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What four industries could realize early value from quantum tech?
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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:08 - 12 Jul 2024 -
Unpacking the mysteries of productivity
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Unpacking the mysteries of productivity
Leading economist Chad Syverson speculates about the ingredients in productivity’s secret sauce.
The secret sauce Prefer audio? Listen to the podcast, and explore past episodes of the The Forward Thinking Podcast. Subscribe via Apple Podcasts or Spotify.
Help wanted: Charting the challenge of tight labor markets in advanced economies
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by "McKinsey & Company" <publishing@email.mckinsey.com> - 12:15 - 11 Jul 2024 -
A Crash Course on Distributed Systems
A Crash Course on Distributed Systems
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A distributed system is a collection of computers, also known as nodes, that collaborate to perform a specific task or provide a service.
These nodes are physically separate and communicate with each other by passing messages over a network. Distributed systems can span geographical boundaries, enabling them to utilize resources from different locations.
Distributed systems have several characteristics that distinguish them from traditional centralized systems:
The computers in a distributed system are physically separate and connected via a network. They do not share a memory or a common clock.
From an external perspective, a distributed system appears as a single, unified entity to the end user.
Distributed systems offer the flexibility to add or remove computers from the system.
The nodes in a distributed system need to coordinate and agree with each other to perform actions consistently.
Nodes in a distributed system can fail independently, and messages can be lost or delayed over the network.
Distributed systems are ubiquitous in our daily lives. Examples include large web applications like Google Search, online banking systems, multiplayer games, etc. These systems leverage the power of multiple computers working together to provide a seamless and responsive user experience.
In this post, we’ll explore the benefits and challenges of distributed systems. We will also discuss common approaches and techniques used to address these challenges and ensure the reliable operation of distributed systems.
Understanding Distributed Systems
The term “distributed systems” can sometimes confuse developers. ...
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Does your government meet your customer service expectations?
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Improving engagement. Today’s civil servants face a growing burden of challenges, including declining trust in government. Against this backdrop, many government agencies are straining to deliver program benefits and meet the public’s rising expectations of customer service. The good news is that systematically tackling shortcomings in customer and citizen experience can help increase trust in government and reduce costs, with technology platforms being a key enabler, McKinsey senior partner Andrew Pickersgill and coauthors explain.
—Edited by Belinda Yu, editor, Atlanta
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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:24 - 11 Jul 2024 -
Technology can make work more interesting
Re:think
FRESH TAKES ON BIG IDEAS
ON PRODUCTIVITY
Work is going to get harder. But it will also be more fun.Aaron De Smet
The US productivity rate jumped in the fourth quarter of 2023, creating a little buzz about whether AI, and specifically generative AI (gen AI), is showing up in the output numbers. Then, the rate slowed sharply in the first quarter of 2024, suggesting that it might be too soon to see dramatic productivity gains from AI and gen AI.
While there isn’t a clear trend yet, it’s likely that a mix of technology—from old-fashioned analysis of high-quality data to machine learning and other large language models—is positive for productivity. Tech can help workers achieve better results in the same or less amount of time, and, yes, gen AI has been powering automation gains for some time.
That’s one part of a more robust productivity scenario. The other is that companies are figuring out the postpandemic hybrid model that works best for them. It’s typically a flexible model whereby people can be in the office working with colleagues in person some of the time and be remote other times. When done correctly, this model typically results in higher productivity than would a mandate that forces employees to always be on-site or never on-site, McKinsey research shows. Some leaders are still uncomfortable with the hybrid model, but they’ve accepted that they’re likely never going back to the prepandemic way of working.
Higher productivity would certainly be welcome news for corporate leaders. But there’s an even bigger picture. Gen AI is more than an output enhancer; it’s going to reshape all kinds of jobs as more repetitive tasks and some knowledge work tasks are done by machines or large language models. Of course, many people will still do jobs that involve physical labor, though they too will likely be assisted by gen AI.
In this new reality, employees across industries and roles—not just tech workers but also healthcare workers, educators, and middle managers—can be freed up to focus on work that involves the human-centric skills of judgment, innovation, creativity, and collaboration. Workers who are creators and heavy users of gen AI, in fact, told us in a recent survey that they need to build higher-level cognitive and social–emotional skills to do their jobs, more than they need to build technological skills.
