Informed i’s Weekly Business Insights

Picture2

Extractive summaries and key takeaways from the articles carefully curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since 2017 | Week 369 | October 4-10, 2024 | Archive

Experience this week’s newsletter in audio

AI and globalisation are shaking up software developers’ world

The Economist | September 29, 2024

Extractive Summary of the Article | Listen

2 key takeaways from the article

  1. Two big shifts are under way in the world of software development. Since the launch of Chatgpt in 2022, bosses have been falling over themselves to try to find ways to use generative artificial intelligence (AI). Most efforts have yielded little, but one exception is programming. Surveys suggest that developers around the world find generative AI so useful that already about two-fifths of them use it.
  2. What all this means for developers is still unclear. One vision is of AI and offshoring taking Western software developers’ jobs en masse. That seems far-fetched. Huge amounts of technical know-how are still required to string pieces of code together and check that it works.  A more optimistic view is one in which the most boring parts of making software are done by computers while a developer’s time is spent on more complex and valuable problems. This may be closer to the truth.

Full Article

(Copyright lies with the publisher)

Topics:  Technology, Programming, Artificial Intelligence, Outsourcing, India, Software Developers

Rotting Rice in India Fuels Discontent About Modi’s Food Policy

By Pratik Parija | Bloomberg Businessweek | October 4, 2024

Extractive Summary of the Article | Listen

3 key takeaways from the article

  1. Images of decaying rice in India have gone viral on social media, with the country’s stockpiles reaching an estimated record amount just as this year’s harvest was set to begin.
  2. In May 2022, to keep domestic prices in check and ensure a steady supply for a program that provides free grain for 800 million people, Prime Minister Narendra Modi began imposing restrictions on food exports, at first banning shipments of wheat and later adding curbs on rice and sugar. The moves by India, the world’s leading rice exporter, roiled international markets and angered farmers adversely affected by falling prices.
  3. The curbs on outbound shipments may have needlessly hurt farmers, as they don’t solve high domestic food prices, which have increased at an average rate of about 8% this year. That’s because a significant share of the retail cost of food comes from processing, packaging and transportation.

Full Article

(Copyright lies with the publisher)

Topics:  India, Global Trade, Export Restrictions, Rice, Global Rice Price

Geoffrey Hinton, AI pioneer and figurehead of doomerism, wins Nobel Prize

By Will Douglas Heaven | MIT Technology Review | October 8, 2024

Extractive Summary of the Article | Listen

3 key takeaways from the article

  1. Geoffrey Hinton, a computer scientist whose pioneering work on deep learning in the 1980s and ’90s underpins all of the most powerful AI models in the world today, has been awarded the 2024 Nobel Prize in physics by the Royal Swedish Academy of Sciences.  Hinton shares the award with fellow computer scientist John Hopfield.
  2. The 76-year-old scientist has become much better known as a figurehead for doomerism—the idea that there’s a very real risk that near-future AI could precipitate catastrophic events, up to and including human extinction.  Hinton’s views set off a months-long media buzz and made the kind of existential risks that he and others were imagining (from economic collapse to genocidal robots) into mainstream concerns. 
  3. Hundreds of top scientists and tech leaders signed open letters warning of the disastrous downsides of artificial intelligence. A moratorium on AI development was floated. Politicians assured voters they would do what they could to prevent the worst.  Despite the buzz, many consider Hinton’s views to be fantastical.

