While multiple marketing automation platforms are available to implement the strategies above, an AI-driven text-based automation platform trumps them all. As a result of the war in Ukraine, the era of not looking too closely at supply chains, trusting suppliers, and optimizing for cost is probably over. A pair of articles featuring McKinsey and outside experts explore how the CFOs role is also rapidly evolvingexpanding in scope, requiring new capabilities, and demanding greater collaboration with C-suite peers. In the latest edition of McKinseys multimedia, More than one-fifth of global greenhouse-gas emissions come from agriculture, making, The COVID-19 pandemic accelerated online purchases and package deliveries at an unprecedented rate. What does an army veteran who has returned from deployment five times have to teach a McKinsey organizational expert? Novel Coronavirus, termed Covid-19, is the worst health emergency the entire globe has ever seen in a century. Yarns include a tale of on-command public speaking and the recollection of facing a client who demanded different conclusions. For this anniversary, we reflected on ten core lessons of the pandemic(see sidebar), some of which exposed fault lines in our society and others that demonstrated amazing capabilities. In a recent edition of Author Talks, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vik Malhotra discuss their new book, CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest (Scribner, March 2022). Travel restrictions have severely curtailed consumer wanderlust. But too often, the value of casting the net wide for opinions is undercut by participants feeling pressured to conform. Procurement leaders, for example, are facing one of the toughest market environments of their careers. Leading airlines that build a brand promise on sustainability will likely attract a growing share of business. 'https://connect.facebook.net/en_US/fbevents.js'); An inability to adapt to online sales platforms meant companies were forced to shutter. Our latest research finds that despite progress over the past several years, companies are still struggling to build the capabilities that their emerging digital supply chainsneed. window._linkedin_data_partner_ids.push(_linkedin_partner_id); read patient safety Azim discusses how he created a place for women to practice the most male-dominated activity in the most male-dominated society of all time and how anyone can find inner strength. The pandemic has introduced some novel challenges that marketing teams have never encountered. gartner cancellation waiver taskrabbit waive requesting Insurers can use this approach to tackle issues including sustaining growth in core life and annuity businesses and enhancing property and casualty presence in growth markets. Transparency has improved, but there is more work to do so that when citizens fill out applications or forms, they get status updates instead of just wondering what happened. Conversely, weaknesses in vaccine manufacturing and equitable distribution will require systemic change. Our analysis of 763 companies indicates that the dynamics underlying FemTech are accelerating and that public awareness, company formation, and funding are surging. url('https://inthinkagency.com/wp-content/plugins/ajax-search-pro/css/fonts/icons/icons2.woff') format('woff'), This article was edited by Mark Staples, an executive editor in the New York office. Another key feature that sets AI-driven text-based automation platforms apart from other platforms is their ability to connect with customers on their terms. 0 : parseInt(e.tabw); b.type = "text/javascript";b.async = true; New York can reinvigorate its tourism industryby encouraging domestic travel and by reimagining business travel. have uncovered that the majority will have work-from-home policies implemented three to five days a week after the pandemic ends. src: url('https://inthinkagency.com/wp-content/plugins/ajax-search-pro/css/fonts/icons/icons2.eot?#iefix') format('embedded-opentype'), A new variant may yet trigger another chapter in the COVID-19 pandemic, and societies must be prepared to respond if and when that happens. One core component of the legislation is, A relative lack of top software companies threatens Europes economic competitiveness. McKinsey experts offer a series of steps supply-chain leaders can use to determine whether a price increase is fair, starting by identifying the main cost inputs that have the highest level of change, estimating the percentage of the total cost these inputs make up, and calculating an acceptable price-increase range (exhibit). Our Global Economics Intelligence executive summaryfor February discusses how the invasion of Ukraine has mostly set energy prices surging. McKinsey Global Institute director and senior partner Kweilin Ellingrud and senior partner Greg Kelly discuss how leading companies can use the pandemic recovery as an opportunity to accelerate prosperityfor more Americans. The potential third and final jolt may be the largest as companies reshape their long-term strategies to reflectand definethe next normal. It is not a light switch event to get to an endemic phase, because it is as much about the behavior and psychology that we all exhibit as it is about the Heres how CMOs can meet these advertising issues in 2021 head-on to build a better business. Even the most seasoned professional was a neophyte at some point, a fact celebrated in our My Rookie Moment video series, in which McKinsey colleagues discuss the first time they had to deal with a particular challenge. Part of capability building involves understanding both physical risks and transition risks stemming from regulatory, social, and market reactions to climate change (exhibit). have been places where online community networks thrive. window.innerWidth : window.RSIW; Additionally, more than half of respondents indicated that they would prefer a health plan with virtual-health benefits. Are you searching the right talent pools? Approximately 75 percent of respondents to the February survey reported that theyd been vaccinated; in addition, 63 percent of vaccinated respondents