There have been two big turning points in human history. The first was the industrial revolution, where machines replaced muscle power. The Second Machine Age is the time when machines are now able to take over a lot of cognitive tasks that humans can do. In this Capgemini interview with Erik Brynjolfsson and Andrew McAfee, authors of the recent book "The Second Machine Age" (www.secondmachineage.com), we get a summary view of what the 2nd Machine Age is, what it means for established companies, and how they should react.
I throughly recommend reading this book. It's an excellent summary of the impact and importance of digital and why it's important for companies to do more.
Disruptive technologies: Advances that will transform life, business, and the...alexandre stopnicki
Report| McKinsey Global Institute
A report from the McKinsey Global Institute, cuts through the noise and identifies 12 technologies that could drive truly massive economic transformations and disruptions in the coming years.
http://www.mckinsey.com/insights/business_technology/disruptive_technologies
Do More. Do things that were previously impossible!Tim O'Reilly
My keynote at SxSW Interactive on March 9, 2018. I tackle the job of the entrepreneur to redraw the map, and not to accept the idea that technology will put people out of work rather than creating new kinds of prosperity. I try to provide a call to action to throw off the shackles of the old world and to build a new one. So many companies play defense. Cut costs, watch the competition, follow best practices. Great entrepreneurs like Jeff Bezos and Elon Musk play offense. They see the world with fresh eyes, taking off the blinders that keep companies using technology to make slight improvements to existing products and practices, rather than imagining the world as it could be, given the new capabilities that technology has given us.
Disruptive technologies: Advances that will transform life, business, and the...alexandre stopnicki
Report| McKinsey Global Institute
A report from the McKinsey Global Institute, cuts through the noise and identifies 12 technologies that could drive truly massive economic transformations and disruptions in the coming years.
http://www.mckinsey.com/insights/business_technology/disruptive_technologies
Do More. Do things that were previously impossible!Tim O'Reilly
My keynote at SxSW Interactive on March 9, 2018. I tackle the job of the entrepreneur to redraw the map, and not to accept the idea that technology will put people out of work rather than creating new kinds of prosperity. I try to provide a call to action to throw off the shackles of the old world and to build a new one. So many companies play defense. Cut costs, watch the competition, follow best practices. Great entrepreneurs like Jeff Bezos and Elon Musk play offense. They see the world with fresh eyes, taking off the blinders that keep companies using technology to make slight improvements to existing products and practices, rather than imagining the world as it could be, given the new capabilities that technology has given us.
My keynote at the Open Exchange Summit in Nashville on April 18, 2018. I talk about the implications for many different kinds of companies of the fact that increasingly large segments of our economy are being dominated by algorithmically managed network marketplaces.
Yet another version of my book talk, this time at Harvard Business School, on March 28, 2018. This one had fewer slides with less connecting narrative so that I could spend more time interacting with the audience. I think it went pretty well. As usual, the speaker notes contain the narrative that goes with the slides, which are mostly images.
Irrational Exuberance: A Tech Crash is ComingJeffrey Funk
These slides apply Nobel Laureate Robert Schiller's concept of irrational exuberance (and a book) title to the current speculative bubble of 2019. Over investments in startups and a lack of profitability in them are finally starting to catch up with the venture capital industry and the tech sector that relies on it. Investments by US venture capitalists have risen about six times since 2001 causing the total invested in 2018 to exceed by 40% the peak of 2000, the last big year of the dotcom bubble. But the number of IPOs has never returned to the peak years of 1993 to 2000; only about 250 were carried out between 2015 and 2017 vs. about 1,200 between 1995 and 1997.
The reason is simple: startups are taking longer to go public because they are not profitable. Consider the data. The median time to IPO has risen from 2.8 years in 1998 to 7.7 years in 2016 and the ones going public are less profitable than they were in the past. Although only 22% of startups going public in 1980 were unprofitable, 82% were unprofitable in 2018. The same high percentages of unprofitability have only been achieved twice before, in 1998 and 1999 right before the dotcom bubble burst. Furthermore, startups that have recently done high profile IPOs such as Snap, Dropbox, Blue Apron, Fitbit, Trivago, Box, and Cloudera are still not profitable.
My keynote at the 2018 New Profit Gathering of Leaders conference in Boston on May 17, 2018. I talk about the lessons from technology platforms, how they teach us what is wrong with our economy, and the possibilities of AI for creating better, fairer, more effective decisions about "who gets what and why" in the economy.
A review of the issues associated with prospective technological unemployment. This includes the outlook for universal income or guaranteed income funded by robot taxes. It also covers the U.S. fiscal capacity to undertake such a scheme.