.“This moment is both exciting and a little scary for everyone. People are on a journey, moving to a place where they may no longer do the easy tasks at work.”
This moment is both exciting and a little scary for everyone. People are on a journey, moving to a place where they may no longer do the easy tasks at work. Humans will be doing the challenging work, the fun work, and the interesting work. But because it’s going to be harder, people need to thrive and not just feel an absence of burnout.
To be clear, hard work doesn’t necessarily take more hours or lead to more stress. Perhaps it can be done in less time, with more flexibility. How to make that happen is a big challenge for organizations, which face head-spinning demands to innovate, adapt to volatility, respond to disruptions, and simply move faster.
Traditionally, companies have cared about employees’ ability to thrive only when the flashing red light of burnout starts to affect safety, absenteeism, or attrition. But now, as work becomes more innovative and collaborative, organizations can be more proactive in attracting and retaining the best people. We’ve found that an organizational culture of thriving inspires people to be more creative in their problem-solving and that it benefits performance writ large.
Thriving organizations focus on ways to maximize healthy work environments, team effectiveness, and well-being. To do so, they move away from traditional practices of measuring productivity by inputs, outputs, and activities and toward supporting outcomes and results. The brute-force tactic of having employees grind it out or muddle through work as a proxy for value is not going to cut it anymore. These companies also shift performance management away from corrective action and toward actions that improve performance, such as coaching top performers as well as those who need more help.
Gen AI is ushering in a huge shift, along the lines of the Industrial Revolution. The challenge for companies is to figure out how to make this technology work for their employees, guiding them toward good outcomes and managing the downside risks.
Organizations can’t ignore change, slow it down, or pretend it’s not happening. If your strategy is to slow down the pace of change in the world, good luck. I want a company that says, “Boy, changes are coming fast and furious. We better learn to be more nimble, adaptable, innovative, and creative.”
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ABOUT THIS AUTHOR
Aaron De Smet is a senior partner in McKinsey’s New Jersey office.
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Alexis Trittipo on climate adaptation
Mitigating climate change is not enough; adapting to it is also crucial. It requires technological and behavioral changes from businesses and society that must begin today.
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by "McKinsey Quarterly" <publishing@email.mckinsey.com> - 02:46 - 10 Jul 2024 -
How do top companies build superpowered capabilities?
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Six superpowers. Think of any company that you admire, then reflect: Why do you feel this way? It’s very likely because of an institutional capability—a superpower—that makes the company exceptionally successful, McKinsey senior partner Liz Hilton Segel and coauthors reveal. In their experience, companies that successfully build these kinds of distinctive capabilities tap six elements: vision, employees, culture, technology, organizational structure, and routines.
—Edited by Belinda Yu, editor, Atlanta
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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:38 - 10 Jul 2024 -
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What does it take to achieve a successful transformation?
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Elements of success. Many organizations undertake large-scale transformations only to end up with lackluster long-term results. Three core elements can turn bold ideas into trajectory-changing outcomes, McKinsey senior partner Seth Goldstrom and coauthors share. The elements are quantifying goals, engaging the broader organization to achieve those goals—which may require a genuine level of discomfort with where things currently are—and holding teams accountable.
•
The importance of teamwork. Strong teams help launch successful transformations. Giving these teams opportunities to build new skills—and tools to regularly apply them—boosts the odds of a transformation’s success. A 2023 McKinsey survey found that organizations that provided tools to support workers in using new skills were 3.8 times more likely to outperform their peers. View our latest McKinsey Quarterly Five Fifty to see four areas to focus on in a transformation and the potential benefits of pursuing each.
—Edited by Belinda Yu, editor, Atlanta
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by "Only McKinsey" <publishing@email.mckinsey.com> - 11:05 - 8 Jul 2024 -
RE: Seeking for Argentine agent
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Does your company provide global Sea & Air freight services recently?
