Most companies are struggling to realize artificial intelligence's potential to completely transform the way they do business. The problem is, they typically apply AI in a long list of discrete uses, an approach that doesn't produce consequential change. Yet trying to overhaul the whole organization with AI all at once is simply too complicated to be practical. What's the solution? Using AI to reimagine one entire core business process, journey, or function end to end, say three McKinsey consultants. That allows each AI effort to build off the previous one by, say, reusing data or enhancing capabilities for a common set of stakeholders. An airline, for example, focused on its cargo function, and a telecom provider on its process for managing customer value. Scaling up AI involves four steps: (1) Identify an area where AI will make a big difference reasonably quickly and there are multiple interconnected activities and opportunities to share technology. (2) Staff the team with the right people and remove the obstacles to their success. (3) Reimagine business as usual, working back from a key goal and then exploring in detail how to achieve it. (4) Support new AI-based processes with organizational changes, such as interdisciplinary collaboration and agile mindsets.
Most companies say they're committed to advancing women into leadership roles. What they may fail to recognize, though, is that systemic barriers are holding women back. As a result, women remain disadvantaged at every stage of their employment and underrepresented in positions of power. Drawing on their own research and the scholarship of others, the authors describe common forms of gender discrimination in seven key areas of talent management: attracting candidates, hiring employees, integrating newcomers into the organization, developing employees, assessing performance, managing compensation and promotion, and retaining employees. Companies can level the playing field by identifying patterns of gender bias in the way they treat people and then systematically making appropriate changes. They can, for example, avoid loaded language in job postings, anonymize the resumes of applicants, cultivate an inclusive culture, increase women's access to mentors, set clear criteria for salary offers and raises, and destigmatize flexible work arrangements. Research has shown the value of all these practices in fully leveraging women's talents.
For two decades progressive thinkers have argued that a more sustainable form of capitalism would arise if companies regularly measured and reported on their environmental, social, and governance (ESG) performance. But although such reporting has become widespread, and some firms are deriving benefits from it, environmental damage and social inequality are still growing. This article, by Timberland's former COO, outlines the problems with both sustainability reporting and sustainable investing. The author discusses nonstandard metrics, insufficient auditing, unreliable ESG ratings, and more. But real progress, he says, requires not just better measurement and reporting practices but also changes in regulations, investment incentives, and mindsets.
Everyone knows that success at work depends on being--and being seen as--both competent and likable. You need people to notice your growth and accomplishments while also enjoying your company. But if you draw attention to the value you've created, to ensure that managers and peers recognize it, you risk coming across as a shameless self-promoter. No one likes a braggart. In this article the author explains how to highlight your accomplishments at work without having it backfire. Drawing from a fascinating strain of laboratory research, she advises against several popular tactics such as "humblebragging" and "boomerÂasking" (asking a question in the hope it will be reciprocated so that you can bring up your own accomplishments). Instead, she advises, recognize situations where self-promotion is socially acceptable (such as job interviews) and consider using a mentor or other agent to boast on your behalf.
After a tsunami hits his island nation, Sahan Kumara believes that his family's business--one of the largest conglomerates in the region--should help with the country's recovery. He, his father, and his brother agree on the need to contribute financially. But Sahan wonders if that's enough. The Kumara Group has the resources and expertise to oversee the country's rebuilding program--which is faltering under the direction of the government and NGOs. As Sahan wrestles with the question of how involved Kumara should get, he weighs conflicting advice from his brother, others in the company, and an old friend at a different firm. This fictional case study by Christopher J. Malloy features expert commentary by Nirvana Chaudhary and Margaret Schuler.
Four recent books help readers smartly channel an increasingly common condition: "Trust Yourself," by Melody Wilding; "Chatter," by Ethan Kross; "Anxiety at Work," by Adrian Gostick and Chester Elton; and "The Anxiety Toolkit," by Alice Boyes.
The star of the 2018 Oscar-winning documentary "Free Solo" talks about how he prepares for climbs, the way he thinks about risk, and what's next now that he has achieved his lifelong ambition to scale El Capitan.
After a tsunami hits his island nation, Sahan Kumara believes that his family's business--one of the largest conglomerates in the region--should help with the country's recovery. He, his father, and his brother agree on the need to contribute financially. But Sahan wonders if that's enough. The Kumara Group has the resources and expertise to oversee the country's rebuilding program--which is faltering under the direction of the government and NGOs. As Sahan wrestles with the question of how involved Kumara should get, he weighs conflicting advice from his brother, others in the company, and an old friend at a different firm. This fictional case study by Christopher J. Malloy features expert commentary by Nirvana Chaudhary and Margaret Schuler.
After a tsunami hits his island nation, Sahan Kumara believes that his family's business--one of the largest conglomerates in the region--should help with the country's recovery. He, his father, and his brother agree on the need to contribute financially. But Sahan wonders if that's enough. The Kumara Group has the resources and expertise to oversee the country's rebuilding program--which is faltering under the direction of the government and NGOs. As Sahan wrestles with the question of how involved Kumara should get, he weighs conflicting advice from his brother, others in the company, and an old friend at a different firm. This fictional case study by Christopher J. Malloy features expert commentary by Nirvana Chaudhary and Margaret Schuler.