Google handles over 3 billion searches a day, Amazon offers a storefront with 600 million unique items, Facebook users post 6 billion pieces of content sailing, all with the aid of complex algorithmic systems that respond to a constant influx of new data, adversarial activity by those trying to game the system, and changing preferences of users. These systems represent breakthroughs in the governance of complex, interacting systems, with algorithms that must be constantly updated to respond to rapidly changing conditions. The economy as a whole is also full of complex, interacting systems, but we still try to manage those systems with 20th century tools and processes. This talk explores what we can learn from technology platforms about new approaches that the Fed might take to improve its historical mission using the tools of agile development, big data, and artificial intelligence. My talk at the San Francisco Federal Reserve Bank FedAgile conference on November 7, 2018. Download the PPT file to read the narrative in the speaker notes. (I wish slideshare did a better job of displaying these, but they don't.)
The Rise of the Platform Economy: Policy Issues, Business Choices, and Resear...SWiPE Research Project
Presentation by John Zysman, Professor Emeritus, UC Berkley. The presentation was held on 30 August 2016 in the Business and Work in the Era of Digital Platforms research seminar. The seminar was hosted jointly by BRIE-ETLA and SWiPE research projects.
The Slow Growth of AI: The State of AI and Its ApplicationsJeffrey Funk
The failure of IBM Watson, disappointments of self-driving vehicles, slow diffusion of medical imaging, small markets for AI software, and scorching criticisms of Google’s research papers provide evidence for hype and disappointment in AI, which is consistent with negative social impact of Big Data and AI algorithms. There are some successes, but they are much smaller than the predictions, with virtual applications (advertising, news, retail sales, finance and e-commerce) having the largest success, building from previous Big Data usage in the past. Looking forward, AI will augment not replace workers just as past technologies did on farms, factories, and offices. Robotic process automation and natural language processing are likely to play important roles in this augmentation with RPA automating repetitive work, natural language processing summarizing information, and RPA also putting the information in the right bins for engineers, accountants, researchers, journalists, and lawyers. Big challenges include reductions in training time depending on faster computers, exponentially rising demands on computers for high accuracies in image recognition, a slowdown in supercomputer improvements, datasets riddled with errors, and reproducibility problems.
The digital labour market uder debate: Platforms, workers, rights and WorkertechAlbert Canigueral
"The digital labour market uder debate: Platforms, workers, rights and Workertech" is a study about the future of work and the future of workers. The report has been comissioned to Ouishare by Cotec Foundation with the suport of Malt.
The global, long term picture to set the context for the day – trends in population, geopolitics, technology, the massive issues of climate change, migration, resource and energy scarcity.
Evaluation of technology, trade, and inclusive development: Chinese experiencesAkhilesh Chandra Prabhakar
The present study begins by surveying, broadly supports the assertion that technology, trade, sustainability and
development-led globalization is the path in the Chinese context not adequately paid to attention except with very few
original or significant contributions. This research examines the existing pattern in the areas of trade, technology,
investment with a view to locate in the development context in the era of globalization. This study also investigates
theories of trade, technology movement under capitalist paradigm along with the empirical one. The survey broadly
supports the frequent, through usually undocumented, assertion that China’s socialist market paradigm was not
different from the capitalist mode of production as tended to neglect and to which they had made few if any original or
significant contributions. Alongside, this study used secondary data and analyzed, where the results confirmed that
foreign direct investment (FDI), trade and economic growth indicated the presence of long-run sustainable equilibrium
relationship between them but created income inequality gap widely among people. It is, thus, important for
policymakers to remove obstacles and improve the respective absorptive capacity in order to reap maximized positive
inclusive development with equality basis.
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
My keynote at the Open Exchange Summit in Nashville on April 18, 2018. I talk about the implications for many different kinds of companies of the fact that increasingly large segments of our economy are being dominated by algorithmically managed network marketplaces.
Yet another version of my book talk, this time at Harvard Business School, on March 28, 2018. This one had fewer slides with less connecting narrative so that I could spend more time interacting with the audience. I think it went pretty well. As usual, the speaker notes contain the narrative that goes with the slides, which are mostly images.
Irrational Exuberance: A Tech Crash is ComingJeffrey Funk
These slides apply Nobel Laureate Robert Schiller's concept of irrational exuberance (and a book) title to the current speculative bubble of 2019. Over investments in startups and a lack of profitability in them are finally starting to catch up with the venture capital industry and the tech sector that relies on it. Investments by US venture capitalists have risen about six times since 2001 causing the total invested in 2018 to exceed by 40% the peak of 2000, the last big year of the dotcom bubble. But the number of IPOs has never returned to the peak years of 1993 to 2000; only about 250 were carried out between 2015 and 2017 vs. about 1,200 between 1995 and 1997.
The reason is simple: startups are taking longer to go public because they are not profitable. Consider the data. The median time to IPO has risen from 2.8 years in 1998 to 7.7 years in 2016 and the ones going public are less profitable than they were in the past. Although only 22% of startups going public in 1980 were unprofitable, 82% were unprofitable in 2018. The same high percentages of unprofitability have only been achieved twice before, in 1998 and 1999 right before the dotcom bubble burst. Furthermore, startups that have recently done high profile IPOs such as Snap, Dropbox, Blue Apron, Fitbit, Trivago, Box, and Cloudera are still not profitable.
