Artificial Intelligence (AI) is disrupting businesses and job roles in every industry, causing concerns about long-term job security for low-skill manual jobs and management roles alike. To prepare for this AI-driven economy, many experienced managers and seasoned executives are turning to MOOCs (Massive Open Online Courses) to upskill in foundational data analytics and AI. This trend is unlikely to slow down anytime soon: The global MOOC market is expected to grow from $3.9 billion in 2018 to $20.8 billion by 2023, a CAGR of 40.1 percent. Business and technology-related courses make up 40 percent of these online courses. Many universities have also joined the drive to fill the AI leadership gap by offering high-touch executive education programs.
The rise of artificial intelligence (AI) is one of the defining business opportunities for leaders today. Closely associated with it: the challenge of creating an organization that can rise to that opportunity and exploit the potential of AI at scale. Meeting this challenge requires organizations to prepare their leaders, business staff, analytics teams, and end users to work and think in new ways--not only by helping these cohorts understand how to tap into AI effectively, but also by teaching them to embrace data exploration, agile development, and interdisciplinary teamwork. Often, companies use an ad hoc approach to their talent-building efforts. They hire new workers equipped with these skills in spurts and rely on online-learning platforms, universities, and executive-level programs to train existing employees.
Gartner says more than 3 million workers across the world will have a'robo boss' by 2018. High time businesses reorient skill development programs to help mid-level managers stay relevant. In July, the Vodafone-Idea merger was approved by the Competition Commission of India (CCI). The mega deal will make the shareholders of both companies become part of the largest telecom company in India, and reward them in the future. It will also create a situation that can quickly escalate into a nightmare.
It has often been said that crisis reveals character, a truism for organizations as well as individuals. Crises compel organizations to rethink how they work, and often become the source of lasting change and growth. After the 2000–01 recession, for example, 15 percent of companies that had not previously been leaders in their industries emerged as stalwarts in their sectors and moved into the top quartile. Likewise, while most retailers did poorly after the Great Recession of 2007–09, a handful showed their mettle and delivered more than five times the average total returns to shareholders. Few would argue that the COVID-19 pandemic is more devastating than these events. It is a humanitarian crisis of the likes we have not experienced in recent times.
The professionals with the jobs of carrying out, adopting, and sustaining tech-enabled transformations deserve as much attention as the technological solutions they create and oversee. When an organization manages both its talent and culture effectively, the interplay between them can create a virtuous cycle: attracting talent, sparking innovation, and creating impact. However, transforming organizations' culture and talent in a tech-enabled transformation is often more challenging than tackling the technical elements. Creating the right talent and culture for a tech-enabled transformation is not easy. Respondents to a McKinsey survey of global executives said that culture and talent occupy two of the top three slots for the most significant challenges to tech-enabled transformations (Exhibit 1). 1 1.