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90% of CEOs Are Waiting for GenAI to Move Past the Hype or Experimenting in Small Ways — BCG Reports

GenAI exploded into the public consciousness in 2023, promising to transform the way business functions. Despite the potential, leaders are struggling to convert hype into reality. According to a new report by BCG, 66% of executives are ambivalent or outright dissatisfied with their organization’s progress on AI and GenAI so far, citing three primary reasons for their dissatisfaction: a lack of talent and skills (62%), an unclear AI and GenAI roadmap and investment priorities (47%), and absence of strategy regarding responsible AI and GenAI (42%).

Future of Work, Emerging MarketsStaff ReportsJanuary 16, 2024BCG, GenAI, Generative AI, Generative AI Strategies

Public Sector Poised for $1.75 Trillion Boost in Annual Productivity by 2033, Propelled by GenAI — BCG Reports

Governments worldwide are using GenAI to improve decision-making and services. According to a study by BCG, GenAI could increase productivity in the public sector by $1.75 trillion per year by 2033. This estimate includes all levels of government and various domains.

Emerging Markets, Future of WorkStaff ReportsDecember 15, 2023Generative AI, BCG, public sector, Government

More Than 90% of North American Companies Have Relocated Production and Sourcing Over the Past Five Years — BCG Reports

Five years of disruption marked by trade wars, the pandemic, geopolitical tensions, and severe supply bottlenecks have profoundly redrawn the map of where global companies manufacture and source goods. A new report released today by Boston Consulting Group (BCG), titled Harnessing the Tectonic Shifts in Global Manufacturing, underscores the magnitude of these shifts.

Future of WorkStaff ReportsOctober 17, 2023Production Services, business transformation, BCG

The Green Energy Transition Must Happen Roughly Three Times Faster than Previous Fuel Transitions to Maintain a Livable Planet: BCG Reports

Renewables and other low-carbon solutions must ramp up from 12% of the energy supply in 2021 to 50%-70% by 2050 to limit global warming to 1.5°C above preindustrial levels. This is around three times faster than previous transitions, for example, to coal and hydrocarbons. These are among the findings of a new publication released today by the Boston Consulting Group Center for Energy Impact, titled The Energy Transition Blueprint.

Future of WorkStaff ReportsSeptember 27, 2023Sustainability, BCG, Future of work, Green Energy

Software-Defined Vehicles Will Create a More Than $650 Billion Value Potential for the Auto Industry by 2030—BCG Reports

The automotive world is undergoing a radical change, in which two completely different industries—automotive and tech—are rapidly merging, providing the industry with its most challenging transformation in over a century. This is marked by a shift from internal combustion engines towards electric vehicles (EVs) and a shift from vehicles that are almost exclusively mechanical machines to ones with increasingly complex software-defined systems.

Emerging MarketsStaff ReportsSeptember 8, 2023Software-Defined Vehicles, SDV, BCG, Automotive Market, Connected Cars

Corporate Boards Raise Concerning Knowledge Gaps When It Comes to Sustainability, New Global Research Finds

Though significant progress has been made on boardroom awareness and acceptance of the sustainability agenda, capacity challenges and a self-declared lack of expertise at the board level have revealed a gap between intentions and prioritization of the environmental, social, and governance (ESG) agenda.

Future of WorkStaff ReportsAugust 22, 2023BCG, Sustainability, Sustainable Business

Global CMOs Profiting from Transformative Power of GenAI, with 91% Reporting Positive Impact on Efficiency -- BCG

CMOs are redefining the baselines for speed, efficiency, customization, and quality for a wide range of marketing tasks with generative AI, and they see opportunities for it to future-proof their business,” said Jessica Apotheker, BCG global CMO. A new BCG report finds most CMOs are already seeing positive results, with 93% reporting positive improvements in how they organize work and 91% reporting a positive impact on their efficiency.

Emerging MarketsStaff ReportsAugust 8, 2023BCG, GenAI, Emerging markets

Corporate Boards Raise Concerning Knowledge Gaps When It Comes to Sustainability, New BCG Research Finds

Though significant progress has been made on boardroom awareness and acceptance of the sustainability agenda, capacity challenges and a self-declared lack of expertise at the board level have revealed a gap between intentions and prioritization of the environmental, social, and governance (ESG) agenda.

Future of Work, Most PopularStaff ReportsJuly 7, 2023Sustainability, BCG

Just 14% of Frontline Employees Have Received Training to Address How AI Will Change Their Jobs, but 86% of Employees Say They’ll Need It — BCG

From ChatGPT to DALL-E and all the technologies in between, the new wave of generative AI systems is transforming business rapidly. While employees are optimistic about how AI—and generative AI, in particular—will affect their work, feelings vary considerably by seniority and country.