My keynote at the 2018 New Profit Gathering of Leaders conference in Boston on May 17, 2018. I talk about the lessons from technology platforms, how they teach us what is wrong with our economy, and the possibilities of AI for creating better, fairer, more effective decisions about "who gets what and why" in the economy.
A review of the issues associated with prospective technological unemployment. This includes the outlook for universal income or guaranteed income funded by robot taxes. It also covers the U.S. fiscal capacity to undertake such a scheme.
Google handles over 3 billion searches a day, Amazon offers a storefront with 600 million unique items, Facebook users post 6 billion pieces of content sailing, all with the aid of complex algorithmic systems that respond to a constant influx of new data, adversarial activity by those trying to game the system, and changing preferences of users. These systems represent breakthroughs in the governance of complex, interacting systems, with algorithms that must be constantly updated to respond to rapidly changing conditions. The economy as a whole is also full of complex, interacting systems, but we still try to manage those systems with 20th century tools and processes. This talk explores what we can learn from technology platforms about new approaches that the Fed might take to improve its historical mission using the tools of agile development, big data, and artificial intelligence. My talk at the San Francisco Federal Reserve Bank FedAgile conference on November 7, 2018. Download the PPT file to read the narrative in the speaker notes. (I wish slideshare did a better job of displaying these, but they don't.)
The Rise of the Platform Economy: Policy Issues, Business Choices, and Resear...SWiPE Research Project
Presentation by John Zysman, Professor Emeritus, UC Berkley. The presentation was held on 30 August 2016 in the Business and Work in the Era of Digital Platforms research seminar. The seminar was hosted jointly by BRIE-ETLA and SWiPE research projects.
The Slow Growth of AI: The State of AI and Its ApplicationsJeffrey Funk
The failure of IBM Watson, disappointments of self-driving vehicles, slow diffusion of medical imaging, small markets for AI software, and scorching criticisms of Google’s research papers provide evidence for hype and disappointment in AI, which is consistent with negative social impact of Big Data and AI algorithms. There are some successes, but they are much smaller than the predictions, with virtual applications (advertising, news, retail sales, finance and e-commerce) having the largest success, building from previous Big Data usage in the past. Looking forward, AI will augment not replace workers just as past technologies did on farms, factories, and offices. Robotic process automation and natural language processing are likely to play important roles in this augmentation with RPA automating repetitive work, natural language processing summarizing information, and RPA also putting the information in the right bins for engineers, accountants, researchers, journalists, and lawyers. Big challenges include reductions in training time depending on faster computers, exponentially rising demands on computers for high accuracies in image recognition, a slowdown in supercomputer improvements, datasets riddled with errors, and reproducibility problems.
The digital labour market uder debate: Platforms, workers, rights and WorkertechAlbert Canigueral
"The digital labour market uder debate: Platforms, workers, rights and Workertech" is a study about the future of work and the future of workers. The report has been comissioned to Ouishare by Cotec Foundation with the suport of Malt.
The global, long term picture to set the context for the day – trends in population, geopolitics, technology, the massive issues of climate change, migration, resource and energy scarcity.
Evaluation of technology, trade, and inclusive development: Chinese experiencesAkhilesh Chandra Prabhakar
The present study begins by surveying, broadly supports the assertion that technology, trade, sustainability and
development-led globalization is the path in the Chinese context not adequately paid to attention except with very few
original or significant contributions. This research examines the existing pattern in the areas of trade, technology,
investment with a view to locate in the development context in the era of globalization. This study also investigates
theories of trade, technology movement under capitalist paradigm along with the empirical one. The survey broadly
supports the frequent, through usually undocumented, assertion that China’s socialist market paradigm was not
different from the capitalist mode of production as tended to neglect and to which they had made few if any original or
significant contributions. Alongside, this study used secondary data and analyzed, where the results confirmed that
foreign direct investment (FDI), trade and economic growth indicated the presence of long-run sustainable equilibrium
relationship between them but created income inequality gap widely among people. It is, thus, important for
policymakers to remove obstacles and improve the respective absorptive capacity in order to reap maximized positive
inclusive development with equality basis.
A somewhat longer version of my Frontiers talk about technology and the future of the economy, with additional material pitched to an audience of Internet operators at Apricot 2017, in Ho Chi Minh City, Vietnam on February 27, 2017
Cognizant Community Europe 2017: Mastering Digital: Navigating the Shift to t...Cognizant
Executives gathered at Cognizant’s flagship European thought leadership conference heard how digital technologies in general and AI in particular are poised to generate significant economic growth.
World Economic Forum Tipping Points ReportSergey Nazarov
Describes how 10% of global GDP will be on the blockchain and the value of the monumental shift started by Bitcoin.
Features SmartContract.com as The Shift in Action" for blockchain technology.
In this edition of our Work Ahead study, we explore the increasing primacy of digital within the context of the COVID-19 pandemic and assess what’s next for the future of work.
Summary of the Book Exponential organizationsGMR Group
Happy Morning
I have made a small attempt to summarize this book after reading this number of times.
In this book Salim Ismail gives a deep dive – Exponential Organizations where he shows how any company, from Startup to a multi-national , can become exponential.
