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Generative AI is already starting to change the business world. Are you working with it yet?
On Point
by "McKinsey On Point" <publishing@email.mckinsey.com> - 01:01 - 4 Oct 2023 -
Economic conditions outlook during turbulent times, September 2023
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
What do executives think of the current and future conditions in the global economy? Generally, the outlook is more positive than negative, though sentiments on respondents’ home economies vary significantly by region, according to the latest McKinsey Global Survey. Views are more pessimistic in Europe, where inflation is a top concern, while respondents in North America are becoming more hopeful about the months ahead, and China’s slowing economic activity is on the minds of those in Asia–Pacific. Get the in-depth analysis by Sven Smit and his colleagues and be in the know. And for more on growth, inclusion, and sustainability, be sure to register for MGI’s webcast on the recent report From poverty to empowerment: Raising the bar for sustainable and inclusive growth on Wednesday, October 4, 10:00AM–11:00AM ET | 4:00PM–5:00PM CET.
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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 05:06 - 3 Oct 2023 -
📣 API Trends, Insights, Webinars, and More!
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Hi Abul,
We're back with our monthly API newsletter.
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by "SmartBear API Team" <api-lifecycle-team@smartbearmail.com> - 02:50 - 3 Oct 2023 -
Meet global work experts bringing their insights to Remote Connect 2023
Meet global work experts bringing their insights to Remote Connect 2023
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Virtual ConferenceThe future of global work begins with you.
Experience the event from anywhere, October 19th, 2023.
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With over 20 expert speakers scheduled throughout the virtual conference we can't wait for you to learn from the world's best and discover new strategies for scaling globally distributed teams. For now we want to introduce a few of our guest speakers.
Dan Abelon
Partner, Two Sigma VenturesAs both a venture capital investor and entrepreneur, Dan Abelon knows what it takes to scale a startup company. Now is your chance to listen in as he shares stories from his time working with high growth data science, healthcare, IT and IoT companies.
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Vice President, People, AirbaseSarah Lovelace is no stranger to growing global teams. Hear how she scaled Box from 60 to 1,200 employees pre-IPO and her advice for people leaders at today’s startups.
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Chief Strategy Officer, GustoLearn from Gusto’s Chief Strategy Officer Andy Toung how this payroll company went from startup to an industry leader with 300k+ customers in less than 10 years.
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General Partner, B. Capital GroupDon’t miss your chance to tap into Rashmi Gopinath’s 20+ years of expertise in operating and investing in enterprise technologies. Find out what it takes for cloud infrastructure, cybersecurity, devops, and application software companies to engage today’s distributed workforce.
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CEO and co-Founder, RemoteExplore today’s biggest workforce challenges and how to solve them with Remote’s own fearless leader, Job van der Voort. Are you ready to be inspired?
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by "Remote" <hello@remote-comms.com> - 08:01 - 3 Oct 2023 -
Maximise infrastructure monitoring for effective root cause analysis
New Relic
Reliable infrastructure is vital for exceptional user experience. As software grows in complexity, downtime and issues surge that impact performance. Root cause analysis is a systematic approach to identify and resolve the causes of such problems.
We have a comprehensive guide to supercharge your RCA (root cause analysis) through advanced infrastructure monitoring, where you’ll:
- Grasp RCA's significance and concept.
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Leverage New Relic's infrastructure agent for optimal monitoring and RCA.
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by "New Relic" <emeamarketing@newrelic.com> - 06:36 - 3 Oct 2023 -
Asia is center stage as the world enters a new era. What challenges may the region face?
On Point
Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
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‘Impossible to ignore’ India. India is becoming a destination for international investment banks as they expand their businesses in the region and finance a new hub of global prosperity, senior banking executives say. As India’s economy continues to grow and friction rises between Eastern and Western countries, multinational companies are increasingly seeing India as an attractive area to pursue growth and are leaning on international banks to aid dealmaking. One UK-based bank earns over $1 billion in annual profits in India. [FT]
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Asia’s new era. Over the past 30 years, Asia’s economies have surged to global prominence. Home to 56% of the world’s middle-class households, Asia accounted for 57% of global GDP growth between 2015 and 2021. This position of strength gives Asia an opportunity to influence and shape a new era for its own economies and for the world, Gautam Kumra, chairman of McKinsey’s offices in Asia, and coauthors explain. Yet by being center stage, the region will likely face a heightened version of the world’s new global challenges.
