can reduce the dependency on physical stock in retail stores thereby eliminating waste, improving the speed and reducing the cost of manufacturing using digital twins, whilst accelerating time-to-buy for complex services.
By viewing Metaverse through the brand, top-line, bottom-line lens, we can formulate and execute on technology strategies that are more resilient to macroeconomic conditions, and routed in good old fashioned business sense.
Investing exorbitant amounts of money into projects without clear strategic direction beyond “appearing innovative” is well and truly over.
– Tom Grogan, CEO of MDRx
When it comes to the risks and challenges of the Metaverse, organisational readiness is a crucial dependency that can impact the relative success or failure of a Metaverse project. If you’re a business leader reading this, chances are your organisation currently clearly delineates Digital teams (see for example Digital Marketing, IT, Cyber, Website) and physical teams (see for example Store Operations, Security, Manufacturing, Visual Merchandising). We’ve recently produced a Metaverse strategy for one of the world’s most famous retailers, and a significant component of this work has been helping them to design and implement new business capabilities, processes and governance that sets them up for long-term success in an increasingly blurred physical/digital world.
The Metaverse also carries significant reputational and legal risks, from online harms and data protection through to financial regulatory and tax. At MDRx, we talk about ‘compliance by design’ underpinning everything that we do. We can uniquely draw on the world class lawyers from across the Mishcon de Reya Group to ensure that we’re always designing and developing strategies and software that are impactful and realise value, while also helping our clients to navigate complex legal and regulatory issues. In practice, this lets them run faster and with greater confidence, knowing the scary bits are mitigated from the start.
Key Takeaways:
1. Strategic Tech Investment: Legal professionals should assess technology adoption with a strategic mindset, ensuring it aligns with clear objectives such as enhancing brand, generating revenue, or reducing costs. Avoid investing in tech projects without a well-defined strategic direction.
2. Metaverse for Business: Explore Metaverse applications that reduce operational costs and enhance efficiency. Consider how the Metaverse can eliminate physical dependencies, improve manufacturing, and accelerate service delivery to bolster business resilience.
3. Organizational Readiness and Risk Mitigation: Bridge the gap between digital and physical teams within organizations to adapt to the evolving digital landscape. Mitigate reputational and legal risks in the Metaverse by embracing a “compliance by design” approach, leveraging legal expertise, and ensuring technology strategies are built on solid legal and regulatory foundations.
