Davos 2024: What leaders need to know

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ESSENTIALS FOR LEADERS AND THOSE THEY LEAD

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

The World Economic Forum’s annual meeting, which took place last week in Davos, Switzerland, brought together the world’s top decision makers to debate global issues. Known simply as “Davos,” the event has a unique significance for leaders worldwide. “The power of Davos is its ability to convene,” McKinsey global managing partner Bob Sternfels told Leading Off. “It is an opportunity for leaders in government and business to come together and be thoughtful about how to work together. With the current convergence of multiple generation-defining issues at once, from disruptive technologies to geopolitical dynamics, these dialogues have never been more important.” This week, we bring you Davos highlights selected for their relevance to leaders who wish to take swift action on these issues.

AN IDEA

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Find a balance

Throughout history, cooperation and conflict have coexisted—and in today’s volatile world, cooperation may need to take the lead. Leaders may find the joint WEF/McKinsey Global Cooperation Barometer 2024 a useful tool to design positive actions. The barometer uses 42 indicators to measure the state of global cooperation in five areas: trade and capital, innovation and technology, climate and natural capital, health and wellness, and peace and security. So far, the barometer’s results are mixed. For example, global cooperation in innovation and technology advanced significantly from 2012 to 2020 but fell off during the COVID-19 pandemic. Promoting greater cross-border collaboration—such as international student exchanges—and harmonizing global regulation of frontier technologies may be two critical areas for leaders to address.

A BIG NUMBER

3

Capturing a three-sided productivity opportunity—operating with excellence, optimizing capital leverage, and accelerating growth—could help create the economic conditions for a much brighter future. “Productivity is the imperative that can deliver business outperformance and a future of abundance,” note McKinsey’s Ezra Greenberg, Asutosh Padhi, and Sven Smit in a new article. “Creating productivity growth across an organization requires management teams to execute a range of difficult actions simultaneously.” That may mean focusing more intensely on balance sheet discipline or shifting attention from talent attraction to measuring the return on talent investments—new twists on activities with which business leaders are already familiar.

A QUOTE

“If you wanted to boil down 2023 to one concept, it would have to be generative AI.”

That’s McKinsey senior partners Kate Smaje and Rodney Zemmel on the overwhelming buzz around this new technology, which dominated many sessions at Davos. “[It] stands to have a profound impact on how we live and work,” they observe. “But the very excitement around gen AI is in danger of distracting business leaders from some other core business imperatives.” The McKinsey experts point to ten such fundamentals “that are often overlooked under the stresses of day-to-day demands and technology hype.” For example, it’s relatively easy to innovate but much harder to scale: an estimated 40 percent of digital and AI transformations stall at the scaling phase. Leaders need to “understand the specific capabilities it takes to scale and build them into the road map,” suggest Smaje and Zemmel.

A SPOTLIGHT INTERVIEW

Among the main topics of discussion at this year’s Davos meeting was sustainable inclusive growth—and financial inclusion could be an important way to contribute to that growth. In a discussion with McKinsey senior partner André Dua, Michael Froman, president of the Council on Foreign Relations and former vice chairman and president of strategic growth at Mastercard, notes that the private and public sectors need to work together to help more people gain access to economic opportunity. For example, in many economies, “you’ve got people who are sending money to their friends and family and are dependent on expensive remittance providers,” says Froman. “And all of those services can be provided more affordably, but it really involves financial institutions, networks, and others finding ways to reach that market and making those services available in an affordable manner.”