Full Article

(Copyright lies with the publisher)

Topics:  Humans and Technology, Artificial Intelligence, ChatGPT, Nobel Prize, Physics

Charting a path to the data- and AI-driven enterprise of 2030

By Asin Tavakoli et al., | McKinsey & Company | McKinsey Quarterly 2024

Extractive Summary of the Article | Listen

2 key takeaways from the article

  1. The excitement around generative AI (gen AI) and its massive potential value has energized organizations to rethink their approaches to business itself. Organizations are looking to seize a range of opportunities, from creating new medicines to enabling intelligent agents that run entire processes to increasing productivity for all workers. A raft of new risks and considerations, of course, go hand in hand with these developments. At the center of it all is data. Without access to good and relevant data, this new world of possibilities and value will remain out of reach.
  2. Building on McK’s interactive “The data-driven enterprise of 2025,” helps executives think through seven essential priorities that reflect the most important shifts that are occurring:  everything, everywhere, all at once; unlocking ‘alpha’ (data strategies that can deliver competitive advantage); capability pathways: from reacting to scaling; living in an unstructured world; leaders with focusing on three major areas: governance and compliance; engineering and architecture; and business value; understand talent profiles; and to understand, new, broader and unknown risks.

Full Article(Copyright lies with the publisher)
Topics:  Strategy, Business Model, Technology, Artificial Intelligence, Data, Security, Human Resource Skills

The Legacy Company’s Guide to Innovation

By Ivanka Visnjic and Ronnie Leten | Harvard Business Review Magazine | September–October 2024

Extractive Summary of the Article | Listen

2 key takeaways from the article

  1. As the markets celebrate the success of gen-AI and green-tech start-ups, many experts are urging established companies to emulate those ventures by committing to radical innovation—by disrupting themselves before someone else does. But for a lot of incumbent companies, that’s just not a feasible strategy.  To the contrary, when managed well, the innovation process can both leverage and transform a company’s existing operations.  It requires careful management. A new approach is complex and nuanced but hold promise.
  2. The organizations have managed to overcome this complexity by following 3 stage process.  Exploration: Find Your Start-Ups (one needs to set up multiple partnerships, establish hubs, and groom intrapreneurial talent), Commitment: Leverage Your Advantages (ask the following questions: Is the business model viable?  Do we have an ecosystem that will support growth?  How ready are our customers to make purchases?  And how can we win support from other stakeholders?)  And Getting to Scale: Move Fast (Four actions can help leadership teams of incumbent ventures avoid obstacles to scaling up: make the CFO a direct stakeholder, pitch a conservative case to the board, beware the differentiation and synergy traps, and put an entrepreneur in charge.). 

Full Article

(Copyright lies with the publisher)

Topics:  Strategy, Business Model, Innovation, Startups, Agility, Incumbents, Competing

GM CEO Mary Barra has spent a decade determined not to be disrupted. How she’s transforming the auto giant for the EV future

By Michal Lev-Ram | Fortune Magazine | October/November 2024 Issue

Extractive Summary of the Article | Listen

3 key takeaways from the article

  1. Barra, a General Motors lifer, took the helm at GM in January 2014. Just a few weeks into the gig, she found herself navigating a catastrophic recall of millions of GM-made cars due to faulty ignition switches, some of which had caused fatal accidents.
  2. It was the kind of experience that might make you want to quit before year two—but this January, Barra celebrated year 10. Leading the company through the recall crisis gave her momentum to reform GM’s culture and reorganize it to prepare for an electric-vehicle revolution.  Since then, she’s led GM to its strongest financial position.
  3. The CEO remains committed to her stated goal of zero crashes, zero emissions, and zero congestion.  The others which helped her: a great team; being agile and continuing to understand how the environment is changing, not waiting and letting things happen to you, but being proactive;  using crisis as an opportunity; living with the values; and putting policies in place saying we want people to speak up.