Seemingly overnight, digital tools, models and platforms have emerged from their traditional back-office function to become an unstoppable strategic force, revolutionizing every industry-and the global pandemic has only accelerated this transformation. As a result, today's executives-many of whom have little expertise or training in this area-are faced with many more technology-driven conversations, ranging from new value propositions to start-up investments to disruptive competitors. The result: they often get defensive about their ability to contribute. The authors, experts in difficult conversations, provide tools that will enable leaders to support the digital evolution of their organizations.
Whether we are willing to admit it or not, everyone has cognitive biases. The challenge is knowing how to work around them to achieve optimal thinking. In this wide-ranging interview, Dr. Jay Gordon Cone argues that one of the most pervasive biases is confirmation bias, which leads us to quickly notice and accept things that are consistent with our underlying beliefs-and to ignore or reject things that are not. This is of particular concern right now, because in an increasingly polarized world, we crave the comfort of having our worldview reinforced and embraced more than ever. The danger comes when we overlook evidence that we might not have all the facts-or we might just be plain wrong. Dr. Cone, who has advised The Bill and Melinda Gates Foundation, GE and PepsiCo, provides practical tools for fighting confirmation bias and eradicating closed-mindedness-and puts readers on the path to maintaining a balanced worldview.
The former Chairman and CEO of BMO Financial Group recounts his experience leading one of the world's most successful banks through three separate crises, from the 1990 real-estate market collapse to the 2001 dot-com bubble to the 2008 global financial crisis. In this excerpt from his book, Personal Account: 25 Tales About Leadership, Learning and Legacy from a Lifetime at Bank of Montreal, he shares proven strategies for crisis leadership and his reasons for an optimistic view that "people of character and resolve will emerge to guide us in the months and years ahead". And while the long-term economic implications of the global pandemic are not yet known, he shows that lessons from earlier crises can guide those responsible for the world's recovery.
Fostering the well-being and resiliency of employees has long been an important element of the best business models. Now, in part due to the COVID-19 pandemic, it has become even more of a necessity. The authors, senior leaders with Accenture, describe their research showing that by meeting six fundamental human needs, companies can unlock significant workforce potential. They also share six 'sweet-spot practices' that leaders should embrace to get the most out of each and every employee while simultaneously fostering their well-being.
The COVID-19 pandemic is a once-in-a-lifetime health and economic emergency that has exacerbated longstanding structural weaknesses in economies worldwide. Policymakers therefore face a dual challenge: They must lay the foundation for a safe and sustainable recovery while at the same time, put in place a long-term plan for economic growth and prosperity for their country. The authors, executives with the Business Council of Canada, argue that the Canadian economy will recover best by focusing on three elements: people, capital and ideas. The tools the authors offer include a new approach to infrastructure; keeping taxes competitive; and getting better at commercializing research.
As we begin to emerge from the COVID-19 pandemic, leading global economist argues that seven 'new normal' ideas merit the attention of investors everywhere. They include a growing appetite for alternative investments, including cryptocurrencies; a higher profile for central bank digital currencies; and a demand for redistributive policies. While the bulk of investor focus in 2021 will be on a return to our previous way of life, she argues that it is even more important to probe beneath the surface-and that, in many ways, things will look very different than they did before COVID-19.
When members experience service failures, they get more upset than nonmembers. Here's how to mitigate the damage. plus BLM and the fortunes of black entrepreneurs, how knowledge work has changed in the pandemic, and more.
When researchers from Cass Business School compared data on board diversity with fines levied for misconduct, they found that banks with more female directors were fined less often and less significantly.
In 2020, the chief executive officer of Abelana Game Reserve in South Africa was considering the arrangement between the game reserve and the Mashishimale community, who owned the land. He had promised to provide added value to the land by highlighting four pillars of focus: land, community, business, and investors. Two lodges were formally opened to guests in March 2020, but the outbreak of the COVID-19 pandemic stopped all business activities—until September 2020, when the government began easing lockdown restrictions and the shareholders met to discuss tourist bookings and expansion plans. The management team had an ambitious and exciting overall vision for the game reserve, but there were more pressing challenges to consider, including a collaborative cross-sector partnership, training and developing workers, creating jobs in the community, and supporting local businesses. Were there other shared value ideas to consider for more employment opportunities and growth within the community?
Founded in 2010, 111 Inc. was a leading online, direct-sales pharmacy in China. As an early entrant to China’s online health care market, 111 Inc. developed various operational capabilities to support and expand its businesses, including a smart supply chain, big-data technologies, omnichannel capabilities, and operation on both business-to-consumer and business-to-business models. The online health care market in China had been growing rapidly in recent years, especially with the support of new government policies. Therefore, many companies were showing great interest in the industry’s new opportunities, including Alibaba Group Holding Limited, JD.com Inc., Pingduoduo Inc., and Tencent Holdings Ltd. Considering the imminent market entry of these technology giants, with their vast customer bases and extensive amounts of capital, 111 Inc. was wondering what it should do to sustain and grow its competitive advantage.