business survival
The Key to Business Survival in the Era of AI
The rapid growth and market power of superstars causes complex challenges for society and governments, leading to increased antitrust enforcement, fines, and increased regulation. The reactions by markets and regulators is the primary reason why superstars in one business cycle are knocked out of the top decile by the next business cycle, which was confirmed by McKinsey & Company's research on superstar firms. Given these headwinds, it will become increasingly difficult for superstar firms to maintain a similar growth rate moving forward, providing an opportunity for competitors. In addition, tens of billions of dollars of investment in AI research and development over the last decade has resulted in sharply lower cost of adoption with much higher performance levels, opening the option for most organizations to adopt advanced AI systems.
Analytics skills essential for business survival in 'data decade'
Shell used AI to monitor and predict demand for EV charging terminals on its forecourts. Professionals will need to learn data science skills to do their jobs and help their companies thrive in the next decade, say business leaders. Most managers believe data analytics, automation, and AI will be essential for business survival in the coming years yet lack the necessary knowledge that underpins it, according to MHR Analytics research. "We wanted to explore the levels to which organizations across all sectors are developing their data strategies, as businesses get ready to enter a new decade that promises unprecedented digital acceleration," said Laura Timms, MHR Analytics Product Strategy Manager. "Without the crucial component of a good data foundation, it is impossible to implement advanced analytics, automation or AI," she said.
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