Goldman Sachs, one of the world's leading investment banks, has been facing challenges in transforming itself into a more stable and less volatile institution. The second quarter of this year was particularly difficult for the bank, as deal making was in a slump and capital markets and trading activity were subdued. However, the quarter became even more grim due to a series of one-off items that underscored Goldman's slow progress in its transformation journey.

Goldman Sachs, one of the world's leading investment banks, has been facing challenges in transforming itself into a more stable and less volatile institution. The second quarter of this year was particularly difficult for the bank, as deal making was in a slump and capital markets and trading activity were subdued. However, the quarter became even more grim due to a series of one-off items that underscored Goldman's slow progress in its transformation journey.

One notable issue that emerged during this period was a series of markdowns related to real estate investments. These losses shed light on the fact that Goldman's results are still subject to hard-to-predict volatility, as mark-to-market adjustments in the value of the equity and debt investments it holds on its balance sheet continue to impact its performance. This volatility is likely to persist for some time, indicating that Goldman still has work to do in stabilizing its operations.

Meanwhile, in the digital health sector, Strive Health, a company focused on kidney care, has successfully closed a $166 million Series C funding round. The round was led by New Enterprise Associates, a prominent venture capital firm, and included CVS Health Ventures. This funding brings Strive's total venture funding to approximately $386 million since its inception in 2018. The company's mission is to assist patients in navigating the complex care process associated with chronic and end-stage kidney disease.

Strive utilizes a machine learning-enabled tech platform to gather patient, medication, and claims data, which it then leverages to create personalized care plans. This innovative approach allows for more targeted and effective treatments, ultimately improving patient outcomes. With the recent funding, Strive intends to invest in strategic partnerships with health systems, at-risk medical groups, and health plans. Additionally, the company aims to further develop its care model, ensuring that it continues to deliver high-quality kidney care to those in need.

Interestingly, both Goldman Sachs and Strive Health are navigating transformation processes in their respective industries. While Goldman is striving to reduce its reliance on the ups and downs of Wall Street, Strive is revolutionizing kidney care through the use of technology and data. Despite operating in different sectors, these companies share common points in terms of their need to adapt and evolve in order to succeed.

One key takeaway from these stories is the importance of embracing transformation in today's rapidly changing business landscape. Both Goldman Sachs and Strive Health recognize that remaining stagnant is not an option. They understand the need to invest in new technologies, explore innovative strategies, and forge strategic partnerships to stay ahead of the curve.

In light of these examples, here are three actionable pieces of advice for businesses looking to navigate their own transformation journeys:

• 1. Embrace technology: As demonstrated by Strive Health, leveraging technology can lead to groundbreaking advancements in service delivery. By investing in digital solutions, companies can streamline operations, improve efficiency, and offer more personalized experiences to their customers.

• 2. Diversify revenue streams: Goldman Sachs' struggles in the second quarter highlight the importance of reducing reliance on a single source of income. Diversifying revenue streams can provide stability and cushion against market volatility. Exploring new business lines or expanding into complementary sectors can help mitigate risks and ensure long-term sustainability.

• 3. Foster strategic partnerships: Both Goldman Sachs and Strive Health have recognized the value of strategic partnerships. Collaborating with other organizations can unlock new opportunities, access new markets, and enhance the overall value proposition. By joining forces with like-minded entities, businesses can combine their strengths and achieve mutual success.

In conclusion, the stories of Goldman Sachs and Strive Health highlight the challenges and opportunities that come with transformation. While Goldman Sachs faces hurdles in reducing volatility and diversifying its operations, Strive Health is revolutionizing kidney care through technology and data. These examples serve as a reminder that businesses must be willing to adapt, invest in innovation, and forge partnerships to thrive in today's ever-evolving landscape. By embracing these principles and taking actionable steps, companies can position themselves for long-term success.