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Final Call: Unlock the US Market - Webinar Tomorrow
Final Call: Unlock the US Market - Webinar Tomorrow
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by "McKinsey & Company" <publishing@email.mckinsey.com> - 07:20 - 8 Jul 2024 -
Winning the consumer of the future: A leader’s guide
Leading Off
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Brought to you by Alex Panas, global leader of industries and senior partner & Axel Karlsson, global leader of functional practices and senior partner
When it comes to shoppers in 2024, many long-held truisms about consumer behavior are being upended. Older customers are splurging while also exploring new brands; younger consumers in Asia and the Middle East are more likely to opt for higher-priced brands than their peers in developed economies. In their “State of the Consumer 2024” article, McKinsey’s Christina Adams, Kari Alldredge, and Sajal Kohli say consumer companies must take a detailed, nuanced approach to understanding what shoppers across age groups and geographies really want. How can these businesses make sense of the current moment? One imperative is building their microtargeting capabilities. Companies can use consumer data to fine-tune their outreach to specific segments—yes, generative AI (gen AI) can help—and provide personalized experiences to encourage loyalty. Also on the to-do list: investing in the development of wellness products, engaging more meaningfully with consumers on social and digital channels, and offering premium products in the categories where consumers are likely to splurge.
That’s the share of Gen Z consumers in Europe that plan to splurge during the summer months. In their latest ConsumerWise research on consumer sentiment in Europe, senior partner Jessica Moulton and colleagues found that Gen Zers are the most likely age group to say they will make more expensive purchases this summer—and more likely than others to plan to splurge on apparel. And somewhat to the contrary, Gen Zers are also more likely than other groups (millennials, Gen Xers, and baby boomers) to report trading down to lower-priced brands or retailers in recent months.
That’s McKinsey senior partner Becca Coggins on the importance of meeting customers wherever they, and their needs, are. Along with partner Steven Begley, Coggins unpacks the massive changes under way in the retail industry and points to what retail companies can do to succeed. One suggestion: seek a greater “share of life”—that is, creating new reasons and opportunities for a consumer to incorporate a company into their day-to-day lives. Increasingly, two concepts that are working well are subscription and membership models, but Coggins says some retailers are already going further. “Those companies are saying, ‘This is not about a category. It’s about the relationship we have with the consumer—and we can extend that relationship into automotive services, into travel. We can extend it into categories that are beyond the four walls of our store.’”
“Optichanneling.” “Webrooming.” “Humbitious.” These are just some of the newfangled words that the authors of Redefining Retail: 10 Guiding Principles for a Post-Digital World use to explain retail’s current, disruption-filled moment. Philip Kotler, professor emeritus of marketing at Northwestern University’s Kellogg School of Management, and Giuseppe Stigliano, global CEO of Spring Studios, say the industry is in the midst of an “exponential transformation, rather than an evolution.” In their research for the book, Kotler and Stigliano found that retailers and experts agree on the problems at hand, but the plans to solve them vary greatly—in no small part because different industries, geographies, and consumer segments have different needs and preferences. While the authors say there are no one-size-fits-all solutions for retail, they assert that understanding the customer is an essential starting point. Other words of wisdom for retailers: get a firm grasp on the financial implications of the investments made to reach your customers and optimize the mix of channels where consumers can reach you, in the ways that suit best, rather than an omnichannel approach that may induce decision paralysis.
When people think of aging gracefully, foot health may not be the first thing that comes to mind. Yet a recent study of adults 65 and older found that stronger feet support better overall strength and mobility and can even reduce the risk of falls. Luckily, there’s a product for that: the toe spacer, a humble item that’s having a moment with consumers of all ages and levels of athleticism, including the pros. With healthy aging and longevity on this year’s list of wellness trends to watch, it’s never too late for a new flex.
Lead by putting customers first.
— Edited by Daniella Seiler, executive editor, Washington, DC
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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 04:45 - 8 Jul 2024 -
What can manufacturers do to attract and retain Gen Z workers?
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•
Meaning, not money. Gen Z workers say they are open to manufacturing jobs, but many who try the work end up leaving. To attract and retain them, manufacturers need to rethink their approach to talent development, say McKinsey senior partner Fernando Perez and coauthors. Unlike older workers, who typically see pay as the most important factor for taking a job, Gen Z workers prioritize meaningful work, job flexibility, and relationships with coworkers.
—Edited by Jana Zabkova, senior editor, New York
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by "Only McKinsey" <publishing@email.mckinsey.com> - 01:42 - 8 Jul 2024 -
Help wanted? Help needed: Labor market challenges
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New from McKinsey & Company
As advanced economies around the world emerged from the 2008 financial crisis, they began an arduous journey toward protracted recovery. Today, labor markets in these advanced economies are still among the tightest in two decades, with the number of job vacancies per unemployed person having increased by more than four times on average by 2023.
