Sean Speer, writing in California’s ‘The Hub’, claims ChatGPT’s emergence offers the hope of a more productive future – he says these new AI technologies could finally break our economies out of stagnation and kick-start real growth – Robert Solow and Robert Gordon, amongst many others, have already pointed out that GPT gains take many …
Category: 04. Drivers
Nov 22
An AI productivity boom is coming
Here’s what to consider as AI and machine learning become omnipresent, according to MIT Sloan researchers, visiting scholars, and industry experts. Artificial intelligence is changing most occupations, but it is far from replacing humans, according to a book examining the findings of the MIT Task Force on the Work of the Future. Some 92% of large …
Feb 08
A short history of jobs and automation
Sean Fleming, writing for the World Economic Forum’s Sustainable Development Summit, highlights that robotics and automation have come to play an important part in many aspects of modern manufacturing – the same could be said for the impact of computers and the internet on the other 80% of developed economies, the service industries. One-third of …
Jan 02
Many ways to stuff up productivity
More good stuff from down under – with Ross Gittins, Economics editor of the Sydney Morning Herald, offering solutions to the current ‘productivity puzzle’ afflicting most G7 nations at least A good New Year’s resolution for readers of the business pages would be to read more widely and think more broadly, so their thinking about …
Nov 09
Entrepreneurs – Naturally More Productive
According to John Hall for Entrepreneur United States: “Being an entrepreneur isn’t for the faint of heart. While it’s true that there’s some luck involved, not only do you need a big idea, you also have to have the courage and tenacity to see it through. As a result, this means putting in long days …
May 02
AI and productivity
Extracts follow from a ‘cover story’ just published in the Financier Worldwide Magazine The global AI market has rocketed in recent years: According to UBS, the AI industry was a $5bn marketplace by revenue in 2015. By 2025, the size of the AI software market is forecast to reach $126bn McKinsey Global Institute reckons AI …
Feb 18
The Pandemic Is Widening a Corporate Productivity Gap
Bains claim to recruit the ‘best of the best’ to its consultancy ranks – so bear this in mind when reading the following extracts from an article by Eric Garton and Michael Mankins, both Bains partners – they claim the pandemic has widened the gap between top performers and other companies During the Covid-19 …
Nov 19
The future of work?
Citrix is an American software company helping organisations to simplify cloud transformation and speed adoption of digital workspaces and virtual desktops to enable greater agility, productivity, and security – Darren Fields, their Vice President UK & Ireland, contributed the following article, published in the HR Director magazine What does the future of work hold? In …
Nov 12
WFH results = Productivity Up, Innovation Down
Interesting findings about WFH (alone) follow from Wharton’s Management Professor Michael Parkes, reported in the Wharton Business Daily, and Mark Golan, a top Google executive – despite their lack of clarity on precise measures used, their good news is (labour) productivity has not stalled due to CV19, counterbalanced by the bad news that innovation has …
Oct 08
AI will unlock USD 15.7 trillion in global productivity by 2030
India is taking the potential for AI – Artificial Intelligence – to improve productivity very seriously indeed – their government is pushing hard to build on its existing IT strengths and become a world leader in AI – this will give a massive boost to its economy and standard of living whilst helping to solve …
Aug 14
How much does bad management really cost the UK?
By Kristy Dorsey, Business Correspondent, writing in The Herald, has spotted that middle management inadequacies explain much of the ‘productivity puzzle’ before CV-19 struck, and most of them remain in their jobs Would you hire a solicitor who had never been to law school, or take your car to a mechanic who had no automotive training? How about …
Aug 04
Are You Leading Through the Crisis … or Managing the Response?
A thoughtful article in the Harvard Business Review by Eric McNulty and Leonard Marcus which our current leaders might do well to note The coronavirus crisis, like every crisis, is unfolding over an arc of time with a beginning, middle, and end. It is useful to think what distinguishes what was, is, and will be. There was a past of …
Jul 02
Can COVID-19 solve the UK productivity puzzle?