Emerging MarketsStaff ReportsJune 14, 2023BCG, Generative AI, Future of AI

Nearly 80% of Companies Worldwide Rank Innovation as a Top-Three Priority for 2023, Finds BCG

Despite global economic uncertainty, innovation rose as a top corporate priority for 2023. According to a new report released by Boston Consulting Group, 79% of companies around the world see innovation as a top-three priority this year, and 66% plan to increase spending—42% by more than 10%. This starkly contrasts the last downturn in 2009, when fewer than two-thirds of companies ranked innovation as a top-three priority, and only 58% planned to increase spending.

Fintech Projected to Become a $1.5 Trillion Industry by 2030 -- Boston Consulting Group

Financial technology revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a new report released today by Boston Consulting Group (BCG) and QED Investors. The fintech sector, which currently holds a 2% share of the $12.5 trillion in global financial services revenue, is estimated to grow up to 7%, of which banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030.

Emerging MarketsStaff ReportsMay 3, 2023BCG, Fintech, Financial Services

Recent White House Executive Order to Bolster Care Infrastructure, Cites BCG Research

According to a recent BCG report, about 56% of US workers have care responsibilities outside their full-time jobs. Approximately 40 million of these caregivers rely on paid care—such as nannies, daycares, or nursing homes—in order to hold jobs. Looking at these figures, there are two central aspects of the care economy that must be addressed to avoid an economic loss equivalent to losing half of the annual GDP growth projected from 2022–2023.

New Research Shows Companies Built for the Future Are Generating Shareholder Returns Almost Three Times Greater Than Those of the S&P 1200 — BCG

The fundamental drivers of superior performance and sustainable competitive advantage are changing. Growth opportunities are moving to new markets, including those created by technology disruption, and are expanding in areas related to generative artificial intelligence (AI), the energy transition and low-emission technology as well as in gene therapy, the metaverse, and quantum computing.

Emerging Markets, Future of WorkStaff ReportsApril 7, 2023BCG

Digital Incumbents Fight Back; New Findings From Boston Consulting Group

A new cadre of companies are successfully executing digital transformations and outperforming their digitally native peers. These digital incumbents make up about 30% of the S&P Global 1200 Index and outperformed the index by about 50% over the last three years. Meanwhile, legacy incumbents struggled to drive growth and improve productivity using predominantly traditional levers.

Quantum Computing Set to Transform Multiple Industries, Create Up to $850 Billion in Annual Value by 2040, Latest BCG Estimates Show

Confidence that quantum computers will solve major problems that are beyond the reach of traditional computers—a milestone known as quantum advantage—has grown fast in the past twelve months, according to a new report by BCG. Investors are moving aggressively to increase the amount they allocate to quantum computing, with two-thirds of all equity investments in the field coming since 2018.

BCG: One in Five North American Public Companies Remains Under Financial or Operational Stress

Despite the apparent recovery from the effects of the pandemic, about 22% of North American public companies were not financially or operationally stable at the end of Q12021. Of these companies, 20% were stressed, meaning underperforming industry peers or experiencing pressure from internal or external sources, and 2% were distressed, meaning having trouble meeting financial obligations or experiencing severe operational challenges.

A Study from BCG and Faethm Quantifies the Impact of Automation Technologies on Job Markets

Technology is upending labor markets, and governments, companies, and individuals need to look beyond aggregate numbers and consider how individual professions will be affected. A new analysis quantifies the impact of technology by 2030 in Australia, Germany, and the United States. The report is being released by Boston Consulting Group (BCG) and Faethm.

US Falls Behind Canada as a Work Destination as Pandemic Lowers Mobility, Finds New Global Workforce Study

The US has lost its status as the place foreigners would most like to work, with Canada now regarded as the top destination. The study shows that the pandemic has had a major impact on people’s attitudes toward work abroad, reducing their interest generally and inclining them toward countries that have done the best job of containing the coronavirus.

Future of WorkMelissa FisherMarch 10, 2021COVID-19, Future of work, BCG, Skills gap

The 5G Economy will Spur Massive GDP and Job Growth Across the US, Shows New BCG Findings

5G networks could create 4.5 million jobs in the US and add $1.5 trillion to the GDP, according to a new report from Boston Consulting Group (BCG), commissioned by CTIA. BCG’s analysis shows that 5G will contribute to employment growth by enabling innovation that will transform all sectors of America’s economy across cities and communities of all sizes.

Emerging Markets, Most PopularMelissa FisherFebruary 4, 2021BCG, 5G, 5G economy, GDP

Retail Banks Face the Urgent Need to Retool Offerings and Strategies, Says BCG

Although retail banks globally have reacted to the COVID-19 crisis with speed, dexterity, and purpose while remaining true to their environmental, social, and corporate governance goals—further challenges await in their quest to enhance revenues, upgrade digital capabilities, and build a strong, stable future, according to a new report by BCG.

Future of WorkMelissa FisherFebruary 2, 2021Digital Transformation, BCG, COVID-19, Banking