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Posts Tagged ‘Wladawsky-Berger’

What History Tells Us About the Accelerating AI Revolution

Posted by hkarner - 25. Mai 2020

Date: 24‑05‑2020

Source: The Wall Street Journal By Irving Wladawsky‑Berger

3d rendering robot learning or machine learning with education hud interface

A few weeks before our lives were turned upside down by Covid‑19, I read Technology at Work v4.0, the fourth report in the Technology at Work Series developed by Citigroup in collaboration with Oxford University.  The report includes an excellent chapter on What History Tells Us About the Coming AI Revolution by Oxford professor Carl Benedikt Frey based on his 2019 book The Technology Trap.

Recent AI advances have “sparked much excitement…  yet despite this, most ordinary people don’t feel particularly optimistic about the future,” wrote Mr. Frey.  For example, a 2017 Pew Research survey found that three quarters of Americans expressed serious concerns about AI and automation, and just over a third believe that their children will be better off financially than they were.

But, in fact, serious concerns about the impact of technology are part of a historical pattern.  “Many of the trends we see today, such as the disappearance of middle‑income jobs, stagnant wages and growing inequality were also features of the Industrial Revolution,” he writes. Den Rest des Beitrags lesen »

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The Internet of Things Is Changing the World

Posted by hkarner - 12. Januar 2020

Date: 12‑01‑2020

Source: The Wall Street Journal By Irving Wladawsky‑Berger

The Internet of Things has been a long time coming. Ubiquitous or pervasive computing, which is computing happening anytime and anywhere, dates to the 1990s, when devices and wireless networks were nowhere near where they are today.

The transformation brought by connected devices is about to go into overdrive, the Economist says in a recent issue: “One forecast is that by 2035 the world will have a trillion connected computers, built into everything from food packaging to bridges and clothes.”

IoT promises to bring many benefits, including a new generation of smart, connected products. In addition to mechanical and electrical components, these products use digital components such as microprocessors, sensors, data storage, software, and connectivity in a variety of ways.

As the world’s digital and physical infrastructures converge, digital technologies are being designed into all kinds of consumer and industrial products. Internet‑connected smart doorbells, for example, include motion sensors and video cameras that notify a homeowner when someone arrives at the door. Using a smartphone app, the homeowner can watch and talk to the visitor, while a video of their interaction is saved for an added level of security. Den Rest des Beitrags lesen »

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How to Survive and Thrive in a World of Disruption

Posted by hkarner - 11. Dezember 2019

Date: 11‑12‑2019

Source: The Wall Street Journal By Irving Wladawsky‑Berger

Looking back upon my long career, it’s frankly sobering how many once powerful IT companies are no longer around or are shadows of their former selves: Digital Equipment Corp., Wang Laboratories, Sun Microsystems…the list goes on. 

The forces of disruption might have been more powerful in the fast‑changing IT industry, but no industry has been immune. In less than two decades, the global recorded‑music industry has lost over half its revenues, while the drop in newspaper advertising revenue in the U.S. has been even steeper. Retail has undergone major changes with the rise of e‑commerce, as has the telecommunications sector with the transition to mobile phones.

Why have so many companies been done in by disruptive technological and market changes? Is it that in spite of all their efforts in strategy formulation, their leaders failed to anticipate these changes and were caught by surprise?  Or is it that, as if actors in a Greek tragedy, they saw the changes coming and understood what needed to be done, but were somehow unable to make the needed strategic and cultural transformations? Den Rest des Beitrags lesen »

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How to Transform a ‘Big, Old’ Company into an Agile Digital Business

Posted by hkarner - 10. November 2019

Date: 10-11-2019
Source: The Wall Street Journal By Irving Wladawsky-Berger

Agility, the ability to respond to rapidly changing technologies and markets, is key

A quarter century into the digital age, many corporations and institutions still struggle to embrace digital technology advances.

At a conference several years ago, I learned about the Sunday-night/Monday-morning syndrome. The term captures the frustration of employees who, after having access to the latest devices and applications at home, arrive at work on Monday morning to once again wrestle with primitive devices and applications that their IT departments support.

“If digital technologies are consistently making our consumer lives easier, why aren’t they making it easier to succeed in business?” ask Jeanne Ross, Cynthia Beath and Martin Mocker in „Designed for Digital,“ their recent book. “Why are business leaders anxious about digital disruption rather than marveling about how quickly they can provide new, exciting, and ever-improving digital solutions to their customers?”  Den Rest des Beitrags lesen »

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MIT on the Work of the Future

Posted by hkarner - 28. Oktober 2019

Date: 27-10-2019
Source: The Wall Street Journal By Irving Wladawsky-Berger

Automation fears have understandably accelerated in recent years, as our increasingly smart machines are now being applied to activities requiring intelligence and cognitive capabilities that not long ago were viewed as the exclusive domain of humans. While the majority of economists wave such fears away, we don’t really know whether this time might be different.

Tackling the topic, Massachusetts Institute of Technology President Rafael Reif last year convened a task force on the „Work of the Future“ to address what might be the most critical question of the digital economy: As emerging technologies raise aggregate economic output and the wealth of nations, will they also enable people to attain greater economic security and improved health and longevity?

