Technology and Innovation Community

Recent update from the Team @ McKinsey & Co. on AI viewed as a force for a growth multiplier.

Link to update here

Quick guide for CEOs (action plan):

• See the full set of AI-enabled growth opportunities in days, not months. Don't start with the one or two use cases already on the table. Using advanced AI tools, first- and third-party data, and industry benchmarks, companies should develop a strong self-assessment that helps them identify where AI can drive profitable growth (new demand pools, underserved segments, pricing, sales). The CEO's job is to demand that full view quickly. The goal is to concentrate efforts on the one to three domain-level opportunities with the most value.
• Align on specific outcomes and commit to bold goals. Turn the opportunity into a short set of specific, measurable outcomes (for example, market share growth, improved margin) on a clearly stated timeline. Those outcomes should be bold enough to force leadership to reimagine and redesign how growth happens. It is important to have strong benchmarks from across industries and geographies to help teams pressure-test their ambition, define what "good" really looks like, and translate it into concrete targets the organization can rally behind. The CEO's job is to push their team to develop truly aspirational goals and commit the organization to achieving them.
• Mobilize cross-functional teams and commit the resources to fuel them. Instead of expecting a central AI or technology function to deliver the outcomes, organizations should make use of small, cross-functional teams that combine commercial, technical, data, and operational talent. The CEO works with growth leaders to stand these teams up, point them at the highest-value workflows, and reallocate capital, talent, and attention to support them. Given the speed of change, the CEO needs to put a premium on fast adaptation and learning from mistakes.

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- Todor