This week, What’s the way to survive a crisis? More innovation can help you stay competitive.
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Beyond The Buzzword: What Does Data-Driven Decision-Making Really Mean?
The Benefits Of Using Data To Inform Decisions
We’re operating in a new world.
If you’re a business owner or leader, keeping your business agile—no matter the state of the economy—requires you to anticipate problems and take action in real time. To do this, your company must use data to drive strategy and make decisions throughout its business units.
Data-driven decision-making entails using facts, metrics, and data to make strategic business decisions that align with your company’s goals, objectives, and initiatives. It empowers your employees to make informed decisions every day.
In a nutshell: if you can look around your organization and see teams making decisions effortlessly because they are using data, you’ve realized your data’s full value.
How AI could be a game-changer for data privacy
AI offers multiple benefits to businesses, but it also poses data privacy risks
Artificial intelligence (AI) is everywhere, powering applications such as smart assistants, spam filters and search engines. The technology offers multiple advantages to businesses – such as the ability to provide a more personalised experience for customers. AI can also boost business efficiency and improve security by helping to predict and mitigate cyber-attacks.
But while AI offers benefits, the technology poses significant risks to privacy, including the potential to de-anonymise data. Recent researchrevealed AI-based deep learning models are able to determine the race of patients based on radiologic images such as chest x-rays or mammograms – and with “significantly better” accuracy than human experts.
3 Reasons You’re Getting Rejected For Leadership Roles
Confidently build the trust you need for others to believe you can do the job.
Check. Check. Check. You’ve put in the work. You’re an ambitious, highly-driven top performer. You know you have what it takes to excel in a leadership role that offers more impact, more fulfillment, and more money. But, there’s one problem: you’re not getting hired.
Here are a few mistakes you might be making that could be blocking you from landing the job offer you desire:
You’re letting your lack of perfect experience disqualify you.
You’re likely making this mistake if you read job descriptions and immediately start looking for the qualifications you don’t have. Another sign that you’re making this mistake is if you spend the majority of your interview preparation worrying about the skills you’re missing.
Meta-ethics of quantum technologies
Key takeaways to building a data-driven program
Quantum science is important to study the minutest detail of physical matter and technologies derived from it carry immense disruptive power. The atom bomb, lasers, and semiconductors are a few of the first outcomes of quantum mechanics. These technology translations accounted for the “first generation” of quantum applications. While lasers and the atom bomb were breakthroughs in the mid-20th century, the “second generation” looks at designing materials that were earlier extracted from nature to manipulate them using quantum computers.
The novelty of quantum technology makes it different from other emerging tech. It will bolster computation power, dramatically reduce processing time, and easily break into modern-day encryption. However, unlike other emerging technologies, quantum capabilities can also augment threats to national security, drastically increase the number of cyber attacks, and pose a challenge to the safe transfer of data.
Confronting The Risks Of Innovation And Technology
While technology is critical and necessary for businesses, it often is challenging to effectively.
Innovation and technology are at the top of nearly every business agenda. Technology is critical to innovation, and it also serves as the accelerator for many parts of businesses’ growth plans, from manufacturing to distribution to marketing to finance. As the last decade has increasingly shown, companies that are unable to adopt new technologies quickly and effectively or don’t have the right mix of talent run the risk of being outpaced, outsmarted, and otherwise disrupted. In many cases, the willingness and ability to adopt technology determines a company’s very survival.
In fact, our research showed that leading companies that amplified their technology investments during the pandemic significantly extended their growth advantage over competitors, growing revenue at five times the rate of laggards, exceptionally higher than the two times rate of growth they enjoyed a few years prior.
Featured Article
What’s the way to survive a crisis? More Innovation can help you stay competitive
How organizations can innovate their way into the postpandemic era.
As companies prepare for the recovery from the pandemic, many leaders hope innovation will set them up for the next phase of growth. In this episode of the Inside the Strategy Room podcast, Laura Furstenthal, whose client work focuses on healthcare organizations and innovation transformations, and Erik Roth, leader of McKinsey’s global innovation practice, explain how to establish a sustainable innovation process.
This is an edited transcript of the discussion. For more conversations on the strategy issues that matter, subscribe to the series on Apple Podcasts or Google Podcasts.
Sean Brown: Laura, perhaps you can set the stage. How do you define innovation in the corporate setting?
Laura Furstenthal: If you look up “innovation” in a dictionary, you see definitions like creating novel ideas or even just the word “creativity.” We believe you have to think about the impact, so our definition of innovation incorporates delivering net new growth that is sustainable, repeatable, and substantial. You can focus on new products, markets, customers, or business models, but however you measure it, innovation has to increase value and drive growth.