The author unveils years of research learning how organizations can accelerate growth through use of Technology. The goal of the book is to provide you with the knowledge to leverage assets such as big data, communities, algorithms, and new technology to achieve performance ten times better than your competition.
It is good book for entrepreneurs who need a guide for harnessing and strategizing the hyper growth of a company that feeds off of modern technology in the 21st century and beyond.
Because we focus on accelerating technologies and the future we identified an infection point in how we build businesses that has never noticed before.
Most CEOs see innovation as product or service innovation. But there is also process innovation, social innovation, organizational innovation, management innovation, business model innovation etc.
Those business that do not evolve , will not survive
Happy Reading
BT On The Productivity Puzzle in CollaborationLeon Benjamin
Leon Benjamin, Sei Mani's co-founder contributes to its strategic partner BT' and its perspective on the value of collaboration in the enterprise.
As a concept, mobile and flexible working is nothing new and the idea of where people work has widened to pretty much anywhere. The issue is no longer ‘where’ people work, the question we’re now asking is ‘how’ people work.
Top Stories about Technology: 1. Artificial Intelligence (AI) Breakthroughs 2. Cybersecurity Challenges 3. Quantum Computing Progress 4. Green Technology and Sustainability 5. Space Exploration and Commercial Spaceflight
Similar to The Second Machine Age - an industrial revolution powered by digital technologies (20)
Turning AI into concrete value: the successful implementers’ toolkitBen Gilchriest
This research is a pragmatic guide to help organizations in their AI investment decisions, built from an analysis of over 50 AI case studies and a survey of nearly 1,000 senior executives already implementing AI.
Although money is being poured into the online experience the physical retail store remains an important channel in the experience for customers. However, a disparity is emerging between the expectations customers have and the investment retailers are making. While retailers believe enough is being done to re-imagine the physical store experience, customers disagree. In this paper we explore the disparity and what to do about it.
An interview with Mick Liubinskas, entrepreneur-in-residence at muru-D, on the nature of innovation in large companies and how to build a culture of innovation.
Innovation labs. and processes are being setup to help with exploration and prototyping of emerging technologies but where are companies investing? And what approaches are driving results? This research brief provides a synopsis of a recent survey of business and technology leaders to uncover which emerging technologies they are investing in and the different results that proactive versus reactive companies are reporting from their innovation efforts.
Disruptive intermediaries - looking to start-ups to find innovative digital ...Ben Gilchriest
Digital Disruption is reshaping the business world, challenging established business models and making many time-tested formulas for success obsolete. If old business models are obsolete, then where are the new, emergent business models coming from? This paper looks to the start-up community to see what large enterprises can learn from the successful, repeatable digital business models these companies have created. Based on extensive research we explore and define these models and how incumbent businesses can apply them to gain a market advantage.
When we consider digital disruption many companies turn to technology (digital) to address the challenge. However, business model innovation is as important when it comes to responding to market disruption. Moreover, in the same way that we consider digital innovation to enable continuous evolution of available technologies, business model innovation should follow the same model. This interview with Serguei Netessine (Chaired Professor of Global Technology and Innovation at INSEAD) provides his perspectives on business model innovation in an age being disrupted by digital.
Disruptive Intermediaries; how start-ups disrupt established businessesBen Gilchriest
In this report we focus on, and examine in detail, the ways in which start-ups change the way value is created and organized in different markets and in so doing disrupt established businesses. This report will help you understand how these companies disrupt the norm., provide you a framework to assess how vulnerable your industry and company is to disruption, and how to find new opportunities within it.
Over the past five years Nike has transformed from a sports equipment company to a digitally-led business that manages online communities, develops software and hardware, and collects and analysis vast amounts of data. This transformation journey has been achieved through an approach that has focused on the customer and connection, through digital, at it's core. This brief case study provides some details on how they achieved their digital transformation.
The Internet of Things; a multi-trillion dollar opportunityBen Gilchriest
The Internet of Things (IoT) has been discussed for several years though it's only in recent years that this has become more mainstream. Consumer devices have become part of the network of things, mostly lifestyle products like JawBone UP / FitBit, and new services like IFTTT.com are helping these be put to use by consumers. However, there's more to IoT than consumer convenience. This paper gives a brief background to the IoT, the ecosystems which are evolving, what the main challenges are, and how businesses can take advantage of what will increasingly become a core element of any digital transformation.
Australian Retailers Lag International Competition in Digital; reportBen Gilchriest
Australian companies are consistently rated lower than the international benchmark for digital commerce. More concerning is that they face a double relational gap. Not only is the building of lasting customer relationships their weakest aspect, a large gap exists to the relational capability of international market leaders. The research found that;
- Australian retailers are rushing too quickly to build Social features without putting Relational features in place first.
- More investment is needed in Relational features so customers are treated like an individual rather than part of an anonymous mass. This will also allow retailers to take better advantage of investments already made in Social
media and social features which has been a struggle for Australian retailers to date.