WHODUNIT

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Missed Davos this year? Prepare for it like a pro in 2025 with the tips we’ve gathered. We checked in with McKinsey leaders on how they passed the time during their long commute to the Alpine resort. Note for next year: bring a book. Indulging in a juicy read was among the diversions. “I read a book by Benjamin Stevenson called Everyone in My Family Has Killed Someone,” one senior partner told us. “It’s a nod to Agatha Christie in a more modern way, where [the author] sets himself and his family in this isolated mountain village and bad things happen.” Or you could get a head start on Davos by preparing for upcoming meetings with key stakeholders, including CEOs. Simply type the person’s name into a podcast app, suggests another senior partner: “Almost inevitably, they’ve done some podcast, and it’s great to listen to the person talk about their journey and what they’re focused on in their own words, and even weave in some of those tidbits into the discussion. It really shows that you’ve done your preparation for it.”

Lead by taking action.

— Edited by Rama Ramaswami, senior editor, New York

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by "McKinsey Leading Off" <publishing@email.mckinsey.com> - 03:05 - 22 Jan 2024

Why aren’t many companies getting full value from their cloud investments?

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DELIVERING ACTIONABLE INSIGHTS ON THE DAY’S NEWS
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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

Competing in the cloud

In the news

•

Controlling cloud costs. Businesses are trying to rein in their cloud-computing costs. With the arrival of generative AI (gen AI), that task has gotten a lot harder, according to the Wall Street Journal. A US pharmaceutical company’s use of gen AI to identify potential new drugs has pushed up its use of cloud services, said a senior tech leader there. The global market for the cloud is expected to increase 20.4% between 2023 and 2024, reaching $678.8 billion, according to a US market research company. [WSJ]

•

Cloud-based chatbots. As with semiconductor chips and software engineers, tech companies are depending more and more on cloud technologies when developing AI platforms, per CNN. That places cloud providers—which offer computing power, data storage, and business applications—at the center of gen AI, a breakthrough technology that promises to transform the workplace. Total cloud spending could increase to $679 billion in 2024, from $563 billion, according to market analysts. [CNN]

“When we look at our cohort of around 80-plus cloud leaders at major enterprises, on the median, we’re about 20% adopted in cloud.”

On McKinsey.com

•

Challenges of cloud adoption. For companies that successfully use cloud technology, about $3 trillion worth of business value is at stake. Many enterprises, however, struggle to realize the full benefits of cloud-based platforms, McKinsey partners Mark Gu and James Kaplan share on a recent episode of The McKinsey Podcast. According to new McKinsey research, only 20% to 30% of industries are using cloud programs regularly and at scale.

•

Avoiding cloud sprawl. Cloud sprawl is one of three big issues that can result in lost value for companies, Gu reveals. Particularly in large, complex organizations, when leaders try to foster broad organizational buy-in, they often take an approach to cloud adoption that is very democratic. But when companies allow different business units to employ various cloud providers, costs can quickly multiply, cutting into ROI. Discover how to avoid the common pitfalls of adopting cloud technologies.

See cloud-computing tips

— Edited by Belinda Yu, editor, Atlanta

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by "Only McKinsey" <publishing@email.mckinsey.com> - 12:28 - 22 Jan 2024

The week in charts

The Week in Charts

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ALL THE WEEK’S DATA THAT’S FIT TO VISUALIZE

Our McKinsey Chart of the Day series offers a daily chart that helps explain a changing world—as we strive toward sustainable and inclusive growth. In case you missed them, this week’s graphics explored themes related to the World Economic Forum Annual Meeting, including CO2 removal, geopolitical instability, business resilience, productivity gains from generative AI, and economic empowerment.

FEATURED CHART

Removing carbon, one solution at a time

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This week’s other select charts

Geopolitical conflicts loom large

A resolution to build resilience

Gen AI’s productivity possibilities

Boosting economic empowerment

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by "McKinsey Week in Charts" <publishing@email.mckinsey.com> - 02:09 - 20 Jan 2024

You’re a new CEO. Act quickly and think like an outsider.

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McKinsey Classics | January 2024

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The strategic moves behind successful new CEOs

It’s the start of a new year, and you’re a new CEO. Aside from tackling that enduring list of resolutions that you absolutely intend to keep this year (for real this time), you have something else to consider: the performance of the company you are now leading. And the moves you make at the outset will greatly determine your odds of success. The stakes are high, and the window of opportunity is relatively brief. What’s a new CEO to do?