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A more complex world. One of the key features of the Era of Markets (1989–2019) was its unipolar structure, with one major power at its center and one widely accepted set of rules. That world is morphing into a more complex, multipolar one in which politics and rivalry loom larger. Major Asian economies, such as China, India, and Japan, are now considerable new centers of economic power. See the full McKinsey Global Institute report, Asia on the cusp of a new era, to understand critical challenges Asia will face across five domains.
— Edited by Belinda Yu, editor, Atlanta
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:06 - 2 Oct 2023 -
Gen AI skills are in short supply. Is your organization prepared?
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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
Generative AI (gen AI) has caught the public’s fancy, but not everyone may be comfortable using the technology in the workplace. Research shows that many employees believe they lack the skills to use gen AI safely and effectively—and expect their organizations to provide those skills. While initiatives to reskill and upskill workers have been on the corporate agenda for years, the advent of gen AI brings a new urgency to these efforts. Organizations may need to consider revving up their skill-building programs as both employers and employees learn to adapt to this powerful new technology.
While gen AI may not necessarily eliminate human jobs, it will make them different. “Gen AI applications will have unprecedented effects on organizations’ approaches to talent management,” observe McKinsey’s Sandra Durth, Bryan Hancock, Dana Maor, and Alex Sukharevsky in an article on how business leaders need to prepare their organizations for a gen AI-driven future. For example, deploying gen AI to take over a task could diminish the mentorship and learning opportunities that were previously inherent in that task. Leaders may need to be exceptionally hands-on when it comes to training employees—and themselves—on using gen AI in day-to-day work. “It’s not a one-and-done process,” caution the McKinsey experts. “Leaders will need to continually assess how and when tasks are performed, who is performing them, how long tasks typically take, and how critical different tasks are.”
That’s the percentage of respondents to a McKinsey survey who said their organizations had skill gaps or expected to face them in the next five years—before gen AI burst onto the scene. With gen AI, automation will likely take over tasks accounting for 30 percent of the hours worked in the US economy by 2030, up from 21.5 percent without it. Our respondents expect data analytics and mathematical skills—critical to working with smart technologies—to be in particularly short supply over the next few years. Many organizations are tackling this challenge through hiring and employee skill building, the two most common tactics to match skills to needs.
Partnerships between the federal government and educational institutions may be an effective way to build workforce skills for gen AI roles, suggests McKinsey senior partner Kweilin Ellingrud in an episode of The McKinsey Podcast. With an estimated 12 million occupational transitions potentially taking place between now and 2030—especially in lower-wage jobs—workers will need “a lot of reskilling, upskilling, and support” to adapt, she says. McKinsey partner Saurabh Sanghvi adds that “there’s a huge role that employers can play in this.” In addition to hiring for skills rather than degrees, organizations could view occupational shifts as “a real opportunity to think about pipelines and pathways,” he says. “Everybody is learning about these new technologies. Everybody needs to upskill. Companies can really think about opportunities to hire from within instead of externally for an open role.”
Gen AI can do many things, but good judgment may still be a people thing. Despite their entertainment value, gen AI’s quirks and inaccuracies may not be amusing in “real” work output. For example, a newspaper’s chatbot-written sports articles and another news outlet’s AI-generated stories have sparked outrage on social media. “The accuracy and reliability of AI-generated content will only be as good as the data sets that are used to train the gen AI algorithms,” notes McKinsey’s Michael Korn, suggesting that leaders set up knowledge management programs “for ensuring that the curated data sets upon which gen AI functionality is built are up to date and relevant.”
Lead skillfully.
— Edited by Rama Ramaswami, senior editor, New York
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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 01:06 - 2 Oct 2023 -
How are today’s CFOs navigating top threats to growth?
On Point
Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
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Strengthening resilience. Businesses confront continual disruption, with some shocks yet to be imagined. To grow in this era requires resilience: the ability to respond quickly to changes in the market, anticipate problems, and balance short-term growth with longer-term objectives, according to some of India’s leading CFOs. Technology can help bolster those skills. When assessing digital platforms for use, companies should look for flexible, upgradable technology that can be widely adopted, advises one leader. [Economic Times]
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CFOs’ balancing act. CFOs today face daunting challenges. As effective finance leaders navigate threats to their companies’ growth, they state that they toggle continually between offensive and defensive considerations while addressing priorities such as capability building, McKinsey partner Ankur Agrawal and coauthors share. While finance chiefs report having spent most of their time in the past year managing financial risks, nearly three in ten also prioritized future growth, the latest McKinsey Global Survey on the CFO role reveals.
— Edited by Belinda Yu, editor, Atlanta
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by "McKinsey On Point" <publishing@email.mckinsey.com> - 10:07 - 1 Oct 2023