The "Engagement" area is where the competition is being most strongly played internationally and where Australian companies need to invest as they risk rapidly losing their market to international retailers who can engage with customers better. Given the strength of international competitors in building relationships, there is a real risk that Australian retailers will not only lose customers, but that customers will be lost permanently. The longer the Relational Gap remains, the more consumers may switch to international retailers and the greater the cost to persuade them back.
The sector needs to react now. Closing the gap will require improvements in omni-channel integration to foster execution, and the effective utilization of customer data to drive engagement.
This report is from the Australian Digital Transformation Lab, a joint research program between Capgemini and the University of Sydney Business School.
How can banks maximise the value of their customer data?Ben Gilchriest
Almost all banks say that being customer centric is important to them and yet only a small proportion of customers believe that their banks really understand their needs and wants well enough (only 37%). This may be surprising given how much data banks have on their customers - a figure that has only been increasing over the past few years as more and more interactions become digitized. Add to this new sources of data which are available now on preferences,via social media, and increasingly available on location and physiology (see; http://bengilchriest.tumblr.com for more on this)....and the opportunity for better customer understanding becomes huge.
With a 90% of banks citing "big data" as key to long term success, where's the disconnecting coming from? In this study it's clear that the main challenge is that data is not sufficiently well pooled to realise the benefits of cross-referencing to gain insight. Coupled with the fact that not enough time is spent on analysis and the gap between the intent and customer's view becomes clearer.
So what can banks do about this? This paper describes some of the key challenges, which may be familiar to you, and some insights into how to scale up to the next level of customer analytics.
It includes a high level tool to assess your big data maturity.
The difficult art of quantifying return on digital investmentsBen Gilchriest
Measuring digital investments is proving to be a challenging task. Many companies have tried to create models that demonstrate the value of digital technologies, such as social media, applying traditional metrics to these. However, it's proving to be difficult to find a credible method.
So how do we make the difficult decision on where to invest in digital; especially when we are under so much pressure to do so much more? Whilst we need some sort of mechanism in place to make informed choices, traditional approaches to ROI are falling short. This paper describes these challenges in more detail (you are not alone, even amongst the world's leading digital companies, the 'Digirati', only 56% create a business case). It also describes three approaches you can take to define a digital business case, and provides perspectives on how to best approach digital investment decisions.
The shortage of digital skills in the current marketplace is unprecedented. It is estimated that over 4.4 million IT jobs will be created around Big Data by 2015; however, only a third of these new jobs will be filled. Martha Lane Fox, the UK’s digital inclusion champion, believes over 16 million people in the UK lack the basic digital skills to fully benefit from the Internet. Even Millenials are a matter of concern. In a survey comprising over 800 middle to upper management executives from over 50 industries, nearly one in five Millenials in the modern workplace are perceived to be lacking in analytical skills.
In this Capgemini study the Digital Talent Gap is defined and the important questions answered; do organizations include digital skills as a key component in their workforce plans? Are HR departments equipped and skilled to bring innovative solutions to bridge the digital skills gap? How are the 'Digirati' developing digital skills?
To answer new digital challenges (faster business cycles, new risks and need for more firm-level integration), companies need firm-level governance around their digital initiatives. Too often digital is left to grow organically, generally in a series of silos or managed from just one perspective of the business. In this paper the importance of governance of digital initiative is explored in detail, with working models, and some case studies from companies across different industries.
How Starbucks took their experience digitalBen Gilchriest
Since opening its first location in 1971 the company has grown into one of the world's leading speciality food retailers and a brand recognised the world over. With 94% of all Facebook users either a Starbucks fan or are friends with one, 7 million active users of its mobile payment system, and financial benefits that reflect this, it is now considered a digital leader.
However, it hash;t always been the case. In 2008 it faced real challenges with declining sales and a 50% drop in share price over two years. Starbucks’ recipe for success in Digital Transformation has been equal parts technology-savvy and committed leadership. Today, Starbucks continues to leverage these strengths to create value for customers and shareholders alike through digital.
This paper describes, at a high level, what and how Starbucks has realised its Digital Advantage.
The Digital Divide in Utilities; the growing gap between customers and UtilitiesBen Gilchriest
Surveys show that utilities have realized the need for enhancing customer experience in response to increasing customer dissatisfaction (only 29% of customers trust their retailers). However, the industry’s best efforts to rebuild confidence and trust could in fact be undermined by a growing digital divide, with consumers demanding a digital experience that the industry has so far been unable to meet.
This paper explores the challenges for utilities and how they can learn from other industries, like telco, to respond.
Digital transformation, a roadmap for billion dollar organizationsBen Gilchriest
This study was ranked among the top 5 thought leadership publications of the last decade by Source – a leading market analyst firm for the consulting industry – following a thorough analysis of some 22,000 consulting reports globally. Published in 2011 it provides a detailed definition of Digital Transformation and how to assess your own Digital Maturity.