In our experience, fortune favors the bold. CEOs who made multiple moves early on at poorly performing companies fared far better than their less intrepid counterparts. But moves alone won’t quite get you there. Also crucial is adopting an outsider’s mindset. External hires—who have a greater propensity to act and are less encumbered by legacy obstacles—typically have an edge over their internally promoted counterparts. But you needn’t be an outsider to act like one. Internal hires who can sidestep company politics and reset expectations can be just as successful as even the best external hires.

The business arena has only gotten more complex, more volatile, and more intense in the eight years since Michael Birshan, Thomas Meakin, and Kurt Strovink’s 2016 classic, “How new CEOs can boost their odds of success.” Let these lessons guide you in the new year and your new tenure.

— Drew Holzfeind, editor, Chicago

Move boldly

Related Reading

Starting strong: Making your CEO transition a catalyst for renewal

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Staying ahead: How the best CEOs continually improve performance

What makes a successful CEO?

Did You Miss Our Previous McKinsey Classics?

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Perfecting your approach to personalized marketing

Targeted communications can boost customer loyalty and spur growth—if you know how to use them. Learn how to make the most of your personalized-marketing efforts.

Get personal

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by "McKinsey Classics" <publishing@email.mckinsey.com> - 11:42 - 20 Jan 2024

EP95: Linux File System Explained

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EP95: Linux File System Explained

ByteByteGo

Jan 20

READ IN APP

This week’s system design refresher:

Linux File System Explained (Youtube video)
REST API Vs. GraphQL
Key Use Cases for Load Balancers
Types of memory. Which ones do you know?
Top 6 Firewall Use Cases
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Linux File System Explained

REST API Vs. GraphQL

When it comes to API design, REST and GraphQL each have their own strengths and weaknesses.

REST

Uses standard HTTP methods like GET, POST, PUT, DELETE for CRUD operations.
Works well when you need simple, uniform interfaces between separate services/applications.
Caching strategies are straightforward to implement.
The downside is it may require multiple roundtrips to assemble related data from separate endpoints.

GraphQL

Provides a single endpoint for clients to query for precisely the data they need.
Clients specify the exact fields required in nested queries, and the server returns optimized payloads containing just those fields.
Supports Mutations for modifying data and Subscriptions for real-time notifications.
Great for aggregating data from multiple sources and works well with rapidly evolving frontend requirements.
However, it shifts complexity to the client side and can allow abusive queries if not properly safeguarded
Caching strategies can be more complicated than REST.

The best choice between REST and GraphQL depends on the specific requirements of the application and development team. GraphQL is a good fit for complex or frequently changing frontend needs, while REST suits applications where simple and consistent contracts are preferred.

Key Use Cases for Load Balancers

The diagram below shows top 6 use cases where we use a load balancer.

Traffic Distribution
Load balancers evenly distribute incoming traffic among multiple servers, preventing any single server from becoming overwhelmed. This helps maintain optimal performance, scalability, and reliability of applications or websites.
High Availability
Load balancers enhance system availability by rerouting traffic away from failed or unhealthy servers to healthy ones. This ensures uninterrupted service even if certain servers experience issues.
SSL Termination
Load balancers can offload SSL/TLS encryption and decryption tasks from backend servers, reducing their workload and improving overall performance.
Session Persistence
For applications that require maintaining a user's session on a specific server, load balancers can ensure that subsequent requests from a user are sent to the same server.
Scalability
Load balancers facilitate horizontal scaling by effectively managing increased traffic. Additional servers can be easily added to the pool, and the load balancer will distribute traffic across all servers.
Health Monitoring
Load balancers continuously monitor the health and performance of servers, removing failed or unhealthy servers from the pool to maintain optimal performance.

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Types of memory. Which ones do you know?