plan to stay current on COVID-19 vaccinations as recommended by healthcare leaders. Were already seeing the changes its brought to consumer behaviors and sentiments. Acing performance in this department will mean companies get indirect word-of-mouth marketing without investing any additional resources. Andy is responsible for digital marketing, driving unique propositions and capabilities across strategy, technology, and operations to exploit digital marketing technology utilisation. Technology is increasingly merging with healthcare, so we extrapolated this theme further to examine how to keep companies technology healthy. Government policy mattersbut individual behavior sometimes matters more. console.log("Failure at Presize of Slider:" + e) 0 : parseInt(e.thumbw); So, how can a business pivot strategy and thrive? Also in Author Talks, science journalist Catherine Price discusses her new book, The Power of Fun: How to Feel Alive Again (The Dial Press, December 2021). For CMOs, effectively communicating their brands purpose is essential for, building consumer trust and confidence in a post-pandemic world, Advertising Issues in 2021: Rethink Your Marketing. .asp_m{height: 0;} --> procurement spendedge forecasts The book explores the current state of intelligence, why the government is behind on adopting new technologies, and what the public misunderstands about the spy business. Topping our list this week are employee burnout and hits to tourism. For marketers, expanding connections with consumers is a critical component of their efforts. var nl = new Array(e.rl.length), Sarah Bond, Microsofts corporate vice president for game creator experience and ecosystem at Xbox, describes how recognizing that game playing is a fundamental human trait helped Microsoft create its ubiquitous global gaming ecosystem. Investments in cloud gaming, the Game Pass subscription service, and cross-platform play allow gamers to participate anywhere, anytime, on any device. The full scale of the opportunity is set to continue as more use cases evolve from simple dashboards to greater levels of autonomy. The COVID-19 pandemic served as an accelerant in multiple ways. Coincidentally, our other major publishing initiative this week is a deep dive into insurancean industry that exists, in essence, in case things go wrong. for (var i in e.rl) if (e.gw[i]===undefined || e.gw[i]===0) e.gw[i] = e.gw[i-1]; Here are other key findings from our research this week: Our latest edition of McKinsey for Kidsexplores how programmers use games to teach computers how to think, ultimately developing AI. The book explores why people are likely to buy into fundamental misunderstandings of what most people think. Digital manufacturing and production will change how the world makes goods but only if there is training and development to teach workers the skills to use these technologies. In particular, Facebook groups have been places where online community networks thrive. Manufacturing wages and labor costs rose in 2020 from 5 to 20 percent of total costs. To kick off 2022, McKinsey looked at issues that many people thought would have started to resolve as the virus died down, but which instead require renewed engagement. At inThink, our marketing experts have the skills to thoroughly analyze and understand your brands purpose and effectively convey your message to new customers. Once real estate and other leaders understand value impact, they can proceed to decarbonizing and finding new sources of value throughout the climate transition. The resulting conversation explores the alienation of return and how employers can work from a place of empathy. window.RSIW : pw; the pandemic recovery as an opportunity to accelerate prosperity, a once-in-a-lifetime wave of capital spending on physical assets, healthcare continues to outperform other sectors in the representation of women, Procurement organizations need to take a leading role in protecting enterprise margin and growth, demand for CFOs to help promote capability building and talent development, the world will secure enough lithium for the EV revolution, interactive explores how fashion is finding ways to participate in the metaverse, innovations based on the economic impact of the health improvements they deliver to society, The Performance Curve: Maximize Your Potential at Work while Strengthening Your Well-being, McKinsey_Website_Accessibility@mckinsey.com, students globally are eight months behind, airlines need to bolster their resilience, McKinseys latest survey of more than 5,500 air travelers globally, the power workers have gained as an indirect effect of the pandemic, potential effects of the ongoing war in Ukraine, building best-in-class distribution networks, The semiconductor industrys aggregate annual growth, General and administrative functions can optimize for speed and flexibility, The key to reducing fashion waste is circularity, Collective Illusions: Conformity, Complicity, and the Science of Why We Make Bad Decisions, Spies, Lies, and Algorithms: The History and Future of American Intelligence, humanity could add roughly six years per person on average of higher-quality life, healthcare delivery in the United States will continue to transform rapidly, McKinseys annual Global Private Markets Review, McKinseys Consumer Health Insights Survey, The future of space: Its getting crowded out there, Inflation could challenge the buying power of the Department of Defense, The US construction sector faces a labor mismatch, the development and consumer adoption of alternative proteins a meaningful opportunity, how companies can get started on the path to net-zero emissions, five things retailers need to improve in omnichannel sales, Jerks at Work: Toxic Coworkers and What to Do about Them, The Power of Fun: How to Feel Alive Again, how boards can improve how they handle big crises, estimates project that cross-border e-commerce in goods will expand to about $1 trillion, Health equity is an opportunity and a challenge, Debra Facktor, head of U.S. Space Systems for Airbus U.S. Space & Defense, why some companies are pulling ahead of others with machine