Digital transformation (DT) – the use of technology to radically improve performance or reach of enterprises – is becoming a hot topic for companies across the globe. Executives in
all industries are using digital advances such as analytics, mobility, social media and smart embedded devices – and improving their use of traditional technologies such as ERP – to change customer relationships, internal processes, and value propositions. Other executives, seeing how fast digital technology disrupted media industries in the past decade, know they need to pay attention to changes in their industries now.
How can senior executives successfully lead digital transformation?
While many experts urge companies to get started on the digital transformation journey, few tell how to do it. In this report we share the findings from a global study of how 157 executives in 50 large traditional companies are managing – and benefiting from – digital transformation. This study describes the elements of successful digital transformation and show how to assess your firm’s digital maturity.
Embracing digital technology, a new strategic imperative 2013Ben Gilchriest
Companies routinely invest in technology, and too often feel they get routine results. Technology’s promise is not simply to automate processes, but to open routes to new ways of doing business. To better understand how businesses succeed or fail in using digital technology to improve business per- formance, MIT Sloan Management Review and Capgemini Consulting conducted a survey in 2013 that garnered responses from 1,559 executives and managers in a wide range of industries.
Their responses clearly show that managers believe in the ability of technology to bring transformative change to business. But they also feel frustrated with how hard it is to get great results from new technology.
The key findings from the survey are:
- According to 78% of respondents, achieving digital transformation will become critical to their organiza- tions within the next two years.
- However, 63% said the pace of technology change in their organization is too slow.
- The most frequently cited obstacle to digital transformation was “lack of urgency.”
- Only 38% of respondents said that digital transformation was a permanent fixture on their CEO’s agenda. Where CEOs have shared their vision for digital transformation, 93% of employees feel that it is the right thing for the organization. But, a mere 36% of CEOs have shared such a vision.
The digital advantage: how digital leaders outperform their peers in every in...Ben Gilchriest
Executives in every industry – from media to electronics to paint manufacturing – face a bewildering array of new digital opportunities. They are paying attention, but they have few signposts to guide them. Most stories in the business media focus on fast-moving startups like Zynga and Pinterest, or on a few large high-tech firms like Apple, Google, or Amazon. Unfortunately, to many leaders, stories of these nimble and innovative firms just do not make sense for traditional companies that are older, larger, and burdened with inflexible legacies.
In two years of study covering more than 400 large firms (See About the Research), we found that most large firms are already taking action. They are using technologies like social media, mobile, analytics and embedded devices to change their customer engagement, internal operations and even their business models. But few firms have positioned themselves to capture the real business benefits. Our research points to a real “digital advantage” to those that do.
Digital maturity matters. It matters in every industry. And the approaches that digitally mature companies use can be adopted by any company that has the leadership drive to do so.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
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Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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The Second Machine Age - an industrial revolution powered by digital technologies
1. An interview with
Erik Brynjolfsson and
Andrew McAfee
MIT Center for Digital Business
The Second Machine Age: An
Industrial Revolution Powered by
Digital Technologies
Transform to the power of digital
2. Erik Brynjolfsson and Andrew McAfee
The Second Machine
Age is the time when
machines are now able
to take over a lot of
cognitive tasks that
humans can do.
Erik
Andrew
Brynjolfsson McAfee
Director of the
MIT Center for
Digital Business
Principal Research
Scientist at MIT
Center for Digital
Business
Technology in
Top Gear
Capgemini Consulting: What is the
core premise of the “The Second
Machine Age”?
Erik Brynjolfsson and Andrew
McAfee: There have been two big
turning points in human history. The
first was the industrial revolution, where
machines replaced muscle power. The
Second Machine Age is the time when
machines are now able to take over a lot
of cognitive tasks that humans can do.
It started roughly around the time IBM’s
Deep Blue computer in 1997 beat Gary
Kasparov in a chess match. That year
also witnessed median incomes peak
in the United States, and a subsequent
rise in productivity. The Second Machine
Age will be a bigger transformation and
have greater impact than even the first
industrial revolution.
Capgemini Consulting: What are
the defining characteristics of this
Second Machine Age?
Erik Brynjolfsson and Andrew
McAfee: We see three defining trends
in the Second Machine Age.
The first is an exponential improvement in
computational power,communications
technologies, data storage and even
software. Some technologies are even
improving faster than Moore’s law
(Moore’s law is the observation that,
over the history of computing hardware,
the number of transistors on integrated
circuits doubles approximately every
two years).
The second characteristic of this age is
the digital nature of core technologies.
Digital technologies have unusual
economics compared to the economics
of atoms – they can be copied at
virtually zero cost, transmitted almost
instantaneously and resultant copies
are perfect, identical copies of the
original. The idea that you can perfectly
replicate goods for free, obviously
leads to some very unusual economics
compared to the “textbook” perception.
An increasing number of industries have
software at their core and, therefore, are
characterized by these economics of
digitization.
The third characteristic is the
combinatorial nature of innovation.
Digital innovations can be combined
and recombined to create even more
value. And that’s a very encouraging
thing; a larger base of inventions means
an even larger set of raw materials for
the next wave of innovations. This is
very unlike traditional inputs that yield
diminishing returns.