Memory types vary by speed, size, and function, creating a multi-layered architecture that balances cost with the need for rapid data access.

By grasping the roles and capabilities of each memory type, developers and system architects can design systems that effectively leverage the strengths of each storage layer, leading to improved overall system performance and user experience.

Some of the common Memory types are:
1. Registers:
Tiny, ultra-fast storage within the CPU for immediate data access.

2. Caches:
Small, quick memory located close to the CPU to speed up data retrieval.

3. Main Memory (RAM):
Larger, primary storage for currently executing programs and data.

4. Solid-State Drives (SSDs):
Fast, reliable storage with no moving parts, used for persistent data.

5. Hard Disk Drives (HDDs):
Mechanical drives with large capacities for long-term storage.

6. Remote Secondary Storage:
Offsite storage for data backup and archiving, accessible over a network.

Over to you: Which memory type resonates most with your tech projects and why? Share your thoughts!

Top 6 Firewall Use Cases

Port-Based Rules
Firewall rules can be set to allow or block traffic based on specific ports. For example, allowing only traffic on ports 80 (HTTP) and 443 (HTTPS) for web browsing.
IP Address Filtering
Rules can be configured to allow or deny traffic based on source or destination IP addresses. This can include whitelisting trusted IP addresses or blacklisting known malicious ones.
Protocol-Based Rules
Firewalls can be configured to allow or block traffic based on specific network protocols such as TCP, UDP, ICMP, etc. For instance, allowing only TCP traffic on port 22 (SSH).
Time-Based Rules
Firewalls can be configured to enforce rules based on specific times or schedules. This can be useful for setting different access rules during business hours versus after-hours.
Stateful Inspection
Stateful Inspection: Stateful firewalls monitor the state of active connections and allow traffic only if it matches an established connection, preventing unauthorized access from the outside.
Application-Based Rules
Some firewalls offer application-level control by allowing or blocking traffic based on specific applications or services. For instance, allowing or restricting access to certain applications like Skype, BitTorrent, etc.

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by "ByteByteGo" <bytebytego@substack.com> - 10:36 - 20 Jan 2024

Global trade reconfiguration, talent in 2024, competitiveness and growth in Europe, and more: The Daily Read weekender

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CURATED PICKS FOR YOUR DOWNTIME, FROM OUR EDITORS

Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities

This weekend, take a breather and get cozy with some of the week’s big reads on the geometry of global trade, the shape of talent in 2024, an integrated agenda for Europe, and more.

McKinsey’s Jeongmin Seong, Olivia White, Michael Birshan, Lola Woetzel, and coauthors explore shifting global trade patterns between countries in a new McKinsey Global Institute report.

Be prepared for a range of shifts

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Managers and gen AI shaped last year’s talent landscape. What's in store for talent leaders in 2024? McKinsey partners Bryan Hancock and Brooke Weddle weigh in.

See what's ahead

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To thrive in this new era, Europe needs an integrated agenda for competitiveness, write McKinsey’s Massimo Giordano, Solveigh Hieronimus, Sven Smit, and coauthors.

Safeguard growth and prosperity

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Insights to Impact, our weekly briefing on sustainable and inclusive growth, explores the three-sided productivity opportunity for companies, preparing for the CEO role, and more.

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QUOTE OF THE DAY

“As complex, far-reaching risks mount, from geopolitical tensions to climate change, CEOs and boards cannot afford to be caught unprepared.”

—See how CEOs can tackle their company’s compounding risks in “How CEOs can mitigate compounding risks”

chart of the day

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See the chart

Ready to unwind?

What is fintech?

Fintechs are companies that rely primarily on technology and cloud services—and less so on physical locations—to provide financial services to customers.

Understand the trends

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Data Points: Your weekly quiz

How well do you know the numbers behind the changes in business, society, and the world? Take the McKinsey weekly quiz to find out.