A thought-provoking article in Raconteur by Nick Easen The coronavirus-induced shutdown has caused a revolution in how we work. Overnight bricks-and-mortar stores shuttered, while agile businesses shifted online to survive. Countless collaborative tools, from Zoom to Microsoft Teams, meant remote workers have to show real output to justify their jobs, rather than just turn up to …
Dec 21
AI promises huge productivity gains for financial services
In an article by Donna Fuscaldo in Forbes magazine she claims AI (Artificial intelligence) will bring lots of gains to the financial services industry, whether it’s through automating processes or adding more convenience for their customers. But now we can quantify just how big of an enhancement AI will have on the bottom line for …
Jun 03
AI, the future of work and inequality
An excellent article follows, by Daniele Tavani, Colorado State University, USA – reprinted in full One of the most spectacular facts of the last two centuries of economic history is the exponential growth in GDP per capita in most of the world. Figure 1 shows the rise (and the difference) in living standards for five countries …
Apr 08
AI increases productivity
By 2021, artificial intelligence (AI) will allow the rate of innovation of Filipino companies to increase by 1.7 times, and nearly double employee productivity gains in the Philippines, according to a study titled Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI The study made by Microsoft and IDC (International Data Corp.) surveyed 109 …
Apr 06
New technology needs new models
According to the WEF – World Economic Forum – manufacturing executives today are confronted with an enormous variety of promising new technologies, ranging from artificial intelligence to connected machinery to 3D printing, all of them offering some combination of cost savings, quality improvements and increased flexibility They then say it’s tempting to think that a …
Apr 02
Gallup’s ‘most profound’ finding
The Wall Street Journal suggested there could be a single fix for many of the big problems that companies experience – hiring better middle managers They based this on a Gallup study that found a company’s productivity depended on the quality of these crucial leaders – managers don’t just influence results, they explain a full …
Mar 30
Catching the right fish
With globalisation, all organisations can fish for new recruits in the one big pond But the most successful anglers are they who hire on merit, not in their own image, according to Tomas Chamorro-Premuzic, a professor of business psychology at Columbia University in his book Why Do So Many Incompetent Men Become Leaders An article …
Aug 29
Invest more to raise productivity
An article by John Mills, Chairman of the eponymous JM Ltd, author of economics books and major Labour party donor, claims that UK productivity is ‘so low’ partly because we spend a far lower proportion of our national income (17%) on capital investment (aka capex) than the 26% world average – and woefully less than China’s …
Aug 28
The skills delusion
Adair Turner, Chairman of INET (Institute for New Economic Thinking) and one-time Chairman of the UK’s FSA (Financial Services Authority) wrote a weighty article a year or so ago on the need for more investment in our human stock We cannot better his choice of words so, below, reproduce much of his article verbatim It …
Aug 27
AI will automate tasks, not skills
Michael Hicks, Professor of Economics at Ball State University, USA, claims productivity growth, whether through automation, plant design or better-skilled workers, doesn’t kill jobs – it eliminates tasks: First, hard, dirty and dangerous ones – think agriculture and steel-making where output continues to grow in volume but now uses a small fraction of the labour …
Aug 05
Hire better managers
Vipula Gandhi, a Managing Partner at Gallup, has joined in the productivity debate with a new No Recovery report seeking reasons for the growth of USA GDP per capita (a measure of prosperity) having slowed from highs of 3% in the 1960s to only 0.5% now He argues that: A lack of major technological or …
Jun 10
Competition drives innovation
An unforgettable lesson on the need to avoid protectionism, told by Joe Atikian in the Globe and Mail, USA Competition in an advanced economy leads to more science, more advanced engineering and better products. That lesson should have been fully ingrained in the 1950s, when Russia beat the United States into space and permanently retained the …
May 20
New technology for improved productivity
According to an article by Suresh Rangarajan, Head of Communications at Tata Motors, in the past decade we have created several new tools and platforms to transform our business environments to be more efficient, productive and cost-effective. It’s become a tidal wave Today, we hold advanced computing capabilities in our pockets. The smartphone is the …
Apr 01
Absentee leaders are worst of all
A surprising insight by Scott Gregory, CEO of Hogan Assessment Systems, was recently published in the prestigious Harvard Business Review – extracts follow A young friend recently remarked that the worst boss he ever had would provide him with feedback that always consisted of “you’re doing a great job” but they both knew it wasn’t true — the …
Mar 03
Winners and losers with AI and robotics
Artificial intelligence and robotics are disrupting every aspect of work and redefining productivity The old ways of dolng things are undergoing a massive change In a conversation with Knowledge@Wharton, Srikanth Karra, Chief HR Officer at Indian IT services firm Mphasis, discusses what this means for individuals, organisations and countries – in particular, Karra says: Managerial jobs …
Feb 12
AI pluses versus minuses
Some optimists, like technologist Nick Bostrom, believe AI is: “The last invention the human race will ever need” However, given these are early AI days, fundamental questions still being asked include: How can we make sure robots’ only purpose would be to serve humans and our environment and make human lives better? Should robots make …
Nov 20
Has innovation really peaked?
US economist Robert Gordon gets a lot of publicity these days for his dismal view that ‘technological innovation is declining in pace and impact compared to those of the 20th century’ – all set out in his book ‘The Rise and Fall of American Growth’ His whole thesis is based on economic growth statistics, GDP …
Nov 19
AI to spark a new productivity boom?
A new productivity boom could be sparked by AI – Artificial Intelligence? Who says so? No less than two UK government ministers Culture Secretary Karen Bradley says: “AI has the potential to improve our everyday lives” – precisely what productivity improvement is all about And Business Secretary Greg Clark claims: “Huge social and economic benefits AI …
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