New Digital
Technologies, the
Industry and the
Neglect of Operations
Capgemini Consulting: From
an industry perspective, what
are the key technologies that
organizations should keep a close
eye on?
Erik Brynjolfsson and Andrew
McAfee: We believe companies should
pay close attention to two areas when
it comes to technology development
– machine intelligence and the global
network of people and machines.
Machine intelligence is the idea that
by including different combinations of
digital technologies, we can now allow
machines to do cognitive tasks that
they could never have done before.
Take language and voice recognition.
For the very first time in history, we
can talk to our machines and have
them understand what we are saying
and carry out our instructions. People
have been working on language,
motor control and problem solving for
decades. However, very little progress
had been made until just the past 5 or
10 years, which is when things started
picking up very rapidly. And part of that
is due to the exponential improvement
in technologies, in particular the power
of Big Data.
3. Erik Brynjolfsson and Andrew McAfee
The Second Machine Age
will have greater impact
than even the first
industrial revolution.
Similarly, robotics has greatly improved in
recent times and robots today are good
with both gross and fine motor control.
Take the example of Baxter – a twoarmed robot that operates at an hourly
rate of just $4! Or consider Google’s
self-driven car. A few years ago, it
would have been impossible to imagine
that machines could even accomplish
something like this. But today, we have
crossed that threshold. And finally,
machines have become remarkably
good at solving unstructured problems.
An example of that is what IBM’s Watson
did with the TV show “Jeopardy”. The
supercomputer defeated two of the
show’s greatest champions. Watson is
now being applied at call centers, for
legal advice, investment advice, medical
diagnosis, and many other kinds of
unstructured problems.
We believe
organizations should
focus on leveraging
technologies around
machine intelligence,
big data and connected
networks.
The other key area that we believe holds
great potential for both organizations
and the society at large is the
networking of all people on the globe.
For the first time in history, we are
networking together billions of brains,
all the humans on the planet, to solve
problems. In the past, only a relatively
small share of humanity was engaged in
problem solving. In the coming decades,
almost all of humanity can be partners
in this problem-solving enterprise. And
that will multiply the opportunities for
invention and innovation and creativity,
disproportionately, and will also lead to a
big acceleration in the rate of inventions.
Organizations need to tap into this
massive source of brainpower.
To summarize, we believe organizations
should focus on leveraging technologies
around machine intelligence, big data
and connected networks.
Capgemini Consulting: From
our research, we found very
few companies are exploiting
new digital technologies in their
operations. What is your take on
this?
Erik Brynjolfsson and Andrew
McAfee: Indeed, we think that is the
most important challenge before us
– despite technology rushing ahead,
our organizations, societies and
governments are not adapting rapidly.
One of the key issues is that CXOs
don’t fully appreciate and understand
the power of these new technologies.
Many don’t even realize that they are in
the midst of this tidal wave of change.
There are some who realize it though.
However, they don’t know what to do
next. And finally, for those that initiate
change, the big challenge is in making
that change. So, for all those reasons,
we’re faced with lagging organizations
and institutions.
Jobs, Skills and
Wealth in the Second
Machine Age
Capgemini Consulting: Looking
forward, what is your view on the
impact of digital technology on
the economy?
Erik Brynjolfsson and Andrew
McAfee: If you look at society as
a whole, there is a secret about
economics that people used to prefer
to ignore. However, we cannot brush
it under the carpet anymore. When a
technology increases wealth, there is
no guarantee that this abundance will
be shared evenly (or even that people
will secure any share of it). It’s possible
that some people would be made worse
off, not just in relative terms, but even
in absolute terms. And, unfortunately,
since about the late 1990s, that’s what’s
happened, not just in the United States,
but in almost every OECD country:
in France, in Japan, even in Sweden.
Inequality has grown significantly and
the median worker has not kept up,
and in many cases has fallen behind.
While there are many causes, three of
the most important ones are the way
technology creates winners and losers,
between high skill vs. low skill workers,
between capital and labor, and between
superstars and everyone else. Increased
inequality is not an inevitable outcome
of technology, but a combination of
technology and the state of our current
institutions. The challenge ahead of us
is to rethink our institutions so that we
get more people participating. We’re
optimistic that this can be done, but it’s
not going to happen automatically.
CXOs don’t fully
appreciate and
understand the power of
these new technologies.
Many don’t even realize
that they are in the
midst of this tidal wave
of change.
4. Erik Brynjolfsson and Andrew McAfee
We cannot stop
technology from
destroying jobs.
The solution is to
harness technology to
simultaneously create
new and different jobs.
Capgemini Consulting: In “Race
Against the Machine”, you argued
that digital technologies were
destroying a sizeable chunk of
jobs. Do you still share this view?
Erik Brynjolfsson and Andrew
McAfee: As we’ve said, and shown,
in our first book, digital technologies
are going to automate and eliminate
millions of jobs, even as digital creates
other jobs. And this trend will continue.
In fact, technology has always been
destroying jobs and has always been
creating jobs. The solution is not to try
to stop technology from destroying jobs.