Take the quiz

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Know the answer? Test yourself with the latest The McKinsey Crossword: Switching Places | No. 163.

Make the switch

—Edited by Joyce Yoo, editor, New York

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by "McKinsey Daily Read" <publishing@email.mckinsey.com> - 11:12 - 18 Jan 2024

Who are the McKinsey leaders attending Davos 2024?

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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

Dialogues at Davos

In the news

•

Spreading fake news. The Associated Press reports that the spread of bogus information, made easier by AI-powered platforms, could threaten democratic processes such as voting and create deeper societal rifts, according to the World Economic Forum (WEF). Government and industry leaders, including high-profile US tech executives, are expected to focus on AI at WEF’s annual meeting in Davos, Switzerland. Extreme weather could also threaten the global economy in the next two to ten years, WEF found. [AP]

•

Mending geopolitical rifts. According to Reuters, world leaders at the 2024 WEF annual meeting in Davos are intent on ending conflict in Africa, Europe, and the Middle East, WEF’s president remarked in January. Along with rising geopolitical risks, hundreds of Davos delegates are contending with challenging business conditions such as high interest rates and mounting debt. More than 500 finance leaders are present to discuss disruptive technologies and other trends, a WEF spokesperson noted. [Reuters]

Meet some of the McKinsey leaders attending Davos and dive into their recent insights, which address topics such as CEO priorities for 2024, the world economy, and more.

On McKinsey.com

•

Complex challenges. Against a backdrop of heightened geopolitical tensions and a challenging macroeconomic environment, the World Economic Forum’s annual meeting in the Alpine town of Davos , Switzerland, is drawing to a close. The 2024 McKinsey delegation has joined other global leaders from government, business, and civil society to discuss critical challenges and set priorities for the coming year. Kate Smaje , a senior partner who leads digital, data, and design transformations, expects generative AI to be a prominent topic at Davos this year.

•

McKinsey at Davos. For McKinsey senior partner Acha Leke , chairman of McKinsey’s Africa region, Davos delegates are likely to discuss geopolitics, including the effects of global conflicts in Europe and the Middle East on countries and companies. Sustainability is also at the center of the global agenda, notes senior partner Andres Cadena , who champions Latin America’s economic development. Learn more about McKinsey leaders at Davos and their areas of focus.

Hear from McKinsey experts

— Edited by Belinda Yu, editor, Atlanta

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by "Only McKinsey" <publishing@email.mckinsey.com> - 10:15 - 18 Jan 2024

Geopolitics and the geometry of global trade

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New from McKinsey Global Institute

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Geopolitics and the geometry of global trade

Global trade patterns are reconfiguring. More shifts are likely and businesses need to be aware of the potential trade-offs of different paths ahead.

Be prepared for a range of shifts

Related Reading

McKinsey and the World Economic Forum 2024

Global flows: The ties that bind in an interconnected world

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by "McKinsey Global Institute" <publishing@email.mckinsey.com> - 01:20 - 18 Jan 2024

Thank you for supporting ByteByteGo Newsletter


	Thank you for reading ByteByteGo Newsletter. As a token of our appreciation, we're offering you a limited-time offer of 20% off a paid subscription. Redeem special offer Here are the benefits you unlock with a paid subscription: An extra deep dive on Thursdays Full archive Many expense it with team's learning budget Join the hundreds of other readers who pay for full access to ByteByteGo Newsletter - redeem your special offer today! Thanks again for reading. © 2024 ByteByteGo 548 Market Street PMB 72296, San Francisco, CA 94104

by "ByteByteGo" <bytebytego@substack.com> - 11:16 - 18 Jan 2024

A Crash Course in Networking

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A Crash Course in Networking

ByteByteGo

Jan 18

∙

Preview

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The Internet has become an integral part of our daily lives, shaping how we communicate, access information, and conduct business. At its core, the Internet is a global system of interconnected computer networks that use standardized communication protocols to facilitate data exchange. This enables the transmission of text, images, videos, and more, across all sorts of devices.