How does labor tightness affect economic productivity and output? In this data-driven report by the McKinsey Global Institute, senior partner Olivia White and coauthors say that “GDP in 2023 could have been 0.5 percent to 1.5 percent higher across these economies if employers had been able to fill their excess job vacancies.” What’s more, since 2010, countries that have increased GDP fastest have done so primarily by adding more jobs rather than by tackling the harder job of improving productivity. Now, to maintain their current level of growth, advanced economies will need to find ways to both expand the workforce and boost productivity.
To be better prepared for the future, explore these insights to learn more about labor market tightness and the productivity imperative.MORE FROM MCKINSEY
To see more essential reading on topics that matter, visit McKinsey Themes.
— Edited by Esther Chung, editor, Atlanta
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by "McKinsey & Company" <publishing@email.mckinsey.com> - 03:50 - 7 Jul 2024 -
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The week in charts
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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 03:14 - 6 Jul 2024 -
EP119: What do Amazon, Netflix, and Uber have in common?
EP119: What do Amazon, Netflix, and Uber have in common?
Forwarded this email? Subscribe here for moreThis week’s system design refresher:
7 Must-know Strategies to Scale Your Database (Youtube video)
What do Amazon, Netflix, and Uber have in common?
100X Postgres Scaling at Figma
Best ways to test system functionality
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7 Must-know Strategies to Scale Your Database
What do Amazon, Netflix, and Uber have in common?
They are extremely good at scaling their system whenever needed.
Here are 8 must-know strategies to scale your system.
Stateless Services
Design stateless services because they don’t rely on server-specific data and are easier to scale.Horizontal Scaling
Add more servers so that the workload can be shared.Load Balancing
Use a load balancer to distribute incoming requests evenly across multiple servers.Auto Scaling
Implement auto-scaling policies to adjust resources based on real-time traffic.Caching
Use caching to reduce the load on the database and handle repetitive requests at scale.Database Replication
Replicate data across multiple nodes to scale the read operations while improving redundancy.Database Sharding
Distribute data across multiple instances to scale the writes as well as reads.Async Processing
Move time-consuming and resource-intensive tasks to background workers using async processing to scale out new requests.
Over to you: Which other strategies have you used?
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100X Postgres Scaling at Figma
With 3 million monthly users, Figma’s user base has increased by 200% since 2018.
As a result, its Postgres database witnessed a whopping 100X growth.
Vertical Scaling and Replication
Figma used a single, large Amazon RDS database.
As a first step, they upgraded to the largest instance available (from r5.12xlarge to r5.24xlarge).
They also created multiple read replicas to scale read traffic and added PgBouncer as a connection pooler to limit the impact of a growing number of connections.Vertical Partitioning
The next step was vertical partitioning.
They migrated high-traffic tables like “Figma Files” and “Organizations” into their separate databases.
Multiple PgBouncer instances were used to manage the connections for these separate databases.Horizontal Partitioning
Over time, some tables crossed several terabytes of data and billions of rows.
Postgres Vacuum became an issue and max IOPS exceeded the limits of Amazon RDS at the time.
To solve this, Figma implemented horizontal partitioning by splitting large tables across multiple physical databases.
A new DBProxy service was built to handle routing and query execution.
Over to you - Would you have done something differently?
Best ways to test system functionality
Testing system functionality is a crucial step in software development and engineering processes.
It ensures that a system or software application performs as expected, meets user requirements, and operates reliably.
Here we delve into the best ways:
Unit Testing: Ensures individual code components work correctly in isolation.
Integration Testing: Verifies that different system parts function seamlessly together.
System Testing: Assesses the entire system's compliance with user requirements and performance.
Load Testing: Tests a system's ability to handle high workloads and identifies performance issues.
Error Testing: Evaluates how the software handles invalid inputs and error conditions.
Test Automation: Automates test case execution for efficiency, repeatability, and error reduction.
Over to you:
How do you approach testing system functionality in your software development or engineering projects?
What's your company's release process look like?
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by "ByteByteGo" <bytebytego@substack.com> - 11:35 - 6 Jul 2024