Full Article

(Copyright lies with the publisher)

Topics:  Strategy, Business Model, Auto Industry, General Motors, Electric Vehicles, Culture

C-Suite Hiring: Seven Mistakes Companies Still Make

By Barry Conchie and Sarah Dalton | MIT Sloan Management Review | October 08, 2024

Extractive Summary of the Article | Listen

3 key takeaways from the article

  1. Selecting the right candidate for an executive role ranks high on the list of the most consequential organizational decisions. But despite employing the common tools of due diligence when assessing whether someone will perform well in the role, most companies’ predictive powers rank alongside astrology in reliability. 
  2. Every selection decision is a prediction, but instead of ensuring those predictions are accurate, companies selecting leaders make easily correctable errors. Seven of these are:  Selection Decisions Are Left to Chance, Face‑to‑Face Interviews Reward Likability, Unstructured Interviews Show Poor Validity, Companies Mislead Candidates and Damage Their Brand, 360-Degree Assessments Are Subjective at Best, Biased at Worst, Traditional Search Firms Have Conflicts of Interest, and Confidential Reference Checks Are Unreliable.
  3. Any company can make improvements to its selection process and improve its predictive capability. At the heart of an effective, predictive selection process is a validated assessment that helps identify the individuals who are best suited to the role for which they’re being considered.

Full Article

(Copyright lies with the publisher)

Topics:  Hiring, Selection Process, Human Resource Management

Leadership Insights: How To Avoid 17 Common Networking Mistakes

By Forbes Coaches Council | Forbes Magazine | October 8, 2024

Extractive Summary of the Article | Listen

2 key takeaways from the article

  1. Whether it’s meeting people face-to-face at a conference or building connections online, cultivating a professional network is a crucial step in reaching one’s career goals. However, many business leaders still make all-too-common networking mistakes that undermine their efforts.  
  2. 17 Forbes Coaches Council members share their best advice on what to do differently to avoid these potential networking pitfalls.  These are:  Strive To Give Value; Consider What You Can Offer; Build Rapport; Focus On Meaningful Relationships; Prioritize Listening; Lead From A Confident Context; Converse Authentically; Make It Relational, Not Transactional; Focus On Mutual Benefit; Let Go Of Your Agenda; Start A Generative Dialogue; Be Genuinely Interested In Others; Collect As Many Business Cards As You Can Instead of Giving An Many As you Can; Reframe Your Networking Mindset; Lead With Vulnerability; Follow Up After The Initial Connection; and Have Two-Way Conversations.

Full Article

(Copyright lies with the publisher)

Topics:  Networking, Collaboration, Listening, Value

9 Things Top CEOs Have Learned From Gen-Z 

By Ben Sherry | Inc Magazine | October 7, 2024

Extractive Summary of the Article | Listen

2 key takeaways from the article

  1. Navigating generational gaps isn’t always easy, but it is necessary if you want to hire–and retain–top talent. By surrounding yourself with workers who have life experiences different from your own, you’ll have access to more perspectives, empower unconventional ideas for solving problems, and learn more about your business’s specific needs.  For Inc.’s annual CEO survey, more than 1,000 leaders of Inc. 5000 companies shared what they’ve learned from their younger employees, their own children, and Gen-Z in general. 
  2. 9 best lessons are:  lead with kindness, empower your employees, value personal growth, protect your curiosity, let employees fail (and learn), be direct, attitude is everything, keep it simple and truthful, and love what you build. 

Full Article

(Copyright lies with the publisher)

Topics:  Leadership, Curiosity, Entrepreneurship, Trust, Transparency, Empower, Personal Growth, Learning from failure

4 Ways I Grew My Business From Startup to 17 Years of Sustained Success

By Nathan Miller | Edited by Kara McIntyre | Entrepreneur Magazine | October 4, 2024

Extractive Summary of the Article | Listen

2 key takeaways from the article

  1. Growing from a startup to a successful and sustainable business demands years of dedication. The average startup’s growth rate plummets from an impressive 268% in year one to 71% by year three, so what should we anticipate for year five? Year 10? 
  2. The following four important lessons the authors has learned from leading a company that continues to thrive and be recognized for its growth after 17 years in business: Let your customers be your business compass, embrace automation, but preserve human connection, success is built on relationships, and establish trust through expertise.

Full Article

(Copyright lies with the publisher)

Topics:  Startup, Entrepreneurship, Growing a business, Sustainable Business, Business Longevity