In this issue, we dive into the essence of the Internet by exploring its key components: the network edges, access networks, network core, network protocols, and the Internet Protocol stack. We discuss how packet switching, forwarding, and routing work. We unravel the complexities of access networks and examine the crucial role protocols play in governing Internet activities. By the end, you will gain a comprehensive understanding of the Internet's architecture and its pivotal role in modern communication.

Internet Evolution

The evolution of the Internet is a fascinating journey spanning several decades, marked by groundbreaking developments and innovations. Here is a timeline of key milestones and transformative moments in the history of the Internet that have shaped the digital landscape we know today.

Components of the Internet

The Internet is a complex and interconnected network, consisting of several key components. We are going to explore the most important components of the Internet.

The Network Edge

The computers and other devices connected to the Internet are often referred to as end systems. They are called end systems because they sit at the “edge” of the Internet.

The Internet’s end systems include desktop computers, servers, mobile devices, and an increasing number of non-traditional “things” like smart appliances and IoT devices are being attached to the Internet as end systems.

End systems are also referred to as hosts because they host application programs such as a web browser, web server, e-mail client, or e-mail server.

Hosts are sometimes further divided into two categories: clients and servers. Informally, clients tend to be desktop and mobile PCs, smartphones, and similar personal computing devices, whereas servers tend to be more powerful machines that store and distribute web pages, stream video, relay e-mail, and similar services. Today, most of the servers providing search results, e-mail, web pages, and videos reside in large data centers.

Access networks

Having considered the applications and end systems at the “edge of the network,” let’s next consider the access network, which is the network that physically connects an end system to the first router (also known as the “edge router”) on a path from the end system to any other distant end system.

Access networks serve as the crucial link between end systems and the broader network infrastructure. Access networks can be broadly categorized into three types.

Home Access Networks

Home Access Networks refers to the set of technologies that enable connectivity and communication within a residential environment. This network allows devices within the home to connect to the Internet, share data, and communicate with each other.

Institutional Access Networks

Institutional Access Networks refers to the networking infrastructure and technologies used by organizations, institutions, and businesses to connect to the Internet and facilitate communication within their premises. These networks are designed to handle the specific needs and requirements of large-scale operations.

Mobile Access Networks

Mobile Access Networks refer to the various technologies that enable mobile devices, such as smartphones and tablets, to connect to the Internet and communicate with each other. These technologies facilitate wireless communication and data transfer for mobile users.

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by "ByteByteGo" <bytebytego@substack.com> - 10:42 - 18 Jan 2024

Can Davos help close the empowerment gap?

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New from McKinsey & Company

Can Davos help close the empowerment gap?

This week at Davos, business leaders are taking stock of the significant progress made toward eradicating extreme poverty and closing the empowerment gap. They’re also thinking seriously about the work left to be done. Many development experts and economists have suggested setting a higher bar for global living standards. In a recent report from the McKinsey Global Institute, Anu Madgavkar, Sven Smit, Lola Woetzel, Kweilin Ellingrud, and Tracy Francis propose centering the concept of empowerment—rather than poverty—helps ensure the focus stays on quality of life. What else does empowerment mean—for people and the planet? Explore the insights below to learn the latest on closing the empowerment gap, and bookmark this page for daily #WEF24 updates featuring crucial insights on the key themes at Davos.

From poverty to empowerment: Raising the bar for sustainable and inclusive growth

What would it take to raise minimum living standards and get on a net-zero path in this decade? Our research explores twin ambitions for people and the planet.

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 09:13 - 18 Jan 2024

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by "Remote" <no-reply@remote.com> - 04:48 - 18 Jan 2024

What topics will dominate this year’s discussions at Davos?