The task force recently released an interim report concluding that the likelihood that AI and automation will wipe out major workforce sectors in the near future is exaggerated. However, we’ve already seen important reasons for concern, especially the rising polarization of employment and wage distribution over the past few decades, which has disproportionately benefited high-skilled professionals while reducing opportunities for mid- and low-skilled workers. Den Rest des Beitrags lesen »

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How to Support the Widespread Adoption of AI

Posted by hkarner - 6. Oktober 2019

Date: 05-10-2019
Source: The Wall Street Journal By Irving Wladawsky-Berger

Grow comfortable with being agile

Artificial intelligence is the biggest commercial opportunity for companies and industries over the next 10 to 15 years. Separate reports by McKinsey & Co. and PricewaterhouseCoopers LLP recently concluded that AI has the potential to boost global economic output by between $13 trillion and $15 trillion between now and 2030.

Yet many organizations’ efforts are falling short, according to the authors of a recent Harvard Business Review article. They found that most firms are only using AI in ad hoc pilots or applying it to a single business process. Only 8% of firms are engaged in practices that support widespread adoption.

Why the slow progress? “It’s a reflection of a failure to rewire the organization,” write the authors, who are McKinsey partners. “AI initiatives face formidable cultural and organizational barriers…at most businesses that aren’t born digital, traditional mindsets and ways of working run counter to those needed for AI.” Den Rest des Beitrags lesen »

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The Future of Work: A Tale of Multiple Americas

Posted by hkarner - 23. September 2019

Date: 22-09-2019
Source: The Wall Street Journal By Irving Wladawsky-Berger

The U.S. economy looks good by almost any measure. Unemployment is at historical lows.  There are more job openings than unemployed people to fill them. Inflation remains low. A number of recent studies have concluded that over the next decade, the economy will create new occupations that will more than offset declines in jobs displaced by automation.

Why then are so many Americans so anxious about the future? Why do they feel left behind?

A recent McKinsey & Co. report sheds light on these questions, presenting a detailed analysis of more than 3,000 U.S. counties and over 300 cities.

The study found that while the country is doing well in aggregate, there are essentially multiple Americas, some of which are doing quite well, while others risk falling further behind. Den Rest des Beitrags lesen »

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The Digitalization of the American Workforce

Posted by hkarner - 9. September 2019

Date: 07-09-2019
Source: The Wall Street Journal By Irving Wladawsky-Berger

Going digital has remade the American economy and the world of work. “And yet, for all of the evidence that big changes are underway, surprisingly little data exists to track the spread of digital adoption,” the Brookings Institution said in its Digitalization and the American Workforce report.

The Brookings report quantified the spread of digitalization by analyzing the changes in 545 occupations between 2002 and 2016 based on O*NET, or the Occupational Information Network, the most comprehensive database on U.S. occupations sponsored by the Labor Department. O*NET includes highly detailed, task-level information on hundreds of occupations. The 545 occupations Brookings studied accounted for 90% of the U.S. workforce. Den Rest des Beitrags lesen »

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Looking Ahead After a Quarter Century Into the Digital Age

Posted by hkarner - 21. August 2019

Date: 20-08-2019
Source: The Wall Street Journal By Irving Wladawsky-Berger

The digital age was born nearly 25 years ago with the public release of the Netscape browser in December 1994. The browser made it much, much easier for the average person to access information over the internet, sparking the explosive growth of users, websites and online applications. This was a truly historic point, marking the transition from the industrial economy of the past couple of centuries to a new kind of digital economy.

The McKinsey Global Institute recently published Twenty-Five Years of Digitization, a report offering 10 insights to help business leaders navigate this still relatively new digital world. Let me first list the 10 insights, and then briefly comment on a few of them.

Ÿ       Large economic potential is linked to digitization—and much of it is yet to be captured
Ÿ       Digital superstars are rising far beyond the U.S. big four and China’s big three
Ÿ       Digital natives are calling the shots
Ÿ       Digital changes everything—even industry boundaries
Ÿ       Agile is the new way to compete
Ÿ       Playing the platform economy can boost earnings
Ÿ        Self-cannibalization and innovation are a necessity for digital reinvention
Ÿ       Going after the right M&A is key
Ÿ       Effective management of digital transformation is vital—but challenging
Ÿ       Leveraging and transitioning from digital to new frontier technologies is an imperative

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The Digital Revolution Comes for Banking

Posted by hkarner - 29. Juni 2019

Date: 29-06-2019
Source: The Wall Street Journal By Irving Wladawsky-Berger

The growth of digital payments in Asian countries and the rise of mobile banking in the West is shaking up the banking industry

Digital transformations generally follow three distinct stages. First comes the use of information technology to improve the productivity and quality of back- and front-end processes. Distribution is next, leveraging the internet’s reach for online transactions and access to information. Finally, the transformation reaches a tipping point when technologies radically change the business model and user experience, leading to a fundamental disruption of the industry.

We’ve seen such digital journeys and disruptions play out across a number of industries, from retail and media to telecommunications and even IT, in a kind of sorcerer’s apprentice scenario. Yet until recently one industry has managed to mostly withstand the turbulence: banking. Den Rest des Beitrags lesen »

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