learning, Pay Up: The Future of Women and Work (and Why Its Different Than You Think), The Attributes: 25 Hidden Drivers of Optimum Performance, interviews and articles about COVID-19 from the past two years, the progress of digitization in German healthcare, diversity of national origins and socioeconomic backgrounds of the executives of large companies in France, Internal-combustion-engine suppliers must manage uncertainty, challenges for packaging industry leaders, CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest, Global Economics Intelligence executive summary, 20 female McKinsey partners offer insights in a series of interviews on the insurance industry, pressure on insurance carriers to be more innovative, Insurers should consider programmatic M&A, canceled for antitrust or regulatory reasons, The First, the Few, the Only: How Women of Color Can Redefine Power in Corporate America, David Autor, the Ford Professor of Economics at the Massachusetts Institute of Technology, Companies can improve womens promotion rates, Diane Hoskins, co-CEO of Gensler, a global design and architecture firm, Banks can learn to manage nonfinancial risks, Smart Growth: How to Grow Your People to Grow Your Company, most doctors dont love telehealth as much as patients do, companies need to adapt to the new world in which reviews matter more than ever, Thirty-two percent of registered nurses surveyed in the United States in November said they may leave, As companies look at areas to automate, they need a clear, complete picture of service processes, Our examination of Chinas tourism industry, addressing the countrys aging water system, exciting innovations that could transform the packaging industry, Inclusion on Purpose: An Intersectional Approach to Creating a Culture of Belonging at Work, where Omicron has taken us so far and where we go from here, womens health has been considered a niche market, Companies can use the power of AI and machine learning to coach employees, To protect the health of our work environments from ransomware, transition the United Kingdoms energy system to net zero, companies outsource to capitalize on sophisticated provider offerings, The Genesis Machine: Our Quest to Rewrite Life in the Age of Synthetic Biology, Climate change and the risks it imposes upon assets and markets, COVID-19 brought on a new set of employee pressures, one of the most bewildering labor markets, companies can develop the capabilities of their existing workforce, consumer-packaged-goods companies are under more pressure, Januarys Global Economics Intelligence executive summary, recent developments in sustainable packaging, Myths often hold back heavy industries from activating agile working practices, Converted: The Data-Driven Way to Win Customers Hearts, Leading industrial and manufacturing companies are using machine-intelligence technologies, What exactly does it mean to be a data-driven enterprise, Jason Wright, president of Washingtons football team, the Commanders, Stephanie Hill, executive vice president of Lockheed Martins Rotary and Mission Systems, Barry Lawson Williams, founder and former managing general partner of Williams Pacific Ventures, how companies can reengage employees postpandemic, parallels between soldiers returning from war zones and employees coming back, care services could shift from traditional facilities to the home by 2025, how Korea is preparing for the post-COVID-19 economy, Investors are directing more funds to projects involving lunar and beyond orbital regimes, what an economic transformation to net-zero emissions would entail, the economic and societal adjustments that would enable a successful transition, which sectors of the economy are more exposed to a net-zero transition, how the transition could play out in various countries and regions, revitalizing US manufacturing could be fundamental to resolving inequities, what can employers do to prevent losing nurses, steelmakers should consider the effect of longer-term coal price increases, help companies analyze voice conversation, finding creative ways to mitigate price increases, unprecedented behavioral-health challenges facing Generation Z, business leaders ability to respond to productivity and growth jolts, the pandemic forced many government agencies to modernize the customer experience, Road Freight Zero: Pathways to faster adoption of zero-emission trucks, fragmented retail is poised to be transformed by eB2B players, Reaching net zero in the cement and construction value chain by 2050, the Fourth Industrial Revolution will be people powered, Boston Childrens Hospital president and CEO Dr. Kevin Churchwell, Sarah Bond, Microsofts corporate vice president for game creator experience and ecosystem at Xbox, Tulsa Remote, a program that enabled Tulsa, Oklahoma, to attract 1,300 remote workers, in a smart-quality organization, everyone owns quality, metals and mining sector will provide the raw materials required for the energy transition, Stakeholder capitalism asks leaders to prioritize long-termism, employed parents are more likely to miss days of work because they are experiencing symptoms of burnout, Forty-two percent of women report being burned out, Can you turn attrition into attraction? quiz, New York can reinvigorate its tourism industry, how the pandemic has affected mobility and where the sector is headed, The pandemic has also reshaped the pharmaceuticals industry, quantum sensing and quantum communication, the different stages of a transformations life cycle, accelerate decarbonization in the shipping sector, Bias Interrupted: Creating Inclusion for Real and for Good, The Burnout Epidemic: The Rise of Chronic Stress and How We Can Fix It, 2021 perspectives on the business impact of COVID-19, Lithium is needed to produce virtually all batteries currently used in electric vehicles (EVs) as well as consumer electronics. The evolution of cloud computing and technology has made work-from-home a reality for a much larger percentage of the workforce. e.thumbh = e.thumbh===undefined ? The onset of COVID-19 brought a set of discontinuities that drove the first jolt to growth and productivity.