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Davos discourse

In the news

•

Top global risks. As seen in Reuters, extreme weather and the spread of misinformation are the greatest risks to global security, according to a World Economic Forum (WEF) report published ahead of the 2024 WEF annual meeting in Davos, Switzerland. Falsified information could prove particularly disruptive from 2024 to 2026 as multiple countries conduct elections and tally billions of votes. The annual meeting at Davos is taking place amid the most complex geopolitical landscape that leaders have faced so far, the WEF president said. [Reuters]

•

A slowing world economy. CNBC notes that as business chiefs, heads of state, and other leaders gather in Davos, global economic growth for the half-decade from 2020 to 2025 is set to be the weakest it’s been in 30 years, according to the World Bank. For the third consecutive year, global economic growth is expected to slow as geopolitical pressures escalate. Global GDP will likely increase 2.4% in in 2024, compared with 2.6% in 2023. [CNBC]

As a strategic partner to WEF, McKinsey will engage with Davos 2024 participants in constructive, forward-looking dialogues.

On McKinsey.com

•

Global thinkers. Each January, hundreds of leaders from government, business, and civil society gather in the Alpine town of Davos, Switzerland, to take on the biggest global challenges of the day and set priorities for the year ahead. “I’m looking forward to the opportunity to reunite with global thinkers” at the WEF Annual Meeting 2024, says McKinsey senior partner Andres Cadena. This year, more than 300 public figures, including more than 60 heads of state and government, are focusing on rebuilding trust amid uncertainty and rapid change.

•

Discussions at Davos. Generative AI, geopolitics, and sustainability are some of the critical topics at Davos that leaders are sure to engage on , McKinsey senior partners Acha Leke and Kate Smaje and McKinsey Global Institute chair Sven Smit explain. “I’m sure there will be a lot of discussion about trade and our interconnectedness in this sort of polarizing world,” Leke notes. Visit our collection page, McKinsey and the World Economic Forum 2024, to see what McKinsey leaders expect at Davos this year.

Explore Davos-related insights

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by "Only McKinsey" <publishing@email.mckinsey.com> - 12:20 - 18 Jan 2024

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by "Sunny Thakur" <sunny.thakur@uffizio.com> - 06:00 - 17 Jan 2024

Reimagining our connected world at Davos

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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

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Reimagining our connected world

The world is deeply interconnected. Every region relies on trade with other regions for more than 25 percent of at least one important type of good. But trade reconfiguration is under way, and increased investment into a range of developing economies suggests further trade reconfiguration in coming years. What can business leaders do to prepare? “In the current state of uncertainty, the imperative for business leaders is to … have a strategy in place to help shape a new architecture to match an evolving world,” write McKinsey’s Jeongmin Seong, Olivia White , Michael Birshan, Lola Woetzel, and coauthors in a new report from the McKinsey Global Institute. Global cooperation can also contribute to, and help shape, the discourse on the evolution of global connections.

On day 3 of the World Economic Forum’s annual meeting in Davos, check out these insights to understand how our interconnected world is evolving and why global integration is here to stay—albeit with nuance. And bookmark this page for daily updates on #WEF24.

Geopolitics and the geometry of global trade

Global trade patterns are reconfiguring. More shifts are likely and businesses need to be aware of the potential trade-offs of different paths ahead.

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by "McKinsey & Company" <publishing@email.mckinsey.com> - 09:37 - 17 Jan 2024

What aspects of generative AI should leaders consider at Davos this year?

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Young Global Leaders on Davos

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•

Davos’s AI agenda. About 200 government leaders, scholars, and AI experts met in November 2023 at a World Economic Forum (WEF) summit on AI governance and regulation. Attendees highlighted the importance of learning through experience and adopting AI gradually; their conversations point to potential talking points ahead of the the 2024 WEF annual meeting at Davos. Stakeholders should focus on building inclusive, trustworthy platforms rather than making “speed for speed’s sake” a goal, said a US software executive. [WEF]

•

AI’s benefits and risks. The Brookings Institution reports that at the 2023 WEF AI Governance Summit, leaders stated that organizations should weigh the benefits of generative AI (gen AI) against risks such as cybercrime and unpredictability in AI models. Governance is needed at many levels, including when organizations are developing and deploying technological tools. Businesses, policy makers, and financial backers should work together to develop safe and inclusive forms of technology. [Brookings]

“The speed and scale at which AI is developing is outpacing the global community’s capacity to regulate it.”