The solution is to harness technology to
simultaneously create new and different
jobs. In the year 1800, over 90% of
Americans worked in agriculture,
on farms; by 1900, it was 42%; and
today, it’s less than 2%. All those jobs
in agriculture have been eliminated,
but those people didn’t become
unemployed. Instead, they found work
in new industries, from automobile
production to software creation.
Unfortunately, in the past 15 years, the
job destruction has continued, but we
have not created new jobs and new
industries equally fast.
We need to invent
ways of racing with the
machine, not against it.
The education industry
has been one of the
slowest ones to
incorporate technology.
Capgemini Consulting: How can
individual and organizational skills
be upgraded to compete in the
Second Machine Age?
Erik Brynjolfsson and Andrew
McAfee: We have to transform our skills
as we always did in the past, but we have
to do it even faster. We have to start with
education. You can think of humans
as being engaged in a race between
education and technology for much
of the past two centuries. Sadly, the
education industry has been one of the
slowest ones to incorporate technology.
We are optimists, so we actually see that
as good news – it means we have a lot
of potential for improvement. The future
looks bright because we are nowhere
close to harnessing the true potential of
technology in education.
Capgemini Consulting: What is the
best way to resolve the growing
concern over loss of jobs and the
economic divide?
Erik Brynjolfsson and Andrew
McAfee: We need to fix this. We
need to invent ways of racing with the
machine, not against it. Earlier we talked
about the example of Chess and how
Deep Blue defeated Gary Kasparov in
the World Chess Championship. The
World Chess Champion today is not
a machine. And it’s not a human. The
best chess player is a team of humans
and computers working together. A
team of humans and computers can
defeat any computer or any human
working alone. And that underscores
the point that humans and computers
have complementary and distinct skills
and capabilities that, when they work
together, can be more powerful than
they are individually.
Capgemini Consulting: What are
some areas where technology can
be used to improve education?
Erik Brynjolfsson and Andrew
McAfee: In this context, Massive Open
Online Courses (MOOCs) have a major
role to play. MOOCs can do two big
things. First, they can replicate the best
teachers, methods, course materials to
thousands or even millions of people,
just as we saw in media, entertainment,
software and other industries. Second,
and more importantly, the digitization of
education creates opportunities to apply
Big Data analytics to better measure
student patterns and behavior online.
Key insights obtained from such analysis
can be used to enhance the quality of
education. (For more information on how
MOOCs are transforming education,
please refer to our interview with Anant
Agarwal, President of edX – a not-forprofit organization founded by Harvard
and the MIT.)
5. Erik Brynjolfsson and Andrew McAfee
We are going to see the
rise of many new types
of organizations; one
example is what we call
‘micro-multi-nationals’.
Visualizing the Digital
Future
Capgemini Consulting: Does
growing machine intelligence
and the fact that everybody is
networked lead to a new type of
digital organization?
Erik Brynjolfsson and Andrew
McAfee: Yes, we are going to see the
rise of many new types of organizations.
One example is what we call ‘micro-multinationals’. Today, half a dozen people
can market and distribute their products
and services to the entire world through
the Internet instantaneously. That is
something we’ve never seen before in
history. And they will network together
with other micro-multi-nationals, with
medium-sized companies and with big
companies to coordinate production.
You can have what we call ‘scale
without mass’ –basically companies
that reach globally, but have relatively
few employees. Facebook or Instagram
are examples of such companies.
But that is only one part of future
organizational evolution. For instance,
the digitization of the economy that we
talked about earlier is leading to much
lower marginal costs, and that inherently
creates enormous economies of scale.
There are also tremendous network
effects, which also would create
demand-side economies of scale.
Those tend to favor big companies like
Google and Apple and other companies
that have global reach. There will be
many different types of winners in the
Second Machine Age.
Capgemini Consulting: What is
the key takeaway that you want
organizations and individuals
to bear in mind as they prepare
themselves for the Second
Machine Age?
Erik Brynjolfsson and Andrew
McAfee: The pace of technology
development is going to continue to
accelerate exponentially. More cognitive
tasks will be automated and done by
machines. The last ten years were pretty
rough. The next ten years will be even
more disruptive.
If organizations and individuals just go
on autopilot and don’t pay attention,
we could easily end up with a society
with a tremendous concentration of
wealth and income. Then, it will not be
the 1%, but the 1% of the 1%, the onehundredth of one percent, that ends up
with superstar incomes; but the majority
of people will not participate in that
global abundance, A ‘digital elite’ will
thrive in the Second Machine Age. The
rest would be left behind unless they
are quick to learn new technologies and
work “with” the machines.
The continuing advances in technology
are in some ways easy to predict.
But the way our organizations and
individuals respond – that is a choice,
not a predetermined outcome. As
we say in our book, technology is not
destiny; we shape our destiny. We can
make the choices based on our values.
We need to make the right ones.
The last ten years were
pretty rough. The next
ten years will be even
more disruptive.
6. Erik Brynjolfsson and Andrew McAfee
References
1
http://www.amazon.com/The-Second-Machine-Age-Technologies/dp/0393239357