“Now, more than ever, businesses need to be pragmatic to survive,” said Saleh. The 2020 presidential election will likely keep healthcare in the forefront. Reflections on technology from Davos 2020. VOLGOGRAD, RUSSIA - SEPTEMBER 28, 2020: A thermal imaging screen shows children's body temperatures ... [+] at the entrance to secondary school No 17 in Voroshilovsky District. But with 5G, for the first time, there is no agreement on global protocols. In the long tussle for managing data … This drive extended to leaders, who are asking themselves how they can keep learning. The analysis says that pandemic preparedness will speed the deployment of AI solutions and accelerate AI innovation and rely on AI and machine learning (ML) tools to expedite digital transformation across crucial business initiatives. These ideas and developments from Davos left us with a sense of great optimism about the role technology can play in improving not just business but people’s lives as well. Over the past year, industry incumbents have been responding to numerous trends … This allows immersive content to be … Macroeconomic and geopolitical trends—particularly slowing economic growth worldwide—have produced a mood of uncertainty. The year might also see increased discussio… “As a technology that relies on the details of past patterns and behaviors to predict what will happen next and what action a business ought to take, Covid-19 has thrown a bit of a spanner in the works, given this predictive model is no longer effective, with the pandemic having transformed the way we live, and work.”. Here are three trends every modern leader should prepare for as we enter the 2020s. If someone wants to release a “green bond,” for example, to raise capital for a program to reduce emissions, sensors can be applied to track and report on whether that company is meeting its stated goals and obligations. Tech was dominant at Davos—a cursory look at the storefronts on the main promenade populated with the world’s biggest tech companies made that clear. This move toward greater consumerization of tech is also driving a trend to increase learning and reskilling, particularly on the front lines where people need to know how to use tech and maximize its value. And so, to recover, we need to be pragmatic.”, I'm a writer who looks at innovation and how technology and science intersect with industry, environment, arts, agriculture, mobility, health. “While analytics has helped many businesses to navigate the crisis, it has also shown fallibility,” said Saleh. There was a real sense that companies must take the lead in coming up with thoughtful solutions. collaboration with select social media and trusted analytics partners People create and sustain change. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. The Ubiquity of Artificial Intelligence In 2018 alone, the number of businesses using artificial … A number of players are using technology and AI to build the technical infrastructure to support the development of financial instruments that facilitate carbon trading. We use cookies essential for this site to function well. In 2020, professional services firms will struggle with how AI can … McKinsey recently published the results of a survey titled, “How COVID-19 Has Pushed Companies Over The Technology Tipping Point—And Transformed Business Forever.” ... 2020, and … From artificial intelligence, 5G, and reskilling to social responsibility and climate change—the opportunities and challenges of new technology were front and center at Davos. Interview For H&M, the future of fashion is both ‘circular’ … Healthcare reform. People are accepting the reality that, to gain full value from technology, for every dollar spent on it, multiple dollars need to be spent on change management. The user will drive interfaces closer to their critical data. This translated into people thinking hard about bias and “explainability,” for example. By Nicolaus Henke. Healthcare reform. Today, you need to do so with caution and realize that the human element has become, in many ways, more important.”. Sectors. Use minimal essential All Rights Reserved, This is a BETA experience. Kate is a senior partner at McKinsey and the global leader of McKinsey Digital. Distributed cloud refers to the distribution of public cloud services to locations … A change in tech requires a change in the operating model. “The more complex your model is, the more opaque it is, so it is more difficult to gauge when its predictive powers may be in question,” said Saleh. But, McKinsey Digital says that Covid-19 has allowed them to see the Achilles’ heel of artificial intelligence (AI) and analytics. That data can then be tracked in an open marketplace. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. One large tech company in the Netherlands, for example, trained almost 40 percent of its workforce, most of them engineers, to write their own code. Both the United States and China are investing at high speed in technology infrastructure. On the technology side, it will be Apple – with the solid integration of AR into the iOS operating system – and the WebXR standard, which may finally be adopted in 2019. The analysis … Flip the odds. And because things are moving and changing so quickly, the need to keep learning never ends. Performance management software has long played a role in the workplace, and the IoT can enable more comprehensive data gathering and better analysis of employee performance. Opinions expressed by Forbes Contributors are their own. Subscribed to {PRACTICE_NAME} email alerts. Learn about “In the “next normal,” there are too many unknowns, and so human judgment is critical in all decision making. Today, for many models, it is not possible to get the perfect data or historical correlations that can help with predicting future events. AI. Learn more about cookies, Opens in new From artificial intelligence, 5G, and reskilling to social responsibility and climate change—the opportunities and challenges of new technology were front and center at Davos. Key to this shift is a deeper understanding that when companies implement AI, they need to pay particular attention to changing processes and how people work with the technology. cookies, today’s leaders—particularly CEOs—need to have a clear technology agenda. Many executives spoke about the real need to constantly educate and train workers as well as what leadership will look like in tomorrow’s more tech-enabled company. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. I like to find the story that opens people's minds. tab. 3D Printing. Just as it's done for other industries, 3D printing enabled prototyping, customization, … Seven healthcare industry trends to watch in 2020 1. percent of those with a behavioral health ... (Shubham_Singhal@mckinsey.com), a senior partner in the Detroit office, is the global leader of McKinsey… Please use UP and DOWN arrow keys to review autocomplete results. 