On McKinsey.com

•

Trustworthy AI. What can we expect at Davos 2024? Former and current WEF Young Global Leaders (YGL), a group of professionals from around the world, spoke with McKinsey Global Publishing leader and YGL alumnus Raju Narisetti about what aspect of gen AI they think Davos participants should discuss this year, as well as other key topics . For Mastercard executive Shamina Singh, gen AI must be developed with “transparency, accountability, and trust … to ensure personal information remains just that—personal.”

•

New forms of governance. It’s important for leaders to implement a regulatory framework for gen AI, says Leslie Maasdorp, vice president and CFO of New Development Bank. That will require new, more agile forms of governance models that can include contributions from multiple stakeholders, including academia, industry, and governments, Maasdorp explains. For perspectives from 17 members of the YGL group, explore our interactive feature, “Young Global Leaders on Davos 2024.”

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by "Only McKinsey" <publishing@email.mckinsey.com> - 12:50 - 17 Jan 2024

Accelerating Europe: Competitiveness for a new era

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by "McKinsey Global Institute" <publishing@email.mckinsey.com> - 01:45 - 16 Jan 2024

Improving Core Web Vitals: How Kurt Geiger monitors digital experience

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by "New Relic" <emeamarketing@newrelic.com> - 04:36 - 16 Jan 2024

Curious about Davos? Here’s a refresher on themes and topics.

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Demystifying Davos

In the news

•

An inevitable topic. The theme for this year’s WEF annual meeting, known as Davos for the Swiss ski town it’s held in, is “rebuilding trust.” Considering 2023 was the year that “AI” became a household term, it’s no surprise that a big focus at Davos, which takes place January 15 to 19, will be on AI and technological safety. While considering AI’s applications in healthcare and in business, leaders will also discuss how investors can support innovation as well as the trade-offs between regulation and creativity. [Spear’s]

•

World leaders gather. Top officials from business, government, and civil society are once again convening in Davos as geopolitical tensions proliferate. The roster includes 60 heads of state and government, 40 finance ministers, 16 central bank governors, foreign affairs chiefs from some 40 countries, and several national-security advisers. About 1,600 business leaders are joining seminars that address the energy transition, global trade, and other issues. [Bloomberg]

McKinsey and WEF will work together at this year’s Davos summit to chart a course toward carbon neutrality and a nature-positive world by 2050.

On McKinsey.com

•

Global decision makers. With some 2,500 delegates and hundreds of others coming together each January, Davos may be the world’s biggest gathering of decision makers. Davos isn’t just about the well-known luminaries in attendance, however. Key to the meeting’s success is the networking and “coincidental meetings that happen in the margins of the sessions,” as McKinsey senior partner Kate Smaje notes. Ultimately, Davos is about tackling the most pressing issues of the day , including the climate crisis and rapidly advancing technologies.

•

On the Davos docket. In an era of rapid change and increased fragmentation, WEF is focused on restoring trust on three levels: in our future, within societies, and among nations. For 2024, McKinsey’s knowledge collaborations with WEF are intended to foster global cooperation for sustainable, inclusive growth. Check out our McKinsey Explainers entry “What is Davos?” to put the meeting into proper context and discover some of this year’s initiatives, including developing a long-term strategy for climate, nature, and energy.

Explore themes for Davos 2024

—Edited by Querida Anderson, senior editor, New York

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by "Only McKinsey" <publishing@email.mckinsey.com> - 10:07 - 15 Jan 2024

Tyk Cloud lands in Australia! 🌏

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