5 Technology Trends to Watch in the Public Sector ... McKinsey research estimates that within just the first eight weeks of the COVID-19 pandemic in the U.S., consumer and business … That is leading to a drive toward insourcing, because it’s becoming much easier, and more necessary, for tech and business to work together. Saleh says that businesses need to embrace the 80:20 rule, which means changing the entire analytics approach. You may opt-out by. This [..] stopped when the pandemic struck. “To get to more accurate predictions again, the only solution is to re-engineer models that are relevant for the world we live in today,” said Saleh. The industry’s performance has traditionally been … “Instead of building teams and plans based purely on analytics and data, it is time to re-prioritize human judgment,” said Saleh. Please click "Accept" to help us improve its usefulness with additional cookies. Having technology communicate with itself is ideal in the race for tech trends in 2020. If your AI and analytics model is being used to measure quality control in a factory, then likely, that model will not have been heavily disrupted by Covid-19,” said Saleh. “Therefore, any model relying on analytics around behavior can very quickly become obsolete. According to Saleh, the retail sector is a good example of irrelevant models. In another example, the open-banking movement is leading to an open-carbon-data movement. Emerging technologies are reimagining how we organize, operate, and strategize. Given this reality, one executive talked about finding people with high “learning quotients.” Historically, companies have screened for skills and experience. AI redefines professional services. I'm a writer who looks at innovation and how technology and science intersect with industry, environment, arts, agriculture, mobility, health. But it is becoming less important to know, for example, specific computer languages than to have the intrinsic ability to learn and learn again. December 15, 2020 – Twelve trends, accelerated by the COVID-19 crisis, are disrupting the consumer-goods industry’s traditional success model. An update to our 2020 Technology Vision trends Read More Tech Trends Overview. We'll email you when new articles are published on this topic. “At the beginning of 2020, predictive modeling and AI judgment were sophisticated enough for many businesses to rely on. I've been called the tech Hemingway of Paris, named one of the top 100 women in technology in Europe in 2012, short-listed for best tech journalist by the TechCrunch Europas. Under McKinsey’s projections, global average temperatures could rise anywhere between 1.5 and 5 degrees celsius by 2050 compared to today. Here are five reflections that struck us as particularly meaningful. We now have 1,000 use cases for deploying AI—400 in automotive alone. 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One entrepreneur, for example, is equipping ships with high-tech sails, which he claims can reduce their energy consumption by 20 percent. Two years ago, it would have been cool to have a single use case and get a proof of concept off the ground. Data Management Trends in 2019 describes how the hot trends of a few months ago are slowly making way for the new trends forecast to dominate 2020. But what was most striking was that shifts in tech’s power and usability are ushering in some big changes: With technology moving strongly into the mainstream, the big story emerging is that tech is an enterprise issue, not limited to just the CIO or CDO. Reinvent your business. How can you lead with confidence in embracing technology to augment decision-making, rethink customer experiences, and … Many understand that to challenge their own organizations and successfully lead them, they must stay on top of the changes. “Looking at theaters, while a lot of data exists around ticket bookings, pricing, etc., we cannot [..] say in any way shape or form, how they will operate in four years from now.”, “However, on the other side of the coin, there’s the nature of the model itself. -- The tablet brought users closer to their … This is where human judgment comes in.”. “In the same way, we didn’t have a pandemic handbook telling us how to adapt; they too, don’t have the data to predict what will happen next,” adds Saleh. While … But Saleh points out that if you’re using AI and analytics models in industries highly impacted by human behavior, such as retail, then Covid-19 will have caused a lot of disruption to the models in place. “This is because ultimately, the pandemic has impacted our lives in many dimensions such as what we buy, how much we spend, and how we react to advertising messages,” said Saleh. Frost & Sullivan’s new September 28, 2020 report, The Reshaping of Industries Caused by COVID-19, identifies nine global trends that will emerge as a response to Covid-19. Menu. © 2020 Forbes Media LLC. Capturing the value from technology at scale requires a significant new IT role. Whether in process acceleration or mining throughput, AI at scale is really happening, even at large incumbent companies. Throughout 2019, employees can be expected to interact more with IoT technology. our use of cookies, and 1. Waste Management and Sanitation; Infection Control and Hygiene Corporations are becoming educators. While some people expressed healthy skepticism about AI’s impact, we were struck by how many real examples there are of enterprises scaling AI. Following the Covid-19 pandemic and the shift in consumer behavior, this had meant that when the physical stores reopened, the algorithms for forecasting, budgeting and revenue instantly became outdated.”. All emphasize the importance of automation, AI, scalability, IOT and other areas that will determine 2020 infrastructure & operations requirements. While … Saleh believes that this is because these models are no longer reflective of the world we all live in today. Leading in this new decade means working to redefine the intersection between people and technology. January 28, 2020Davos is a candy store for the curious. Nico is a senior partner at McKinsey and chairman of QuantumBlack, McKinsey’s advanced analytics and AI firm. Digital upends old models. Never miss an insight. Dmitry Rogulin/TASS (Photo by Dmitry Rogulin\TASS via Getty Images). Please email us at: McKinsey_Website_Accessibility@mckinsey.com The notion of a tipping point for technology adoption or digital disruption isn’t new, but the survey data suggest that the COVID-19 … Last year’s Tech Trends report explored nine macro technology forces that form the backbone of business innovation and transformation. Use up and DOWN arrow keys to review autocomplete results McKinsey insights get! To digital channels have decided to stick at it allowed them to see the heel. A decade, we ’ ve been tracking the … Healthcare reform operations! This site to function well that form the backbone of business innovation and transformation leaders—particularly CEOs—need have! To redefine the intersection between people and technology, they must stay on of! And the global economy cookies, today ’ s tech trends report explored nine macro forces! 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